[年报]贵州茅台(600519):贵州茅台2024年年度报告（英文版）

 时间：2025年04月02日 23:25:31 中财网

原标题:贵州茅台:贵州茅台2024年年度报告（英文版）

StockCode:600519 StockAbbr.:KweichowMoutai
KWEICHOWMOUTAICO.,LTD.
ANNUALREPORT2024
ImportantStatements
I.TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandtheseniormanagementoftheCompanyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallbearindividualandjointlegalliabilitiesforthetruthfulness,accuracyandcompletenessofitscontents.
II.AlldirectorsoftheCompanyattendthemeetingoftheboardofdirectors.III.Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)issuedanunqualifiedauditreportforthecompany.
IV.ZhangDeqin,responsiblepersonfortheCompany,JiangYan,responsiblepersonforaccountingwork,andCaiCongying,responsiblepersonfortheCompany’sfinancialaffairs(Accounting Supervisor), haveguaranteedthatthefinancialstatementsinthisreportaretrue,
accurateandcomplete.
V.TheproposedprofitdistributionplanortheproposedplanofcapitalizationofcapitalreservesinthereportingperiodapprovedbytheresolutionoftheBoardofDirectors.TheCompanyintendstoimplementthe2024annualprofitdistributionbasedonthetotalsharecapitalregisteredontheequityregistrationdateoftheequityallocationminusthesharesinthespecialaccountforrepurchase,anddistributecashdividendof276.24yuan(taxincluded)toallshareholdersforevery10shares.AsofMarch31,2025,thetotalsharecapitaloftheCompanywas1,256,197,800shares,thenumberofsharesrepurchasedinthespecial securities account was 1,082,700 shares, and the total share capital minus the number of shares
repurchasedinthespecialsecuritiesaccountwas1,255,115,100shares.Basedonthiscalculation,atotalcashdividendofRMB34,671,299,522.40(includingtax)willbepaid.Ifthereisanychangeinthetotalsharecapitalofthecompanyminusthesharesinthespecialsecuritiesaccountforrepurchasebeforetheregistrationdateoftheequityallocation,thetotalamountofdistributionwillremainunchangedandtheproportionofdividendpersharewillbeadjustedaccordingly.Theaboveprofitdistributionproposalshallbesubmittedtothegeneralmeetingofshareholdersfordeliberationandapprovalbeforeimplementation.VI.Riskdisclosurestatementforforward-lookingstatements
Futureplans,developmentstrategiesandotherforward-lookingstatementsinvolvedinthisannualreportaresubjecttouncertaintyanddonotconstituteamaterialcommitmentoftheCompanytoinvestors.Investorsarerequestedtopayattentiontoinvestmentrisks.
VII.Existenceofnon-operationalembezzlementoffundsbycontrollingshareholdersortheirassociatedparties
No
VIII.ExistenceoffinancialguaranteestoexternalpartiesinviolationoftheregulateddecisionproceduresNo
IX.Overhalfofthedirectors’failuretoguaranteethetruthfulness,accuracyandcompletenessoftheCompany’sdisclosedannualreport
No
X.SignificantRiskPrompts
TheCompanyhaselaboratedthepotentialrisksinthechapterof“TheCompanyDiscussionandAnalysisonitsFutureDevelopment”.Investorsareadvisedtopaytheirdueattention.XI.Others
√Applicable□N/A
AllinformationanddatacitedinthisReportareobjectiveandauthentic.FinancialfigureshereinarerecordedinCNY,unlessotherwisespecified.ThisReportispreparedinChineseandEnglish,respectively.IncaseofanyambiguityintheChineseandEnglishtexts,theChinesetextshallprevail.Contents
SectionIDefinitions...................................................................................................................................5
SectionIICompanyProfileandKeyFinancialResults...............................................................................5
SectionIIIManagement’sDiscussionandAnalysis...................................................................................8
SectionIVCorporateGovernance............................................................................................................24
SectionVEnvironmentandSocialResponsibility...................................................................................46
SectionVISignificantEvents...................................................................................................................51
SectionVIIChangesinSharesandInformationaboutShareholders......................................................70
SectionVIIIPreferredShares...................................................................................................................76
SectionIXInformationaboutBond...........................................................................................................76
SectionXFinancialReport.......................................................................................................................76

DocumentsAvailablefor ReferenceReferences include the accountingstatementssignedandstamped by the respectiveindividualsinchargeofthecompany,thecompanyaccounting work,andtheaccountingdepartment(theiraccountingsupervisor).
　Referencesincludetheauditreportoriginal signed and stamped by the certifiedpublicaccountantandstampedbytheaccountingfirm.
　Theoriginalsofcompanydocumentsandannouncementsthatarepublicly disclosedinChinaSecuritiesJournalandShanghaiSecuritiesNewsduring thereportingperiod.
SectionIDefinitions
I.Definitions

TermsandDefinitions　　
CSRCreferstoChinaSecuritiesRegulatoryCommission
SSEreferstoShanghaiStockExchange
Company,thecompanyreferstoKweichowMoutaiCo.,Ltd.
Controllingshareholder,group companyreferstoChinaKweichowMoutaiDistillery(Group)Co.,Ltd.
ReportingperiodreferstoFiscalYearof2024
Thisreport,thereportreferstoAnnualReport2024
SectionIICompanyProfileandKeyFinancialResults
I.CorporateInformation

NameoftheCompanyinChinese贵州茅台酒股份有限公司
Abbr.oftheCompanynameinChinese(ifany)贵州茅台
NameoftheCompanyinEnglishKweichowMoutaiCo.,Ltd.
LegalRepresentativeZhangDeqin
II.ContactInformation

　SecretaryoftheboardRepresentativeforsecurities affairs
NameJiangYanCaiCongying
AddressMaotaiTown,RenhuaiCity,Guizhou ProvinceMaotaiTown,RenhuaiCity, GuizhouProvince
Tel.0851-223860020851-22386002
Fax0851-223861930851-22386193
E-mail[email protected][email protected]
III.Companyprofile

RegisteredaddressMaotaiTown,RenhuaiCity,GuizhouProvince
OfficeaddressMaotaiTown,RenhuaiCity,GuizhouProvince
Zipcodeofofficeaddress564501
Websiteaddresshttp://www.moutaichina.com/
E-mailaddress[email protected]
IV.Informationdisclosureandtheplacewherethereportisavailable
Medianameanditswebsiteaddresswherethe reportisdisclosedChinaSecuritiesJournalandShanghaiSecuritiesNews
Websiteaddressofthestockexchangewherethe reportisdisclosedhttp://www.sse.com.cn/
PlacewherethereportisavailableTheofficeoftheBoardofDirectors
V.Stockinformation

Stockinformation　　　　
StocktypeStockexchangewherethesharesare listedStockabbreviationStockcodePreviousstock Abbreviation(if any)
AsharesShanghaiStockExchangeKweichowMoutai600519　
VI.Otherinformation

Appointed accountingfirm (domestic)NamePan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)
　Officeaddress128XixiRoad,LingyinStreet,XihuDistrict,Hangzhoucity,Zhejiang Province,China
　Nameofthe signing accountantLiQinglong,LiangZhengyong,ZengZhi
VII.KeyAccountingDataandFinancialIndicatorsinthepastthreeyears(I)Keyaccountingdata

Keyaccountingdata2024years2023yearsincreaseordecrease(%)2022years
Operatingrevenue170,899,152,276.34147,693,604,994.1415.71124,099,843,771.99
Netprofitattributableto shareholdersofthelisted company86,228,146,421.6274,734,071,550.7515.3862,717,467,870.12
Netprofitsdeductingnon- recurringprofitsandlosses attributabletoshareholdersof thelisted company86,240,905,977.4274,752,564,425.5215.3762,792,896,829.57
Netcashflowsfromoperating activities92,463,692,168.4366,593,247,721.0938.8536,698,595,830.03
KeyaccountingdataAttheendof2024Attheendof2023Increaseordecrease attheendofthe currentperiod Comparedwiththe sameperiodofthe previousyear(%)Attheendof2022
Netassetsattributableto shareholdersofthelisted company233,105,984,399.47215,668,571,607.438.09197,480,041,239.46
Totalassets298,944,579,918.70272,699,660,092.259.62254,500,826,096.02
Sharecapital1,256,197,800.001,256,197,800.00　1,256,197,800.00

Keyfinancialindicators2024years2023yearsYear-on-year increase/decrease (%)2022years
Basicearningspershare(RMB/share)68.6459.4915.3849.93
Dilutedearningspershare(RMB/share)68.6459.4915.3849.93
Basicearningspershareafterdeductingnon-recurringprofitsand losses(RMB/share)68.6559.5115.3749.99
Weightedaveragerateofreturnonnetassets(%)36.0234.19Increaseby1.83 percentagepoints30.26
Weightedaveragerateofreturnonnetassetsafterdeductionof non-recurringprofitsorlosses36.0334.20Increaseby1.83 percentagepoints30.29
DescriptionoftheCompany'smainaccountingdataandfinancialindicatorsfortherecentthreeyearsattheendofthereportingperiod
□Applicable√N/A
VIII.Differencesinaccountingdatabydomesticandoverseasaccountingstandards(I)DifferencesinthenetprofitsandnetassetsattributabletoshareholdersofthecompanydisclosedinthefinancialreportspreparedundertheinternationalaccountingstandardsandChinaaccountingstandards□Applicable√N/A
(II)DifferencesinthenetprofitsandnetassetsattributabletoshareholdersoftheCompanydisclosedinthefinancialreportspreparedundertheoverseasaccountingstandardsandChinaaccountingstandards□Applicable√N/A
(III)Explanationsforaboveaccountingdatadifferences
□Applicable√N/A
IX.Quarterlykeyfinancialdatain2024

　Q1(Jan.-Mar.)Q2(Apr.-Jun.)Q3(Jul.-Sept.)Q4(Oct.-Dec.)
Operatingrevenue45,775,517,043.2936,155,460,624.4638,845,154,206.9450,123,020,401.65
Netprofitattributableto shareholdersofthelisted company24,065,262,374.1517,630,348,609.2219,131,941,135.1425,400,594,303.11
Netprofitsdeductingnon- recurringprofitsandlosses attributabletoshareholdersof the listedcompany24,051,471,185.6917,618,626,634.3019,108,543,634.7725,462,264,522.66
Netcashflowsfromoperating activities9,187,422,415.0927,434,411,397.547,799,552,404.8248,042,305,950.98
Explanationsforthedifferencesbetweenquarterlydataandthosedisclosedinpreviousperiodicalreports□Applicable√N/A
X.Non-recurringGainsandLossesItemsandAmounts
√Applicable□N/A

Non-recurringgainsandlossesAmountin2024Notes(if applicable)Amountin2023Amountin2022
Profit or loss ofdisposal ofnon-currentassets (includingtheoffsetamountwhereprovisionfor assetimpairmenthasbeenmade)-6,898,481.82　1,152,516.17-20,567,757.19
Governmentgrantsincludedinthecurrentprofit or loss (except for government grants closely relatedwiththenormalbusinessoftheCompany, obtainedbased ontheestablished standardin accordance with national policies and provisionsandhavingthecontinuousinfluence ontheprofitsorlossesoftheCompany)4,539,419.20　17,137,523.8914,973,304.55
Theprofitorlossfromchangesinthefairvalueof financialassets andfinancialliabilitiesheldby non-financial enterprises and the profit or loss fromthedisposaloffinancialassetsandfinancial liabilities,excepttheeffectivehedgingrelevantto theCompany’snormalbusiness26,539,092.99　2,439,902.57　
Othernon-operatingincomeandexpensesother thantheaboveitems-42,713,924.90　-47,733,771.71-157,251,041.33
Otherprofitorlossitemsthatsatisfythedefinition ofnon-recurringgainsandlosses2,395,600.72　4,710,466.6763,840,000.00
Less:Influencedamountofincometax-4,034,573.45　-5,573,340.60-24,751,373.49
Impactofminorityshareholders'equity(aftertax)655,835.44　1,772,852.961,174,838.97
Total-12,759,555.80　-18,492,874.77-75,428,959.45
WheretheCompanyrecognizestheitemsnotlistedintheExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasthenon-recurringprofitorlossitems
withthesignificantamount,ordefinesthenon-recurringprofitandlossitemslistedinExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasrecurring
profitorlossitems,reasonsshallbegiven.
□Applicable√N/A
XI.Itemsmeasuredatfairvalue
√Applicable□N/A

ItemBalanceatthe beginningofthe periodBalanceattheendofthe periodIncrease/decrease intheperiodAffected amountofthe profitofthe period
Held-for-tradingfinancial assets400,712,059.93248,513,280.00-152,198,779.9343,571,971.73
Othernon-currentfinancial assets4,002,439,902.574,028,978,995.5626,539,092.9926,539,092.99
Total4,403,151,962.504,277,492,275.56-125,659,686.9470,111,064.72
XII.Others
□Applicable√N/A
SectionIIIManagement’sDiscussionandAnalysis
I.Discussionandanalysisofbusinesssituation
In2024,theboardofdirectorsofthecompanyadheredtotheguidanceofXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,thoroughlyimplementedthespiritofthe20thNationalCongressoftheCommunistPartyofChinaandthesecondandthirdplenarysessionsofthe20thCentralCommittee,aswellasthespiritofGeneralSecretaryXiJinping'simportantspeechduringhisinspectioninGuizhou.Itfullyimplementedthe
decision-makinganddeploymentoftheprovincialPartycommitteeandtheprovincialgovernment,aimedattheannualgoals,coordinatedvarioustasksofproduction,operation,reform,anddevelopment,concentrateditsefforts,
madeall-outefforts,overcamedifficulties,successfullycompletedallthetargetandtasks,andpromotedthecompanytoachieveimportantprogressinhigh-qualitydevelopmentandtooksolidstepsinmodernization.II.Industrysectorsituationinthereportingperiod
See"Industryprofile"onpage16and"Industrypattern andtrend"onpage21inthisreport.III.Businessscopeinthereportingperiod
ThemainbusinessoftheCompanyistheproductionandsalesofMoutailiquorandaseriesofliquors.Theleadingproduct"KweichowMoutai",istheoriginatorandarchetypeofMoutai-flavorliquors,anditis also aliquorbrandintegratingnationalgeographicalindicationproducts,organicfoodandnationalintangiblecultural
heritage.ThemarketingnetworkoftheCompanycoversthedomesticmarketand64countriesandregionsonfivecontinents.
TheCompany'sbusinessmodelisasfollows:rawmaterialprocurement-productmanufacturing-productsales.Therawmaterialprocurementmodelspecificallyinvolves:sorghumforMoutailiquorisprocuredthrough a"company+localgovernment+supplier+cooperativeorfarmer"model,whilewheatisprocuredthrougha"company+supplier+cooperativeorfarm"model.Theprocurementofotherrawandauxiliarymaterials,aswellaspackagingmaterials,isprimarilybasedonthecompany'sproductionandsalesplans,andisconductedthroughcentralizedprocurementinthemarket.Theproductionprocessflowinvolves: yeast making - Chinese Baijiumaking – cellaring - blending - packaging. The sales modelincludes both direct selling and wholesale
distributionchannels.Directsellingchannelsrefertoself-operatedsalesanddigitalmarketingplatformssuchas
"iMoutai",whilewholesaledistributionchannelsinvolvesocialdealers,supermarkets,e-commerceplatforms,and
otherchannels.
IV.Analysisofcorecompetitiveness
√Applicable□N/A
TheCompanyadherestothecorevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivating virtue", and possesses the "five core competencies" composed of quality, brand, environment,
craftsmanship,andculture.Duringthereportingperiod,therewerenosignificantchangesinthecompany'scorecompetencies.
V.Businessoperationbriefingforthereportingperiod
First,businessperformancegrewsteadily.Duringtheyear,thecompanyachievedatotaloperatingrevenueof174.144billionyuan,up15.66%yearonyear.Netprofitattributabletoshareholdersofthelistedcompanywas86.228billionyuan,up15.38%yearonyear.Majoreconomicindicatorscontinuedtomaintaindouble-digitgrowth,andtheannualstrategictargetwasachievedwithhighquality.Afterbecomingasingleproductof100billion,therevenueofKweichowMoutailiquorexceeded100billionforthefirsttimeinthefirstthreequarters,andtheexportrevenueexceeded5billionyuanforthefirsttime.Itcontinuedtohighlighttheuniquecharmofworld-classsingleproduct,andtherevenueofseriesliquorstoodfirmat20billionyuan.Second,theeffectivenessofgovernancehasbeenimproved.TheboardofDirectorseffectivelyimplementedthe"sixfunctionsandpowers"oftheboardofDirectors.TheboardofDirectorsconvenedtwogeneralmeetings ofshareholdersthroughouttheyear,deliberatingandapproving16proposals,andheld13boardmeetings,deliberating
andapproving39proposals.The"sixfunctionsandpowers"oftheboardofdirectorswereeffectivelyimplemented.The company has continued to promote the development of a comprehensive risk management system andcomprehensivelyimprovetheeffectivenessofriskpreventionandcontrol.Thecompanydeepenedtheapplicationoftheachievementsofinnovationawards,establishedandimprovedthebudgetandperformancemanagementsystemandrunitsmoothly;ThecompanydeeplypracticedESGconcept,ESGratingrankedthehighestinChina'sliquorindustry, andwonthe"China ESG ModelEnterprise";ThecompanyreceivedEFQM GlobalAward(sevendiamonds)andOutstandingAchievementAwardfor"InspiringCulture".Third,culturalempowermentcontinuedtodeepen.ThecompanyfurtherexploredtheconnotationofMoutaiculture,optimizedandimprovedtheculturalsystemofMoutai,andreleasedtheNineChaptersofMoutai.Withthemissionof"brewinghigh-qualitylife",thevisionof"makingtheworldfallinlovewithMoutaiandletMoutaismelltheworld",thecorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue
",thecorporatespiritof"LoveMoutaiandwinhonorforthecountry",andthequalitybeliefof"qualityisthesouloflife",jointlybuiltthespiritualbondofunityandprogressofMoutaipeople,andcontinuetogathertheinternalpowertopromotethesustainable,stableandhealthydevelopmentofMoutai.Fourth,brandinfluenceisfirmlyatthetop.WithabrandvalueofUS$87.298billion,KweichowMoutaihasremainedthefirstliquorbrandinKantar'sBrandZTop100MostValuableBrandsListforsevenconsecutiveyears,andjumpedtothesecondplaceinChina'sTop100Brandsforthefirsttime.WithaBrandvalueofUS$50.1billion,ithastoppedthe"BrandFinanceGlobalSpiritsBrandValueList"fortheninthtimeintheUK,anditsbrandvaluestillleadstheindustry.
Fifth,marketvaluemanagementmadenewachievements.Forthefirsttime,theMeasuresfortheManagementofMarketValuewasformulatedtoimprovethestandardizationofmanagement;Thecompanyissuedthedividendplanfor 2024-2026, established a long-term return mechanism, and effectively stabilized investors' expectations;
Launchingthesharerepurchaseplanforthefirsttime,thecompanyrepurchasedsharesthroughcentralizedbiddingwithitsownfunds,andtherepurchasedshareswereusedtocancelandreducetheregisteredcapitalofthecompany.Therepurchaseamountshallnotbelessthan3billionyuan(inclusive)andnotmorethan6billionyuan(inclusive),andthecompanycontinuedtopracticerealmoneytoreturnshareholders.(I)Mainbusinessanalysis
1.Analysisofaccountingitemchangesrelatedtotheincomestatementandthecashflowstatement
ItemAmountinthe reportingperiodAmountinthesame reportingperiodof lastyearYoYChange (%)
Operatingrevenue170,899,152,276.34147,693,604,994.1415.71
Operatingcosts13,789,482,367.9811,867,273,851.7816.20
Sellinganddistributionexpenses5,639,300,059.494,648,613,585.8221.31
Generalandadministrativeexpenses9,315,650,060.389,729,389,252.31-4.25
Financialexpenses-1,470,219,863.34-1,789,503,701.48N/A
Researchanddevelopmentexpenses218,375,472.87157,371,873.0138.76
Netcashflowsfromoperating activities92,463,692,168.4366,593,247,721.0938.85
Netcashflowsfrominvesting activities-1,785,202,630.71-9,724,414,015.16N/A
Netcashflowsfromfinancing activities-71,067,506,484.81-58,889,101,991.94N/A
ExplanationofChangesinOperatingRevenue:MainlyduetotheincreaseinsalesvolumeofMoutailiquorandotherseriesliquorinthisperiodandtheadjustmentofsalespriceofmainproductsofMoutailiquor.ExplanationofChangesinOperatingCosts:MainlyduetotheincreaseinsalesofMoutailiquorandotherseriesliquorinthisperiodandtheincreaseinrawmaterialsandlaborcosts.ExplanationofChangesinSellingandDistributionExpenses:Mainlyduetotheincreaseinmarketexpansionandservicefeesinthisperiod.
ExplanationofChangesinFinancialExpenses:Mainlyduetothedeclineindepositinterestratesofcommercialbanksinthecurrentperiod.
ExplanationofChangesinR&DExpenses:MainlyduetotheincreaseinR&Dprojectsinthisperiod.ExplanationofChangesinNetCashFlowfromOperatingActivities:MainlyduetotheincreaseincashreceivedbythecompanyfromthesaleofcommoditiesinthisperiodandtheincreaseinfundscollectedbytheholdingsubsidiaryKweichowMoutaiGroupFinanceCo.,Ltd.fromothermembersoftheGroupcompanycomparedwiththepreviousperiod.
ExplanationofChangesinNetCashFlowfromInvestingActivities:MainlyduetotheinvestmentinIndustrialDevelopmentFundinthepreviousperiodandthereductionoftheinter-bankdepositcertificateoftheholdingsubsidiaryofthecompany,KweichowMoutaiGroupFinanceCo.,LTD.inthecurrentperiod.ExplanationofChangesinNetCashFlowfromFinancingActivities:Mainlyduetotheincreaseincashdividendsdistributedduringthecurrentperiod.
DetailedexplanationofmajorchangesintheCompany'sbusinesstype,profitcompositionorprofitsourceinthecurrentperiod
□Applicable√N/A
2.Incomeandcostanalysis
√Applicable□N/A
(1)Mainbusinessgroupedbybusinesssegment,byproduct,byregionandbysalesmodel.MonetaryUnit:Yuan Currency:RMB

Mainbusinessgroupedbybusinesssegment　　　　　　
IndustryOperatingrevenueOperatingcostsGrossProfit margin (%)IncreaseOr decreasein operating revenueover theprevious year(%)Increaseor decreasein operatingcosts overthe previousyear (%)IncreaseOr decreasein grossProfit marginover theprevious year(%)
Liquor170,611,838,052.0213,629,995,812.8992.0115.8917.30-0.10
Primarybusiness(byproduct)　　　　　　
ProductOperatingrevenueOperatingcostsGrossprofit margin(%)IncreaseOr decreasein operating revenueover theprevious year(%)IncreaseOr Decreasein Operating Costsover theprevious year(%)Increaseor decreasein grossprofit Marginover theprevious year(%)
Moutailiquor145,928,075,955.318,662,079,388.7894.0615.2816.34-0.06
Other liquor24,683,762,096.714,967,916,424.1179.8719.6519.000.11
Mainbusinessgroupedbyregion　　　　　　
RegionOperatingrevenueOperatingcostsGrossprofit margin(%)Increaseor decreasein Operating revenueover theprevious year(%)Increaseor decreasein Operating costsoverthe Previousyear (%)IncreaseOr decreasein grossprofit marginover theprevious year(%)
Domestic165,423,308,808.2413,226,875,459.6092.0015.7917.26-0.10
Overseas5,188,529,243.78403,120,353.2992.2319.2718.570.05
Mainbusinessgroupedbysalesmodel　　　　　　
ModelofsalesOperatingrevenueOperatingcostsGrossprofit margin(%)Increaseor decreasein operatingIncreaseor decreasein operatingIncreaseor decreasein grossprofit
　　　　revenueover theprevious year(%)costsover theprevious year(%)marginover theprevious year(%)
Wholesale agency95,768,511,021.2310,136,042,973.3089.4219.7318.280.13
Direct sales74,843,327,030.793,493,952,839.5995.3311.3214.52-0.13
(2)Analysisofproductionvolume,salesvolumeandinventory

Main productUnitProduction volumeSales volumeInventoryYoY changeof production volume (%)YoY changeof sales volume (%)YoY changeof inventory (%)
LiquorTon104,384.5083,332.76310,008.024.2413.735.52
(3)Executionsituationofmajoracquisitioncontractsandmajorsalescontracts□Applicable√N/A
(4)CostAnalysisTable

Conditionbybusinesssegment　　　　　　　
Bybusiness segmentMainbreakdown itemsofcostAmountinthereporting periodAs%of totalcost (%)Amountinthesame reportingperiodof previousyearAs%oftotal costin previousyear (%)YoY change(%)Descriptionof reasons
Liquor　13,629,995,812.8910011,620,203,653.3210017.30　
Conditionbyproduct　　　　　　　
ByproductMainbreakdown itemsofcostAmountinthereporting periodAs%of Totalcost (%)Amountinthesame Reportingperiodof previousyearAs%ofcost inprevious year (%)YoY change(%)Descriptionof reasons
LiquorDirectmaterials costs6,895,320,421.9250.595,984,160,283.8851.5015.23　
　Directlaborcosts5,224,448,485.0838.324,372,013,596.0837.6319.50　
　Manufacturing costs776,373,890.795.70640,613,571.245.5121.19　
　Fuelsandenergies422,328,634.523.10351,386,305.233.0220.19　
　Transportation costs311,524,380.582.29272,029,896.892.3414.52　
　Total13,629,995,812.89100.0011,620,203,653.32100.0017.30　
(5)Anymergerscopechangesresultingfromsharechangesofmainsubsidiariesinthereportingperiod□Applicable√N/A
(6)InformationaboutsignificantchangesoradjustmentsoftheCompany’sbusinesses,productsorservicesinthereportingperiod.
□Applicable√N/A
(7)Majorcustomersandsuppliers
A.Majorcustomers
√Applicable□N/A
ThesalestothetopfivecustomersamountedtoRMB19,647.9393million,accountingfor11.52%ofthetotalannualsales;amongthesalesofthetopfivecustomers,thesalesofrelatedpartiesamountedtoRMB6,560.4177million,accountingfor3.85%ofthetotalannualsales.
Duringthereportingperiod,thesalesproportiontoasinglecustomerexceeded50%ofthetotal,ortherewerenewcustomersamongthetopfivecustomers,ortherewasasituationofheavyrelianceonafewcustomers.□Applicable√N/A
B.Majorsuppliers
√Applicable□N/A
ThepurchaseamountfromthetopfivesuppliersamountedtoRMB 3,042.4759 million,accountingfor 35.43%ofthetotalannualpurchaseamount;inwhichthepurchaseamountofrelatedpartiesamountedtoRMB1,307.1233millioninthepurchaseamountofthetopfivesuppliers,accountingfor15.22%ofthetotalannualpurchaseamount.
Duringthereportingperiod,theproportionofpurchasesfromasinglesupplierexceeded50%ofthetotal,ortherewerenewsuppliersamongthetopfivesuppliers,ortherewasasituationofheavyrelianceonafewsuppliers.□Applicable√N/A
3.Expenses
√Applicable□N/A
The selling and distribution expenses amounted to RMB 5,639,300,059.49 in the current period and RMB
4,648,613,585.82inthepreviousperiod.Theyear-on-yearincreasewasmainlyduetotheincreaseinmarketexpansionandservicefeesinthecurrentperiod.
ThefinancialexpensesamountedtoRMB-1,470,219,863.34inthecurrentperiodandRMB-1,789,503,701.48inthepreviousperiod.Theyear-on-yearchangewasmainlyduetothedeclineindepositinterestratesofcommercialbanksinthecurrentperiod.
4.R&Dexpenses
(1)StatementofR&Dexpenses
√Applicable□N/A

R&Dexpensesinthisperiod593,779,816.96
Capitalizedresearchanddevelopmentinvestmentinthereportingperiod101,596,918.85
TotalR&Dexpenses695,376,735.81
as（%）ofoperatingrevenue0.41
Proportionofcapitalizationofresearchanddevelopmentinvestment(%)14.61
Note:TheR&DexpensesinthisperiodincludetheR&Dexpenseslistedintheoperatingcostsandthecompensationofscientificresearchers.
(2)StatementofR&Demployee

NumberofR&Demployees801
as(%)ofthetotalnumberoftheCompany’s employees2.31
EducationalbackgroundstructureofR&Demployees　
EducationalbackgroundstructuretypeNumberineacheducationalbackgroundstructure
Doctorate84
Master174
Undergraduate467
Juniorcollege63
Highschoolandbelow13
AgestructureofR&Demployees　
AgestructuretypeNumberineachagestructure
under30(excluding30)150
30-40(including30butexcluding40)413
40-50(including40butexcluding50)183
50-60(including50butexcluding60)43
60andabove12
(3)Explanation
□Applicable√N/A
(4)ReasonsforthesignificantchangesinR&DemployeesandtheirimpactsontheCompany’sfuturedevelopment
□Applicable√N/A
5.Cashflows
√applicable□notapplicable

ItemAmountinthis periodAmountinlast periodChange (%)
Netincreaseincustomerdepositsandinterbankdeposits11,060,205,782.10-810,223,002.76N/a
Refundsoftaxesandsurchargesreceived　1,500,047.04-100.00
Cashreceivedfromotheractivitiesrelatedtooperatingactivities3,258,097,705.142,346,196,470.6338.87
Netincreaseincustomerloansandadvances262,376,929.65-2,051,930,316.19N/a
etincreaseindepositswithcentralbankandinterbankfunds-4,585,245,646.291,570,003,429.01N/a
etincreaseinborrowedfunds-400,000,000.002,500,000,000.00N/a
Cashpaidforinterest,feesandcommissions97,061,751.28142,896,151.21-32.08
Cashreceivedfrominvestmentincome92,382,151.66140,715,000.00-34.35
etcashreceivedfromdisposaloffixedassets,intangibleassetsandother long-termassets715,708.4424,948,352.95-97.13
Cashpaidtoacquireandconstructfixedassets,intangibleassetsandother long-termassets4,678,712,053.562,619,755,888.7978.59
Cashpaidforinvestments5,745,136,000.0014,817,852,800.00-61.23
Cashpaidforotherinvestingactivities9,984,973.677,021,867.1042.20
Effectoffluctuationinexchangerateoncashandcashequivalents-1,082,747.551,718,255.65N/a
(1)Thechangeinthenetincreaseincustomerdepositsandfinancialinstitutiondepositsismainlyduetotheincreaseinfundscollectedfromothermemberunitsofthegroupcompanybythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,comparedtothepreviousperiod.（未完）
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