2025-05-13-深交所-泸州老窖_2025年第一季度报告（英文版）_14页_390kb

报告摘要

Revenue: Operating revenues reached CNY 9.35 billion in Q1 2025, a 1.78% increase from Q1 2024 (CNY 9.19 billion).
Profits: Net profits attributable to shareholders increased by 0.41% to CNY 4.59 billion. Net profit before non-recurring gains and losses rose 0.94%. Basic and diluted earnings per share each increased by 0.32%.
Cash Flow: Net cash flows from operating activities decreased sharply by 24.12% to CNY 3.31 billion.
Assets & Equity: Total assets declined by 2.27%, while net assets attributable to shareholders grew by 5.86% due to share-based incentives and operational performance. Weighted average ROE fell from 10.43% to 9.48%.

Asset Flows: Decrease in receivables financing (33.45% reduction due to note discounting) and prepayments (94.95% increase for advertising). Assets like current assets and deferred tax assets decreased significantly.
Revenue Explanation: Financial expenses reduced by CNY 60 million due to reclassification, while other income surged by 13.0% driven by deferred income amortization. Non-recurring expenses jumped by 3,162% due to increased donations.

Top shareholders include Luzhou Laojiao Group Co., Ltd. (25.89% stake) and major funds like China Merchants Fund. No significant changes in shareholding due to refinancing or margin trading.

The company facilitated unlocking of 2021 restricted shares (37 million in Q1 and additional unlocks planned) and invested in intelligent brewing upgrades. An interim dividend of CNY 1.34 per share was paid.