泸州老窖:2026年第三季度报告(英文)

Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2026-36

Luzhou Laojiao Co., Ltd.

Q3 2026 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 as well as directors 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.

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 2026 YoY change Q1-Q3 2026 YoY change

Operating revenues 4,195,391,986.95 -37.14% 14,667,616,562.73 -36.58%
(CNY)
Net profits

attributable to 1,331,795,155.20 -57.03% 5,671,059,241.53 -47.31%
shareholders of the
Company (CNY)
Net profits
attributable to

shareholders of the 1,329,187,091.79 -57.01% 5,620,637,939.28 -47.67%
Company before
non-recurring gains
and losses (CNY)
Net cash flows from

operating activities — — 4,445,413,276.27 -54.74%
(CNY)

Basic earnings per 0.90 -57.14% 3.85 -47.33%
share (CNY/share)

Diluted earnings per 0.90 -57.14% 3.85 -47.33%
share (CNY/share)

Weighted average 3.01% -3.57% 11.63% -10.37%
ROE

September 30, 2026 December 31, 2025 Change

Total assets (CNY) 59,346,398,004.74 64,794,994,851.27 -8.41%
Net assets

attributable to 47,053,709,808.49 49,780,293,635.74 -5.48%
shareholders of the
Company (CNY)
1.2 Non-recurring gains and losses
 Applicable □ N/A

Unit: CNY
Item Q3 2026 Q1-Q3 2026 Note

Profit or loss from disposal
of non-current assets

(including the write-off 107,037.78 444,548.65

portion of the impairment
provision)
Government grants
accounted for, in the profit
or loss for the current

period (except for the 14,317,767.66 33,492,454.55

government grants closely
related to the business of
the Company and given in
accordance with defined

criteria and in compliance
with government policies,
and have a continuing
impact on the Company's
profit or loss)
Gain or loss on fair-value
changes in financial assets
and liabilities held by a
non-financial enterprise, as
well as on disposal of

financial assets and 2,169,075.73 32,795,815.99

liabilities (exclusive of the
effective portion of hedges
that is related to the
Company's normal
business operations)
Other non-operating

income and expenditure -13,148,235.08 305,145.87

except above-mentioned
items

Less: Corporate income 861,665.82 16,640,745.95

tax

Minority interests (after -24,083.14 -24,083.14

tax)

Total 2,608,063.41 50,421,302.25 --

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 held-for-tr

ading financial assets decreased by CNY 963,883,715.01
compared to the opening balance at the beginning of the year, indicating a decrease of 60.82%. It was
mainly due to the redemptions upon maturity of wealth management products in the current period.

B. The closing balance of accounts receivables increased by CNY 26,349,718.64 compared to the
opening balance at the beginning of the year, indicating an increase of 433.70%. It was mainly due to
an increase in receivables from overseas operations.

C. The closing balance of other current assets decreased by CNY 201,381,343.47 compared to the
opening balance at the beginning of the year, indicating a decrease of 46.78%. It was mainly due to the
offsetting in the current period of the opening amount of overpaid tax.

D. The closing balance of Investment property decreased by CNY 36,736,080.86 compared to the
opening balance at the beginning of the year, indicating a decrease of 76.70%. It was mainly due to the
reclassification of certain previously rented properties for own use in the current period.

E. The closing balance of other non-current assets increased by CNY 353,418,201.97 compared to the
opening balance at the beginning of the year, indicating an increase of 53.16%. It was mainly due to the
increased prepayment for long-term assets—the Chengdu Innovation and Development Center
Building—in the current period.

F. The closing balance of short-term loans increased by CNY 3,001,758,333.34 compared to the
opening balance at the beginning of the year. It was mainly due to a one-year bank loan arranged to
meet the Company’s production and operation needs.

G. The closing balance of contract liabilities decreased by CNY 1,050,974,009.30 compared to the
opening balance at the beginning of the year, indicating a decrease of 31.21%; and the closing balance
of other current liabilities decreased by CNY 136,049,291.25 compared to the opening balance at the
beginning of the year, indicating a decrease of 31.14%. It was mainly due to a decrease in advance
payments from customers in the current period.

H. The closing balance of taxes payable decreased by CNY 527,905,594.75 compared to the opening
balance at the beginning of the year, indicating a decrease of 32.73%. It was mainly due to the payment
in the current period of the taxes payable as at the end of last year.

I. The closing balance of other payable decreased by CNY 188,984,513.12 compared to the opening
balance at the beginning of the year, indicating a decrease of 30.69%. It was mainly due to the
unlocking of the restricted share incentive plan, resulting in a decrease in liabilities recognized for
repurchase obligations.

J. The closing balance of non-current liabilities due within one year decreased by CNY
1,847,332,482.89 compared to the opening balance at the beginning of the year, indicating a decrease
of 45.34%. It was mainly due to the repayment of due loans.

K. The closing balance of long-term loans decreased by CNY 1,899,364,419.42 compared to the
opening balance at the beginning of the year, indicating a decrease of 72.30%. It was mainly due to the
reclassification of long-term loans due within one year.

L. The closing balance of treasury stock decreased by CNY 157,697,194.85 compared to the opening
balance at the beginning of the year, indicating a decrease of 98.79%. It was mainly due to the relevant
reversal as a result of the unlocking of restricted shares in the current period.

M. The closing balance of other comprehensive income decreased by CNY 84,745,736.43 compared
to the opening balance at the beginning of the year, indicating a decrease of 59.00%. It was mainly due

to the decreased fair value of equity investments and the disposal of equity interests in North Chemical
Industries Co., Ltd. and other investees in the current period.

N. Operating revenues in the current Q1-Q3 period decreased by CNY 8,459,843,339.40 compared to
the same period of last year, indicating a decrease of 36.58%. It was mainly due to the decreased
product sales volume in the current period.

O. Investment income in the current Q1-Q3 period increased by CNY 49,539,347.31 compared to the
same period of last year, indicating an increase of 88.11%. It was mainly due to the increased earnings
of investee Huaxi Securities and the decreased note discount expenses.

P. Total profits before tax in the current Q1-Q3 period decreased by CNY 7,078,980,212.15 compared
to the same period of last year, indicating a decrease of 48.53%. It was mainly due to an overall
decrease in product sales volume and product mix adjustments.

Q. Income tax expenses in the current Q1-Q3 period decreased by CNY 2,005,245,890.20 compared to
the same period of last year, indicating a decrease of 52.87%. It was mainly due to a decrease in total
profits before tax in the current period.

R. Net profit attributable to non-controlling interests in the current Q1-Q3 period increased by CNY
17,601,085.84 compared to the same period of last

year, indicating an increase of 54.50%. It was
mainly due to a year-on-year growth in net profit of non-wholly-owned subsidiaries in the current period.
S. Net cash flows from operating activities in the current Q1-Q3 period decreased by CNY
5,377,177,456.72 compared to the same period of last year, indicating a decrease of 54.74%. It was
mainly due to a decrease in cash received from sale of goods in the current period.

T. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY
248,690,732.17 compared to the same period of last year. It was mainly due to the decreased
investments in long-term assets in the current period.

U. Cash received from borrowings in the current Q1-Q3 period increased by CNY 3,319,635,580.58
compared to the same period of last year. It was mainly due to new one-year bank borrowings raised in
the current period.

V. Cash paid for debt repayments in the current Q1-Q3 period increased by CNY 1,340,700,000.00
compared to the same period of last year, indicating an increase of 49.29%. It was mainly due to the
repayment of mature long-term loans 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 202,684 resumed voting rights at the end of the reporting 0
reporting period period (if any)

Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)

Name of Nature of Shareholding Total shares Number of Pledged, marked or frozen

shareholder shareholder percentage held holding shares

restricted Status of Number of

shares shares shares

Luzhou State-owned

Laojiao Group corporation 26.05% 383,433,639 0 N/A 0
Co., Ltd.
Luzhou

XingLu State-owned

Investment corporation 24.86% 365,971,142 0 N/A 0
Group Co.,
Ltd.
Bank of China
Co., Ltd. –
Baijiu index
classification

securities Other 4.83% 71,148,032 0 N/A 0
investment
fund by China
Merchants
Fund
China
Securities

Finance Other 1.51% 22,224,821 0 N/A 0
Corporation
Limited
Hong Kong

Securities Outbound

Clearing corporation 1.48% 21,710,584 0 N/A 0
Company
Limited
China
Construction
Bank

Corporation－ Other 1.44% 21,225,108 0 N/A 0
Penghua
Wine & Liquor
Exchange-
Traded Fund
Rui Life

Insurance Other 1.36% 20,049,840 0 N/A 0
Co., Ltd.－
Own Funds
Guofeng
Xinghua
(Beijing)
Private Equity
Fund
Management
Co., Ltd.－

Guofeng Other 1.23% 18,166,400 0 N/A 0
Xinghua
Honghuzhiyua
n Tranche 3
Private
Securities
Investment
Fund No. 1

Bank of China
Co., Ltd.－
Blue chip
selected

hybrid Other 0.82% 12,000,112 0 N/A 0
securities
investment
fund by E
Fund
Industrial and
Commercial
Bank of China
Co., Ltd.－CSI
Main

Consumer Other 0.67% 9,861,848 0 N/A 0
Exchange-
Traded Open-
Ended Index
Securities
Investment
Fund

Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of

executives)

Name of shareholder Number of non-restricted shares held Type and number of shares

Type Number

Luzhou Laojiao Group Co., Ltd. 383,433,639 CNY common 383,433,639
shares

Luzhou XingLu Investment 365,971,142 CNY common 365,971,142
Group Co., Ltd. shares

Bank of China Co., Ltd. – Baijiu

index classification securities 71,148,032 CNY common 71,148,032
investment fund by China shares

Merchants Fund

China Securities Finance 22,224,821 CNY common 22,224,821
Corpor

ation Limited shares

Hong Kong Securities Clearing 21,710,584 CNY common 21,710,584
Company Limited shares

China Construction Bank CNY common

Corporation－Penghua Wine & 21,225,108 shares 21,225,108
Liquor Exchange-Traded Fund

Rui Life Insurance Co., Ltd.－ 20,049,840 CNY common 20,049,840
Own Funds shares

Guofeng Xinghua (Beijing)
Private Equity Fund

Management Co., Ltd.－ CNY common

Guofeng Xinghua 18,166,400 shares 18,166,400
Honghuzhiyuan Tranche 3
Private Securities Investment
Fund No. 1

Bank of China Co., Ltd.－Blue CNY common

chip selected hybrid securities 12,000,112 shares 12,000,112
investment fund by E Fund
Industrial and Commercial

Bank of China Co., Ltd.－CSI CNY common

Main Consumer Exchange- 9,861,848 shares 9,861,848
Traded Open-Ended Index
Securities Investment Fund

1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment

Group Co., Ltd. are both state-owned holding companies under

the jurisdiction of SASAC of Luzhou. The two companies have

signed the agreement of persons acting in concert. For details,

please refer to the announcement of the Company on May 23,

Related parties or acting-in-concert 2024 - Announcement on the Renewed Agreement of Persons

Acting in Concert Signed by Shareholders (Announcement No.

2024-22).

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 None

margin trading (if any)

5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in
refinancing shares lending
□ Applicable  N/A

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period

□ Applicable  N/A

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. Progress on the restricted share incentive plan

a. On February 4, 2026, the Company held the 21st Meeting of the 11th Board of Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the
Reserved Restricted Shares under the 2021 Restricted Share Incentive Plan, the Proposal on the
Satisfaction of Unlocking Conditions for the Third Unlocking Period of the 2021 Restricted Share
Incentive Plan, and the Proposal on the Repurchase and Retirement of Certain Restricted Shares and
the Adjustment of Repurchase Price were reviewed and approved. On February 5, the Company
disclosed the Announcement on the Repurchase and Retirement of Certain Restricted Shares to
Reduce Registered Capital and Notice to Creditors. By the expiration of the declaring period, the
Company had not received any declaration from the relevant creditors for early payout of debts or
provision of guarantee.

b. On February 13, 2026, the Company disclosed the Reminder Announcement on Unlocked Shares in
the Second Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading, as well as the Reminder Announcement on Unlocked
Shares in the Third Unlocking Period under the 2021 Restricted Share Incentive Plan Being Allowed for

Public Trading. As such, the unlocked restricted shares in the second unlocking period of the reserved
restricted shares and in the third unlocking period under the 2021 Restricted Share Incentive Plan were
allowed for public trading on February 24, 2026.

c. On June 3, 2026, the Company disclosed the Announcement on the Completion of the Repurchase
and Retirement of Certain Restricted Shares. As at June 3, 2026, the Company completed the
repurchase and retirement of 40,500 restricted shares.

d. On September 16, 2026, the Company held the 29th Meeting of the 11th Board o

f Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Third Unlocking Period of the Reserved
Restricted Shares under the 2021 Restricted Share Incentive Plan was reviewed and approved. On
September 17, the Company disclosed the Announcement on the Satisfaction of Unlocking Conditions
for the Third Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan.

e. On September 23, 2026, the Company disclosed the Reminder Announcement on Unlocked Shares
in the Third Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the third
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on September 28, 2026.

B. The Company invested in the Technical Renovation Project of Intelligent Baijiu Production (Phase I)
with the wholly-owned subsidiary, Luzhou Laojiao Baijiu Production Co., Ltd., as the implementer. The
total investment amount approximated CNY 4,782.5090 million. For further information, see
Announcement No. 2022-24 on the Implementation of Luzhou Laojiao Technical Renovation Project of
Intelligent Baijiu Production (Phase I) by Subsidiary. The program is currently under construction.

4. Financial statements
4.1 Financial statements
4.1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co., Ltd.

September 30, 2026

Unit: CNY
Item September 30, 2026 December 31, 2025

Current assets:

Cash and cash equivalents 22,502,583,597.89 27,341,566,698.37
Settlement reserves
Lending funds

Held-for-trading financial assets 620,888,244.36 1,584,771,959.37
Derivative financial assets
Notes receivables

Accounts receivables 32,425,289.30 6,075,570.66
Accounts receivables financing 1,298,533,766.12 1,466,494,973.96
Prepayment 176,717,540.24 145,596,475.65
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve

Other receivables 16,440,331.42 17,318,326.51
Including：Interests receivable

Dividends receivable

Buying back the sale of financial

assets

Inventories 15,679,403,351.42 15,396,031,707.35

Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one
year

Other current assets 229,078,567.16 430,459,910.63

Total current assets 40,556,070,687.91 46,388,315,622.50
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables

Long-term equity investments 2,992,994,211.95 2,930,804,469.77

Investments in other equity 358,164,588.41 475,499,237.90
instruments
Other non-current financial assets

Investment property 11,156,670.22 47,892,751.08
Fixed assets 8,168,339,010.11 8,523,891,404.03
Construction in progress 2,594,614,693.91 2,064,766,283.24
Productive biological assets
Oil and gas assets

Use right assets 13,559,076.77 19,863,214.19
Intangible assets 3,372,815,756.64 3,414,065,535.11
Including: Data resource 1,785,382.37 2,856,611.80

Development expenses
Including: Data resource
Goodwill

Long-term deferred expenses 756,014.13 1,034,985.48
Deferred tax assets 259,667,725.68 264,019,980.93
Other non-current assets 1,018,259,569.01 664,841,367.04
Total non-current assets 18,790,327,316.83 18,406,679,228.77
Total assets 59,346,398,004.74 64,794,994,851.27
Current liabilities:

Short-term loans 3,001,758,333.34

Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial

liabilities
Notes payable

Accounts payable 1,386,079,376.01 1,413,421,175.80

Advance from customer 2,592,640.93 2,014,696.36

Contract liabilities 2,316,469,718.53 3,367,443,727.83

Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits

Employee benefits payable 428,547,687.31 481,722,380.36
Taxes payable 1,084,978,475.06 1,612,884,069.81
Other payable 426,768,953.76 615,753,466.88
Including：Interests payable

Dividends payable 28,163,719.84 28,163,719.84

Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale

Non-current liabilities due within one 2,226,866,730.16 4,074,199,213.05
year

Other current liabilities 300,870,979.74 436,920,270.99
Total current liabilities 11,174,932,894.84 12,004,359,001.08
Non-current liabilities:
Insurance contract reserves

Long-term loans 727,801,891.51 2,627,166,310.93
Bonds payable
Including：Preference shares

Perpetual bonds

Lease liabilities 14,638,450.30 15,693,190.61
Long-term payables
Long-term payroll payables
Accrued liabilities

Deferred income 80,397,517.81 82,513,945.77
Deferred tax liabilities 133,136,169.75 171,180,022.42
Other non-current liabilities

Total non-current liabilities 955,974,029.37 2,896,553,469.73
Total liabilities 12,130,906,924.21 14,900,912,470.81
Owners' equity

Share capital 1,471,901,463.00 1,471,941,963.00

Other equity instruments
Including: preference shares

Perpetual bonds

Capital reserves 5,440,926,475.37 5,439,328,102.53

Less: treasury stock 1,937,079.62 159,634,274.47
Other comprehensive income 58,883,117.09 143,628,853.52
Special reserves

Surplus reserves 1,471,941,963.00 1,471,941,963.00
General risk reserve

Undistributed profits 38,611,993,869.65 41,413,087,028.16

Total equity attributable to owners of 47,053,709,808.49 49,780,293,635.74
the parent company

Non-controlling interests 161,781,272.04 113,788,744.72
Total owners' equity 47,215,491,080.53 49,894,082,380.46
Total liabilities and owners' equity 59,346,398,004.74 64,794,994,851.27
Legal representative: Liu Miao

Person in charge of accounting affairs: Xie Hong

Person in charge of accounting department: Song Ying

4.1.2 Consolidated income statement for Q1-Q3

Unit: CNY

Item Q1-Q3 2026 Q1-Q3 2025

1. Total operating revenue 14,667,616,562.73 23,127,459,902.13
Including: Operating revenue 14,667,616,562.73 23,127,459,902.13

Interest income

Earned premium

Fee and commission

income

2. Total operating costs 7,336,890,853.37 8,624,016,188.94
Including: Cost of sales 2,399,983,662.33 2,980,340,788.02

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 2,512,295,331.83 2,800,294,797.90

Selling and distribution 2,000,805,628.94 2,419,363,363.64
expenses

General and 604,498,611.64 681,884,971.89
adm

inistrative expenses

Research and 113,706,403.94 127,236,495.49
Development expenses

Financial expenses -294,398,785.31 -385,104,228.00

Including：Interest 89,268,523.91 125,045,963.68
expenses

Interest income 400,428,772.68 517,472,242.09

Plus: Other income 39,909,399.78 38,992,675.48

Investment income ("-" for 105,765,315.60 56,225,968.29
losses)

Including: income from

investment in associates and joint 124,808,000.86 110,153,845.03
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 32,683,422.40 22,725,744.18
values(“-“ for losses)

Credit impairment losses (“-” -1,248,358.94 212,642.32
for losses)

Impairment losses(“-“ for

losses)

Gains from disposal of 444,548.65 -582,373.63
assets("-" for losses)

3. Operating profits ("-" for losses) 7,508,280,036.85 14,621,018,369.83
Plus: non-operating income 20,365,748.46 14,538,207.24
Less: non-operating expenses 20,060,602.59 47,991,182.20
4. Total profits before tax ("-" for 7,508,585,182.72 14,587,565,394.87
total losses)

Less: income tax expenses 1,787,628,886.72 3,792,874,776.92
5. Net profit ("-" for net loss) 5,720,956,296.00 10,794,690,617.95
5.1 By operating continuity

5.1.1 Net profit from continuing 5,720,956,296.00 10,794,690,617.95
operation ("-" for losses)
5.1.2 Net profit from discontinued
operation ("-" for losses)
5.2 By ownership

1) Attributable to shareholders of the 5,671,059,241.53 10,762,394,649.32
parent company ("-" for losses)

2) Attributable to non-controlling 49,897,054.47 32,295,968.63
interests ("-" for losses)

6. Net of tax from other -59,194,445.86 39,344,460.12
comprehensive income

Net of tax from other comprehensive

income to the owner of the parent -57,250,521.12 39,901,755.85
company
6.1 Other comprehensive income

cannot be reclassified into the profit -60,023,042.20 39,226,482.98
and loss:

1) Remeasure the variation of net

indebtedness or net asset of defined

benefit plans

2) Share in other comprehensive

income that cannot be classified into -670,866.48 505,649.11
profit and loss under equity method

3) Changes in fair value of

investments in other equity -59,352,175.72 38,720,833.87
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 2,772,521.08 675,272.87
and loss

1) Share in other comprehensive

income that will be classified into 5,147,740.84 1,356,156.40
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 -2,375,219.76 -680,883.53
financial statements
7) Others

Net of tax from other comprehensive -1,943,924.74 -557,295.73
income to non-controlling interests

7. Total comprehensive income 5,661,761,850.14 10,834,035,078.07
(1) Total comprehensive income

attributable to owners of the parent 5,613,808,720.41 10,802,296,405.17
company
(2) Total comprehensive income

attributable to non-controlling 47,953,129.73 31,738,672.90
interests
8. Earnings per share

(1) Basic earnings per share

3.85 7.31
(2) Diluted earnings per share 3.85 7.31
Legal representative: Liu Miao

Person in charge of accounting affairs: Xie Hong

Person in charge of accounting department: Song Ying

4.1.3 Consolidated statement of cash flows for Q1-Q3

Unit: CNY
Item Q1-Q3 2026 Q1-Q3 2025

1. Cash flows from operating
activities

Cash received from sale of goods 15,160,944,262.33 25,912,836,641.79
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 6,060,640.17 8,154,186.38
Cash received from other operating 684,548,479.25 569,081,529.79
activities

Subtotal of cash inflows from 15,851,553,381.75 26,490,072,357.96
operating activities

Cash paid for goods purchased and 2,126,684,406.78 3,507,338,498.19
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 1,055,170,852.35 1,076,420,883.26
employees

Cash paid for taxes and surcharges 6,210,791,906.63 9,958,294,094.47
Cash paid for other operating 2,013,492,939.72 2,125,428,149.05
activities

Subtotal of cash outflows from 11,406,140,105.48 16,667,481,624.97
operating activities

Net cash flows from operating 4,445,413,276.27 9,822,590,732.99
activities
2. Cash flows from investing
activities

Cash received from disposal of 2,047,357,121.78 2,220,115,953.40
investments

Cash received from returns on 77,457,979.30 35,899,436.04
investments

Net cash received from disposal of

fixed assets, intangible assets and 1,023,685.58 534,068.91
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 2,125,838,786.66 2,256,549,458.35
investing activities

Cash paid to acquire and construct

fixed assets, intangible assets and 947,762,368.34 1,137,163,772.20
other long-term assets

Cash paid for investments 1,020,000,000.00 1,210,000,000.00
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 1,967,762,368.34 2,347,163,772.20
investing activities

Net cash flows from investing 158,076,418.32 -90,614,313.85
activities

3. Cash flows from financing

activities
Cash received from investors
Including: cash received by
subsidiaries from investments by
minority shareholders

Cash received from borrowings 3,319,635,580.58

Cash received from other financing

activities

Subtotal of cash inflows from 3,319,635,580.58

financing activities

Cash paid for debt repayments 4,060,900,000.00 2,720,200,000.00

Cash paid for distribution of

dividends and profits or payment of 8,602,991,508.17 8,965,980,678.14
interest

Including: dividends and profits paid

to minority shareholders by 36,240,666.20
subsidiaries

Cash paid for other financing 7,759,797.26 4,831,586.10
activities

Subtotal of cash outflows from

12,671,651,305.43 11,691,012,264.24
financing activities

Net cash flows from financing -9,352,015,724.85 -11,691,012,264.24
activities

4. Effect of fluctuation in exchange -20,510,974.83 -5,048,523.60
rate on cash and cash equivalents

5. Net increase in cash and cash -4,769,037,005.09 -1,964,084,368.70
equivalents

Plus: balance of cash and cash

equivalents at the beginning of the 26,925,093,961.82 33,367,668,014.46
period

6. Balance of cash and cash

equivalents at the end of the 22,156,056,956.73 31,403,583,645.76
period

4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the First
Implementation of the New Accounting Standards Implemented since 2026