[一季报]五 粮 液(000858):2026年第一季度报告（英文版）

 时间：2026年05月22日 15:55:57 中财网

原标题:五 粮 液:2026年第一季度报告（英文版）

StockCode:000858 StockName:Wuliangye AnnouncementNo.:2026/No.007WuliangyeYibinCo.,Ltd.
FirstQuarterlyReport2026
TheCompanyandallmembersofitsBoardofDirectorsherebyguaranteethattheinformationdisclosed hereinaretrue,accurateandcompleteandfreeofanymisrepresentations,misleadingstatementsormaterial omissions.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

　Q12026Q12025　YoYchange(%)
　　BeforeRestatedRestated
Operatingrevenue(RMB)22,838,024,164.2736,940,356,116.3517,085,765,657.9533.67%
Netprofitattributabletothe listedcompany’s shareholders(RMB)8,062,764,940.7814,860,265,752.484,416,313,048.4182.57%
Netprofitattributabletothe listedcompany’s shareholdersbeforenon- recurringgainsandlosses (RMB)8,036,134,136.0414,861,410,760.604,417,458,056.5381.92%
Netcashgenerated from/usedinoperating activities(RMB)-2,535,371,232.0415,848,802,262.2415,848,802,262.24-116.00%
Basicearningspershare (RMB/share)2.07723.82841.137882.56%
Dilutedearningspershare (RMB/share)2.07723.82841.137882.56%
Weightedaveragereturnon equity(%)6.50%10.56%3.26%Upby3.24 percentagepoints
　March31,2026December31,2025　Change(%)
　　BeforeRestatedRestated
Totalassets(RMB)198,638,173,212.42189,984,270,815.47189,984,270,815.474.56%
Equityattributabletothe listedcompany’s shareholders(RMB)127,996,671,799.63119,932,271,234.99119,932,271,234.996.72%
Reasonforchangeinaccountingpolicyandcorrectionofaccountingerror:TheCompanyrevieweditsbusinessmodelfor2025and,basedontheprincipleofprudence,adjustedtheaccountingtreatmentrelatedtorevenuerecognitionforcertainbusinessoperationsin2025.Fordetails,pleaserefertotheAnnouncementontheCorrectionofPriorPeriodAccountingErrors.(II)Non-recurringGainsandLosses
?Applicable□Notapplicable

ItemQ12026Note
Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowance write-offs)4,340,178.97　
Governmentgrantsrecognizedinprofitorloss(exclusiveofthosethatare closelyrelatedtotheCompany'snormalbusinessoperationsandgivenin accordancewithdefinedcriteriaandincompliancewithgovernmentpolicies, andhaveacontinuingimpactontheCompany'sprofitorloss)33,195,310.69　
Capitaloccupationchargesonnon-financialenterprisesthatarerecognizedin profitorloss76,502.91　
Non-operatingincomeandexpenseotherthantheabove-4,074,811.08　
Less:Incometaxeffects6,649,822.06　
Non-controllinginterestseffects(netoftax)256,554.69　
Total26,630,804.74--
Particularsaboutotheritemsthatmeetthedefinitionofnon-recurringgain/loss:?
□Applicable Notapplicable
NosuchcasesfortheReportingPeriod.
ExplanationofwhytheCompanyreclassifiesasrecurrentannon-recurringgain/lossitemlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-recurringGain/LossItems:
?
□Applicable Notapplicable
NosuchcasesfortheReportingPeriod.
(III)ChangesinKeyFinancialStatementItemsandReasons
?Applicable□Notapplicable
Unit:RMB

ItemQ12026Q12025(restated)ChangeofQ12026 onQ12025Mainreasonforthe change
　　　(restated)(%)　
Operatingrevenue22,838,024,164.2717,085,765,657.9533.67%Theyear-on-year increaseswere primarilydrivenby lowerbasesinthe sameperiodoflast year.
Netprofitattributabletothe listedcompany’s shareholders8,062,764,940.784,416,313,048.4182.57%　
Netprofitattributabletothe listedcompany’s shareholdersbeforenon- recurringgainsandlosses8,036,134,136.044,417,458,056.5381.92%　
Basicearningspershare (RMB/share)2.07721.137882.56%　
Dilutedearningspershare (RMB/share)2.07721.137882.56%　
Netcashgenerated from/usedinoperating activities-2,535,371,232.0415,848,802,262.24-116.00%Alargervolumeof notesreceivedbythe Companyinthe ReportingPeriodin responsetomarket changesandahigher baseinthesame periodoflastyear
IIShareholderInformation
(I)NumbersofOrdinaryShareholdersandPreferenceShareholderswithResumedVotingRightsaswellasHoldingsofTop10Shareholders
Unit:share

Numberofordinaryshareholdersattheperiod-end676,701Numberofpreferenceshareholderswithresumed votingrightsattheperiod-end(ifany)0　　　
Top10shareholders(exclusiveofshareslentinrefinancing)　　　　　　
NameofshareholderNatureof sharehold erSharehold ing percentag e(%)TotalsharesheldRestricted sharesheldSharesin pledge,marked orfrozen　
　　　　　StatusShares
YibinDevelopmentHoldingGroupCo., Ltd.State- owned corporatio n34.43%1,336,548,020　　　
SichuanYibinWuliangyeGroupCo.,Ltd.State- owned corporatio n20.65%801,503,277　　　
ChinaSecuritiesFinanceCorporation LimitedOther2.25%87,164,419　　　
HongKongSecuritiesClearingCompany LimitedOverseas corporatio n2.10%81,576,415　　　
BankofChinaLimited－China MerchantsChinaSecuritiesBaijiuIndex ClassificationSecuritiesInvestmentFundOther1.62%62,848,970　　　
CentralHuijinAssetManagementCo., Ltd.State- owned corporatio n1.01%39,325,400　　　
ChinaConstructionBankCorporation－ Penghua ChinaSecuritiesLiquor Exchange-tradedOpen-endedIndex SecuritiesInvestmentFundOther0.67%26,159,968　　　
BankofChinaLimited－EFundBlue ChipSelectedMixedSecurities InvestmentFundOther0.66%25,680,000　　　
RuiLifeInsuranceCo.,Ltd.－OwnFundsOther0.57%21,963,862　　　
ChinaLifeInsuranceCompanyLimited– Traditional–OrdinaryInsuranceProduct –005L–CT001ShanghaiOther0.51%19,821,591　　　
Top10unrestrictedshareholders(exclusiveofshareslentinrefinancingandlocked-upsharesofseniormanagement)　　　　　　
NameofshareholderUnrestricted sharesheldSharesbyclass　　　　
　　ClassShares　　　
YibinDevelopmentHoldingGroupCo.,Ltd.1,336,548,020RMB- denominated ordinaryshares1,336,548,020　　　
SichuanYibinWuliangyeGroupCo.,Ltd.801,503,277RMB- denominated ordinaryshares801,503,277　　　
ChinaSecuritiesFinanceCorporationLimited87,164,419RMB- denominated ordinaryshares87,164,419　　　
HongKongSecuritiesClearingCompanyLimited81,576,415RMB- denominated ordinaryshares81,576,415　　　
BankofChinaLimited－ChinaMerchantsChinaSecuritiesBaijiu IndexClassificationSecuritiesInvestmentFund62,848,970RMB- denominated ordinaryshares62,848,970　　　
CentralHuijinAssetManagementCo.,Ltd.39,325,400RMB- denominated ordinaryshares39,325,400　　　
ChinaConstructionBankCorporation－Penghua ChinaSecurities LiquorExchange-tradedOpen-endedIndexSecuritiesInvestment Fund26,159,968RMB- denominated ordinaryshares26,159,968　　　
BankofChinaLimited－EFundBlueChipSelectedMixed SecuritiesInvestmentFund25,680,000RMB- denominated ordinaryshares25,680,000　　　
RuiLifeInsuranceCo.,Ltd.－OwnFunds21,963,862RMB- denominated ordinaryshares21,963,862　　　
ChinaLifeInsuranceCompanyLimited–Traditional–Ordinary InsuranceProduct–005L–CT001Shanghai19,821,591RMB- denominated ordinaryshares19,821,591　　　
Relatedoracting-in-concertpartiesamongtheshareholdersaboveAmongthetop10shareholders,SichuanYibin WuliangyeGroupCo.,Ltd.isawholly-ownedsubsidiary ofYibinDevelopmentHoldingGroupCo.,Ltd.Andthe Companyisnotawareofanyrelatedoracting-in-concert partiesamongtheotherpublicshareholders.　　　　　
Top10shareholdersinvolvedinsecuritiesmargintrading(ifany)None　　　　　
5%orgreatershareholders,top10shareholdersandtop10unrestrictedpublicshareholdersinvolvedinrefinancingshareslending:
□Applicable?Notapplicable
refinancingcomparedwiththepriorperiod:
□Applicable?Notapplicable
(II)NumberofPreferenceShareholdersandShareholdingsofTop10ofThem□Applicable?Notapplicable
IIIOtherSignificantEvents
□Applicable?Notapplicable
IVQuarterlyFinancialStatements
(I)FinancialStatements
1.ConsolidatedBalanceSheet
PreparedbyWuliangyeYibinCo.,Ltd. March31,2026 Unit:RMB

ItemMarch31,2026January1,2026
Currentassets:　　
Monetaryassets124,259,000,313.65127,014,443,016.86
Settlementreserve　　
Loanstootherbanksandfinancialinstitutions　　
Held-for-tradingfinancialassets　　
Derivativefinancialassets　　
Notesreceivable11,163,679.304,841,437.44
Accountsreceivable186,892,598.9137,745,419.51
Receivablesfinancing20,705,725,822.879,401,640,775.74
Prepayments311,612,649.45194,996,398.52
Premiumsreceivable　　
Reinsurancereceivables　　
Receivablereinsurancecontractreserve　　
Otherreceivables72,306,351.6164,356,368.30
Ofwhich:Interestreceivable　　
Dividendsreceivable　　
Financialassetspurchasedunderresaleagreements　　
Inventories20,139,576,875.0420,065,336,751.20
Ofwhich:Dataresources　　
Contractassets　　
Assetsheldforsale　　
Currentportionofnon-currentassets　　
Othercurrentassets7,476,057,642.427,968,202,942.10
Totalcurrentassets173,162,335,933.25164,751,563,109.67
Non-currentassets:　　
Loansandadvancestocustomers　　
Debtinvestments　　
Otherdebtinvestments　　
Long-termreceivables　　
Long-termequityinvestments2,229,514,411.452,233,514,411.45
Otherequityinvestments　　
Othernon-currentfinancialassets1,200,000.001,200,000.00
Investmentproperty　　
Fixedassets7,537,530,852.607,641,231,013.35
Constructioninprogress7,406,318,918.737,034,061,137.40
Productivelivingassets　　
Oilandgasassets　　
Right-of-useassets411,709,605.10406,402,594.29
Intangibleassets2,639,071,715.332,674,326,878.83
Ofwhich:Dataresources　　
Developmentcosts　　
Ofwhich:Dataresources　　
Goodwill1,621,619.531,621,619.53
Long-termprepaidexpense110,295,129.91121,712,293.75
Deferredincometaxassets4,858,654,950.534,813,123,125.48
Othernon-currentassets279,920,075.99305,514,631.72
Totalnon-currentassets25,475,837,279.1725,232,707,705.80
Totalassets198,638,173,212.42189,984,270,815.47
Currentliabilities:　　
Short-termborrowings　　
Borrowingsfromthecentralbank　　
Loansfromotherbanksandfinancialinstitutions　　
Held-for-tradingfinancialliabilities　　
Derivativefinancialliabilities　　
Notespayable1,532,268,845.901,352,014,535.90
Accountspayable8,367,920,076.568,534,820,869.28
Advancesfromcustomers8,424,935.5513,915,018.07
Contractliabilities14,138,270,216.0213,459,591,156.56
Financialassetssoldunderrepurchaseagreements　　
Customerdepositsanddepositsfromotherbanks andfinancialinstitutions　　
Payablesforactingtradingofsecurities　　
Payablesforunderwritingofsecurities　　
Employeebenefitspayable3,633,489,040.224,319,426,136.50
Taxesandleviespayable2,808,794,666.202,093,071,546.91
Otherpayables10,540,459,907.8410,185,754,419.34
Ofwhich:Interestpayable　　
Dividendspayable5,565,976,643.615,565,976,643.61
Feesandcommissionspayable　　
Reinsurancepayables　　
Liabilitiesdirectlyassociatedwithassetsheldfor sale　　
Currentportionofnon-currentliabilities338,919,955.01364,149,470.84
Othercurrentliabilities26,284,586,900.3527,029,072,199.84
Totalcurrentliabilities67,653,134,543.6567,351,815,353.24
Non-currentliabilities:　　
Insurancecontractreserve　　
Long-termborrowings　　
Bondspayable　　
Ofwhich:Preferenceshares　　
Perpetualbonds　　
Leaseliabilities102,184,957.3744,381,182.44
Long-termpayables　　
Long-termemployeebenefitspayable　　
Provisions　　
Deferredincome311,301,798.28307,239,518.79
Deferredincometaxliabilities92,707,899.25100,151,115.86
Othernon-currentliabilities　　
Totalnon-currentliabilities506,194,654.90451,771,817.09
Totalliabilities68,159,329,198.5567,803,587,170.33
Owners’equity:　　
Sharecapital3,881,608,005.003,881,608,005.00
Otherequityinstruments　　
Ofwhich:Preferenceshares　　
Perpetualbonds　　
Capitalreserves2,684,615,931.262,682,980,307.40
Less:Treasuryshares　　
Othercomprehensiveincome　　
Specificreserve　　
Surplusreserves42,948,822,868.2542,948,822,868.25
Generalreserve　　
Retainedearnings78,481,624,995.1270,418,860,054.34
Totalequityattributabletoownersoftheparentcompany127,996,671,799.63119,932,271,234.99
Non-controllinginterests2,482,172,214.242,248,412,410.15
Totalowners’equity130,478,844,013.87122,180,683,645.14
Totalliabilitiesandowners’equity198,638,173,212.42189,984,270,815.47
Legalrepresentative:HuaTao(acting) ChiefFinancialOfficer:ZhangXin Headoftheaccountingdepartment:LiuMin
2.ConsolidatedIncomeStatement
Unit:RMB

ItemQ12026Q12025
ITotalrevenues22,838,024,164.2717,085,765,657.95
Ofwhich:Operatingrevenue22,838,024,164.2717,085,765,657.95
Interestincome　　
Insurancepremiumincome　　
Feeandcommissionincome　　
IITotalcostsandexpenses12,220,848,061.5810,963,023,364.44
Ofwhich:Costofsales4,240,019,547.183,575,965,782.65
Interestcosts　　
Feeandcommissioncosts　　
Surrenders　　
Netinsuranceclaimspaid　　
Netaccrualofinsuranceliabilityreserves　　
Expenditureonpolicydividends　　
Reinsurancepremiumexpense　　
Taxesandlevies3,728,608,895.165,405,179,903.22
Sellingexpense3,670,356,443.991,494,238,861.87
Administrativeexpense994,431,022.431,044,414,757.19
R&Dexpense121,059,517.95101,894,061.27
Financecosts-533,627,365.13-658,670,001.76
Ofwhich:Interestexpense3,241,983.245,872,950.39
Interestincome537,133,453.15665,219,912.83
Add:Otherincome43,026,082.3117,819,866.76
Returnoninvestment(“－”forloss)　　
Ofwhich:Shareofprofitorlossofjointventuresand associates　　
Incomefromthederecognitionoffinancial assetsatamortizedcost　　
Exchangegain(“－”forloss)　　
Netgainonexposurehedges(“－”forloss)　　
Gainonchangesinfairvalue(“－”forloss)　　
Creditimpairmentloss(“－”forloss)　　
Assetimpairmentloss(“ ”forloss) －　2,056,185.03
Assetdisposalincome(“－”forloss)262,253.988,306,654.82
IIIOperatingprofit(“－”forloss)10,660,464,438.986,150,925,000.12
Add:Non-operatingincome13,530,869.2811,133,134.75
Less:Non-operatingexpense13,527,755.3726,079,446.39
IVGrossprofit(“－”forgrossloss)10,660,467,552.896,135,978,688.48
Less:Incometaxexpense2,336,687,184.161,489,273,953.16
VNetprofit(“－”fornetloss)8,323,780,368.734,646,704,735.32
i.Byoperatingcontinuity　　
1.Netprofitfromcontinuingoperations(“－”fornetloss)8,323,780,368.734,646,704,735.32
2.Netprofitfromdiscontinuedoperations(“－”fornetloss)　　
ii.Byownership　　
1.Netprofitattributabletoownersoftheparentcompany8,062,764,940.784,416,313,048.41
2.Netprofitattributabletonon-controllinginterests261,015,427.95230,391,686.91
VIOthercomprehensiveincome,netoftax　　
Othercomprehensiveincome,netoftaxattributabletoownersof theparentcompany　　
i.Othercomprehensiveincomethatwillnotbereclassifiedto profitorloss　　
1.Changescausedbyremeasurementsondefinedbenefit schemes　　
2.Othercomprehensiveincomethatwillnotbereclassifiedto profitorlossundertheequitymethod　　
3.Changesinthefairvalueofotherequityinvestments　　
4.Changesinthefairvaluearisingfromchangesinown creditrisk　　
5.Other　　
ii.Othercomprehensiveincomethatwillbereclassifiedto profitorloss　　
1.Othercomprehensiveincomethatwillbereclassifiedto profitorlossundertheequitymethod　　
2.Changesinthefairvalueofotherdebtinvestments　　
3.Othercomprehensiveincomearisingfromthe reclassificationoffinancialassets　　
4.Creditimpairmentallowancesforotherdebtinvestments　　
5.Reserveforcashflowhedges　　
6.Differencesarisingfromthetranslationofforeigncurrency- denominatedfinancialstatements　　
7.Other　　
Othercomprehensiveincome,netoftaxattributabletonon- controllinginterests　　
VIITotalcomprehensiveincome8,323,780,368.734,646,704,735.32
Totalcomprehensiveincomeattributabletoownersofthe parentcompany8,062,764,940.784,416,313,048.41
Totalcomprehensiveincomeattributabletonon-controlling interests261,015,427.95230,391,686.91
VIIIEarningspershare:　　
i.Basicearningspershare2.07721.1378
ii.Dilutedearningspershare2.07721.1378
Legalrepresentative:HuaTao(acting) ChiefFinancialOfficer:ZhangXin Headoftheaccountingdepartment:LiuMin
3.ConsolidatedCashFlowStatement

ItemQ12026Q12025
ICashflowsfromoperatingactivities:　　
Proceedsfromsaleofgoodsandrenderingofservices13,311,265,445.2938,234,128,546.72
Netincreaseincustomerdepositsanddepositsfromother banksandfinancialinstitutions　　
Netincreaseinborrowingsfromthecentralbank　　
Netincreaseinloansfromotherfinancialinstitutions　　
Premiumsreceivedonoriginalinsurancecontracts　　
Netproceedsfromreinsurance　　
Netincreaseindepositsandinvestmentsofpolicyholders　　
Interest,feesandcommissionsreceived　　
Netincreaseinloansfromotherbanksandfinancial institutions　　
Netincreaseinproceedsfromrepurchasetransactions　　
Netproceedsfromactingtradingofsecurities　　
Taxandlevyrebates　　
Cashgeneratedfromotheroperatingactivities497,184,787.44469,059,184.72
Subtotalofcashgeneratedfromoperatingactivities13,808,450,232.7338,703,187,731.44
Paymentsforgoodsandservices3,471,591,309.183,815,328,384.40
Netincreaseinloansandadvancestocustomers　　
Netincreaseindepositsinthecentralbankandotherbanks andfinancialinstitutions　　
Paymentsforclaimsonoriginalinsurancecontracts　　
Netincreaseinloanstootherbanksandfinancial institutions　　
Interest,feesandcommissionspaid　　
Policydividendspaid　　
Cashpaidtoandforemployees3,177,268,397.033,351,345,082.62
Taxesandleviespaid7,395,183,760.7213,563,879,816.10
Cashusedinotheroperatingactivities2,299,777,997.842,123,832,186.08
Subtotalofcashusedinoperatingactivities16,343,821,464.7722,854,385,469.20
Netcashgeneratedfrom/usedinoperatingactivities-2,535,371,232.0415,848,802,262.24
IICashflowsfrominvestingactivities:　　
Proceedsfromthedisposalofinvestments　　
Returnoninvestment4,000,000.00　
Netproceedsfromthedisposaloffixedassets,intangible assetsandotherlong-termassets16,616,830.3422,447,707.43
Netproceedsfromthedisposalofsubsidiariesandother businessunits　　
Cashgeneratedfromotherinvestingactivities　　
Subtotalofcashgeneratedfrominvestingactivities20,616,830.3422,447,707.43
Paymentsfortheacquisitionandconstructionoffixed assets,intangibleassetsandotherlong-termassets346,443,644.15428,957,997.08
Paymentsfortheacquisitionofinvestments37,620,000.0040,000,000.00
Netincreaseinpledgeloans　　
Netpaymentsfortheacquisitionofsubsidiariesandother businessunits　　
Cashusedinotherinvestingactivities　　
Subtotalofcashusedininvestingactivities384,063,644.15468,957,997.08
Netcashgeneratedfrom/usedininvestingactivities-363,446,813.81-446,510,289.65
IIICashflowsfromfinancingactivities:　　
Capitalcontributionsreceived12,000,000.00　
Ofwhich:Capitalcontributionsreceivedbysubsidiaries fromnon-controllinginterests12,000,000.00　
Borrowingsreceived　　
Cashgeneratedfromotherfinancingactivities　　
Subtotalofcashgeneratedfromfinancingactivities12,000,000.00　
Repaymentofborrowings　　
Interestanddividendspaid　4,507,561,967.32
Ofwhich:Dividendspaidbysubsidiariestonon-controlling interests　　
Cashusedinotherfinancingactivities70,696,910.56104,356,504.37
Subtotalofcashusedinfinancingactivities70,696,910.564,611,918,471.69
Netcashgeneratedfrom/usedinfinancingactivities-58,696,910.56-4,611,918,471.69
IVEffectofforeignexchangeratechangesoncashandcash equivalents　　
VNetincreaseincashandcashequivalents-2,957,514,956.4110,790,373,500.90
Add:Cashandcashequivalents,beginningoftheperiod124,114,690,633.67124,771,274,417.68
VICashandcashequivalents,endoftheperiod121,157,175,677.26135,561,647,918.58
(II)AdjustmentstoFinancialStatementItemsattheBeginningoftheYearoftheFirstImplementationoftheNewAccountingStandardsImplementedsince2026□Applicable?Notapplicable（未完）
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