[三季报]泸州老窖(000568):2025年第三季度报告（英文）

 时间：2025年11月05日 17:20:59 中财网

原标题:泸州老窖:2025年第三季度报告（英文）

StockCode:000568 Stockabbreviation:LuzhouLaojiao AnnouncementNo.2025-42LuzhouLaojiaoCo.,Ltd.
Q32025Report
Luzhou Laojiao Co., Ltd. (hereinafterreferred to asthe “Company”)and all the membersof the Company’sBoardofDirectorsherebyguaranteethatthecontentsofthisReportaretrue,accurate andcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions.ImportantStatements:
1.TheBoardofDirectorsaswellasdirectorsandseniormanagementguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividuallyandtogetherbelegallyliablefortruthfulness,accuracyandcompletenessofitscontents.
2.TheresponsiblepersonfortheCompany,theresponsiblepersonforaccountingworkandtheresponsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor)havewarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete.3.Whetherthefinancialstatementsofthisreporthavebeenauditedbyanauditor□Yes?No
ThisreporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.1.Keyfinancialinformation
1.1Keyaccountingdataandfinancialindicators
WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata.□Yes?No

　Q32025YoYchangeQ1-Q32025YoYchange
Operatingrevenues (CNY)6,673,726,997.48-9.80%23,127,459,902.13-4.84%
Netprofits attributableto shareholdersofthe Company(CNY)3,099,486,836.34-13.07%10,762,394,649.32-7.17%
Netprofits attributableto shareholdersofthe Companybefore non-recurringgains andlosses(CNY)3,091,592,912.45-13.41%10,741,597,380.50-7.11%
Netcashflowsfrom operatingactivities (CNY)——9,822,590,732.99-21.20%
Basicearningsper share(CNY/share)2.10-13.58%7.31-7.35%
Dilutedearningsper share(CNY/share)2.10-13.58%7.31-7.35%
Weightedaverage ROE6.58%-1.69%22.00%-3.88%
　September30,2025December31,2024Change　
Totalassets(CNY)65,496,029,532.8368,334,595,564.58-4.15%　
Netassets attributableto shareholdersofthe Company(CNY)49,679,770,305.2947,388,500,553.464.84%　
1.2Non-recurringgainsandlosses
?Applicable□N/A

ItemQ32025Q1-Q32025Note
Profitorlossfromdisposal ofnon-currentassets (includingthewrite-off portionoftheimpairment provision)-688,874.75-582,373.63　
Governmentgrants accountedfor,intheprofit orlossforthecurrent period(exceptforthe governmentgrantsclosely relatedtothebusinessof theCompanyandgivenin accordancewithdefined criteriaandincompliance withgovernmentpolicies, andhaveacontinuing impactontheCompany's profitorloss)11,757,338.2336,148,591.03　
Gainorlossonfair-value813,589.8525,554,248.49　
changesinfinancialassets andliabilitiesheldbya non-financialenterprise,as wellasondisposalof financialassetsand liabilities(exclusiveofthe effectiveportionofhedges thatisrelatedtothe Company'snormal businessoperations)　　　
Othernon-operating incomeandexpenditure exceptabove-mentioned items-1,482,891.57-33,452,974.96　
Less:Corporateincome tax2,505,237.876,879,669.63　
Minorityinterests (aftertax)0.00-9,447.52　
Total7,893,923.8920,797,268.82--
Otheritemsthatmeetthedefinitionofnon-recurringgain/loss:
?Applicable?N/A
Nosuchcasesforthereportingperiod.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in theExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-RecurringGainsandLossesasarecurringgain/lossitem.?Applicable?N/A
Nosuchcasesforthereportingperiod.
1.3Changesinkeyfinancialdataandindicatorsandreasonsforthechanges?Applicable?N/A
A. The closing balance of held-for-trading financial assets decreased by CNY 984,561,704.91comparedtotheopeningbalanceatthebeginningoftheyear,indicatingadecreaseof58.11%.Itwasmainlyduetoadecreaseinthepurchaseofwealthmanagementproductsandtheredemptionsuponmaturityofwealthmanagementproductsinthecurrentperiod.
B.TheclosingbalanceofaccountsreceivablesfinancingdecreasedbyCNY598,274,183.67comparedtotheopeningbalanceatthebeginningoftheyear,indicatingadecreaseof33.20%.Itwasmainlyduetothediscountingofnotesandthehonoringofduenotesinthecurrentperiod.C.Theclosing balance of prepaymentincreased byCNY38,677,620.33 compared tothe openingbalance at the beginning of the year, indicating an increase of 31.22%. It was mainly due to theincreasedprepaymenttosuppliersforadvertising.
D.TheclosingbalanceofothercurrentassetsdecreasedbyCNY206,848,338.13comparedtotheopeningbalanceatthebeginningoftheyear,indicatingadecreaseof85.80%.Itwasmainlyduetotheoffsettinginthecurrentperiodoftheopeningamountofoverpaidtax.E.TheclosingbalanceofconstructioninprogressincreasedbyCNY545,311,852.79comparedtotheopeningbalanceatthebeginningoftheyear,indicatinganincreaseof67.55%.ItwasmainlyduetotheincreasedinvestmentsinconstructionprojectsinprogresssuchastheTechnicalUpgradeProjectofIntelligentBrewinginthecurrentperiod.
F.Theclosingbalanceofothernon-currentassetsincreasedbyCNY276,536,953.01comparedtotheopeningbalanceatthebeginningoftheyear,indicatinganincreaseof67.89%.Itwasmainlyduetothepayment for long-term assets—the Chengdu Innovation and Development Center Building—in thecurrentperiod.
G.TheclosingbalanceoftaxespayabledecreasedbyCNY1,463,460,434.51comparedtotheopeningbalanceatthebeginningoftheyear,indicatingadecreaseof45.25%.Itwasmainlyduetothepaymentoftheopeningtaxespayableinthecurrentperiod.
H.TheclosingbalanceofotherpayabledecreasedbyCNY283,921,249.39comparedtotheopeningbalance at the beginning of the year, indicating a decrease of 32.50%. It was mainly due to theunlocking of the restricted share incentive plan, resulting ina decrease in liabilities recognized for
repurchaseobligations.
I.Theclosingbalanceofnon-currentliabilitiesduewithinoneyearincreasedbyCNY1,297,106,329.87comparedtotheopeningbalanceatthebeginningoftheyear,indicatinganincreaseof39.59%.Itwasmainlyduetothereclassificationoflong-termloansduewithinoneyear.J. The closing balance of long-term loans decreased by CNY 4,060,900,000.00 compared to theopeningbalanceatthebeginningoftheyear,indicatingadecreaseof64.67%.Itwasmainlyduetotherepaymentofloansandthereclassificationoflong-termloanstonon-currentliabilitiesduewithinoneyear.
K.TheclosingbalanceoftreasurystockdecreasedbyCNY185,360,249.28comparedtotheopeningbalanceatthebeginningoftheyear,indicatingadecreaseof53.62%.Itwasmainlyduetotherelevantreversalasaresultoftheunlockingofrestrictedsharesinthecurrentperiod.L.TheclosingbalanceofothercomprehensiveincomeincreasedbyCNY39,900,966.34 comparedtotheopeningbalanceatthebeginningoftheyear,indicatinganincreaseof47.37%.Itwasmainlyduetotheincreasedfairvalueofequityinvestmentsinthecurrentperiod.
M.FinancialexpensesinthecurrentQ1-Q3perioddecreasedbyCNY143,083,151.84comparedtothesame period of last year. It was mainly due to the decreased bond interest expenses andreclassificationofbilldiscountingexpensesinthecurrentperiod.N.OtherincomeinthecurrentQ1-Q3periodincreasedbyCNY11,484,687.14comparedtothesameperiodoflastyear,indicatinganincreaseof41.75%.Itwasmainlyduetoanincreaseingovernmentgrantsreceivedinthecurrentperiod.
O.InvestmentincomeinthecurrentQ1-Q3periodincreasedbyCNY14,636,165.05comparedtothesameperiodoflastyear,indicatinganincreaseof35.19%.ItwasmainlyduetotheincreasedearningsofinvesteeHuaxiSecurities.
P.Non-operatingexpensesinthecurrentQ1-Q3periodincreasedbyCNY26,519,734.83comparedtothesameperiodoflastyear,indicatinganincreaseof123.51%.Itwasmainlyduetotheincreaseddonationexpensesinthecurrentperiod.
Q. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY848,581,109.87comparedtothesameperiodoflastyear.Itwasmainlyduetoadecreaseinthepurchaseofwealthmanagementproductsinthecurrentperiod.
R. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY4,424,920,985.34comparedtothesameperiodoflastyear.Itwasmainlyduetotherepaymentofprincipalsofcorporatebondswithinterestandloans,aswellastheincreaseddividendpayoutinthecurrentperiod.
2.Shareholderinformation
2.1Totalnumbersofcommonshareholdersandpreferenceshareholderswithresumedvotingrightsaswellasshareholdingsoftop10shareholders
Unit:Share

Totalnumberofcommon shareholdersattheendofthe reportingperiod161,212Totalnumberofpreferredshareholderswith resumedvotingrightsbytheendofthereporting period(ifany)0　　　
Shareholdingsofthetop10shareholders(exclusiveofshareslentinrefinancing)　　　　　　
Nameof shareholderNatureof shareholderShareholding percentageTotalshares heldNumberof holding restricted sharesPledged,markedorfrozen shares　
　　　　　Statusof sharesNumberof shares
Luzhou LaojiaoGroup Co.,Ltd.State-owned corporation26.05%383,433,639.0 00N/A0
Luzhou XingLu Investment GroupCo., Ltd.State-owned corporation24.86%365,971,142.0 00N/A0
BankofChina Co.,Ltd.– Baijiuindex classification securities investment fundbyChina Merchants FundOther3.89%57,281,307.000N/A0
HongKong Securities Clearing Company LimitedOutbound corporation2.50%36,806,820.000N/A0
China Securities FinanceOther2.30%33,842,059.000N/A0
Corporation Limited　　　　　　
BankofChina Co.,Ltd.－ Bluechip selected hybrid securities investment fundbyE FundOther1.81%26,600,000.000N/A0
China Construction Bank Corporation－ Penghua Wine&Liquor Exchange- TradedFundOther1.37%20,161,129.000N/A0
Guofeng Xinghua (Beijing) PrivateEquity Fund Management Co.,Ltd.－ Guofeng Xinghua Honghuzhiyua nTranche3 Private Securities Investment FundNo.1Other1.28%18,871,962.000N/A0
CentralHuijin Asset Management Co.,Ltd.State-owned corporation0.92%13,539,862.000N/A0
Industrialand Commercial BankofChina Co.,Ltd.- Huatai- Pinebridge CSI300 Exchange- TradedFundOther0.86%12,595,905.000N/A0
Shareholdingsofthetop10non-restrictedshareholders(exclusiveofshareslentinrefinancingandlockedsharesof seniormanagement)　　　　　　
NameofshareholderNumberofnon-restrictedsharesheldTypeofshares　　　　
　　TypeNumber　　　
LuzhouLaojiaoGroupCo.,Ltd.383,433,639.00CNYcommon shares383,433,639.0 0　　　
LuzhouXingLuInvestment GroupCo.,Ltd.365,971,142.00CNYcommon shares365,971,142.0 0　　　
BankofChinaCo.,Ltd.–Baijiu indexclassificationsecurities investmentfundbyChina MerchantsFund57,281,307.00CNYcommon shares57,281,307.00　　　
HongKongSecuritiesClearing CompanyLimited36,806,820.00CNYcommon shares36,806,820.00　　　
ChinaSecuritiesFinance CorporationLimited33,842,059.00CNYcommon shares33,842,059.00　　　
BankofChinaCo.,Ltd.－Blue chipselectedhybridsecurities investmentfundbyEFund26,600,000.00CNYcommon shares26,600,000.00　　　

ChinaConstructionBank Corporation－PenghuaWine& LiquorExchange-TradedFund20,161,129.00CNYcommon shares20,161,129.00
GuofengXinghua(Beijing) PrivateEquityFund ManagementCo.,Ltd.－ GuofengXinghua HonghuzhiyuanTranche3 PrivateSecuritiesInvestment FundNo.118,871,962.00CNYcommon shares18,871,962.00
CentralHuijinAsset ManagementCo.,Ltd.13,539,862.00CNYcommon shares13,539,862.00
IndustrialandCommercial BankofChinaCo.,Ltd.- Huatai-PinebridgeCSI300 Exchange-TradedFund12,595,905.00CNYcommon shares12,595,905.00
Relatedpartiesoracting-in-concert1.LuzhouLaojiaoGroupCo.,Ltd.andLuzhouXingLuInvestment GroupCo.,Ltd.arebothstate-ownedholdingcompaniesunder thejurisdictionofSASACofLuzhou.Thetwocompanieshave signedtheagreementofpersonsactinginconcert.Fordetails, pleaserefertotheannouncementoftheCompanyonMay23, 2024-AnnouncementontheRenewedAgreementofPersons ActinginConcertSignedbyShareholders(AnnouncementNo. 2024-22). 2.Duringthereportingperiod,LuzhouLaojiaoGroupCo.,Ltd. increaseditsholdingsintheCompanyby2,345,250shares throughcallauctiontrading.Bytheendofthereportingperiod, LuzhouLaojiaoGroupCo.,Ltd.anditswholly-ownedsubsidiary SichuanGoldenRudderInvestmentCo.,Ltd.collectivelyheld 384,573,839sharesintheCompany,representing26.13%ofthe totalsharecapitaloftheCompany. 3.Inaddition,whetherthereisanassociationbetweenthe remainingshareholdersortheybelongtopersonsactingin concertisunknown.　　
Top10shareholdersparticipatinginsecurities margintrading(ifany)None　　
5%orgreatershareholders,top10shareholdersandTop10unrestrictedshareholdersinvolvedinrefinancingshareslending
□Applicable?N/A
Changesin top 10 shareholdersand top 10 unrestricted shareholdersdue to refinancing shareslending/returncomparedwiththepriorperiod
□Applicable?N/A
2.2 Total number of preferred shareholders and shareholdings of the top 10 preferredshareholders
□Applicable?N/A
3.Othersignificantevents
?Applicable□N/A
A.Progressontherestrictedshareincentiveplan
a.OnJanuary21,2025,theCompanyheldtheEighthMeetingofthe11thBoardofDirectorsandtheSixthMeetingofthe11thBoardofSupervisors,atwhichtheProposalontheSatisfactionofUnlockingConditionsfortheFirstUnlockingPeriodoftheReservedRestrictedSharesunderthe2021RestrictedShareIncentivePlanandtheProposalontheSatisfactionofUnlockingConditionsfortheSecondUnlockingPeriodofthe2021RestrictedShareIncentivePlanwerereviewedandapprovedrespectively.b.OnFebruary14,2025,theCompanydisclosedtheReminderAnnouncementonUnlockedSharesinthe First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted ShareIncentivePlanBeingAllowedforPublicTrading.Assuch,theunlockedrestrictedsharesinthefirstunlockingperiodofthereservedrestrictedsharesunderthe2021RestrictedShareIncentivePlanwereallowedforpublictradingonFebruary17,2025.
c.OnFebruary21,2025,theCompanydisclosedtheReminderAnnouncementonUnlockedSharesintheSecondUnlockingPeriodofthe2021RestrictedShareIncentivePlanBeingAllowedforPublicTrading.Assuch,theunlockedrestrictedsharesinthesecondunlockingperiodofthe2021RestrictedShareIncentivePlanwereallowedforpublictradingonFebruary24,2025.d.OnSeptember16,2025,theCompanyheldthe15thMeetingofthe11thBoardofDirectors,atwhichthe Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of theReservedRestrictedSharesunderthe2021RestrictedShareIncentivePlanandtheProposalontheRepurchaseandRetirementofCertainRestrictedSharesandtheAdjustmentofRepurchasePricewerereviewedandapprovedrespectively.
e.OnSeptember26,2025,theCompanydisclosedtheReminderAnnouncementonUnlockedSharesintheSecondUnlockingPeriodoftheReservedRestrictedSharesunderthe2021RestrictedShareIncentivePlanBeingAllowedforPublicTrading.Assuch,theunlockedrestrictedsharesinthesecondunlockingperiodofthereservedrestrictedsharesunderthe2021RestrictedShareIncentivePlanwereallowedforpublictradingonSeptember29,2025.
B.TheCompanyinvestedinthetechnicalupgradeprogramofintelligentbrewing(PhaseI)withthewholly-ownedsubsidiary,LuzhouLaojiaoBrewingCo.,Ltd.,astheimplementer.ThetotalinvestmentamountapproximatedCNY4,782.5090million.Forfurtherinformation,seeAnnouncementNo.2022-24 on the Implementationof LuzhouLaojiao’sTechnicalUpgrade ProgramofIntelligentBrewing(PhaseI)bySubsidiary.Theprogramiscurrentlyunderconstruction.4.Financialstatements
4.1Financialstatements
4.1.1Consolidatedbalancesheet
Preparedby:LuzhouLaojiaoCo.,Ltd.
September30,2025

ItemSeptember30,2025December31,2024
Currentassets:　　
Cashandcashequivalents31,744,503,028.2333,578,396,831.33
Settlementreserves　　
Lendingfunds　　
Held-for-tradingfinancialassets709,720,591.061,694,282,295.97
Derivativefinancialassets　　
Notesreceivables　　
Accountsreceivables11,026,848.8411,022,302.31
Accountsreceivablesfinancing1,203,673,272.111,801,947,455.78
Prepayment162,547,902.98123,870,282.65
Premiumsreceivable　　
Reinsuranceaccountsreceivable　　
Reinsurancecontractreserve　　
Otherreceivables8,895,090.5913,053,645.00
Including：Interestsreceivable　　
Dividendsreceivable　　
Buyingbackthesaleoffinancial assets　　
Inventories13,747,352,903.1213,392,794,475.96
Including:Dataresource　　
Contractassets　　
Assetsheldforsale　　
Non-currentassetsduewithinone year　　
Othercurrentassets34,233,570.76241,081,908.89
Totalcurrentassets47,621,953,207.6950,856,449,197.89
Non-currentassets:　　
Disbursementofloansandadvances　　
Investmentsindebtobligations　　
Investmentsinotherdebtobligations　　
Long-termreceivables　　
Long-termequityinvestments2,888,775,482.322,801,252,317.93
Investmentsinotherequity instruments458,822,485.00407,194,706.55
Othernon-currentfinancialassets　　
Investmentproperty48,481,236.8550,246,694.16
Fixedassets8,664,421,347.959,131,776,915.51
Constructioninprogress1,352,545,841.69807,233,988.90
Productivebiologicalassets　　
Oilandgasassets　　
Userightassets22,160,046.1029,254,214.23
Intangibleassets3,427,367,009.533,417,898,796.19
Including:Dataresource　　
Developmentexpenses　　
Including:Dataresource　　
Goodwill　　
Long-termdeferredexpenses1,141,342.751,756,272.03
Deferredtaxassets326,477,211.79424,185,093.04
Othernon-currentassets683,884,321.16407,347,368.15
Totalnon-currentassets17,874,076,325.1417,478,146,366.69
Totalassets65,496,029,532.8368,334,595,564.58
Currentliabilities:　　
Short-termloans　　
Borrowingsfromthecentralbank　　
Loansfromotherbanks　　
Held-for-tradingfinancialliabilities　　
Derivativefinancialliabilities　　
Notespayable　　
Accountspayable1,391,991,485.851,844,497,206.78
Advancefromcustomer3,889,942.66　
Contractliabilities3,838,045,781.843,978,131,528.88
Financialassetssoldforrepurchase　　
Depositsfromcustomersandinter- bank　　
Customerbrokeragedeposits　　
Securitiesunderwritingbrokerage deposits　　
Employeebenefitspayable535,592,774.86553,580,768.99
Taxespayable1,770,488,162.573,233,948,597.08
Otherpayable589,674,179.69873,595,429.08
Including：Interestspayable　　
Dividendspayable　29,668,290.20
Handlingchargesandcommissions payable　　
Reinsuranceaccountspayable　　
Liabilitiesheldforsale　　
Non-currentliabilitiesduewithinone year4,573,734,946.613,276,628,616.74
Othercurrentliabilities498,945,272.36516,729,820.48
Totalcurrentliabilities13,202,362,546.4414,277,111,968.03
Non-currentliabilities:　　
Insurancecontractreserves　　
Long-termloans2,219,000,000.006,279,900,000.00
Bondspayable　　
Including：Preferenceshares　　
Perpetualbonds　　
Leaseliabilities19,753,715.9124,528,519.13
Long-termpayables　　
Long-termpayrollpayables　　
Accruedliabilities　　
Deferredincome79,415,062.8986,672,726.83
Deferredtaxliabilities150,492,718.03158,375,714.88
Othernon-currentliabilities　　
Totalnon-currentliabilities2,468,661,496.836,549,476,960.84
Totalliabilities15,671,024,043.2720,826,588,928.87
Owners'equity　　
Sharecapital1,471,951,503.001,471,951,503.00
Otherequityinstruments　　
Including:preferenceshares　　
Perpetualbonds　　
Capitalreserves5,427,488,106.775,365,763,566.55
Less:treasurystock160,339,194.61345,699,443.89
Othercomprehensiveincome124,136,081.7284,235,115.38
Specialreserves　　
Surplusreserves1,471,951,503.001,471,951,503.00
Generalriskreserve　　
Undistributedprofits41,344,582,305.4139,340,298,309.42
Totalequityattributabletoownersof theparentcompany49,679,770,305.2947,388,500,553.46
Non-controllinginterests145,235,184.27119,506,082.25
Totalowners'equity49,825,005,489.5647,508,006,635.71
Totalliabilitiesandowners'equity65,496,029,532.8368,334,595,564.58
Legalrepresentative:LiuMiao
Personinchargeofaccountingaffairs:XieHong
Personinchargeofaccountingdepartment:SongYing
4.1.2Consolidatedincomestatement forQ1-Q3
Unit:CNY

ItemQ1-Q32025Q1-Q32024
1.Totaloperatingrevenue23,127,459,902.1324,303,555,187.30
Including:Operatingrevenue23,127,459,902.1324,303,555,187.30
Interestincome　　
Earnedpremium　　
Feeandcommission income　　
2.Totaloperatingcosts8,624,016,188.948,716,343,501.20
Including:Costofsales2,980,340,788.022,810,818,847.64
Interestexpense　　
Handlingchargesand commissionexpenses　　
Refundedpremiums　　
Netpaymentsfor insuranceclaims　　
Netprovisionfor insurancecontracts　　
Bondinsuranceexpense　　
ReinsuranceExpenses　　
Taxesandsurcharges2,800,294,797.902,738,129,445.18
Sellinganddistribution expenses2,419,363,363.642,500,180,332.27
Generaland administrativeexpenses681,884,971.89766,584,464.15
Researchand Developmentexpenses127,236,495.49142,651,488.12
Financialexpenses-385,104,228.00-242,021,076.16
Including：Interest expenses125,045,963.68368,223,585.86
Interestincome517,472,242.09619,035,153.33
Plus:Otherincome38,992,675.4827,507,988.34
Investmentincome("-"for losses)56,225,968.2941,589,803.24
Including:incomefrom investmentinassociatesandjoint ventures110,153,845.0340,700,111.73
Incomefromthe derecognitionoffinancialassets measuredatamortizedcost　　
Foreignexchangegains("-" forlosses)　　
Netgainonexposurehedges (“-”forlosses)　　
Gainsfromthechangesinfair values(“-“forlosses)22,725,744.1830,347,487.27
Creditimpairmentlosses(“-” forlosses)212,642.321,214,862.78
Impairmentlosses(“-“for losses)　　
Gainsfromdisposalof assets("-"forlosses)-582,373.631,058,796.90
3.Operatingprofits("-"forlosses)14,621,018,369.8315,688,930,624.63
Plus:non-operatingincome14,538,207.2412,737,373.78
Less:non-operatingexpenses47,991,182.2021,471,447.37
4.Totalprofitsbeforetax ("-"for totallosses)14,587,565,394.8715,680,196,551.04
Less:incometaxexpenses3,792,874,776.924,072,760,301.97
5.Netprofit("-"fornetloss)10,794,690,617.9511,607,436,249.07
5.1Byoperatingcontinuity　　
5.1.1Netprofitfromcontinuing operation("-"forlosses)10,794,690,617.9511,607,436,249.07
5.1.2Netprofitfromdiscontinued operation("-"forlosses)　　
5.2Byownership　　
1)Attributabletoshareholdersofthe parentcompany("-"forlosses)10,762,394,649.3211,593,041,150.05
2)Attributabletonon-controlling interests("-"forlosses)32,295,968.6314,395,099.02
6.Netoftaxfromother comprehensiveincome39,344,460.12-10,901,548.12
Netoftaxfromothercomprehensive incometotheowneroftheparent company39,901,755.85-10,696,523.43
6.1Othercomprehensiveincome cannotbereclassifiedintotheprofit andloss:39,226,482.98-16,573,138.80
1)Remeasurethevariationofnet indebtednessornetassetofdefined benefitplans　　
2)Shareinothercomprehensive incomethatcannotbeclassifiedinto profitandlossunderequitymethod505,649.11-98,594.78
3)Changesinfairvalueof investmentsinotherequity instruments38,720,833.87-16,474,544.02
4)Changesinfairvalueofthe company’screditrisks　　
5)Other　　
6.2Othercomprehensiveincome thatwillbereclassifiedintotheprofit andloss675,272.875,876,615.37
1)Shareinothercomprehensive incomethatwillbeclassifiedinto profitandlossunderequitymethod1,356,156.406,125,748.26
2)Changesinfairvalueof investmentsinotherdebtobligations　　
3)Othercomprehensiveincome arisingfromthereclassificationof financialassets　　
4)Allowanceforcreditimpairmentsin investmentsinotherdebtobligations　　
5)Reserveforcash-flowhedge　　
6)Balancearisingfromthe translationofforeigncurrency financialstatements-680,883.53-249,132.89
7)Others　　
Netoftaxfromothercomprehensive incometonon-controllinginterests-557,295.73-205,024.69
7.Totalcomprehensiveincome10,834,035,078.0711,596,534,700.95
(1)Totalcomprehensiveincome attributabletoownersoftheparent company10,802,296,405.1711,582,344,626.62
(2)Totalcomprehensiveincome attributabletonon-controlling interests31,738,672.9014,190,074.33
8.Earningspershare　　
(1)Basicearningspershare7.317.89
(2)Dilutedearningspershare7.317.89
Legalrepresentative:LiuMiao
Personinchargeofaccountingaffairs:XieHong
4.1.3ConsolidatedstatementofcashflowsforQ1-Q3

ItemQ1-Q32025Q1-Q32024
1.Cashflowsfromoperating activities　　
Cashreceivedfromsaleofgoods andrenderingofservices25,912,836,641.7928,268,692,121.75
Netincreaseincustomerbank depositsandplacementfrombanks andotherfinancialinstitutions　　
Netincreaseinloansfromcentral bank　　
Netincreaseinloansfromother financialinstitutions　　
Premiumsreceivedfromoriginal insurancecontracts　　
Netcashreceivedfromreinsurance business　　
Netincreaseindepositsand investmentsfrompolicyholders　　
Cashreceivedfrominterest,handling chargesandcommissions　　
Netincreaseinplacementsfrom otherfinancialinstitutions　　
Netcapitalincreaseinrepurchase business　　
Netcashreceivedfromcustomer brokeragedeposits　　
Refundsoftaxesandsurcharges8,154,186.382,958,263.90
Cashreceivedfromotheroperating activities569,081,529.79667,232,830.17
Subtotalofcashinflowsfrom operatingactivities26,490,072,357.9628,938,883,215.82
Cashpaidforgoodspurchasedand servicesreceived3,507,338,498.193,371,913,988.23
Netincreaseinloansandadvances tocustomers　　
Netincreaseindepositsincentral bankandotherbanksandfinancial institutions　　
Cashpaidfororiginalinsurance contractclaims　　
Netincreaseinlendingfunds　　
Cashpaidforinterests,handling chargesandcommissions　　
Cashpaidforpolicydividends　　
Cashpaidtoandonbehalfof employees1,076,420,883.261,064,925,092.78
Cashpaidfortaxesandsurcharges9,958,294,094.479,726,003,677.88
Cashpaidforotheroperating activities2,125,428,149.052,311,325,660.82
Subtotalofcashoutflowsfrom operatingactivities16,667,481,624.9716,474,168,419.71
Netcashflowsfromoperating activities9,822,590,732.9912,464,714,796.11
2.Cashflowsfrominvesting activities　　
Cashreceivedfromdisposalof investments2,220,115,953.402,090,367,314.89
Cashreceivedfromreturnson investments35,899,436.0442,401,007.15
Netcashreceivedfromdisposalof fixedassets,intangibleassetsand otherlong-termassets534,068.9111,432,852.36
Netcashreceivedfromdisposalof subsidiariesandotherbusinessunits　　
Cashreceivedfromotherinvesting activities　　
Subtotalofcashinflowsfrom investingactivities2,256,549,458.352,144,201,174.40
Cashpaidtoacquireandconstruct fixedassets,intangibleassetsand otherlong-termassets1,137,163,772.20611,683,806.45
Cashpaidforinvestments1,210,000,000.002,471,700,000.00
Netincreaseinpledgeloans　　
Netcashpaidtoacquiresubsidiaries andotherbusinessunits　　
Cashpaidforotherinvesting activities　12,791.67
Subtotalofcashoutflowsfrom investingactivities2,347,163,772.203,083,396,598.12
Netcashflowsfrominvesting activities-90,614,313.85-939,195,423.72
3.Cashflowsfromfinancing activities　　
Cashreceivedfrominvestors　79,496.11
Including:cashreceivedby subsidiariesfrominvestmentsby minorityshareholders　79,496.11
Cashreceivedfromborrowings　2,000,000,000.00
Cashreceivedfromotherfinancing activities　　
Subtotalofcashinflowsfrom financingactivities　2,000,079,496.11
Cashpaidfordebtrepayments2,720,200,000.001,020,600,000.00
Cashpaidfordistributionof dividendsandprofitsorpaymentof interest8,965,980,678.148,229,507,984.85
Including:dividendsandprofitspaid tominorityshareholdersby subsidiaries36,240,666.2029,684,819.82
Cashpaidforotherfinancing activities4,831,586.1016,062,790.16
Subtotalofcashoutflowsfrom financingactivities11,691,012,264.249,266,170,775.01
Netcashflowsfromfinancing activities-11,691,012,264.24-7,266,091,278.90
4.Effectoffluctuationinexchange rateoncashandcashequivalents-5,048,523.60-4,009,184.32
5.Netincreaseincashandcash equivalents-1,964,084,368.704,255,418,909.17
Plus:balanceofcashandcash equivalentsatthebeginningofthe period33,367,668,014.4625,893,029,277.86
6.Balanceofcashandcash equivalentsattheendofthe period31,403,583,645.7630,148,448,187.03
4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the FirstImplementationoftheNewAccountingStandardsImplementedsince2025□Applicable?N/A（未完）
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