贵州茅台(600519):贵州茅台2025年环境、社会及治理（ESG）报告（英文版）

时间：2026年04月17日 00:25:48 中财网

原标题:贵州茅台:贵州茅台2025年环境、社会及治理（ESG）报告（英文版）

Mutual Success means unlocking development momentum through governance innovation. Governance modernization is fundamental to Kweichow Moutai's steady and sustainable growth. It underpins the Company's Message from the Chairman ability to balance development and security and provides an essential safeguard for long-term value creation. Guided by the principle of upholding fundamental values while pursuing innovation, we have continued to deepen state-owned enterprise reform, strengthened and refined our systems for strategy, budgeting, internal rules, performance management, and risk oversight, and built a modern governance framework characterized by sound decision-making, efficient management, and effective risk control. We have advanced the Smart Moutai initiative, using digital and intelligent technologies to upgrade traditional brewing, foster new quality productive forces, and accelerate the shift in operations from experience-led management to technology-driven development. We have also enhanced enterprise-wide risk management, improved audit procedures and compliance mechanisms, co-created value with stakeholders such as shareholders and partners from a long-termism perspective, optimized ESG planning and KPI systems, and strengthened ESG management overall. These efforts continue to advance the modernization of our governance system and governance capacity, ensuring that Moutai remains strategically focused and resilient amid a changing era. Opening this report, what comes into view is a clear record of Kweichow Symbiotic Coexistence means strengthening the foundations of development through ecological stewardship. Moutai's deepening ESG practice. A healthy and resilient ecological environment serves as the fundamental pillar for Moutai's continued existence and sustainable Company Profile Corporate Culture

Board of Directors Sustainable The Company deeply practices ESG concepts, identifies material Board Strategy Committee topics, aligns with stakeholder expectations, strengthens the ESG Development management system, and advances sustainable development. ESG Promotion Committee

Stakeholder Communication The Company attaches great importance to communication and engagement with all stakeholders. It continues to improve stakeholder communication mechanisms, build diversified channels, and work together with stakeholders to advance sustainable development. Stakeholder Communication Expectations and Expectations and Stakeholders 1 Communication and Response Stakeholders Communication and Response Demands DemandsExpectations and Expectations and Stakeholders 1 Communication and Response Stakeholders Communication and Response Demands Demands Customers Partners Matrix-based quality control and quality management throughout the lifecycle Product safety and Collaborating to enhance value across the value quality Improving the customer service system and Win-win cooperation chain enhancing consumer satisfaction Service experience Integrity in operations Upholding fairness and justice and improving the Standardizing regular marketing communications Responsible marketing reporting channels and eliminating exaggerated and false promotion Responsible drinking Actively advocating responsible and healthy drinking Industry Building a green value chain and promoting the Healthy development Shareholders Optimizing governance structure and adhering to sustainable development of the industry of the industry the basic principles of compliance Compliant operations Building industry benchmarks and strengthening Climate change Improving information disclosure and maintaining cooperation with peer companies in promoting Governance tackling proactive communication rational drinking transparency Responsible marketing Strengthening market value management and Creating "production-living-ecological spaces" and Long-term value carrying out share buybacks Protection of the gathering efforts into environmental and ecological creation natural ecosystem Increasing dividend distribution and actively conservation rewarding shareholders Government and Employees1
The key issues of concern are comprehensively identified from the results of the ESG materiality analysis of Kweichow Moutai and regular communication

Business Ethics

Technological Innovation

Governance System Development It convenes meetings in strict compliance with the Rules for General Meetings of Shareholders of Listed Companies, the Articles of Association and the Rules of Procedure for Shareholders' 3 The Company has established a governance structure with clearly defined powers and responsibilities, coordinated checks Meeting , and other applicable requirements. and balances, ensuring Board effectiveness and diversity and safeguarding the Company's long-term stable development. As the Company's highest authority, it exercises statutory powers and powers prescribed by the Articles of Association, including the election of directors, and approval of major matters, Shareholders' so as to ensure shareholders enjoy equal status and can effectively exercise rights such as the MeetingGovernance System Development It convenes meetings in strict compliance with the Rules for General Meetings of Shareholders of Listed Companies, the Articles of Association and the Rules of Procedure for Shareholders' 3 The Company has established a governance structure with clearly defined powers and responsibilities, coordinated checks Meeting , and other applicable requirements. and balances, ensuring Board effectiveness and diversity and safeguarding the Company's long-term stable development. As the Company's highest authority, it exercises statutory powers and powers prescribed by the Articles of Association, including the election of directors, and approval of major matters, Shareholders' so as to ensure shareholders enjoy equal status and can effectively exercise rights such as the Meeting As both the executor of decisions made by the Shareholders' Meeting and the decision- In accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, making body for operations and management, the Board is responsible for implementing the Code of Corporate Governance for Listed Companies, and other applicable laws, regulations, and regulatory requirements, and efficient operations.
Corporate Governance Structure
corporate governance, production management, ESG management, quality management, risk and compliance management, discipline,
In accordance with the Articles of Association and the Rules of Procedure for the Board of Directors, the Board shall convene at least two
and supervision. In total, 527 policies and systems were reviewed and consolidated, including 5 fundamental systems, 99 Level-1 systems,
meetings each year, which may be held only when more than half of the directors are present, and Board resolutions require the approval
240 Level-2 systems, and 183 Level-3 systems, further strengthening its compliance and risk management defenses.
of more than half of all directors. In 2025, the Company convened 16 Board meetings, with a 100% attendance rate.
The Company has established a sound director nomination and appointment mechanism. In accordance with the Articles of Association,

Dire
Mana
shareholder representatives, and other relevant parties to ensure fairness and effectiveness. As of the end of the reporting period, the
Political Work Style Ideological Organizational Armed Forces, Petitions, and Trade Union & Youth average tenure of directors was 1.85 years.
Development Development Development Development Confidentiality Management League Development

chaired by independent directors, who also accounted for more than half of the members of each committee. In 2025, the Company
appointed Mr. Wang Xin, an accounting professional, as the convener of the independent directors.
In terms of risk control, pursuant to the Articles of Association, the

include at least one legal professional with expertise in risk and compliance management, in order to ensure the professionalism Board meetings' independent directors






Experience Experience Experience

ctive
com
eme
Director and Acting
WANG Li Female √ √ √
Annual Objectives Analysis Improvement & Innovation
General Manager
GUO Tianyong Male Independent Director / √ √

WEI Fang Female Employee Director √ / /
Remuneration Policy Risk and Compliance Management Regarding the remuneration policy, we have developed differentiated remuneration management systems and plans for The Company continues to strengthen institutional development, resource investment, and culture building, systematically directors and the management, including fixed remuneration, annual performance-based remuneration and tenure incentives, enhancing its ability to identify, respond to, and control risks, continuously enhancing risk and compliance management to incentivize directors and managers to create long-term value. In 2025, we continued to refine the performance assessment capabilities. system for Board members, taking into account our production, operations, and management, the progress of business targets, the implementation of financial budgets, and the performance of duties.
Director individual performance appraisal results.

In 2025, the Company conducted special training operations. focused on risk prevention and control in contract management, covering key departments such as ecological and environmental protection, procure- Risk Impacts ment, and audit. Using case analysis, the training explained risk identification and compliance Across six major risk categories, the Company has identified risks in areas such as marketing, investment, construction, and essentials in contract management and provided digitalization that may affect its business. The Company needs to focus on preventing operational safety and information
pricing, lawful and compliant procedures, and adequate information disclosure. The Company strictly implements the
In 2025, the Company invested more than RMB 40 million in risk and compliance management, primarily for the development
requirements of the Guidelines of the Shanghai Stock Exchange on the Self-Regulation of Listed Companies No.5-Transactions
6
of its risk management system and compliance mechanisms . The company continues to strengthen resource allocation and
and Related Transactions, ensuring that the amount of related-party transactions remains within the quotas approved by the
reinforce risk and compliance management, thereby preventing potential major losses and enhancing business resilience and
Board. When deliberating on related-party transaction proposals, related shareholders and directors abstain from voting in
financial soundness.
accordance with regulations.
6
In 2025, the Company organized special compliance management training covering the prevention of risk points in contract
The Company has established a robust risk management process. Based on industry regulatory requirements, corporate
In 2025

Data Security and User Privacy Protection The Company implements the overall security strategy that is "known and trusted, manageable and controllable." It has established a network and information security management system covering prediction, protection, detection, and response, achieving zero cybersecurity incidents and zero user privacy leaks throughout the year.
development strategy, corporate culture, marketing and channel management, Measures, the Company promulgated documents including the Provisions on Data Security
production and investment management, asset and fund management, R&D and and Personal Information Protection during the reporting period, covering the company Information Security
Management System Certificate
innovation, human resources, engineering projects, procurement, and contract manage- and its subordinate units. In 2025, the Company maintained the effective operation of its
ment. We systematically conduct risk identification and process validation to drive dual ISO 27001 information security management system certification, further consolidating the
Closed-Loop Network and Information Security Management Cybersecurity Audit and Risk Assessment The Company implemented the "three synchronizations" requirements for network and information security and applied the In 2025, the Company advanced cybersecurity audits and risk assessments. Based on third-party audit results, it issued the PDCA cycle to build a closed-loop security operations management system covering the full process of prediction, protection, Information Systems Audit - Internal Report of Kweichow Moutai Co., Ltd. to continuously guide business improvement. It also detection, and response, thereby forming a continuously optimized and dynamically adaptive network and information used technique such as vulnerability scanning, penetration testing, and configuration reviews, together with policy reviews security governance mechanism. In 2025, the Company achieved its target of zero cybersecurity incidents and recorded no and personnel interviews, to assess risks relating to networks, hosts, applications, and data.Closed-Loop Network and Information Security Management Cybersecurity Audit and Risk Assessment The Company implemented the "three synchronizations" requirements for network and information security and applied the In 2025, the Company advanced cybersecurity audits and risk assessments. Based on third-party audit results, it issued the PDCA cycle to build a closed-loop security operations management system covering the full process of prediction, protection, Information Systems Audit - Internal Report of Kweichow Moutai Co., Ltd. to continuously guide business improvement. It also detection, and response, thereby forming a continuously optimized and dynamically adaptive network and information used technique such as vulnerability scanning, penetration testing, and configuration reviews, together with policy reviews security governance mechanism. In 2025, the Company achieved its target of zero cybersecurity incidents and recorded no and personnel interviews, to assess risks relating to networks, hosts, applications, and data.


Technical Expertise, Cultivating Craftsmanship, and Safeguarding

Business Ethics Audit
Policies Regarding Business Ethics

Integrity Management of Relevant Parties
The Company upholds the philosophy of integrity operations, firmly cracks down on corrupt conduct, and carries out anti-money
laundering and anti-unfair competition communication and education in an orderly manner, thereby ensuring compliant and
The Company fosters a clean and upright business ecosystem and publicly discloses the Business Ethics Policy of Kweichow
stable operations. 9
Moutai Co., Ltd. and the Kweichow Moutai Co., Ltd. Supplier Code of Conduct , clearly setting out anti-corruption and anti-
bribery requirements for suppliers and distributors. Anti-commercial bribery clauses are included in contracts, and integrity
responsibility letters are signed.
Principles of Integrity and Business Ethics
The Company has built a supply chain compliance ecosystem in which risks are controllable, violations are traceable,
and continuous improvement is possible. It requires suppliers to formulate anti-corruption policies and has established a
verification process of "document collection - review and scoring - application of results," under which materials submitted by
suppliers are strictly examined to verify the effectiveness, compliance, and implementation of their anti-corruption policies.
Comply with laws and regulations governing fair competition and eliminate Fair Competition
monopoly and unfair competition.
In 2025, the company engaged a third party to conduct audits on suppliers' business ethics and anti-corruption management
practices. The audit scope covered the implementation of the company's business ethics policies toward suppliers, market
Anti-Commercial Bribery Enforce a zero-tolerance policy and strengthen compliance management and conduct, contract terms, and assessed the effectiveness of the suppliers' ESG assessment mechanisms and whistleblowing
and Anti-Corruption oversight of business partners.
channels.
Anti-Money Laundering Strictly prohibit participation in or facilitation of any form of money laundering.
Anti-Corruption and Anti-Bribery Requirements for Suppliers
Kweichow Moutai Co., Ltd. Business Ethics Policy
Prohibition of Insider Strictly prohibit insiders from using undisclosed information for trading or from
Trading disclosing such information.
We strengthen the management and control of anti-commercial bribery and anti-corruption risks among business
partners; clearly state anti-commercial bribery and anti-corruption declarations and requirements in business
Strictly prohibit employees and stakeholders from harming the Company's interests interactions; prohibit any commercial bribery and corruption.Anti-Fraud
through fraud or other improper means.
We require all business partners, including all suppliers, to formulate anti-corruption policies and implement
corresponding programs to verify compliance.
Kweichow Moutai Co., Ltd. Supplier Code of Conduct
We implement monitoring programs for all critical suppliers to verify their compliance with anti-corruption and other
compliance policies.
In 2025, the Company carried out a comprehensive review and taken strict actions against suppliers who have violated the
Company's anti-corruption policies in recent years, placing seven suppliers involved in serious violations or disciplinary breaches
on the blacklist.
Integrity-Based Operations and Culture Building Case Anti-Money Laundering Awareness Training The Company regularly conducts integrity education activities, including policy roadshows, warning education, field learning, and communication on integrity culture, to reinforce consensus on integrity-based operations. In August 2025, the Company, together with the head office of Bank of China, organized training on cross-border funds management and accounting statement operations. The training focused on the identification and prevention of anti-money laundering risks and provided detailed interpretation based on practical cases such as cross-border In 2025 trade fund settlement and risk management, effectively enhancing employees' risk awareness. to the Board, management, all employees (including full-time, part-time, seasonal, temporary, fixed-term and contractual employees), suppliers, and other stakeholders, the Company delivered a total of covering 1,048sessions 34,992 of business ethics and integrity culture training employees covering with an employee cover rate of 800+ 100% Anti-Money Laundering Training suppliersThe Company carries out diverse and content-rich integrity education activities, enhancing integrity awareness and reinforcing the line of defense against misconduct. The Company attaches great importance to compliance construction throughout the supply chain ecosystem and extends business ethics training to all partners, including suppliers and contractors.In 2025, the Company organized senior executives, personnel in key positions, and grassroots Party organizations to The Company invited third parties to deliver special business ethics training to all suppliers, contractors, and other visit an integrity education base to receive integrity culture education. Through centralized viewing of educational partners. The training was mainly conducted offline, supplemented by online participation. It focused on legal videos such as One Day in Life and Personal Testimonies, as well as on-site instruction from disciplinary personnel, the requirements and often-overlooked forms of commercial bribery, providing in-depth analysis of compliance risks in Company further promoted the cultivation of integrity awareness. key links such as bidding and procurement, and business entertainment, thereby strengthening the prevention and control of integrity risks in the supply chain.Whistleblower Protection Case Integrity Briefing for Contractors The Company continues to improve the work of monitoring, reporting, and handling complaints relating to business ethics. In compliance with the Regulations on Letters and Visits and the Rules of the Discipline Inspection and Supervision Organs In October 2025, the Company held a symposium for contractors and delivered an integrity briefing to business for Handling Accusations and Complaints, the Company formulated the Measures for the Management of Letters and Visits, partners, explaining anti-corruption policies and compliance requirements, clarifying business ethics red lines, and clearly defining the division of responsibilities and operating procedures for complaints and reports, so as to ensure timely building a clean, mutually beneficial cooperation ecosystem. handling. The Company encourages employees, users, and other stakeholders to supervise and report violations of discipline, regulations, and laws, and publicly discloses smooth reporting channels, including a reporting hotline, reporting website, and reporting mailbox. Upon receiving reports, the Company handles them strictly in accordance with the prescribed process.Whistleblower Protection Case Integrity Briefing for Contractors The Company continues to improve the work of monitoring, reporting, and handling complaints relating to business ethics. In compliance with the Regulations on Letters and Visits and the Rules of the Discipline Inspection and Supervision Organs In October 2025, the Company held a symposium for contractors and delivered an integrity briefing to business for Handling Accusations and Complaints, the Company formulated the Measures for the Management of Letters and Visits, partners, explaining anti-corruption policies and compliance requirements, clarifying business ethics red lines, and clearly defining the division of responsibilities and operating procedures for complaints and reports, so as to ensure timely building a clean, mutually beneficial cooperation ecosystem. handling. The Company encourages employees, users, and other stakeholders to supervise and report violations of discipline, regulations, and laws, and publicly discloses smooth reporting channels, including a reporting hotline, reporting website, and reporting mailbox. Upon receiving reports, the Company handles them strictly in accordance with the prescribed process. Comprehensive Management Classify and Response and Analysis Transfer Feedback Integrity Briefing for Business Partners
whistleblower's personal information, such as name, workplace confidential, home address, phone number, and email, as well as the reporting information. It is strictly prohibited to verify the whistleblower's handwriting, Internet Protocol (IP) address, and other information without authorization. In addition, we accept anonymous reports to ensure that whistleblowers are protected from any form of retaliation. If a whistleblower is threatened or victimized due to reporting and accusing and files an application for protection, we will provide timely protection in accordance with the rules and regulations. lf a person being reported retaliates (against the


R&D Value Chain Layout Transformation of Scientific and Technological Achievements The Company has established a full-chain R&D system covering upstream research on brewing raw materials and environmental The Company has delivered a robust pipeline of transformative research breakthroughs across brewing raw material conditions, midstream analysis of the brewing process, and downstream product quality control and waste management. It has optimization, flavor profile refinement, microbial ecology, and end-to-end green and low-carbon development. We are formed a systematic layout based on the Four Dimensions research framework for raw-material cultivation and centered on the accelerating the transformation of these innovations into real-world industrial applications, driving deeper integration between Five Major Core Technology Systems for the brewing process, enabling coordinated development across the entire industrial technological advancement and production practice to fuel sustainable high-quality growth for the entire Baijiu industry. chain.



The Company participated in the compilation and revision of six national standards, such as the Digital Supply Chain Maturity 2025 Technology Innovation Awards (Partially Listed) Model, the General Rules for Evaluation of Food Traceability Systems, and the Requirements for Greenhouse Gas Management Systems. It also actively participated in the formulation and revision of 36 national, industry, local, and association standards, including the General Rules for Baijiu Quality; carried out reviews of 22 national, industry, and association standards, including Award Achievement Awarding Body Terminology for Sensory Evaluation of Baijiu, as required; and continued research for two national standards: Quality Requirements for Baijiu Part 4: Jiang-flavour Baijiu and Quality Requirements for Baijiu Part 1: Nong-flavor Baijiu. In doing so, Distillation system technology based on CO 2 National Catalogue of Key General Office of the the Company fulfilled the responsibilities expected of an industry-leading enterprise. heat pumps for energy saving, efficiency Low-Carbon Technologies for Ministry of Ecology and enhancement, carbon reduction, and waste The Company participated in the compilation and revision of six national standards, such as the Digital Supply Chain Maturity 2025 Technology Innovation Awards (Partially Listed) Model, the General Rules for Evaluation of Food Traceability Systems, and the Requirements for Greenhouse Gas Management Systems. It also actively participated in the formulation and revision of 36 national, industry, local, and association standards, including the General Rules for Baijiu Quality; carried out reviews of 22 national, industry, and association standards, including Award Achievement Awarding Body Terminology for Sensory Evaluation of Baijiu, as required; and continued research for two national standards: Quality Requirements for Baijiu Part 4: Jiang-flavour Baijiu and Quality Requirements for Baijiu Part 1: Nong-flavor Baijiu. In doing so, Distillation system technology based on CO 2 National Catalogue of Key General Office of the the Company fulfilled the responsibilities expected of an industry-leading enterprise. heat pumps for energy saving, efficiency Low-Carbon Technologies for Ministry of Ecology and enhancement, carbon reduction, and waste a multi-omics research technology system covering microbial Second Prize of the China National Construction and application of a proteomics com munities, enzyme systems, and material systems in high- China National Light Light Industry Council Science analysis system for high-temperature daqu temperature daqu, systematically clarifying the functional Industry Council and Technology Progress Award used in Jiang-flavour Baijiu characteristics and differentiation mechanisms of different types of daqu. On this basis, the Company built, for the first time, a statistical model for high-temperature daqu differentiation, Appraisal Meeting of Scientific and Technoloaical quantifying the scientific ratios of yellow, white, and black daqu. Achievements of "Study on the Mechanism of High- Temperature Daqu Formation and Its Application" It provides a scientific basis for shifting Daqu-making from 2025 Highlights of Scientific and Technological Outputs experience-based control to precise control. Unit 2024 2025Valid patents pieces 329 388 of Traditional Brewing
Of which: invention patents pieces 79 105

Of which: design patents pieces 174 183 5G Network



Smart Moutaiinnovation. It has systematically advanced industrial digitalization across six key areas: smart marketing, integrated supply chain,
industrial internet, operational management and control, smart parks, and digital infrastructure. Leveraging the secondary
The Company actively played a leading role in the industry by spearheading the research, formulation, and revision of a number
node for industrial internet identification resolution, the Company has explored pathways toward digital industrialization, using
of key technical standards and by promoting the R&D and application of core industrial technologies, thereby providing




Assessment Management
Risk Impact
evaluation is unsatisfactory, or whose quality, The Company established a dynamic Issues in supplier management, production, or delivery capabilities may lead to unstable or environmental protection, safety, integrity, or performance management mechanism Procurement
non-conforming quality of supplied products, thereby affecting the Company's production other ESG-related performance fails to achieve consisting of "day-to-day monitoring + Quality Risk
and operations.
the Company within the prescribed remediation continuously improved supplier Factors such as weak supplier management and operations, or force majeure, may lead to Supply
period, will lose cooperation eligibility and assessment and evaluation criteria, and supply delays, disruptions, or impediments to business progress, thereby weakening the Stability Risk
be barred for one year from participating in in 2025 revised eight existing institutional responsiveness of the supply chain.
subsidiaries/branches. Suppliers whose ESG on the Management of Suppliers of If suppliers fail to comply with laws and regulations, industry regulatory requirements, and Supply Chain
performance has a significant adverse impact Packaging and Storage Materials, thereby the Company's supplier management rules during cooperation, supply-chain compliance risks Compliance Risk
or involves serious circumstances will be placed strengthening the basis for supplier may arise.
Collaborative Supplier Development The Company has extended its "Time-Space-Method (skill and technique)" originality quality management model upstream along the supply chain and implemented the initiative to "move quality control one kilometer closer to the source." Through Deepen Green Engagement and Improve Equipment production line inspections, product sampling, and on-site quality diagnostics, it has strengthened quality control at the Communication Energy Efficiency source. At the same time, the Company has carried out both routine joint inspections and surprise spot checks to exercise in- depth management over critical suppliers. During the reporting period, the Company completed 95 on-site inspections in The Company hosted a zero-carbon green In all new construction and retrofit projects, total and applied a closed-loop process of issue listing, time-bound rectification, and verification-based closeout to address procurement and supply chain conference the Company gives priority to energy-efficient identified issues. and signed on-site the Initiative for Jointly equipment such as high-efficiency transformers For many years, the Company has provided technical support to suppliers. During the reporting period, combining remote Building a Green and Sustainable Supply Chain, and IE5 motors, improving energy efficiency from guidance with on-site assistance, it adopted a full-process collaboration model of "assessment - feedback - support - strengthening collaboration across the industrial the source. verification" to help suppliers build ESG management systems, calculate carbon footprints, and develop energy-saving and chain and guiding suppliers to put green and low- emissions-reduction technologies. The Company visited 33 supplier sites in total to conduct quality diagnostics, verification, carbon practices into action. training, and support, helping suppliers shift from externally driven compliance to internally embedded capability. Through symposiums, exchanges, and dedicated ESG training, the Company communicated its quality philosophy and ESG Explore Zero- Advance the Green Transition management requirements to suppliers. In 2025, it organized three ESG-focused training sessions, covering more than 280 Carbon Pilots of Critical Suppliers supplier participations, and conducted 71 supplier training sessions of various types, covering 820 supplier participations in total, effectively helping suppliers understand the Company's management standards and ESG policies. The Company actively explored innovative Jingqi Glass Company, the core bottle supplier, In 2025, supplier satisfaction reached 97.5%, and the rate of suppliers receiving excellent contract performance evaluations initiatives, including the development of a zero- has achieved full coverage of green electricity use. reached 94.2%, helping to build a stable, collaborative, and sustainable supply chain ecosystem. carbon industrial park at the Tanchang Packaging Logistics Park, and low-carbon pathway studies for warehousing and logistics, using pilot projects Sustainable Development of the Supply Chain to drive emissions reduction across the full-chain. In 2025, the Company established a green supplier assessment mechanism and built a green evaluation and ESG assessment system covering all suppliers. This system guides and incentivizes suppliers to conserve energy and reduce carbon emissions. It supported 14 suppliers in obtaining green and low-carbon certification, 22 suppliers in being recognized as national- or Key Tasks in Building the 2025 Green Supplier Assessment System In 2025, the Company convened its Procurement and Supply Chain Conference to review annual procurement performance, plan for the coming year, and recognize outstanding partners. The event achieved full-process carbon The Company formulated and implemented four green standards, including the Green Evaluation Standard for neutrality certification by China Environmental United (Beijing) Certification Center Co., Ltd. and was awarded a Packaging Material Suppliers for Moutai Baijiu, requiring suppliers to follow the 3R1D principle when designing "Carbon Neutrality Declaration Certificate," fulfilling its goal of hosting a "zero-carbon conference. and procuring raw materials for packaging. Assessment results are linked to order allocation to create an incentive mechanism. Evaluation indicators cover energy saving, resource consumption reduction, technology reserves for green packaging R&D, and green electricity use. By increasing the weighting of indicators such as carbon accounting, carbon footprint evaluation, and green material application, the Company further strengthened guidance for suppliers' emissions-reduction practices. In 2025, the Company completed self-assessments and third-party assessments for 10 core suppliers, whose deliveries accounted for more than 70% of the total volume of four major categories of packaging materials. The Company formulated and implemented the Guidelines for ESG Management Assessment Rules for Moutai Baijiu Packaging Material Suppliers, which include topics such as climate change, low-carbon emissions reduction, energy and water conservation, and the circular economy under the environmental dimension. In 2025, the The Company optimized the ESG Assessment Rules for Organic Raw Material Suppliers by making energy saving （未完）