Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2023-12
Luzhou Laojiao Co., Ltd.
Q1 2023 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
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 2023 Report of Luzhou Laojiao Co., Ltd.
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
Q1 2023 Q1 2022 YoY change (%)
Operating revenues (CNY) 7,610,153,819.27 6,311,964,675.84 20.57%
Net profits attributable to
shareholders of the 3,712,618,630.92 2,875,658,916.19 29.10%
Company (CNY)
Net profits attributable to
shareholders of the
Company before non- 3,688,940,523.35 2,864,799,362.69 28.77%
recurring gains and losses
(CNY)
Net cash flows from
1,508,783,232.53 1,131,497,885.76 33.34%
operating activities (CNY)
Basic earnings per share
2.53 1.96 29.08%
(CNY/share)
Diluted earnings per share
2.53 1.96 29.08%
(CNY/share)
Weighted average ROE 10.30% 9.76% 0.54%
31 March 2023 31 December 2022 Change (%)
Total assets (CNY) 58,341,416,403.54 51,385,481,354.52 13.54%
Net assets attributable to
shareholders of the 37,914,710,048.73 34,207,871,130.03 10.84%
Company (CNY)
1.2 Non-recurring gains and losses
Applicable □ N/A
Unit: CNY
Item Q1 2023 Note
Gain or loss on disposal of non-
current assets (inclusive of 623,989.76
impairment allowance write-offs)
Government grants accounted for, in
the profit or loss for the current
period (except for the government
grants closely related to the business
4,717,960.76
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 21,371,683.03
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 except above-mentioned 4,854,021.41
items
Less: Corporate income tax 7,864,870.77
Minority interests (after tax) 24,676.62
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Total 23,678,107.57
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
A. The closing balance of cash and cash equivalents increased by CNY 7,146,868,567.96 compared to
the opening balance, indicating an increase of 40.25%. It was mainly due to the receipt of bank loan in
the current period.
B. The closing balance of contract liabilities decreased by CNY 840,608,958.64 compared to the
opening balance, indicating a decrease of 32.75%; and the closing balance of other current liabilities
decreased by CNY 109,277,676.67 compared to the opening balance, indicating a decrease of 32.75%.
It was mainly due to the decreased advances from customers in the current period.
C. The closing balance of employee benefits payable decreased by CNY 272,572,974.36 compared to
the opening balance, indicating a decrease of 40.38%. It was mainly due to the settlement in the current
period of performance-based pay for last year.
D. The closing balance of taxes payable decreased by CNY 1,326,588,888.94 compared to the opening
balance, indicating a decrease of 38.11%. It was mainly due to the payment in the current period of
taxes payable as at the end of last year.
E. The closing balance of long-term loans increased by CNY 5,835,800,000.00 compared to the
opening balance, indicating an increase of 183.54%. It was mainly due to the receipt of bank loan in the
current period.
F. The closing balance of other comprehensive income decreased by CNY 112,841,779.49 compared
to the opening balance, indicating a decrease of 34.12%. It was mainly due to the decreased fair value
of equity investments.
G. Taxes and surcharges in the current period increased by CNY 276,332,079.82 compared to the
same period of last year, indicating an increase of 42.01%. It was mainly due to the increased
consumption tax in the current period.
H. Financial expenses in the current period increased by CNY 16,445,894.62 compared to the same
period of last year. It was mainly due to the increased interest expenses in the current period.
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
I. Investment income in the current period increased by CNY 63,541,925.41 compared to the same
period of last year. It was mainly due to the increased earnings of investee Huaxi Securities in the
current period.
J. Net cash flows from operating activities in the current period increased by CNY 377,285,346.77
compared to the same period of last year, indicating an increase of 33.34%. It was mainly due to the
increased cash received from sale of goods in the current period.
K. Net cash flows from investing activities in the current period increased by CNY 285,934,094.78
compared to the same period of last year. It was mainly due to the purchase of wealth management
product (collective asset management plan) from securities firm in the prior period.
L. Net cash flows from financing activities in the current period increased by CNY 5,170,529,701.77
compared to the same period of last year, indicating an increase of 888.40%. It was mainly due to the
receipt of bank loan in the current period.
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 common Total number of preference shareholders with
shareholders at the end of the 86,898 resumed voting rights at the end of the reporting 0
reporting period 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 Status of Number of
shares shares shares
Luzhou
State-owned
Laojiao Group 25.89% 381,088,389.00 0.00
corporation
Co., Ltd.
Luzhou
XingLu
State-owned
Investment 24.86% 365,971,142.00 0.00
corporation
Group Co.,
Ltd.
Hong Kong
Securities
Outbound
Clearing 3.96% 58,248,960.00 0.00
corporation
Company
Limited
China
Securities Domestic non-
Finance state-owned 2.30% 33,842,059.00 0.00
Corporation corporation
Limited
Bank of China
Co., Ltd. –
Baijiu index
classification
Other 2.24% 32,962,917.00 0.00
securities
investment
fund by China
Merchants
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Fund
Bank of China
Co., Ltd.－
Blue chip
selected
hybrid Other 1.49% 21,900,000.00 0.00
securities
investment
fund by E
Fund
Industrial and
Commercial
Bank of China
Co., Ltd.-
Newly growth
hybrid Other 1.02% 14,974,300.00 0.00
securities
investment
fund by
Invesco Great
Wall
Central Huijin
Asset State-owned
0.92% 13,539,862.00 0.00
Management corporation
Co., Ltd.
Agricultural
Bank of China
Co., Ltd. -
Consumption
industry stock
Other 0.72% 10,573,293.00 0.00
- based
securities
investment
fund by E
Fund
China Life
Insurance
Company
Limited-
Tradition- Other 0.61% 8,937,012.00 0.00
common
insurance
product-005L
－CT001 Hu
Shareholdings of the top 10 non-restricted shareholders
Type of shares
Name of shareholder Number of non-restricted shares held
Type Number
CNY common 381,088,389.0
Luzhou Laojiao Group Co., Ltd. 381,088,389.00
shares 0
Luzhou XingLu Investment CNY common 365,971,142.0
365,971,142.00
Group Co., Ltd. shares 0
Hong Kong Securities Clearing CNY common
58,248,960.00 58,248,960.00
Company Limited shares
China Securities Finance CNY common
33,842,059.00 33,842,059.00
Corporation Limited shares
Bank of China Co., Ltd. – Baijiu
index classification securities CNY common
32,962,917.00 32,962,917.00
investment fund by China shares
Merchants Fund
Bank of China Co., Ltd.－Blue
CNY common
chip selected hybrid securities 21,900,000.00 21,900,000.00
shares
investment fund by E Fund
Industrial and Commercial
CNY common
Bank of China Co., Ltd.-Newly 14,974,300.00 14,974,300.00
shares
growth hybrid securities
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
investment fund by Invesco
Great Wall
Central Huijin Asset CNY common
13,539,862.00 13,539,862.00
Management Co., Ltd. shares
Agricultural Bank of China Co.,
Ltd. - Consumption industry CNY common
10,573,293.00 10,573,293.00
stock - based securities shares
investment fund by E Fund
China Life Insurance Company
Limited-Tradition-common CNY common
8,937,012.00 8,937,012.00
insurance product-005L－ shares
CT001 Hu
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 acting-in-concert two companies signed the renewed agreement of persons acting
in concert on 27 May 2021. For details, please refer to the
announcement of the Company on 29 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
N/A
margin trading (if 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
On 29 December 2022, the Proposal on the Grant of Reserved Restricted Shares to Awardees was
deliberated and approved at the 26th Meeting of the 10th Board of Directors and the 15th Meeting of
the 10th Supervisory Committee, respectively. On 16 February 2023, the Company disclosed the
Announcement on the Completion of the Grant of Reserved Restricted Shares of the 2021 Restricted
Share Incentive Plan, Announcement No. 2023-3 (http://www.cninfo.com.cn/). Upon the registration of
the grant of the reserved restricted shares, 92,669 restricted shares were granted to 17 awardees,
the grant price was CNY 89.466 per share and the listing date was 17 February 2023. Upon
completion of the grant registration, the total number of shares of the Company increased from
1,471,895,100 to 1,471,987,769.
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
4. Financial statements
4.1 Financial statements
4.1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
31 March 2023
Unit: CNY
Item 31 March 2023 31 December 2022
Current assets:
Cash and cash equivalents 24,904,396,779.21 17,757,528,211.25
Settlement reserves
Lending funds
Held-for-trading financial assets 994,733,129.68 1,073,466,780.37
Derivative financial assets
Notes receivables
Accounts receivables 9,285,469.39 5,939,420.78
Accounts receivables financing 4,296,561,115.37 4,583,352,503.37
Prepayment 149,186,102.82 114,257,506.26
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 24,716,827.85 23,396,533.98
Including：Interests receivable
Dividends receivable
Buying back the sale of financial
assets
Inventories 10,149,595,444.19 9,840,742,374.85
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 204,560,549.82 153,035,946.94
Total current assets 40,733,035,418.33 33,551,719,277.80
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,720,053,188.10 2,667,500,553.17
Investments in other equity
983,164,358.73 1,136,736,978.11
instruments
Other non-current financial assets
Investment property 38,808,444.86 39,149,454.22
Fixed assets 8,717,953,946.28 8,856,258,598.78
Construction in progress 1,022,552,627.45 808,919,047.21
Productive biological assets
Oil and gas assets
Use right assets 33,806,143.19 39,952,525.63
Intangible assets 3,076,898,287.68 3,083,271,852.79
Development expenses
Goodwill
Long-term deferred expenses 491,790.36 710,010.92
Deferred tax assets 818,059,096.08 1,005,167,353.80
Other non-current assets 196,593,102.48 196,095,702.09
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Total non-current assets 17,608,380,985.21 17,833,762,076.72
Total assets 58,341,416,403.54 51,385,481,354.52
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 2,260,191,342.13 2,311,665,585.04
Advance from customer
Contract liabilities 1,725,765,760.12 2,566,374,718.76
Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 402,461,910.95 675,034,885.31
Taxes payable 2,154,561,840.04 3,481,150,728.98
Other payable 1,271,331,621.49 1,202,409,278.49
Including：Interests payable
Dividends payable 16,594,850.58 16,594,850.58
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
56,818,118.11 81,879,466.63
year
Other current liabilities 224,349,548.80 333,627,225.47
Total current liabilities 8,095,480,141.64 10,652,141,888.68
Non-current liabilities:
Insurance contract reserves
Long-term loans 9,015,400,000.00 3,179,600,000.00
Bonds payable 2,996,500,665.63 2,996,099,571.86
Including：Preference shares
Perpetual bonds
Lease liabilities 29,776,436.69 29,096,969.66
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 31,771,468.81 33,704,323.80
Deferred tax liabilities 126,751,719.73 166,043,663.88
Other non-current liabilities
Total non-current liabilities 12,200,200,290.86 6,404,544,529.20
Total liabilities 20,295,680,432.50 17,056,686,417.88
Owners' equity
Share capital 1,471,987,769.00 1,471,895,100.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves 4,915,414,592.00 4,800,154,468.99
Less: treasury stock 647,312,723.52 639,021,998.78
Other comprehensive income 217,909,466.35 330,751,245.84
Special reserves
Surplus reserves 1,471,895,100.00 1,471,895,100.00
General risk reserve
Undistributed profits 30,484,815,844.90 26,772,197,213.98
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Total equity attributable to owners of
37,914,710,048.73 34,207,871,130.03
the parent company
Non-controlling interests 131,025,922.31 120,923,806.61
Total owners' equity 38,045,735,971.04 34,328,794,936.64
Total liabilities and owners' equity 58,341,416,403.54 51,385,481,354.52
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
Unit: CNY
Item Q1 2023 Q1 2022
1. Total operating revenue 7,610,153,819.27 6,311,964,675.84
Including: Operating revenue 7,610,153,819.27 6,311,964,675.84
Interest income
Earned premium
Fee and commission
income
2. Total operating costs 2,770,392,001.49 2,440,178,630.30
Including: Cost of sales 906,489,329.36 856,697,976.98
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 934,103,786.18 657,771,706.36
Selling and distribution
691,058,449.80 672,903,939.97
expenses
General and administrative
249,290,819.83 276,250,258.07
expenses
Research and Development
25,482,226.00 29,033,253.22
expenses
Financial expenses -36,032,609.68 -52,478,504.30
Including：Interest expenses 125,103,651.63 63,035,341.73
Interest income 163,408,426.49 116,728,885.54
Plus: Other income 6,947,563.04 6,022,044.85
Investment income ("-" for losses) 58,603,813.25 -4,938,112.16
Including: income from
investment in associates and joint 54,967,950.44 -8,515,206.47
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
20,126,830.02 4,970,975.01
values(“-“ for losses)
Credit impairment losses (“-”
506,094.24 -1,286,540.82
for losses)
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Impairment losses(“-“ for
losses)
Gains from disposal of
-623,989.76 0.00
assets("-" for losses)
3. Operating profits ("-" for losses) 4,925,322,128.57 3,876,554,412.42
Plus: non-operating income 5,024,545.38 3,945,467.83
Less: non-operating expenses 170,523.97 162,551.01
4. Total profits before tax ("-" for
4,930,176,149.98 3,880,337,329.24
total losses)
Less: income tax expenses 1,208,293,895.10 989,104,638.68
5. Net profit ("-" for net loss) 3,721,882,254.88 2,891,232,690.56
5.1 By operating continuity
5.1.1 Net profit from continuing
3,721,882,254.88 2,891,232,690.56
operation ("-" for losses)
5.1.2 Net profit from discontinued
operation ("-" for losses)
5.2 By ownership
1) Attributable to owners of the
3,712,618,630.92 2,875,658,916.19
parent company
2) Attributable to non-controlling
9,263,623.96 15,573,774.37
interests
6. Net of tax from other
-113,249,020.72 -48,933,737.96
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent -112,841,779.49 -48,621,605.79
company
6.1 Other comprehensive income
cannot reclassified into the profit and -115,179,464.55 -36,114,491.38
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 -115,179,464.55 -36,114,491.38
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 2,337,685.06 -12,507,114.41
and loss
1) Share in other comprehensive
income that will be classified into 2,835,340.65 -12,125,620.38
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 -497,655.59 -381,494.03
financial statements
7) Others
Net of tax from other comprehensive
-407,241.23 -312,132.17
income to non-controlling interests
7. Total comprehensive income 3,608,633,234.16 2,842,298,952.60
Total comprehensive income
3,599,776,851.43 2,827,037,310.40
attributable to owners of the parent
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
company
Total comprehensive income
attributable to non-controlling 8,856,382.73 15,261,642.20
interests
8. Earnings per share
(1) Basic earnings per share 2.53 1.96
(2) Diluted earnings per share 2.53 1.96
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Yan Li
4.1.3 Consolidated statement of cash flows
Unit: CNY
Item Q1 2023 Q1 2022
1. Cash flows from operating
activities
Cash received from sale of goods
8,042,310,196.53 7,498,117,523.13
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 268,904.22 2,419,962.72
Cash received from other operating
203,610,173.93 119,317,519.96
activities
Subtotal of cash inflows from
8,246,189,274.68 7,619,855,005.81
operating activities
Cash paid for goods purchased and
1,302,008,639.40 1,857,903,339.77
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
528,119,794.54 503,609,888.56
employees
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
Cash paid for taxes and surcharges 4,178,376,070.71 3,289,405,043.03
Cash paid for other operating
728,901,537.50 837,438,848.69
activities
Subtotal of cash outflows from
6,737,406,042.15 6,488,357,120.05
operating activities
Net cash flows from operating
1,508,783,232.53 1,131,497,885.76
activities
2. Cash flows from investing
activities
Cash received from disposal of
100,105,333.72 204,789,775.66
investments
Cash received from returns on
2,391,009.80 2,351,477.76
investments
Net cash received from disposal of
fixed assets, intangible assets and 19,000.00
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
102,496,343.52 207,160,253.42
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 223,117,083.05 313,715,087.73
other long-term assets
Cash paid for investments 300,000,000.00
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
223,117,083.05 613,715,087.73
investing activities
Net cash flows from investing
-120,620,739.53 -406,554,834.31
activities
3. Cash flows from financing
activities
Cash received from investors 8,290,725.74 636,232,466.00
Including: cash received by
subsidiaries from investments by
minority shareholders
Cash received from borrowings 5,850,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
5,858,290,725.74 636,232,466.00
financing activities
Cash paid for debt repayments 10,000,000.00
Cash paid for distribution of
dividends and profits or payment of 95,688,541.67 52,502,625.00
interest
Including: dividends and profits paid
to minority shareholders by
subsidiaries
Cash paid for other financing
65,040.00 1,722,398.70
activities
Subtotal of cash outflows from
105,753,581.67 54,225,023.70
financing activities
Net cash flows from financing
5,752,537,144.07 582,007,442.30
activities
4. Effect of fluctuation in exchange
-3,053,249.05 -587,251.67
rate on cash and cash equivalents
5. Net increase in cash and cash
7,137,646,388.02 1,306,363,242.08
equivalents
Plus: balance of cash and cash
17,729,006,591.87 13,402,528,941.83
equivalents at the beginning of the
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Q1 2023 Report of Luzhou Laojiao Co., Ltd.
period
6. Balance of cash and cash
equivalents at the end of the 24,866,652,979.89 14,708,892,183.91
period
4.2 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 April 2023
13
