[一季报]泸州老窖(000568):2026年第一季度报告（英文）

 时间：2026年05月15日 17:06:21 中财网

原标题:泸州老窖:2026年第一季度报告（英文）

StockCode:000568 Stockabbreviation:LuzhouLaojiao AnnouncementNo.2026-17LuzhouLaojiaoCo.,Ltd.
Q12026Report
Luzhou Laojiao Co., Ltd. (hereinafterreferred to asthe “Company”)and all the membersof the Company’sBoardofDirectorsherebyguaranteethatthecontentsofthisReportaretrue,accurate andcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions.ImportantStatements:
1. The Board of Directors, directors, and senior management guarantee that the informationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividuallyandtogetherbelegallyliablefortruthfulness,accuracyandcompletenessofitscontents.
2.TheresponsiblepersonfortheCompany,theresponsiblepersonforaccountingworkandtheresponsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor)havewarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete.3.Whetherthefinancialstatementsofthisreporthavebeenauditedbyanauditor□Yes?No
ThisreporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.1.Keyfinancialinformation
1.1Keyaccountingdataandfinancialindicators
WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata.
　Q12026Q12025YoYchange(%)
Operatingrevenues(CNY)8,025,174,114.219,352,165,445.50-14.19%
Netprofitsattributableto shareholdersofthe Company(CNY)3,708,450,417.954,592,780,509.90-19.25%
Netprofitsattributableto shareholdersofthe Companybeforenon- recurringgainsandlosses (CNY)3,683,573,536.094,595,090,018.42-19.84%
Netcashflowsfrom operatingactivities(CNY)4,543,022,746.043,307,744,331.6037.35%
Basicearningspershare (CNY/share)2.523.13-19.49%
Dilutedearningspershare (CNY/share)2.523.13-19.49%
WeightedaverageROE7.32%9.48%-2.16%
　March31,2026December31,2025Change(%)
Totalassets(CNY)66,166,682,911.7664,794,994,851.272.12%
Netassetsattributableto shareholdersofthe Company(CNY)51,598,622,667.8749,780,293,635.743.65%
1.2Non-recurringgainsandlosses
?Applicable□N/A

ItemQ12026Note
Governmentgrantsrecognizedin profitorloss(exclusiveofthosethat arecloselyrelatedtotheCompany's normalbusinessoperationsand giveninaccordancewithdefined criteriaandincompliancewith governmentpolicies,andhavea continuingimpactontheCompany's profitorloss)11,307,543.99　
Gainorlossonfair-valuechangesin financialassetsandliabilitiesheldby anon-financialenterprise,aswellas ondisposaloffinancialassetsand liabilities(exclusiveoftheeffective portionofhedgesthatisrelatedto theCompany'snormalbusiness operations)13,814,320.73　
Othernon-operatingincomeand expenditureexceptabove-mentioned items7,901,484.54　
Less:Corporateincometax8,146,467.40　
Total24,876,881.86--
Otheritemsthatmeetthedefinitionofnon-recurringgain/loss:
□Applicable?N/A
Nosuchcasesforthereportingperiod.
Explain the reasonsifthe Companyclassifiesanynon-recurring gain/lossitemmentioned in theExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-RecurringGainsandLossesasarecurringgain/lossitem.□Applicable?N/A
Nosuchcasesforthereportingperiod.
1.3Changesinkeyfinancialdataandindicatorsandreasonsforthechanges?Applicable?N/A
A.TheclosingbalanceofaccountsreceivablesincreasedbyCNY12,899,070.79 comparedtotheopeningbalance,indicatinganincreaseof212.31%.Itwasmainlyduetotheincreasedreceivablesarisingfromoverseasbaijiusaleswithinthecontractterm.
B.TheclosingbalanceofaccountsreceivablesfinancingdecreasedbyCNY626,118,828.36comparedtotheopeningbalance,indicatingadecreaseof42.69%.Itwasmainlyduetothediscountingofnotesandthehonoringofduenotesinthecurrentperiod.
C.Theclosing balance of prepaymentincreased byCNY97,462,139.48 compared tothe openingbalance,indicatinganincreaseof66.94%.Itwasmainlyduetotheincreasedprepaymenttosuppliersforadvertising.
D.TheclosingbalanceofothercurrentassetsdecreasedbyCNY150,127,011.38comparedtotheopeningbalance,indicatingadecreaseof34.88%.Itwasmainlyduetotheoffsettinginthecurrentperiodoftheopeningoverpaidtax.
E. The closing balance of short-term loans increased by CNY 3,000,000,000.00 compared to theopening balance. It was mainly due to a one-year bank loan arranged to meet the Company’sproductionandoperationneeds.
F.TheclosingbalanceofemployeebenefitspayabledecreasedbyCNY163,866,529.65comparedtotheopeningbalance,indicatingadecreaseof34.02%.Itwasmainlyduetothesettlementinthecurrentperiodofperformance-basedpayforlastyear.
G.TheclosingbalanceoftaxespayableincreasedbyCNY712,086,214.74comparedtotheopeningbalance, indicating an increase of 44.15%. It was mainly due to the quarter-on-quarter growth ofrevenueinthefirstquarterof2026,leadingtoanincreaseincurrenttaxespayable.H. The closing balance of non-current liabilities due within one year decreased by CNY2,055,002,991.79comparedtotheopeningbalance,indicatingadecreaseof50.44%.Itwasmainlyduetotherepaymentofdueloans.
I.Theclosingbalanceoflong-termloansdecreasedbyCNY974,746,677.18comparedtotheopeningbalance,indicatingadecreaseof37.10%.Itwasmainlyduetothereclassificationoflong-termloansduewithinoneyear.
J.TheclosingbalanceoftreasurystockdecreasedbyCNY147,318,232.67comparedtotheopeningbalance,indicatingadecreaseof92.28%.Itwasmainlyduetotherelevantreversalasaresultoftheunlockingofrestrictedsharesinthecurrentperiod.
K.InterestexpenseinthecurrentperioddecreasedbyCNY19,645,444.38comparedtothesameperiodoflastyear,indicatingadecreaseof37.78%.Itwasmainlyduetothedecreasedinterestexpenditureonloansinthecurrentperiod.
L.InvestmentincomeinthecurrentperiodincreasedbyCNY22,365,181.00comparedtothesameperiodoflastyear.ItwasmainlyduetotheincreasedearningsofinvesteeHuaxiSecuritiesandthedecreasednotediscountexpenses.
M.Non-operatingexpenses inthecurrentperioddecreasedbyCNY26,375,176.43comparedtothesameperiodoflastyear,indicatingadecreaseof97.69%.Itwasmainlyduetothedecreaseddonationexpensesinthecurrentperiod.
N.NetcashflowsfromoperatingactivitiesinthecurrentperiodincreasedbyCNY1,235,278,414.44comparedtothesameperiodoflastyear,indicatinganincreaseof37.35%.Itwasmainlyduetothedecreasedcashoutflowsfromoperatingactivities.
O. Net cash flows from investing activities in the current period increased by CNY 64,122,696.04comparedtothesameperiodoflastyear.Itwasmainlyduetothedecreasedpaymentsforlong-termassetandwealthmanagementproductinvestmentsinthecurrentperiod.P.NetcashflowsfromfinancingactivitiesinthecurrentperiodincreasedbyCNY1,540,949,302.46comparedtothesameperiodoflastyear.Itwasmainlyduetotheone-yearbankloanarrangedinthecurrentperiod.
2.Shareholderinformation
2.1Totalnumbersofcommonshareholdersandpreferenceshareholderswithresumedvotingrightsaswellasshareholdingsoftop10shareholders
Unit:Share

Totalnumberofcommon shareholdersattheendofthe reportingperiod182,100Totalnumberofpreferenceshareholderswith resumedvotingrightsattheendofthereporting 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%383,433,6390N/A0
Luzhou XingLuState-owned corporation24.86%365,971,1420N/A0
Investment GroupCo., Ltd.　　　　　　
BankofChina Co.,Ltd.– Baijiuindex classification securities investment fundbyChina Merchants FundOther3.84%56,467,3920N/A0
China Securities Finance Corporation LimitedOther2.20%32,312,1170N/A0
HongKong Securities Clearing Company LimitedOutbound corporation1.85%27,177,5810N/A0
BankofChina Co.,Ltd.－ Bluechip selected hybrid securities investment fundbyE FundOther1.72%25,250,0000N/A0
China Construction Bank Corporation－ Penghua Wine&Liquor Exchange- TradedFundOther1.36%19,992,5420N/A0
Guofeng Xinghua (Beijing) PrivateEquity Fund Management Co.,Ltd.－ Guofeng Xinghua Honghuzhiyua nTranche3 Private Securities Investment FundNo.1Other1.28%18,871,9620N/A0
ChinaLife Insurance CompanyOther0.96%14,103,6440N/A0
Limited– Traditional– Ordinary Insurance Product– 005L–CT001 (Shanghai)　　　　　　
CentralHuijin Asset Management Co.,Ltd.State-owned corporation0.92%13,539,8620N/A0
Shareholdingsofthetop10non-restrictedshareholders(exclusiveofshareslentinrefinancingandlockedsharesof executives)　　　　　　
NameofshareholderNumberofnon-restrictedsharesheldTypeandnumberofshares　　　　
　　TypeNumber　　　
LuzhouLaojiaoGroupCo.,Ltd.383,433,639CNYcommon shares383,433,639　　　
LuzhouXingLuInvestment GroupCo.,Ltd.365,971,142CNYcommon shares365,971,142　　　
BankofChinaCo.,Ltd.–Baijiu indexclassificationsecurities investmentfundbyChina MerchantsFund56,467,392CNYcommon shares56,467,392　　　
ChinaSecuritiesFinance CorporationLimited32,312,117CNYcommon shares32,312,117　　　
HongKongSecuritiesClearing CompanyLimited27,177,581CNYcommon shares27,177,581　　　
BankofChinaCo.,Ltd.－Blue chipselectedhybridsecurities investmentfundbyEFund25,250,000CNYcommon shares25,250,000　　　
ChinaConstructionBank Corporation－PenghuaWine& LiquorExchange-TradedFund19,992,542CNYcommon shares19,992,542　　　
GuofengXinghua(Beijing) PrivateEquityFund ManagementCo.,Ltd.－ GuofengXinghua HonghuzhiyuanTranche3 PrivateSecuritiesInvestment FundNo.118,871,962CNYcommon shares18,871,962　　　
ChinaLifeInsuranceCompany Limited–Traditional–Ordinary InsuranceProduct–005L– CT001(Shanghai)14,103,644CNYcommon shares14,103,644　　　
CentralHuijinAsset ManagementCo.,Ltd.13,539,862CNYcommon shares13,539,862　　　
Relatedpartiesoracting-in-concert1.LuzhouLaojiaoGroupCo.,Ltd.andLuzhouXingLuInvestment GroupCo.,Ltd.arebothstate-ownedholdingcompaniesunder thejurisdictionofSASACofLuzhou.Thetwocompanieshave signedtheagreementofpersonsactinginconcert.Fordetails, pleaserefertotheannouncementoftheCompanyonMay23, 2024-AnnouncementontheRenewedAgreementofPersons ActinginConcertSignedbyShareholders(AnnouncementNo. 2024-22). 2.LuzhouLaojiaoGroupCo.,Ltd.anditswholly-ownedsubsidiary SichuanGoldenRudderInvestmentCo.,Ltd.collectivelyhold 384,573,839sharesintheCompany,representing26.13%ofthe　　　　　

　totalsharecapitaloftheCompany. 3.Inaddition,whetherthereisanassociationbetweenthe remainingshareholdersortheybelongtopersonsactingin concertisunknown.
Top10shareholdersparticipatinginsecurities margintrading(ifany)N/A
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.OnJanuary29,2026,theCompanycarriedoutthe2025interimdividendpayoutofCNY13.58(taxinclusive)forevery10existingsharesheld,totalingCNY1,998,897,185.75(taxinclusive).B.OnFebruary4,2026,theCompanyheldthe21stMeetingofthe11thBoardofDirectors,atwhichtheProposalontheSatisfactionofUnlockingConditionsfortheSecondUnlockingPeriodoftheReservedRestrictedSharesunderthe2021RestrictedShareIncentivePlanandtheProposalontheSatisfactionofUnlockingConditionsfortheThirdUnlockingPeriodofthe2021 RestrictedShareIncentive Plan were reviewed and approved respectively. As the unlocking conditions had beensatisfiedforthesecondunlockingperiodofthereservedrestrictedsharesandforthethirdunlockingperiodunderthe2021RestrictedShareIncentivePlan,atotalof1,990,614restrictedsharesheldby438eligibleawardeeswereunlockedforpublictradingonFebruary24,2026.C.TheCompanyinvestedintheTechnicalRenovationProjectofIntelligentBaijiuProduction(PhaseI)withthewholly-ownedsubsidiary,LuzhouLaojiaoBaijiuProductionCo.,Ltd.,astheimplementer.The total investment amount approximated CNY 4,782.5090 million. For further information, seeAnnouncementNo.2022-24ontheImplementationofLuzhouLaojiaoTechnicalRenovationProjectofIntelligentBaijiuProduction(PhaseI)bySubsidiary.Theprogramiscurrentlyunderconstruction.4.Financialstatements
4.1Financialstatements
4.1.1Consolidatedbalancesheet
Preparedby:LuzhouLaojiaoCo.,Ltd.
March31,2026

ItemMarch31,2026December31,2025
Currentassets:　　
Cashandcashequivalents29,886,113,437.3627,341,566,698.37
Settlementreserves　　
Lendingfunds　　
Held-for-tradingfinancialassets1,507,953,548.021,584,771,959.37
Derivativefinancialassets　　
Notesreceivables　　
Accountsreceivables18,974,641.456,075,570.66
Accountsreceivablesfinancing840,376,145.601,466,494,973.96
Prepayment243,058,615.13145,596,475.65
Premiumsreceivable　　
Reinsuranceaccountsreceivable　　
Reinsurancecontractreserve　　
Otherreceivables16,427,861.8917,318,326.51
Including：Interestsreceivable　　
Dividendsreceivable494,532.68　
Buyingbackthesaleoffinancial assets　　
Inventories15,116,434,668.4215,396,031,707.35
Including:Dataresource　　
Contractassets　　
Assetsheldforsale　　
Non-currentassetsduewithinone year　　
Othercurrentassets280,332,899.25430,459,910.63
Totalcurrentassets47,909,671,817.1246,388,315,622.50
Non-currentassets:　　
Disbursementofloansandadvances　　
Investmentsindebtobligations　　
Investmentsinotherdebtobligations　　
Long-termreceivables　　
Long-termequityinvestments2,973,833,464.302,930,804,469.77
Investmentsinotherequity instruments416,786,915.87475,499,237.90
Othernon-currentfinancialassets　　
Investmentproperty47,304,265.3147,892,751.08
Fixedassets8,391,477,936.478,523,891,404.03
Constructioninprogress2,145,974,956.912,064,766,283.24
Productivebiologicalassets　　
Oilandgasassets　　
Userightassets17,555,004.6719,863,214.19
Intangibleassets3,392,761,786.623,414,065,535.11
Including:Dataresource2,499,535.322,856,611.80
Developmentexpenses　　
Including:Dataresource　　
Goodwill　　
Long-termdeferredexpenses993,526.741,034,985.48
Deferredtaxassets198,788,225.91264,019,980.93
Othernon-currentassets671,535,011.84664,841,367.04
Totalnon-currentassets18,257,011,094.6418,406,679,228.77
Totalassets66,166,682,911.7664,794,994,851.27
Currentliabilities:　　
Short-termloans3,000,000,000.00　
Borrowingsfromthecentralbank　　
Loansfromotherbanks　　
Held-for-tradingfinancialliabilities　　
Derivativefinancialliabilities　　
Notespayable　　
Accountspayable1,253,354,700.941,413,421,175.80
Advancefromcustomer2,170,721.982,014,696.36
Contractliabilities2,793,658,685.923,367,443,727.83
Financialassetssoldforrepurchase　　
Depositsfromcustomersandinter- bank　　
Customerbrokeragedeposits　　
Securitiesunderwritingbrokerage deposits　　
Employeebenefitspayable317,855,850.71481,722,380.36
Taxespayable2,324,970,284.551,612,884,069.81
Otherpayable459,731,577.59615,753,466.88
Including：Interestspayable1,934,166.66　
Dividendspayable28,163,719.8428,163,719.84
Handlingchargesandcommissions payable　　
Reinsuranceaccountspayable　　
Liabilitiesheldforsale　　
Non-currentliabilitiesduewithinone year2,019,196,221.264,074,199,213.05
Othercurrentliabilities362,713,948.90436,920,270.99
Totalcurrentliabilities12,533,651,991.8512,004,359,001.08
Non-currentliabilities:　　
Insurancecontractreserves　　
Long-termloans1,652,419,633.752,627,166,310.93
Bondspayable　　
Including：Preferenceshares　　
Perpetualbonds　　
Leaseliabilities15,098,885.5815,693,190.61
Long-termpayables　　
Long-termpayrollpayables　　
Accruedliabilities　　
Deferredincome75,612,828.7082,513,945.77
Deferredtaxliabilities156,620,853.69171,180,022.42
Othernon-currentliabilities　　
Totalnon-currentliabilities1,899,752,201.722,896,553,469.73
Totalliabilities14,433,404,193.5714,900,912,470.81
Owners'equity　　
Sharecapital1,471,941,963.001,471,941,963.00
Otherequityinstruments　　
Including:preferenceshares　　
Perpetualbonds　　
Capitalreserves5,443,306,054.555,439,328,102.53
Less:treasurystock12,316,041.80159,634,274.47
Othercomprehensiveincome101,011,316.76143,628,853.52
Specialreserves　　
Surplusreserves1,471,941,963.001,471,941,963.00
Generalriskreserve　　
Undistributedprofits43,122,737,412.3641,413,087,028.16
Totalequityattributabletoownersof theparentcompany51,598,622,667.8749,780,293,635.74
Non-controllinginterests134,656,050.32113,788,744.72
Totalowners'equity51,733,278,718.1949,894,082,380.46
Totalliabilitiesandowners'equity66,166,682,911.7664,794,994,851.27
Legalrepresentative：LiuMiao
Personinchargeofaccountingaffairs：XieHong
Personinchargeofaccountingdepartment：SongYing
4.1.2Consolidatedincomestatement
Unit:CNY

ItemQ12026Q12025
1.Totaloperatingrevenue8,025,174,114.219,352,165,445.50
Including:Operatingrevenue8,025,174,114.219,352,165,445.50
Interestincome　　
Earnedpremium　　
Feeandcommission income　　
2.Totaloperatingcosts3,103,985,291.163,218,498,654.93
Including:Costofsales1,138,148,060.141,261,650,794.98
Interestexpense　　
Handlingchargesand commissionexpenses　　
Refundedpremiums　　
Netpaymentsfor insuranceclaims　　
Netprovisionfor insurancecontracts　　
Bondinsuranceexpense　　
ReinsuranceExpenses　　
Taxesandsurcharges1,155,517,025.181,089,740,352.82
Sellinganddistribution expenses687,685,678.58766,999,539.58
Generaland administrativeexpenses190,528,875.16193,087,410.88
Researchand Developmentexpenses37,311,445.0032,435,337.30
Financialexpenses-105,205,792.90-125,414,780.63
Including：Interest expenses32,357,136.8152,002,581.19
Interestincome143,068,170.68179,345,923.67
Plus:Otherincome17,146,770.8719,202,006.29
Investmentincome("-"for losses)21,992,973.63-372,207.37
Including:incomefrom investmentinassociatesandjoint ventures41,245,181.7735,884,043.67
Incomefromthe derecognitionoffinancialassets measuredatamortizedcost　　
Foreignexchangegains("-" forlosses)　　
Netgainonexposurehedges　　
(“-”forlosses)　　
Gainsfromthechangesinfair values(“-”forlosses)13,785,989.444,135,698.87
Creditimpairmentlosses(“-” forlosses)-633,623.85-1,320,090.80
Impairmentlosses(“-”for losses)　　
Gainsfromdisposalofassets ("-"forlosses)　　
3.Operatingprofits("-"forlosses)4,973,480,933.146,155,312,197.56
Plus:non-operatingincome8,526,408.111,402,410.38
Less:non-operatingexpenses624,923.5727,000,100.00
4.Totalprofitsbeforetax("-"for totallosses)4,981,382,417.686,129,714,507.94
Less:incometaxexpenses1,251,317,873.131,517,908,446.03
5.Netprofit("-"fornetloss)3,730,064,544.554,611,806,061.91
5.1Byoperatingcontinuity　　
5.1.1Netprofitfromcontinuing operation("-"forlosses)3,730,064,544.554,611,806,061.91
5.1.2Netprofitfromdiscontinued operation("-"forlosses)　　
5.2Byownership　　
1)Attributabletoownersofthe parentcompany3,708,450,417.954,592,780,509.90
2)Attributabletonon-controlling interests21,614,126.6019,025,552.01
6.Netoftaxfromother comprehensiveincome-43,280,338.29-5,638,274.59
Netoftaxfromothercomprehensive incometotheowneroftheparent company-42,520,384.76-6,007,836.72
6.1Othercomprehensiveincome cannotbereclassifiedintotheprofit andloss:-42,612,673.60-4,737,889.70
1)Remeasurethevariationofnet indebtednessornetassetofdefined benefitplans　　
2)Shareinothercomprehensive incomethatcannotbeclassifiedinto profitandlossunderequitymethod947,279.91568,471.73
3)Changesinfairvalueof investmentsinotherequity instruments-43,559,953.51-5,306,361.43
4)Changesinfairvalueofthe company’screditrisks　　
5)Other　　
6.2Othercomprehensiveincome thatwillbereclassifiedintotheprofit andloss92,288.84-1,269,947.02
1)Shareinothercomprehensive incomethatwillbeclassifiedinto profitandlossunderequitymethod1,020,862.73-1,721,666.73
2)Changesinfairvalueof investmentsinotherdebtobligations　　
3)Othercomprehensiveincome arisingfromthereclassificationof financialassets　　
4)Allowanceforcreditimpairmentsin investmentsinotherdebtobligations　　
5)Reserveforcash-flowhedge　　
6)Balancearisingfromthe translationofforeigncurrency financialstatements-928,573.89451,719.71
7)Others　　
Netoftaxfromothercomprehensive incometonon-controllinginterests-759,953.53369,562.13
7.Totalcomprehensiveincome3,686,784,206.264,606,167,787.32
Totalcomprehensiveincome attributabletoownersoftheparent company3,665,930,033.194,586,772,673.18
Totalcomprehensiveincome attributabletonon-controlling interests20,854,173.0719,395,114.14
8.Earningspershare　　
(1)Basicearningspershare2.523.13
(2)Dilutedearningspershare2.523.13
Legalrepresentative：LiuMiao
Personinchargeofaccountingaffairs：XieHong
Personinchargeofaccountingdepartment：SongYing
4.1.3Consolidatedstatementofcashflows

ItemQ12026Q12025
1.Cashflowsfromoperating activities　　
Cashreceivedfromsaleofgoods andrenderingofservices8,884,785,094.779,867,424,870.77
Netincreaseincustomerbank depositsandplacementfrombanks andotherfinancialinstitutions　　
Netincreaseinloansfromcentral bank　　
Netincreaseinloansfromother financialinstitutions　　
Premiumsreceivedfromoriginal insurancecontracts　　
Netcashreceivedfromreinsurance business　　
Netincreaseindepositsand investmentsfrompolicyholders　　
Cashreceivedfrominterest,handling chargesandcommissions　　
Netincreaseinplacementsfrom otherfinancialinstitutions　　
Netcapitalincreaseinrepurchase business　　
Netcashreceivedfromcustomer brokeragedeposits　　
Refundsoftaxesandsurcharges370,144.173,362,081.35
Cashreceivedfromotheroperating activities123,252,413.56206,201,999.62
Subtotalofcashinflowsfrom operatingactivities9,008,407,652.5010,076,988,951.74
Cashpaidforgoodspurchasedand servicesreceived864,131,594.731,136,400,189.39
Netincreaseinloansandadvances tocustomers　　
Netincreaseindepositsincentral bankandotherbanksandfinancial institutions　　
Cashpaidfororiginalinsurance contractclaims　　
Netincreaseinlendingfunds　　
Cashpaidforinterests,handling　　
chargesandcommissions　　
Cashpaidforpolicydividends　　
Cashpaidtoandonbehalfof employees514,555,808.10562,542,987.16
Cashpaidfortaxesandsurcharges2,431,320,039.024,150,762,783.00
Cashpaidforotheroperating activities655,377,464.61919,538,660.59
Subtotalofcashoutflowsfrom operatingactivities4,465,384,906.466,769,244,620.14
Netcashflowsfromoperating activities4,543,022,746.043,307,744,331.60
2.Cashflowsfrominvesting activities　　
Cashreceivedfromdisposalof investments101,232,732.08608,462,037.37
Cashreceivedfromreturnson investments305,240.1331,271.10
Netcashreceivedfromdisposalof fixedassets,intangibleassetsand otherlong-termassets　　
Netcashreceivedfromdisposalof subsidiariesandotherbusinessunits　　
Cashreceivedfromotherinvesting activities　　
Subtotalofcashinflowsfrom investingactivities101,537,972.21608,493,308.47
Cashpaidtoacquireandconstruct fixedassets,intangibleassetsand otherlong-termassets109,594,916.87390,672,949.17
Cashpaidforinvestments10,000,000.00300,000,000.00
Netincreaseinpledgeloans　　
Netcashpaidtoacquiresubsidiaries andotherbusinessunits　　
Cashpaidforotherinvesting activities　　
Subtotalofcashoutflowsfrom investingactivities119,594,916.87690,672,949.17
Netcashflowsfrominvesting activities-18,056,944.66-82,179,640.70
3.Cashflowsfromfinancing activities　　
Cashreceivedfrominvestors　　
Including:cashreceivedby subsidiariesfrominvestmentsby minorityshareholders　　
Cashreceivedfromborrowings3,024,253,322.82　
Cashreceivedfromotherfinancing activities　　
Subtotalofcashinflowsfrom financingactivities3,024,253,322.82　
Cashpaidfordebtrepayments3,051,700,000.001,510,300,000.00
Cashpaidfordistributionof dividendsandprofitsorpaymentof interest2,035,480,667.352,094,436,129.07
Including:dividendsandprofitspaid tominorityshareholdersby subsidiaries　　
Cashpaidforotherfinancing activities1,211,028.08351,546.00
Subtotalofcashoutflowsfrom financingactivities5,088,391,695.433,605,087,675.07
Netcashflowsfromfinancing activities-2,064,138,372.61-3,605,087,675.07
4.Effectoffluctuationinexchange rateoncashandcashequivalents-7,340,315.58-735,723.56
5.Netincreaseincashandcash equivalents2,453,487,113.19-380,258,707.73
Plus:balanceofcashandcash equivalentsatthebeginningofthe period26,925,093,961.8233,367,668,014.46
6.Balanceofcashandcash equivalentsattheendofthe period29,378,581,075.0132,987,409,306.73
4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the FirstImplementationoftheNewAccountingStandardsImplementedsince2026□Applicable?N/A（未完）
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