Luzhou Laojiao (000568) Q1 2026 earnings summary

Executive summary

• Q1 2026 operating revenue was CNY 8.03 billion, down 14.19% year-over-year, with net profit attributable to shareholders at CNY 3.71 billion, down 19.25% year-over-year.

• Net cash flows from operating activities increased 37.35% year-over-year to CNY 4.54 billion.

• Total assets rose to CNY 66.17 billion as of March 31, 2026, up 2.12% from December 31, 2025.

Financial highlights

• Basic and diluted EPS were CNY 2.52, down 19.49% year-over-year.

• Weighted average ROE was 7.32% for Q1 2026.

• Net assets attributable to shareholders increased 3.65% to CNY 51.60 billion.

• Non-recurring gains and losses totaled CNY 24.88 million, mainly from government grants and fair value changes.

Outlook and guidance

• Increased receivables from overseas baijiu sales and higher prepayments for advertising signal ongoing investment in growth and marketing.