五粮液:2024年度报告(英文版)

Wuliangye Yibin Co., Ltd.
Annual Report 2024
Chairman of the Board: Zeng Congqin
April 26, 2025

Annual Report 2024 of Wuliangye Yibin Co., Ltd.
Part I Important Notes, Table of Contents and Definitions
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Wuliangye Yibin Co., Ltd. (hereinafter referred to as the
“Company”) hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and
individually accept legal responsibility for such contents.
2. Zeng Congqin, the Company’s legal representative, Zhang Xin, the Company’s Chief
Financial Officer, and Liu Min, head of the Company’s accounting department, herebyguarantee that
the financial statements carried in this Report are true, accurate and complete.
3. Eleven directors were supposed to attend the board meeting for the review of this Report.
Eight of them were present at the meeting in person while Vice Chairman of the Board Mr. Hua Tao,
Director Mr. Xiao Hao and Independent Director Mr. Xie Zhihua voted by wayof telecommunication
due to work reasons.
4.Any future plans, development strategies and other forward-looking statements mentioned in
this Report shall not be considered as promises to investors for the reason of their uncertainty.
Investors are kindly advised to invest wisely. The Company has disclosed in this Report the possible
risks.And investors are reminded to exercise caution when making investment decisions.
5. The Board of Directors has approved a cash dividend of RMB31.69 (tax inclusive) per 10
shares to shareholders based on the total 3,881,608,005 shares held by them, with no bonus issue
from either profit or capital reserves.
6. This Report has been prepared in Chinese and translated into English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.

Annual Report 2024 of Wuliangye Yibin Co., Ltd.
Table of Contents

Part I Important Notes, Table of Contents and Definitions...... 2
Part II Corporate Information and Key Financial Information...... 6
Part III Management Discussion andAnalysis...... 10
Part IV Corporate Governance ...... 31
Part V Environmental and Social Responsibility...... 49
Part VI Significant Events...... 53
Part VII Share Changes and Shareholder Information ...... 57
Part VIII Preference Shares...... 63
Part IX Bonds...... 63
Part X Financial Statements ...... 64
Annual Report 2024 of Wuliangye Yibin Co., Ltd.
DocumentsAvailable for Reference
The following documents are available for shareholders at the relevant department of the
Company:
1. The financial statements that have been signed and stamped by the legal representative, the
Chief Financial Officer, and the head of the accounting department.
2.Theoriginal copyof the IndependentAuditor’s Reportthathas been stampedbythe CPAfirm,
as well as signed and stamped by the relevant certified public accountants.
3. The originals of all the Company’s documents and announcements that were disclosed on
ChinaSecurities Journal, Shanghai SecuritiesNews andSecuritiesTimes duringtheReportingPeriod.
4. TheAnnual Report of the Company.

Annual Report 2024 of Wuliangye Yibin Co., Ltd.
Definitions
Term refers to Definitions
The “Company”, “Wuliangye”, refers to Wuliangye Yibin Co., Ltd.
“WLY”, or “we”
SASAC Yibin refers to The State-ownedAssets Supervision andAdministration
Commission of the People’s Government of Yibin City
Yibin Development Group refers to Yibin Development Holding Group Co., Ltd.
Wuliangye Group refers to Sichuan Yibin Wuliangye Group Co., Ltd.
Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co., Ltd.
Push Group refers to Sichuan Yibin Push Group Co., Ltd.
Global Group refers to Sichuan Yibin Global Group Co., Ltd.
Wuliangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd.
Creart refers to Yibin Wuliangye Creart Co., Ltd.
Yongbufenli refers to Handan Yongbufenli Liquor Co., Ltd.
Anji Logistic Group refers to Anji Logistic Group Co., Ltd. Sichuan
Chuanhong Tea Group refers to Sichuan Chuanhong Tea Group Co., Ltd.
Licai Group refers to Sichuan Yibin Licai Group Co., L