五粮液：2026年第一季度报告(英文版)

查股网 2026-05-23 五粮液(000858)公司公告

StockCode:000858StockName:WuliangyeAnnouncementNo.:2026/No.007

WuliangyeYibinCo.,Ltd.FirstQuarterlyReport2026

TheCompanyandallmembersofitsBoardofDirectorsherebyguaranteethattheinformationdisclosedhereinaretrue,accurateandcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions.Importantinformation:

1.TheBoardofDirectors(orthe“Board”)aswellasthedirectorsandseniormanagementofWuliangyeYibinCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethatthecontentsofthisReportaretrue,accurateandcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions,andcollectivelyandindividuallyacceptlegalresponsibilityforsuchcontents.

2.TheCompany’slegalrepresentative,ChiefFinancialOfficer,andheadoftheaccountingdepartmentherebyguaranteethatthefinancialstatementscarriedinthisReportaretrue,accurateandcomplete.

3.IndicatewhetherthefinancialstatementsinthisReporthavebeenauditedbyanindependentauditor.

□Yes?No

4.Mattersonwhichtheauditorhasissuedamodifiedauditopinion

□Applicable?Notapplicable

IKeyFinancialInformation(I)KeyAccountingDataandFinancialIndicators

Indicatewhetherthereisanyretrospectivelyrestateddatuminthetablebelow.

?Yes□No

Reasonforretrospectiverestatements:

□Changeinaccountingpolicy?Correctionofaccountingerror□Businesscombinationundercommoncontrol□Otherreasons

	Q12026	Q12025		YoYchange(%)
	Q12026	Before	Restated	Restated
Operatingrevenue(RMB)	22,838,024,164.27	36,940,356,116.35	17,085,765,657.95	33.67%
Netprofitattributabletothelistedcompany’sshareholders(RMB)	8,062,764,940.78	14,860,265,752.48	4,416,313,048.41	82.57%
Netprofitattributabletothelistedcompany’sshareholdersbeforenon-recurringgainsandlosses(RMB)	8,036,134,136.04	14,861,410,760.60	4,417,458,056.53	81.92%
Netcashgeneratedfrom/usedinoperatingactivities(RMB)	-2,535,371,232.04	15,848,802,262.24	15,848,802,262.24	-116.00%

Basicearningspershare(RMB/share)	2.0772	3.8284	1.1378	82.56%
Dilutedearningspershare(RMB/share)	2.0772	3.8284	1.1378	82.56%
Weightedaveragereturnonequity(%)	6.50%	10.56%	3.26%	Upby3.24percentagepoints
	March31,2026	December31,2025		Change(%)
	March31,2026	Before	Restated	Restated
Totalassets(RMB)	198,638,173,212.42	189,984,270,815.47	189,984,270,815.47	4.56%
Equityattributabletothelistedcompany’sshareholders(RMB)	127,996,671,799.63	119,932,271,234.99	119,932,271,234.99	6.72%

Reasonforchangeinaccountingpolicyandcorrectionofaccountingerror:

TheCompanyrevieweditsbusinessmodelfor2025and,basedontheprincipleofprudence,adjustedtheaccountingtreatmentrelatedtorevenuerecognitionforcertainbusinessoperationsin2025.Fordetails,pleaserefertotheAnnouncementontheCorrectionofPriorPeriodAccountingErrors.(II)Non-recurringGainsandLosses

?Applicable□Notapplicable

Unit:RMB

Item	Q12026	Note
Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs)	4,340,178.97
Governmentgrantsrecognizedinprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany'snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernmentpolicies,andhaveacontinuingimpactontheCompany'sprofitorloss)	33,195,310.69
Capitaloccupationchargesonnon-financialenterprisesthatarerecognizedinprofitorloss	76,502.91
Non-operatingincomeandexpenseotherthantheabove	-4,074,811.08
Less:Incometaxeffects	6,649,822.06
Non-controllinginterestseffects(netoftax)	256,554.69
Total	26,630,804.74	--

Particularsaboutotheritemsthatmeetthedefinitionofnon-recurringgain/loss:

□Applicable?Notapplicable

NosuchcasesfortheReportingPeriod.

ExplanationofwhytheCompanyreclassifiesasrecurrentannon-recurringgain/lossitemlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-recurringGain/LossItems:

□Applicable?Notapplicable

NosuchcasesfortheReportingPeriod.(III)ChangesinKeyFinancialStatementItemsandReasons

?Applicable□Notapplicable

Unit:RMB

Item

Q12026

Q12025(restated)

ChangeofQ12026onQ12025

Mainreasonforthechange

			(restated)(%)
Operatingrevenue	22,838,024,164.27	17,085,765,657.95	33.67%	Theyear-on-yearincreaseswereprimarilydrivenbylowerbasesinthesameperiodoflastyear.
Netprofitattributabletothelistedcompany’sshareholders	8,062,764,940.78	4,416,313,048.41	82.57%
Netprofitattributabletothelistedcompany’sshareholdersbeforenon-recurringgainsandlosses	8,036,134,136.04	4,417,458,056.53	81.92%
Basicearningspershare(RMB/share)	2.0772	1.1378	82.56%
Dilutedearningspershare(RMB/share)	2.0772	1.1378	82.56%
Netcashgeneratedfrom/usedinoperatingactivities	-2,535,371,232.04	15,848,802,262.24	-116.00%	AlargervolumeofnotesreceivedbytheCompanyintheReportingPeriodinresponsetomarketchangesandahigherbaseinthesameperiodoflastyear

IIShareholderInformation(I)NumbersofOrdinaryShareholdersandPreferenceShareholderswithResumedVotingRightsaswellasHoldingsofTop10Shareholders

Unit:share

Numberofordinaryshareholdersattheperiod-end		676,701	Numberofpreferenceshareholderswithresumedvotingrightsattheperiod-end(ifany)				0
Top10shareholders(exclusiveofshareslentinrefinancing)
Nameofshareholder	Natureofshareholder	Shareholdingpercentage(%)	Totalsharesheld	Restrictedsharesheld	Sharesinpledge,markedorfrozen
Nameofshareholder	Natureofshareholder	Shareholdingpercentage(%)	Totalsharesheld	Restrictedsharesheld	Status	Shares
YibinDevelopmentHoldingGroupCo.,Ltd.	State-ownedcorporation	34.43%	1,336,548,020
SichuanYibinWuliangyeGroupCo.,Ltd.	State-ownedcorporation	20.65%	801,503,277
ChinaSecuritiesFinanceCorporationLimited	Other	2.25%	87,164,419
HongKongSecuritiesClearingCompanyLimited	Overseascorporation	2.10%	81,576,415
BankofChinaLimited－ChinaMerchantsChinaSecuritiesBaijiuIndexClassificationSecuritiesInvestmentFund	Other	1.62%	62,848,970
CentralHuijinAssetManagementCo.,Ltd.	State-ownedcorporation	1.01%	39,325,400

ChinaConstructionBankCorporation－PenghuaChinaSecuritiesLiquorExchange-tradedOpen-endedIndexSecuritiesInvestmentFund	Other	0.67%	26,159,968
BankofChinaLimited－EFundBlueChipSelectedMixedSecuritiesInvestmentFund	Other	0.66%	25,680,000
RuiLifeInsuranceCo.,Ltd.－OwnFunds	Other	0.57%	21,963,862
ChinaLifeInsuranceCompanyLimited–Traditional–OrdinaryInsuranceProduct–005L–CT001Shanghai	Other	0.51%	19,821,591
Top10unrestrictedshareholders(exclusiveofshareslentinrefinancingandlocked-upsharesofseniormanagement)
Nameofshareholder			Unrestrictedsharesheld	Sharesbyclass
Nameofshareholder			Unrestrictedsharesheld	Class	Shares
YibinDevelopmentHoldingGroupCo.,Ltd.			1,336,548,020	RMB-denominatedordinaryshares	1,336,548,020
SichuanYibinWuliangyeGroupCo.,Ltd.			801,503,277	RMB-denominatedordinaryshares	801,503,277
ChinaSecuritiesFinanceCorporationLimited			87,164,419	RMB-denominatedordinaryshares	87,164,419
HongKongSecuritiesClearingCompanyLimited			81,576,415	RMB-denominatedordinaryshares	81,576,415
BankofChinaLimited－ChinaMerchantsChinaSecuritiesBaijiuIndexClassificationSecuritiesInvestmentFund			62,848,970	RMB-denominatedordinaryshares	62,848,970
CentralHuijinAssetManagementCo.,Ltd.			39,325,400	RMB-denominatedordinaryshares	39,325,400
ChinaConstructionBankCorporation－PenghuaChinaSecuritiesLiquorExchange-tradedOpen-endedIndexSecuritiesInvestmentFund			26,159,968	RMB-denominatedordinaryshares	26,159,968
BankofChinaLimited－EFundBlueChipSelectedMixedSecuritiesInvestmentFund			25,680,000	RMB-denominatedordinaryshares	25,680,000
RuiLifeInsuranceCo.,Ltd.－OwnFunds			21,963,862	RMB-denominatedordinaryshares	21,963,862
ChinaLifeInsuranceCompanyLimited–Traditional–OrdinaryInsuranceProduct–005L–CT001Shanghai			19,821,591	RMB-denominatedordinaryshares	19,821,591
Relatedoracting-in-concertpartiesamongtheshareholdersabove			Amongthetop10shareholders,SichuanYibinWuliangyeGroupCo.,Ltd.isawholly-ownedsubsidiaryofYibinDevelopmentHoldingGroupCo.,Ltd.AndtheCompanyisnotawareofanyrelatedoracting-in-concertpartiesamongtheotherpublicshareholders.
Top10shareholdersinvolvedinsecuritiesmargintrading(ifany)			None

5%orgreatershareholders,top10shareholdersandtop10unrestrictedpublicshareholdersinvolvedinrefinancingshareslending:

□Applicable?Notapplicable

Changesintop10shareholdersandtop10unrestrictedpublicshareholdersduetoshareslent/returnedin

refinancingcomparedwiththepriorperiod:

□Applicable?Notapplicable

(II)NumberofPreferenceShareholdersandShareholdingsofTop10ofThem

□Applicable?Notapplicable

IIIOtherSignificantEvents

□Applicable?Notapplicable

IVQuarterlyFinancialStatements(I)FinancialStatements

1.ConsolidatedBalanceSheetPreparedbyWuliangyeYibinCo.,Ltd.March31,2026Unit:RMB

Item	March31,2026	January1,2026
Currentassets:
Monetaryassets	124,259,000,313.65	127,014,443,016.86
Settlementreserve
Loanstootherbanksandfinancialinstitutions
Held-for-tradingfinancialassets
Derivativefinancialassets
Notesreceivable	11,163,679.30	4,841,437.44
Accountsreceivable	186,892,598.91	37,745,419.51
Receivablesfinancing	20,705,725,822.87	9,401,640,775.74
Prepayments	311,612,649.45	194,996,398.52
Premiumsreceivable
Reinsurancereceivables
Receivablereinsurancecontractreserve
Otherreceivables	72,306,351.61	64,356,368.30
Ofwhich:Interestreceivable
Dividendsreceivable
Financialassetspurchasedunderresaleagreements
Inventories	20,139,576,875.04	20,065,336,751.20
Ofwhich:Dataresources
Contractassets
Assetsheldforsale
Currentportionofnon-currentassets
Othercurrentassets	7,476,057,642.42	7,968,202,942.10
Totalcurrentassets	173,162,335,933.25	164,751,563,109.67
Non-currentassets:
Loansandadvancestocustomers
Debtinvestments
Otherdebtinvestments
Long-termreceivables

Long-termequityinvestments	2,229,514,411.45	2,233,514,411.45
Otherequityinvestments
Othernon-currentfinancialassets	1,200,000.00	1,200,000.00
Investmentproperty
Fixedassets	7,537,530,852.60	7,641,231,013.35
Constructioninprogress	7,406,318,918.73	7,034,061,137.40
Productivelivingassets
Oilandgasassets
Right-of-useassets	411,709,605.10	406,402,594.29
Intangibleassets	2,639,071,715.33	2,674,326,878.83
Ofwhich:Dataresources
Developmentcosts
Ofwhich:Dataresources
Goodwill	1,621,619.53	1,621,619.53
Long-termprepaidexpense	110,295,129.91	121,712,293.75
Deferredincometaxassets	4,858,654,950.53	4,813,123,125.48
Othernon-currentassets	279,920,075.99	305,514,631.72
Totalnon-currentassets	25,475,837,279.17	25,232,707,705.80
Totalassets	198,638,173,212.42	189,984,270,815.47
Currentliabilities:
Short-termborrowings
Borrowingsfromthecentralbank
Loansfromotherbanksandfinancialinstitutions
Held-for-tradingfinancialliabilities
Derivativefinancialliabilities
Notespayable	1,532,268,845.90	1,352,014,535.90
Accountspayable	8,367,920,076.56	8,534,820,869.28
Advancesfromcustomers	8,424,935.55	13,915,018.07
Contractliabilities	14,138,270,216.02	13,459,591,156.56
Financialassetssoldunderrepurchaseagreements
Customerdepositsanddepositsfromotherbanksandfinancialinstitutions
Payablesforactingtradingofsecurities
Payablesforunderwritingofsecurities
Employeebenefitspayable	3,633,489,040.22	4,319,426,136.50
Taxesandleviespayable	2,808,794,666.20	2,093,071,546.91
Otherpayables	10,540,459,907.84	10,185,754,419.34
Ofwhich:Interestpayable
Dividendspayable	5,565,976,643.61	5,565,976,643.61
Feesandcommissionspayable
Reinsurancepayables

Liabilitiesdirectlyassociatedwithassetsheldforsale
Currentportionofnon-currentliabilities	338,919,955.01	364,149,470.84
Othercurrentliabilities	26,284,586,900.35	27,029,072,199.84
Totalcurrentliabilities	67,653,134,543.65	67,351,815,353.24
Non-currentliabilities:
Insurancecontractreserve
Long-termborrowings
Bondspayable
Ofwhich:Preferenceshares
Perpetualbonds
Leaseliabilities	102,184,957.37	44,381,182.44
Long-termpayables
Long-termemployeebenefitspayable
Provisions
Deferredincome	311,301,798.28	307,239,518.79
Deferredincometaxliabilities	92,707,899.25	100,151,115.86
Othernon-currentliabilities
Totalnon-currentliabilities	506,194,654.90	451,771,817.09
Totalliabilities	68,159,329,198.55	67,803,587,170.33
Owners’equity:
Sharecapital	3,881,608,005.00	3,881,608,005.00
Otherequityinstruments
Ofwhich:Preferenceshares
Perpetualbonds
Capitalreserves	2,684,615,931.26	2,682,980,307.40
Less:Treasuryshares
Othercomprehensiveincome
Specificreserve
Surplusreserves	42,948,822,868.25	42,948,822,868.25
Generalreserve
Retainedearnings	78,481,624,995.12	70,418,860,054.34
Totalequityattributabletoownersoftheparentcompany	127,996,671,799.63	119,932,271,234.99
Non-controllinginterests	2,482,172,214.24	2,248,412,410.15
Totalowners’equity	130,478,844,013.87	122,180,683,645.14
Totalliabilitiesandowners’equity	198,638,173,212.42	189,984,270,815.47

Legalrepresentative:HuaTao(acting)ChiefFinancialOfficer:ZhangXinHeadoftheaccountingdepartment:LiuMin

2.ConsolidatedIncomeStatement

Unit:RMB

Item	Q12026	Q12025
ITotalrevenues	22,838,024,164.27	17,085,765,657.95
Ofwhich:Operatingrevenue	22,838,024,164.27	17,085,765,657.95
Interestincome
Insurancepremiumincome
Feeandcommissionincome
IITotalcostsandexpenses	12,220,848,061.58	10,963,023,364.44
Ofwhich:Costofsales	4,240,019,547.18	3,575,965,782.65
Interestcosts
Feeandcommissioncosts
Surrenders
Netinsuranceclaimspaid
Netaccrualofinsuranceliabilityreserves
Expenditureonpolicydividends
Reinsurancepremiumexpense
Taxesandlevies	3,728,608,895.16	5,405,179,903.22
Sellingexpense	3,670,356,443.99	1,494,238,861.87
Administrativeexpense	994,431,022.43	1,044,414,757.19
R&Dexpense	121,059,517.95	101,894,061.27
Financecosts	-533,627,365.13	-658,670,001.76
Ofwhich:Interestexpense	3,241,983.24	5,872,950.39
Interestincome	537,133,453.15	665,219,912.83
Add:Otherincome	43,026,082.31	17,819,866.76
Returnoninvestment(“－”forloss)
Ofwhich:Shareofprofitorlossofjointventuresandassociates
Incomefromthederecognitionoffinancialassetsatamortizedcost
Exchangegain(“－”forloss)
Netgainonexposurehedges(“－”forloss)
Gainonchangesinfairvalue(“－”forloss)
Creditimpairmentloss(“－”forloss)
Assetimpairmentloss(“－”forloss)		2,056,185.03
Assetdisposalincome(“－”forloss)	262,253.98	8,306,654.82
IIIOperatingprofit(“－”forloss)	10,660,464,438.98	6,150,925,000.12
Add:Non-operatingincome	13,530,869.28	11,133,134.75
Less:Non-operatingexpense	13,527,755.37	26,079,446.39
IVGrossprofit(“－”forgrossloss)	10,660,467,552.89	6,135,978,688.48
Less:Incometaxexpense	2,336,687,184.16	1,489,273,953.16
VNetprofit(“－”fornetloss)	8,323,780,368.73	4,646,704,735.32

i.Byoperatingcontinuity
1.Netprofitfromcontinuingoperations(“－”fornetloss)	8,323,780,368.73	4,646,704,735.32
2.Netprofitfromdiscontinuedoperations(“－”fornetloss)
ii.Byownership
1.Netprofitattributabletoownersoftheparentcompany	8,062,764,940.78	4,416,313,048.41
2.Netprofitattributabletonon-controllinginterests	261,015,427.95	230,391,686.91
VIOthercomprehensiveincome,netoftax
Othercomprehensiveincome,netoftaxattributabletoownersoftheparentcompany
i.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
1.Changescausedbyremeasurementsondefinedbenefitschemes
2.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod
3.Changesinthefairvalueofotherequityinvestments
4.Changesinthefairvaluearisingfromchangesinowncreditrisk
5.Other
ii.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss
1.Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod
2.Changesinthefairvalueofotherdebtinvestments
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Creditimpairmentallowancesforotherdebtinvestments
5.Reserveforcashflowhedges
6.Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements
7.Other
Othercomprehensiveincome,netoftaxattributabletonon-controllinginterests
VIITotalcomprehensiveincome	8,323,780,368.73	4,646,704,735.32
Totalcomprehensiveincomeattributabletoownersoftheparentcompany	8,062,764,940.78	4,416,313,048.41
Totalcomprehensiveincomeattributabletonon-controllinginterests	261,015,427.95	230,391,686.91
VIIIEarningspershare:
i.Basicearningspershare	2.0772	1.1378
ii.Dilutedearningspershare	2.0772	1.1378

Legalrepresentative:HuaTao(acting)ChiefFinancialOfficer:ZhangXinHeadoftheaccountingdepartment:LiuMin

3.ConsolidatedCashFlowStatement

Unit:RMB

Item	Q12026	Q12025
ICashflowsfromoperatingactivities:
Proceedsfromsaleofgoodsandrenderingofservices	13,311,265,445.29	38,234,128,546.72
Netincreaseincustomerdepositsanddepositsfromotherbanksandfinancialinstitutions
Netincreaseinborrowingsfromthecentralbank

Netincreaseinloansfromotherfinancialinstitutions
Premiumsreceivedonoriginalinsurancecontracts
Netproceedsfromreinsurance
Netincreaseindepositsandinvestmentsofpolicyholders
Interest,feesandcommissionsreceived
Netincreaseinloansfromotherbanksandfinancialinstitutions
Netincreaseinproceedsfromrepurchasetransactions
Netproceedsfromactingtradingofsecurities
Taxandlevyrebates
Cashgeneratedfromotheroperatingactivities	497,184,787.44	469,059,184.72
Subtotalofcashgeneratedfromoperatingactivities	13,808,450,232.73	38,703,187,731.44
Paymentsforgoodsandservices	3,471,591,309.18	3,815,328,384.40
Netincreaseinloansandadvancestocustomers
Netincreaseindepositsinthecentralbankandotherbanksandfinancialinstitutions
Paymentsforclaimsonoriginalinsurancecontracts
Netincreaseinloanstootherbanksandfinancialinstitutions
Interest,feesandcommissionspaid
Policydividendspaid
Cashpaidtoandforemployees	3,177,268,397.03	3,351,345,082.62
Taxesandleviespaid	7,395,183,760.72	13,563,879,816.10
Cashusedinotheroperatingactivities	2,299,777,997.84	2,123,832,186.08
Subtotalofcashusedinoperatingactivities	16,343,821,464.77	22,854,385,469.20
Netcashgeneratedfrom/usedinoperatingactivities	-2,535,371,232.04	15,848,802,262.24
IICashflowsfrominvestingactivities:
Proceedsfromthedisposalofinvestments
Returnoninvestment	4,000,000.00
Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets	16,616,830.34	22,447,707.43
Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits
Cashgeneratedfromotherinvestingactivities
Subtotalofcashgeneratedfrominvestingactivities	20,616,830.34	22,447,707.43
Paymentsfortheacquisitionandconstructionoffixedassets,intangibleassetsandotherlong-termassets	346,443,644.15	428,957,997.08
Paymentsfortheacquisitionofinvestments	37,620,000.00	40,000,000.00
Netincreaseinpledgeloans
Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits
Cashusedinotherinvestingactivities
Subtotalofcashusedininvestingactivities	384,063,644.15	468,957,997.08
Netcashgeneratedfrom/usedininvestingactivities	-363,446,813.81	-446,510,289.65
IIICashflowsfromfinancingactivities:

Capitalcontributionsreceived	12,000,000.00
Ofwhich:Capitalcontributionsreceivedbysubsidiariesfromnon-controllinginterests	12,000,000.00
Borrowingsreceived
Cashgeneratedfromotherfinancingactivities
Subtotalofcashgeneratedfromfinancingactivities	12,000,000.00
Repaymentofborrowings
Interestanddividendspaid		4,507,561,967.32
Ofwhich:Dividendspaidbysubsidiariestonon-controllinginterests
Cashusedinotherfinancingactivities	70,696,910.56	104,356,504.37
Subtotalofcashusedinfinancingactivities	70,696,910.56	4,611,918,471.69
Netcashgeneratedfrom/usedinfinancingactivities	-58,696,910.56	-4,611,918,471.69
IVEffectofforeignexchangeratechangesoncashandcashequivalents
VNetincreaseincashandcashequivalents	-2,957,514,956.41	10,790,373,500.90
Add:Cashandcashequivalents,beginningoftheperiod	124,114,690,633.67	124,771,274,417.68
VICashandcashequivalents,endoftheperiod	121,157,175,677.26	135,561,647,918.58

(II)AdjustmentstoFinancialStatementItemsattheBeginningoftheYearoftheFirstImplementationoftheNewAccountingStandardsImplementedsince2026

□Applicable?Notapplicable(III)IndependentAuditor’sReportIndicatewhetherthefinancialstatementsinthisReporthavebeenauditedbyanindependentauditor.

□Yes?NoThesefinancialstatementsareunauditedbysuchanauditor.

TheBoardofDirectorsofWuliangyeYibinCo.,Ltd.

April30,2026

附件：公告原文