2025年年度报告（英文版）

1Jiangsu Yanghe Distillery Co., Ltd.2025 Annual ReportApril 20262Section I Important Statements, Contents and DefinitionsThe board of directors and the directors, senior management of Jiangsu Yanghe Distillery Co., Ltd. (hereinafterreferred to as the Company) hereby guarantee that the information presented in this report is free of any falserecords, misleading statements or material omissions, and shall individually and together be legally liable fortruthfulness, accuracy and completeness of its contents.Mr. Gu Yu, the responsible person for the Company, Mr. Yin Qiuming, the responsible person for accountingaffairs and Mr. Zhao Guansheng, the responsible person for accounting department (the accounting supervisor)have warranted that the financial statements in this report are true, accurate and complete.All directors attended the board meeting in person to review this annual report.The future plans and other forward-looking statements mentioned in this annual report, due to their inherentuncertainties, shall not be regarded as substantive commitments of the Company to investors. Investors and peopleconcerned should maintain adequate risk awareness and understand the difference between plans, predictions andpromises. Investors are kindly reminded to pay attention to possible investment risks.In the annual report, the possible risks in the operation of the Company are described in detail (see 11. Outlook forthe Future Development of the Company in Section III Management Discussion and Analysis). Investors arekindly reminded to pay attention to relevant content.The profit distribution plan approved by the board of directors: based on the Company's total share capital of1,506,445,074 shares, a cash dividend of CNY 14.70 (tax inclusive) will be distributed for every 10 existingshares held, 0 shares of bonus shares (tax inclusive), and reserves would not be converted into share capital.The Company's Chinese 2025 Annual Report was publicly disclosed on the Shenzhen Stock Exchange andwww.cninfo.com.cn on 28 April 2026. If there are any differences between the English version and the Chineseone, please refer to the latter.3ContentsSection I Important Statements, Contents and Definitions............................................2Section II Company Profile and Key Financial Results................................................ 6Section Ⅲ Management Discussion and Analysis..................................................... 10Section IV Corporate Governance, Environment and Social Responsibility..............34Section V Significant Events........................................................................................59Section VI Changes in Shares and Information about Shareholders...........................70Section VII Information about Bonds..........................................................................78Section VIII Financial Report...................................................................................... 794Document Ca