Luzhou Laojiao (000568) investor relations material

Executive summary

• Q3 2026 revenue was CNY 4,195,391,986.95, down 37.14% YoY; net profit attributable to shareholders was CNY 1,331,795,155.20, down 57.03% YoY.

• Q1–Q3 revenue fell 36.58% YoY and attributable net profit fell 47.31% YoY, reflecting lower product sales volume and product-mix adjustments.

Financial highlights

• Q1–Q3 operating revenue was CNY 14,667,616,562.73 versus CNY 23,127,459,902.13 in 2025.

• Q1–Q3 net profit attributable to shareholders was CNY 5,671,059,241.53; adjusted for non-recurring gains and losses, it was CNY 5,620,637,939.28, down 47.67% YoY.

• Q1–Q3 operating cash flow was CNY 4,445,413,276.27, down 54.74% YoY, as cash received from sales of goods declined.

• Q1–Q3 total profit before tax declined 48.53% YoY; income tax expense fell 52.87% YoY, in line with lower pretax profit.

Key financial ratios and metrics

• Q3 basic and diluted EPS were both CNY 0.90, down 57.14% YoY; Q1–Q3 basic and diluted EPS were both CNY 3.85, down 47.33% YoY.

• Weighted average ROE was 3.01% in Q3, down 3.57 percentage points YoY, and 11.63% for Q1–Q3, down 10.37 percentage points YoY.