泸州老窖:2024年年度报告(英文版)

Luzhou Laojiao Co., Ltd.
2024 Annual Report
【April 2025】

2024 Annual Report
Section I Important Statements, Contents and Definitions
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.
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and
Song Ying, responsible person for the Company’s financial affairs (Accounting Supervisor) have
warranted that the financial statements in this report are true, accurate and complete.
Other directors attended the board meeting to deliberate this report by themselves except the following
directors.
Name of directors who did not Position of directors who Reason for not attending
attend the meeting in person did not attend the meeting the meeting in person Name of deputies
in person
Lin Feng Director Work Xiong Pingting
Affected by risks, uncertainties and assumptions, the forward-looking statements concerning business
objectives and future plans made in this report based on the subjective assumptions and judgments of
the future policies and economic conditions may be significantly different from the actual results. Such
statements shall not be considered as virtual promises of the Company to investors, and the investors
and relevant persons shall maintain adequate risk awareness and shall understand the differences
between plans, forecasts and commitments.
In the annual report, the potential risks in the operation of the Company have been disclosed. Investors
are kindly reminded to pay attention to possible investment risks.
The profit distribution plan approved by the board of directors: based on 1,471,951,503 shares, a cash
dividend of CNY 45.92 (tax inclusive) will be distributed for every 10 existing shares held, 0 shares of
bonus shares (tax inclusive), and reserves would not be converted into share capital. On January 24,
2025, the Company carried out the 2024 interim dividend payout of CNY 13.58 (tax inclusive) for every
10 existing shares held, totaling CNY 1,998,910,141.07 (tax inclusive). If the said profit distribution plan
is approved at a general meeting of shareholders, the total cash dividend payout for 2024 would be
CNY 8,758,111,442.85 (tax inclusive), accounting for approximately 65.00% of the net profits
attributable to shareholders of the Company in 2024.
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.

Contents

Section I Important Statements, Contents and Definitions...... 2
Section II Company Profile and Key Financial Results ...... 6
Section III Management Discussion and Analysis...... 12
Section IV Corporate Governance ...... 52
Section V Environmental and Social Responsibility ...... 82
Section VI Significant Events ...... 95
Section VII Changes in Shares and Information about Shareholders ...... 103
Section VIII Preferred Shares ......116
Section IX Information about Bond......116
Section X Financial Report ...... 122
Documents Available for Reference
1. Financial statements signed and stamped by the responsible person for the Company, the
responsible person for accounting work and the responsible person for the Company’s financial affairs
(Accounting Supervisor);
2. The original of the auditor’s report with the seal of the accounting firm, and signed and stamped by
CPAs; and
3. The originals of all company documents and announcements that are disclosed to the public during
the reporting period.

Definitions
Term Reference Definition
Company, the Company, Luzhou Refer to Luzhou Laojiao Co., Ltd.
Laojiao
Laojiao Group Refer to Luzhou Laojiao Group Co., Ltd.
XingLu Group Refer to Luzhou XingLu Investment Group Co., Ltd.
SASAC of Luzhou Refer to State-owned Assets Supervision and Administration
Commission of Luzhou
Huaxi Securities Refer to Huaxi Securities Co., Ltd.
Luzhou Bank Refer to Luzhou Bank Co., Ltd.
Sales Company Refer to Luzhou Laojiao Sales Co., Ltd.
Brewing Company Refer to Luzhou Laojiao Brewing Co., Ltd.
Golden Rudder Refer to Sichuan Golden Rudder Investment Co., Ltd.

Section II Company Profile and Key Financial Results
1. Corporate information
Stock abbreviation Luzhou Laojiao Stock code 0