CONTENTS

Address from the Chairman of the Board

About this Report 06

Enterprise Honors 07

About Moutai 08

Group Profile 08
Corporate Culture 09
Organizational Structure 10
Development Goal 11

Responsibility Management 12

Responsibility Governance 12
Responsibility Capacity 13
Responsibility Communication 14
ESG Development 15
Honors on Social Responsibility 15

Annual Responsibility Fulfillment Highlights of 2024 16

Special Feature 20

Dedication to Excellence Through Meticulous Craftsmanship, Honor to Artisans for Enduring Legacy

24
Harmony with Nature - Cultivating Great Endeavors Following the Rhythm of Seasons Crafting Premium Baijiu: Quality as the Core 27 Upholding Tradition While Innovating: 30 Technology-Driven Empowerment
Ecology-First Approach: Green and Low- 35 Carbon Development
Strengthening Safeguards: Ensuring Safety 44 and Security

48 Respect for People - Unity and Collaboration for a Win-win Outcome

Committed Hospitality: Exceptional 51 Customer Service

Diversity and Inclusion: Competitive 56 Cooperation and Symbiotic Growth

Accountability Chain: Standardized 59 Marketing Practices

People-Oriented Culture: Employee Care 6 and Development

74

Embracing Wisdom - Ethical Business Practices Adhering to Regulations

Party Leadership as the Guide: Sustaining 77 the Inheritance
Reform-Driven Empowerment: Strategic 84 Long-Term Planning
Excellent Governance:Compliance-Driven 88 Operations
Brand Building: Cultural Inheritance and 93 Innovation
98
Noble Virtue: Cultivating Prosperity
to Benefit All Rural Development Focus: Supporting 101 Rural Revitalization
Local Empowerment: Regional 107 Collaboration and Development
Philanthropic Engagement: Shouldering 110 Social Responsibilities
Collective Goodwill: Shared Responsibility 116 and Synergy

Prospects for Sustainable 126 Development

Appendix 128

Key Performance Metrics 128
Indicator Index 130
Rating Report 132
Feedback 133

Address from the Chairman of the Board

Zhang Deqin

Secretary of the Party Committee and Chairman of China Kweichow Moutai Distillery (Group) Co., Ltd.

Time Honors the Dreamers, and the Future Rewards the Diligent. 2024 is the 75th anniversary of the founding of the People's Republic of China (PRC) and a pivotal year for fulfilling the goals of China's 14th Five-Year Plan., This year saw Moutai Group stepping up to fulfill its social responsibilities while advancing steadfastly toward high-quality, sustainable development. We have deeply studied and earnestly applied Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implemented the spirit of the 20th National Congress of the Communist Party of China and its Second and Third Plenary Sessions, fully executed General Secretary Xi Jinping's important instructions during his inspection of Guizhou, and resolutely followed the decisions and deployments of the provincial Party committee and government. Anchored in the principles of "Stability as the Foundation, Health as the Priority, and Sustainability as the Direction", we made comprehensive strides in ensuring superior production quality, driving digital transformation, fostering green development, fulfilling brand responsibilities, and cultivating talent, propelling ourselves forward with unwavering momentum.

Upholding Quality as the Core, Strengthening Brand Foundations. Quality remained the bedrock of Moutai's enduring brand reputation in 2024. We enforced total quality management, continuously upgraded quality control capabilities, and reinforced cultural alignment with quality through a matrix-style quality management system, ensuring strict oversight across the entire industrial chain, all operational scenarios, and the full product life-cycle. This steadfast commitment solidified Moutai's brand foundations. We meticulously expanded premium red tassel sorghum cultivation bases to guarantee stable, high-quality raw materials for brewing, deepening our belief that "Quality is the Soul of Life". To meet evolving market and consumer demands, we made several breakthroughs including upgrading the Baijiu body of Moutai 1935 collection, launching San Hua Fei Tian(Flying Apsaras with Scattered Flowers) collection merging Dunhuang Flying Apsaras culture with Moutai culture, and releasing the Guizhou Moutai (Jiachen Dragon Year) Zodiac collection. These initiatives have deepened consumer engagement with Moutai's brand culture, significantly expanded its product matrix, and further enhanced brand influence and reputation.

Cultivating Green Development, Actively Contributing to Society. This year, we proactively practiced the green development philosophy, integrating it deeply into our business operation. We meticulously established a three-tier management structure, defined sustainable development strategic objectives and quantifiable targets, to enhance managerial efficiency. In environmental conservation, we built a "One Base, One Benchmark" ecological framework and fostered a "water-soil-air-microorganism" ecological system of harmonious coexistence, adhering to the philosophy of "Harmony Between Man and Nature". This effort formed Moutai's green development strategic framework, across which we advanced initiatives in multiple areas, earning provincial and national "Green Factory" certifications. In social impact, committed to "Value Sharing", we actively enhanced educational philanthropy programs and engaged in the rural revitalization initiative. In 2024, Moutai Group gathered extensive efforts and worked closely with its partners to deeply engage in the field of public welfare and charity. Through the platform of the Kweichow Moutai Charity Foundation, partners donated more than 50 million yuan, and directly donated 261 million yuan to various regions for public welfare projects. Over 3 million people benefited from these initiatives. In enterprise governance, guided by "Innovation Within Tradition", we advanced reforms, adopted cutting-edge management models, and refined corporate systems. The publication of Moutai Jiuzhang (Code of Conduct) provided a guiding framework for actions and ethics, deepening our cultural foundation. Meanwhile, this combined with innovation-driven strategies, secured us the EFQM Global Award (Seven Diamonds) and Outstanding Achievement for an Inspiring Culture.

Shouldering the Mission of Our Era, Spreading Chinese Culture. This year, we steadfastly pursued the path of "Brand-Driven Prosperity, Brand-Driven National Strength", endeavoring to tell China's story in the new era. We actively participated in high-profile global platforms such as the World Economic Forum Annual Meeting in Davos, the Moganshan World Brand Conference, the People's Daily Belt and Road Media Cooperation Forum, the CCTV ESG Gala, and United Nations Climate Change Conference, sharing valuable experiences and successful practices in green development, brand building, and sustainable development. Additionally, we launched intensive overseas campaigns across multiple countries and regions, exploring innovative approaches to brand communication and achieving significant brand value growth.

These initiatives not only elevated Moutai's global influence but showcased Chinese enterprises' commitment to responsibility and cultural appeal. By fostering cross-cultural exchanges and mutual learning, we contributed to enhancing China's cultural soft power and promoting the global spread of Chinese culture.

Steady Progress Amid Heavy Responsibilities, Success Born from Perseverance. 2025 will mark the concluding year of China's 14th Five-Year Plan (2021-2025) and a pivotal period for deepening reforms across all fronts. It is also designated as Moutai's "Year of Strengthening Foundations and Consolidating Fundamentals". Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Moutai Group will align closely with national strategies and industry trends, and steadfastly uphold the philosophy of high-quality development. Adhering to its corporate values of "Harmony with Nature, Respect for People, Embracing Wisdom, and Noble Virtue", the Group will consolidate its core position in the Baijiu industry while advancing integrated development of Baijiu-tourism healthcare and industrial chain finance. By strengthening its foundations and overcoming challenges, Moutai aims to secure a successful conclusion to the 14th Five-Year Plan and drive stable, healthy, and sustainable growth. This will contribute to building a vibrant Guizhou characterized by economic prosperity, people's well-being, and ecological beauty, and composing Guizhou's chapter in the narrative of Chinese-style modernization.

About this Report

Statement

On principles of authenticity, objectiveness and full disclosure, this Report discloses the economic, social and environmental performances in our business operations in response to the concerns of the interested parties.

Organization Scope

Unless otherwise specified, the organization scope of this Report includes China Kweichow Moutai (Group) Distillery Co., Ltd. (including its subsidiaries) and its controlled and wholly-owned subsidiaries.

For facilitating expression and reading, China Kweichow Moutai (Group) Distillery Co., Ltd." is represented by "Moutai Group", "the Group", "the Company" or "We/Us"; and the Kweichow Moutai Co., Ltd. under the Group is represented by "Kweichow Moutai" or "the Stock Company".

Timeframe

This Report covers the period from January 1st to December 31st, 2024, with part of it falling outside of the period. In accordance with the production cycle and process requirements of the products, part of the production data shall be calculated according to the production year (from October 1st of the current year to September 30th of the next year).

Publication interval

The Company has hitherto delivered 17 corporate social responsibility reports since its report in 2009.

Declaration

All information and data cited in this Report are objective and authentic. Financial figures herein are denominated in RMB, unless otherwise specified.

Languages

This Report is available in simplified Chinese and English. In case of inconsistency of the contents, the simplified Chinese version shall prevail.

Reference Standards

This Report is drafted by reference to the United Nations Sustainable Development Goals (SDGs), Sustainability Reporting Standards by Global Reporting Initiative (GRI Standards), Guiding Opinions on State-owned Enterprises to Better Perform Social Responsibility and Guiding Opinions on Central State-owned Enterprises to Fulfill Social Responsibilities with High Standards in the New Era by Stateowned Assets Supervision and Administration Commission of the State Council (SASAC), Chinese CSR Report Preparation Guide (CASS-CSR4.0) and Chinese CSR Report Preparation Guide (CASS-ESG5.0) by Chinese Academy of Social Sciences among other standards and initiatives.

Access

This Report is released in both print and electronic editions. To minimize the environmental impact of printing, we recommend you download an electronic edition of this Report from the following website:

Website of Moutai Group: https://www.moutai.com.cn/

Enterprise Honors

About Moutai

Group Profile

Moutai Group is headquartered in Maotai, a town next to the beautiful Chishui River in northern Guizhou Province, with an area of 15.03 square kilometers and more than 43,000 employees.

Centering around its main businesses ---"liquor making and sales(strengthening the industrial chain), upstream and downstream extensions of the liquor industry chain (expanding the chain), and production-related services within the liquor industry chain (filling gaps in the chain), liquor-tourism healthcare industry as well as industrial chain finance", Moutai Group has 36 wholly-owned, holding and secondary joint-stock companies, with Kweichow Moutai Co., Ltd. as the core subsidiary, involving in Baijiu, healthcare liquor, wine, securities, insurance, banking, culture & tourism, education, real estate, ecological agriculture and upstream and downstream sectors in the Baijiu industry. The core product --- Kweichow Moutai ---- is China's first and most distinctive Daqu Moutai-flavor Baijiu. Sourced from a core production area of 1 5 . 0 3 \mathsf { s q k m } , the Baijiu is an organic, and national protected product of geographic indication, as well as the masterpieces of intangible cultural heritage, which has been a card of bouquet for the traditional Chinese brand to the world. In 2024, Moutai Group achieved an operating revenue of RMB 187.22 billion, a total profit of RMB 122.004 billion, and paid a total tax amount of RMB 79.901 billion and its total assets reached RMB 413.5 billion.

Moutai Group will vigorously put into practice the new development concept and play an active part in the new development pattern with a view of "enchanting the world with Moutai, letting its fragrance transcend borders" and the principle of "quality being the soul of life". We will accelerate the construction of an internationally recognized enterprise with a modernized management mechanism and are committed to making the Moutai Group more market-oriented, law-oriented, professionalized, digitalized, green and internationalized. With integrity, innovation and perseverance, we will usher the Moutai Group into a new chapter of the high-quality development and modernization with our intense passion and utmost endeavors!

Corporate Culture

Development Goal

Moutai Group insists on advancing "Four Modernizations (modernization of industry; modernization of agriculture; modernization of national defense; and modernization of science and technology)" by leveraging "Four News (new ideology, new culture, new customs, and new habits)". It strives to build a system of five major modernization initiatives and achieve the development goal of "double first-class, three breakthroughs, and five leaps", writing a new chapter of the high-quality development and modernization.

Development Goal of "double first-class, three breakthroughs, and five leaps"

"Double first-class"

Building Moutai into an international first-class enterprise and brand

Three Breakthroughs"

Achieving breakthroughs in operating revenue, total profit, and Baijiu production capacity of Moutai Group

"Five leaps"

Achieving new leaps in terms of quality management, corporate governance, brand culture, green development and scientific and technological innovation.

Responsibility Management

Moutai Group steadfastly embraces the philosophy of "Big Brands, Big Responsibilities", fully integrating this philosophy into our corporate strategy, major decisions, and cultural development, which is organically merged with our business operations and management. We persistently reinforce our social responsibility management, venture into innovative social responsibility practices, and enhance the efficiency of communication on social responsibility matters. We keep promoting ESG diligently, create economic, social and environmental values and strive to achieve the vision of "Building an international first-class enterprise and brand".

Responsibility Governance

The Company has been progressively refining a three-tiered Social Responsibility and ESG management system of "Decision-making, Management, Execution", with the Board of Directors serving as the ultimate decision-making body. An ESG Promotion Committee has been established to oversee and coordinate all ESG activities. Under this committee, three sub-committees focusing on environmental, social, and corporate governance have been set up to monitor key issues within their respective fields. Subordinated to these subcommittees, there is a committee office and seven specialized working groups dedicated to implementing ESG-related issues. All departments and affiliated enterprises of the Company carry out ESG-related issue management and practice according to business attributes and effectively integrate ESG management with the whole process of corporate operation.

Moutai Group ESG Governance Framework

Responsibility Capacity

Aligning with national strategic guidelines and adhering to mainstream domestic and international standards for Social Responsibility and ESG, the company has developed a systematic, scientific, and company-specific Social Responsibility and ESG indicator framework. This framework is structured around three dimensions: Environmental Responsibility, Social Responsibility, and Corporate Governance.
Indicator It consists of indicators of primary, secondary and tertiary levels, which accommodate both general
Framework. applicability and sector-specific industry characteristics. Simultaneously, by standardizing the specific measurement and assessment methods for the tertiary indicators, this indicator system serves as a solid basis for the Company to improve its Social Responsibility and ESG operational mechanisms and to conduct performance evaluations. Furthermore, it facilitates a cohesive and coordinated approach to Social Responsibility and ESG management across all subsidiaries, promoting vertical integration and horizontal collaboration in executing relative management efforts. The Company proactively engaged in the formulation of Social Responsibility and ESG standards, jointly drafting the Disclosure Guidelines for ESG in Chinese Alcoholic Beverage Enterprises. It also collaborated
Research with authoritative research institutions on research projects pertaining to the Group's Social Responsibility and ESG management system. Furthermore, the Company actively participated in research projects on
Project. social responsibility initiated by the State-owned Assets Supervision and Administration Commission (SASAC), with several cases being selected as representative examples in the Blue Book of State-Owned Capital and State-Owned Enterprises' Social Responsibility. The Company enthusiastically engaged in or organizes training programs on Social Responsibility and
Capability ESG, fostering stronger ties with external social responsibility research bodies and involving ourselves in
Enhancement. research projects related to social responsibility. The Company also encouraged its subsidiaries to develop social responsibility and ESG management and practices, progressively boosting the proficiency in our performance.

On December 5, 2024, the Second "ESG Role Model" Awards Ceremony hosted by China Media Group (CMG) was held in Beijing, where Kweichow Moutai was honored with the title of "China's ESG Role Model Enterprise".

On November 11, 2024, Moutai Group was invited to attend the "Side Event on Ecological Civilization and Beautiful China Practice" of the 29th United Nations Climate Change Conference, which was co-hosted by the Research Center for Xi Jinping Thought on Ecological Civilization and China News Service, and organized by the Policy Research Center for Environment and Economy of the Ministry of Ecology and Environment.

Responsibility Communication

The Company actively responded to the expectations and demands of the stakeholders and have established a diverse and effective network for communication. Notably, it has consecutively released our Corporate Social Responsibility reports for seventeen years. Through platforms such as the official website's ESG column, official microblogging accounts, and other digital media, the company promptly disclosed information on our latest CSR practices. Moreover, it employed mediums such as public service announcements, eco-friendly promotional videos, and CSR-focused documentaries to bridge the gap between Moutai Group and the general public. These media served as powerful tools for actively disseminating the corporate responsibility philosophy and the progress of the CSR practices, thereby shaping an image of a responsible enterprise.

ESG Development

The Company is proactive in steering its subsidiaries towards more responsible business operations, consistently strengthening our ESG management. It has made strides in the implementation of practices across risk management, compliance operations, anti-corruption measures, environmental protection, safety in the workplace, technology innovation, winwin partnerships, and community development, genuinely safeguarding stakeholders' rights and interests. The Company encouraged its listed subsidiary to engage in ESG disclosures, illustrating progress and outcomes in their commitments to environmental, social, and corporate governance responsibilities. Actively engaging in ESG communication and exchange events, the whole company jointly contributed to the construction of the ESG system.

Honors on Social Responsibility

Moutai Group retained its top position in the "Top 100 Pioneer Index (2024) of State-Owned Enterprises' Social Responsibility" released by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.

Moutai Group has been selected as one of the top ten cases in the State-owned Capital and State-owned Enterprises Social ResponsibilityBlueBo k(2024) issued by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.

《国资国企社会责任蓝皮书（2024）》十佳案例
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绿色纸旗科技能 守护春水河生 买业立企 构长运气 立主业创新动以清洁力量
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HBIS河钢 CICo V云南美 GDH海未来 关祥站入多村兴 宇化能公路模式 绿色能源产业引#者 珠三角配水工程
跑绿色发新赛道 产业程快助力共相 全心服务公众美好出行 云南省绿色能源产业集团 保障港湾大海区信水安全打造源利用新典范

Kweichow Moutai was honored with the title of "National Green Factory".

Kweichow Moutai has been listed in the "Top 100 China ESG Listed Companies Pioneer (2024)".

Annual Responsibility Fulfillment Highlights of 2024

Harmony with Nature - Cultivating Great Endeavors Following the Rhythm of Seasons

"Align with the virtue of Heaven and Earth, with the brightness of the sun and moon, and with the order of the four seasons." — The Book of Changes

On June 10, 2024 (Jiachen Year), the 8th annual Dragon Boat Festival "Respect for Sorghum" ceremony of the Moutai Group was officially held with the theme "Promoting Moutai Culture, Inheriting Moutai Craftmanship". This ceremony marked the start of a new round of qu-making production for Moutai liquor.

\bullet On October 11, 2024, the Moutai Liquor Festival in Jiachen year of Moutai Group, was officially held, with the theme of "Harmony with Nature, Respect for People, Embracing Wisdom, and Noble Virtue". The release of Moutai Jiuzhang(Code of Conduct) marked the official commencement of the new production cycle for Moutai liquor.

\bullet Upholding the philosophy that "quality is the soul of life", the Company has achieved full-process supervision and traceability from production to sales. In 2024, there were zero food safety incidents, and both the factory-qualified rate and product inspection-qualified rate reached 1 0 0 % .

\bullet The Company intensified core technology R&D efforts, launching 389 key scientific research projects in 2024, an 8 % increase compared to the previous year. It introduced 44 advanced technologies, and allocated 827 million yuan for annual R&D investment—a 1 3 % year-on-year increase.

\bullet The Company developed an integrated set of plans including "One Base, One Benchmark", "Two Mountains" base construction, and "Dual Carbon (Carbon Peak and Carbon Neutrality) initiatives", and established an Ecological and Environmental Protection Committee, allocating 1 . 5 % of annual revenue as a special fund for environmental protection.

{ \scriptsize { 1 } } The Company established a scientific water resource management system, strictly regulating the processes of water withdrawal and use to enhance water resource utilization efficiency, and achieved water savings of 400,000 cubic meters throughout the year.

The Company actively promoted clean production by upgrading the COD (Chemical Oxygen Demand) discharge standard from the industry's Level 3 { ( C O D ~ 5 0 ~ m g / L ) } to surface water Class IV standard (COD 3 0 ~ { m g / L } ) . As a result, COD emissions were reduced by 14,746 tons throughout the year, alleviating the environmental burden on the Chishui River ecosystem.

On November 11, 2024, the Company was invited to attend the "Side Event on Ecological Civilization and Beautiful China Practice" of the 29th United Nations Climate Change Conference. Together with representatives from governments and business communities across approximately 200 countries and regions, the Company shared its value conversion pathways of turning "lucid waters and lush mountains" into "invaluable assets"

{ \scriptsize { 1 } } Guizhou Zunyi Moutai Airport was honored as a two-star "Dual Carbon Airport" for the year 2024 by the China Civil Airports Association.

\bullet The Company organized 67 environmental protection themed activities, covering events such as tree planting during the Spring Festival, hazard inspection tours, and training sessions. These activities cumulatively attracted the participation of 7,206 employee articipations.

0 The Company invested a total of RMB 312 million yuan in safety production throughout the year, and organized over 70 safety production promotional events, with approximately 4,500 participants. Additionally, 5,910 various safety production training sessions were conducted, involving a total of 224,927 participants.

The Company continuously deepened the special safety production rectification campaign and comprehensively prevented and resolved all types of risks and hidden dangers; in 2024, it invested RMB 312 million for safety production.

{ \scriptsize { 1 } } The Company formulated the Winter-Spring Major Accident and Disaster Hazard Inspection and Rectification Special Action Work Plan to coordinate subsidiaries in conducting hazard inspections and rectifications across three areas: work safety, fire safety, and natural disaster prevention. Throughout the year, a total of 10,615 hazards were identified, with 10,608 resolved, leaving 7 unresolved, achieving a hazard rectification rate of 9 9 . 9 % .

{ \scriptsize { 1 } } The Comapny organized over 70 safety production promotional events throughout the year, attracting approximately 4,500 participants, conducted 5,910 safety production training sessions involving 224,927 participants, and organized 28 safety production warning education sessions to enhance risk awareness.

Respect for People - Unity and Collaboration for a Win-win Outcome

"Those who show respect to others will always be respected in return." — Mencius

0 In 2024, from "Heavenly Caves and Blessed Lands, The Intoxicating Beauty of Guizhou" to "Chinese Moutai, A Toast to the World – Flying to the Moon, Stars Illuminating Mountains and Seas," the Moutai Fan Carnival traveled to regions including Guizhou, Fujian, Shaanxi, Jiangxi, Heilongjiang, Xishuangbanna, and Sichuan. It promoted the innovative integration of Moutai culture with local cultures, leading the shift from "selling liquor to selling a lifestyle", and empowering fans to become ambassadors of Moutai culture.

{ \scriptsize { 1 } } The Company built a multi-channel, wide-coverage customer service system around product lines to ensure that customers can experience Moutai's high-quality service across all scenarios. In 2024, the customer complaint resolution rate of the subsidiaries reached a maximum of 1 0 0 % .

{ \scriptsize { 1 } } The Company actively safeguarded consumers' legitimate rights and interests, cooperated with law enforcement agencies to handle 3,359 cases of intellectual property infringement, and conducted 4,830 special operations.

0 The Company continuously promoted the improvement of industry standards and standardization efforts. During the year, it led the revision of 2 national standards, and participated in the formulation or revision of 8 national standards, as well as 16 industry, local, and group standards.

0 The Company proactively participated in high-level industry forums and diverse collaborative exchange activities. During the year, Kweichow Moutai was honored with the title of "China's ESG Role Model Enterprise".

{ \scriptsize { 1 } } The company's total procurement volume reached 29 billion yuan for the year, with both the "dynamic quantitative assessment rate of suppliers" and "quality control coverage rate" achieving 1 0 0 % . During the year, 19 training sessions were organized for suppliers on topics including Moutai standards and organic certification, covering over 900 participants. The Company evaluated a total of 1,490 suppliers, setting a record for the highest number in history, with a pass rate of 9 9 . 8 % and an excellence rate of 9 0 % .

The Company invested RMB 67.48 million yuan in employee training, accumulatively organizing over 16,000 training sessions across 2,472 programs. On average, each employee received 42 hours of training, with a total of 83,805 persontimes.

{ \scriptsize { 1 } } The Company continuously strengthened talent development through initiatives such as the "Chief Talent Program" -- one of the five key talent programs. With the help of the "Outstanding Youth Program" for young talent, 48 individuals received personalized development plans and established dedicated personnel files. Additionally, a total of 3,310 tasting talents born after 1995 were selected.

0 The Company deepened the implementation of four key projects including the "Building Nests to Attract Phoenixes" talent recruitment initiative, focusing on critical bottlenecks and priority areas essential for high-quality development. The Company successfully recruited 1 postdoctoral researcher, 7 doctoral graduates, and flexibly brought in 1 chief designer and 1 professor for its subordinate technology development company.

Embracing Wisdom - Ethical Business Practices Adhering to Regulations

"Learn extensively, inquire carefully, reflect seriously, discern clearly, and practice earnestly." The Doctrine of the Mean

{ \scriptsize { 1 } } The Company resolutely upheld the "Two Establishments" (the CPC Central Committee's establishment of Comrade Xi Jinping as the core of the Party and the whole Party, and the establishment of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guiding ideology), firmly implemented the "Two Upholds" (upholding the authority of the CPC Central Committee and its centralized and unified leadership), and steadfastly advanced high-quality Party building to lead and drive high-quality development.

* The Company promoted the creation of the "Five Wills (Wuxin) Party Building Brand", launched initiatives for "one organization, one brand" and "one Party branch, one distinctive feature", and continuously built a "1+N" brand matrix.

{ \scriptsize { 1 } } The Company revised and improved institutional frameworks such as the Responsibility List of the Implementation of the Comprehensive and Strict Governance of the Party and the Implementation Measures for Further Improving the Error Tolerance and Correction Mechanism and Motivating Officials to Take Responsibility and Act Proactively of Moutai Group, and strictly enforced the principal accountability for comprehensive and strict Party governance at all levels.

* The Company formulated and issued Moutai Group Implementation Plan for the Deepening and Enhancement Action of Reform (2023-2025) and the Moutai Group Key Points of Reform Work for 2024, systematically deploying 6 key areas and 80 reform tasks to comprehensively advance all aspects of deepening reform initiatives.

* The Company revised and improved multiple institutional documents, including the Rules of Procedure for the Board of Directors, List of Matters for Deliberation at the Party Committee, Board of Directors, and General Manager's Office Meetings, and Regulations on Authorization and Decision-Making by the Board of Directors, to further clarify the scope of board deliberations and define the authority boundaries between the chairman of the board and general manager.

* The Company implemented a series of system documents, including the Moutai Group Comprehensive Risk Management System Construction Plan, List of Control Matters for 22 Subsidiaries of Moutai Group, Comprehensive Risk and Compliance Management Measures. It also incorporated risk management into the assessment of functional departments, assessed and classified each of 157 tertiary risks individually during the year, and formulated Moutai Group Major Risk Response Plan for effective risk management.

{ \scriptsize { 1 } } The Company formulated Moutai Jiuzhang(Code of Conduct) and presented the cultural concept of "Let the world fall in love with Moutai, and let Moutai's fragrance spread globally." It also issued the Moutai Group Corporate Culture Implementation Plan, focusing on advancing the excavation, interpretation, advocacy, promotion, and practical application of Moutai culture.

{ \scriptsize { 1 } } The Company deeply integrated traditional Chinese culture into the essence of its products, and it has spent twelve years — from the 2014 Jiawu Year of Horse to the 2025 Yisi Year of Snake — in completing the collection of twelve zodiac-themed liquor editions. These limited-edition bottles combine the art of zodiac signs, the Five Elements (Wuxing), and traditional calligraphy and painting.

* The Company actively advocated the "Healthy and Responsible Drinking"‌ philosophy, and practiced responsible marketing by prohibiting improper promotion and conducting strict reviews on marketing slogans and advertisements, with a total of 1,888 reviews carried out for product development and brand promotion.

Noble Virtue: Cultivating Prosperity to Benefit All

"The earth is vast an d n urturing; the superior person c ultivates great virt—ueTthoecBaroroykaollftChinagnsg.e"s

On August 16, 2024, the Company held its Red Tassel Sorghum Harvest Festival at the Daping Organic Sorghum Base in Maopo Village, Changgang Town, Renhuai City, under the theme "Honoring Farmers through Harvest · Quality Standing the Test of Time". Together with guests, businesses, and local farmers, the Company celebrated the bountiful harvest, embodying Moutai's spirit of "revering, respecting and loving farmers" through concrete actions.

0 The Company, with the main IP of "China Moutai · Pillar of the Nation," focused on the themes of heaven, earth, people, and culture. The Company and its subsidiaries donated about RMB 127 million yuan into four major public welfare sectors including ecological protection, industrial development, livelihood improvement and education, and cultural preservation, and committed to deepening its contributions to public welfare and charitable causes.

0 The Company cultivated public welfare brands like "Moutai 1935·Great Traditional Chinese Medicine", "Moutai Prince · Bright Youth", "Han Jiang · Craftsmen Inheritance", "Guizhou Daqu · Every Drop with Love" and "Lai Mao ·Love & Growth", consistently striving to make the meaningful endeavor of public welfare more effective and better.

0 The Company cultivated public welfare brands like "Moutai 1935·Great Traditional Chinese Medicine", "Moutai Prince * * Bright Youth", "Han Jiang · Craftsmen Inheritance", "Guizhou Daqu · Every Drop with Love" and "Lai Mao ·Love & Growth", consistently striving to make the meaningful endeavor of public welfare more effective and better.

0 The Company invested over RMB 200 million yuan in rural revitalization assistance funds (including support for farmers growing crops used in liquor production), benefiting more than 120,000 farming households. The company also purchased agricultural products worth over RMB 37 million yuan and helped facilitate the sale of specialty agricultural products amounting to over RMB 3 million yuan.

* The Company is advancing the strategy of "industry supporting agriculture" by establishing organic sorghum bases and providing agricultural material support, thereby promoting agricultural development and helping farmers increase their incomes. Over time, the company has established sorghum bases for liquor production in areas like Renhuai. Currently, there are 1 million mu (approx. 66,667 hectares) of organically certified land, benefiting around 120,000 farming households. During the reporting period, Kweichow Moutai completed 614,600 mu (approx. 40,973 hectares) of organic sorghum planting area and established close contractual cooperation with 119,000 farming households.

* Committed to empowering local economies and promoting regional development, the Company has achieved notable results across multiple areas. The average employment placement rate for graduates of Moutai Institute is 9 6 . 1 5 % with over 5 0 % working in industries related to the liquor sector. Moutai Airport has cumulatively launched 37 operational routes, connecting to 42 cities. In the reporting year, the company paid a total of RMB 79.901 billion yuan in taxes.

{ \scriptsize { 1 } } Together with dealers and other partners, the Company facilitated donations exceeding RMB 50 million yuan through the Guizhou Moutai Public Welfare Foundation, and directly contributed 261 million yuan in charitable funds to various regions for public welfare causes. Through these concrete actions, the Company has actively advanced the delivery of social value, forming a nationwide chain of love and philanthropy that connects all corners of the country.

Special Feature: Dedication to Excellence Through Meticulous Craftsmanship, Honor to Artisans for Enduring Legacy

CASE Yang Jiang'ao: Cultivating Talent with Craftsmanship, Crafting Excellence Through Perseverance

In 1954, Moutai's "master-apprentice" tradition began—a legacy that continues to this day. In brewing workshop 24, Group 20, Yang Jiang'ao is a steadfast practitioner of this tradition. He led his apprentices in inspecting the heap fermentation process, combining hands-on guidance with moral instruction. Beyond teaching brewing techniques, he emphasizes character development. Under his meticulous guidance, his apprentice, Zhao Leilei, has grown from an ordinary employee to a group leader.

As a veteran Party member with nearly 20 years of party membership, Yang sets an example through his rigorous work ethic and relentless pursuit of perfection in craftsmanship. He demands meticulous operations from his group, fostering a highperforming team atmosphere. Under his leadership, the team consistently exceeds production targets year after year.

Recognized for his unwavering commitment to quality and exceptional group management, Yang has earned prestigious titles such as "Outstanding Communist Party Member" and "Moutai Craftsman". Committed to selfimprovement, he recently achieved the Senior Technician certification. Looking ahead, Yang remains confident, vowing to continue preserving Moutai's brewing techniques and contribute even more to the production of high-quality base liquor for the company.

Yang Jiang'ao demonstrates the technique of "Observing the Foam" during distilling the liquor.

Special Feature

Moutai Group upholds the craftsmanship spirit of meticulous craftsmanship, relentless pursuit of excellence, and dedication to perfection, adhering to the principle of crafting every bottle of Moutai liquor to the highest standard. To foster a culture of craftsmanship, the Group implemented the master craftsman-apprentice program, an eight-step craftsmanship methodology, the establishment of "Moutai Craftsmanship Day", and organized labor competitions. These efforts have cultivated a vibrant atmosphere where respect for craftsmen, care for their development, learning from their expertise, and aspiring to become master craftsmen are deeply ingrained.

In 1954, the Company launched the "Master-Apprentice Contract Campaign" across its entire factory, with experienced distillers enthusiastically participating. This initiative sparked a surge of enthusiasm for mentorship, fostering the tradition of "old mentoring new, passing down skills and support"—a cornerstone of Moutai's fine tradition. Today, over seven decades later, the master-apprentice tradition remains an important pathway of the Company's talent cultivation. It transcends mere skill transmission, embodying a cultural and spiritual legacy that bridges generations. In 2024, the 70th anniversary of the establishment of this tradition, countless vivid master-apprentice stories exemplify the craftsmanship and dedication of Moutai artisans, further solidifying the prevalence of the artisan spirit across the enterprise.

CASE Zou Lianghong: A Journey of Mentorship, Upholding the Pure Heart of Craftsmanship

In 1954, Moutai launched its "master-apprentice tradition", a legacy that Zou Lianghong has embodied throughout his career. Joining Moutai Group in 2000, he began in the Qu-making workshop before transitioning to the brewing workshop two years later. Initially unfamiliar with brewing techniques, Zou rapidly advanced under the guidance of Liu Qingxiang, driven by his diligent and eager-to-learn spirit. He rose from a brewing worker to group leader and eventually became a distiller.

As a mentor, Zou remains deeply grateful to his own teacher. He has since mentored five apprentices, embodying the "passing down skills and support" ethos. His first apprentice, Li Bo, now also holds the title of distiller. Beyond individual mentorship, Zou dedicates himself to nurturing every member of his group. Under his leadership, the group achieved notable results this year.

With unwavering dedication to the art of Moutai's brewing, Zou preserves the craftsman spirit and fosters a legacy of craftsmanship. His pure-hearted commitment to tradition ensures the enduring fragrance of Moutai liquor, bridging generations through shared passion and precision.

Zou Lianghong (middle) and his group members analyze the status of heap fermentation.

CASE Zhang Fuwei: Twenty-Four Years in Brewing, Embodies the Spirit of Craftsmanship

Since joining Moutai Group in 2000, Zhang Fuwei has dedicated twenty-four years to brewing, steadfastly upholding his original intention for craftsmanship. When he first entered Moutai, under the guidance of group leader Cai Fei, he diligently studied and humbly learned, transforming from a newcomer to a seasoned technical expert in the brewing field. Through relentless daily practice, he mastered complex techniques like the shangzeng (steaming and distillation) process, building a solid foundation of professional skills.

As a distiller, Zhang Fuwei maintains rigorous attention to detail. In Brewing Workshop 29, he leads his group in strictly adhering to brewing processes, meticulously executing each step while adjusting operations based on environmental conditions and experience to maximize both output and quality. In group management, his group consistently delivers exceptional results in quality of product, repeatedly exceeding production targets. In 2023, his group's sauce-flavor liquor production ranked first among 760 groups across the company. This outstanding performance earned him the title of "Jiang Wang" (King of Sauce-flavor Liquor) and secured multiple honors for both the group and himself.

Beyond technical expertise, Zhang actively participates in Moutai's master-apprentice activities, proactively sharing his technical knowledge and professional ethics to advance the inheritance of brewing craftsmanship. Through his actions, he embodies a deep love and dedication to the brewing craft, achieving extraordinary accomplishments in an ordinary position. His unwavering pursuit of perfection epitomizes the essence of the craftsman spirit, ensuring Moutai's legacy of excellence endures.

Zhang Fuwei demonstrates the Shangzeng (Steaming and Distillation) Technique to his apprentice Zhang Linjin.

CASE

Zhao Bingfeng & Li Anlin: Teacher, Friend, and Co-Creators of Craftsmanship Legacy

Zhao Bingfeng and Li Anlin are typical representatives of Moutai's "master-apprentice" tradition. In 2020, Zhao Bingfeng was transferred to Brewing Workshop 15, where he met Li Anlin and formed a master-apprentice bond. That year, their team achieved the best performance in production quality, ranking first in the workshop..

New to mentorship, Zhao initially harbored reservations but quickly embraced his role with dedication. He led by example, set high standards for himself, emphasized moral integrity, and employed an inquiry-based teaching approach to inspire Li's self-driven learning. Under his guidance, Li rapidly advanced, completing his apprenticeship in 2022 to become a distiller himself. Beyond technical skills, Zhao prioritized nurturing Li's group leadership capabilities, empowering him to grow into a trusted leader capable of shouldering critical responsibilities.

As a recipient of Guizhou Province's "Most Beautiful Worker" and "Moutai Craftsman", Zhao's humility and professionalism deeply influenced Li. In their work, they collaborate and exchange insights to enhance brewing production; in their personal lives, they are trusted friends. Their master-apprentice story not only transcends skill transmission, but also reflects a shared spiritual resonance, like aged liquor, growing richer over time. Together, they continue to compose a symphony of craftsmanship, perpetuating Moutai's legacy of excellent craftsmanship.

Zhao Bingfeng and Li Anlin analyze the status of heap fermentation.

CASE

Liang Yunfeng: Rigorous Mentorship, Inheriting Qu-making Craftsmanship

With 23 years dedicated to the Qu-making position, Liang Yunfeng embodies the title of "Moutai Craftsman". Known for his meticulous work ethic, he demonstrates technical details firsthand, closely monitors his apprentices' operations, and promptly corrects mistakes. He encourages frequent questioning and cultivates the ability to solve problems independently.

Zhao Xiaoqing, his apprentice, approaches learning with diligence and is skilled at summarizing knowledge and innovating. Adopting a philosophy of "ask more questions, practice more", she rapidly advanced under Liang's guidance. Beyond honing her technical skills, she mastered efficient work organization and experience summary. Today, she is committed to deeply researching Qu-making techniques, exploring scientific advancements and optimized methods to drive innovation in the craft.

The master-apprentice duo exemplifies a symbiotic relationship between tradition and innovation. Liang Yunfeng gains fresh perspectives from Zhao's modern insights, enriching his practical experience. Zhao Xiaoqing, inspired by Liang's pursuit of perfection, integrates his rigorous standards with her own curiosity. Together, they collaborate closely, ensuring the craftsman spirit of Qu-making endures through generations.

Liang Yunfeng demonstrates the intricate techniques for arranging Qu blocks for Zhao Xiaoqing.

Harmony with Nature

Cultivating Great Endeavors Following the Rhythm of Seasons

Moutai Group upholds quality as its lifeline, adhering to a quality-first principle from raw material selection to craftsmanship, demanding perfection at every stage. It actively embraces cutting-edge technology, leveraging innovation to enhance production efficiency and operational management. The company also champions a green development philosophy, exploring pathways for energy conservation and emission reduction to drive ecological sustainability and environmental protection. With a strong emphasis on safety management, the Group has established a rigorous system to reinforce safety awareness and accountability, ensuring compliance and continuous improvement. These integrated efforts have enhanced its core competitiveness, enabling the company to steadily advance toward higher goals.

27

Crafting Premium Baijiu: Quality as the Core

30

Upholding Tradition While Innovating: Technology-Driven Empowerment

35

Ecology-First Approach: Green and Low-Carbon Development

44

Strengthening Safeguards: Ensuring Safety and Security

Responsibility Performance

Moutai liquor maintained a consistent quality score of 98.61 points, stabilizing at an excellent level. Other alcoholic beverages, packaging materials, and circular economy-related products all achieved good or higher quality standards.

All subsidiaries maintained a 100% qualification rate for both product production and supervisory spotchecks.

Collaborations with research institutes were conducted on 92 "industry-academiaresearch" cooperation projects.

Safety production investment reached RMB 312 million yuan.

Crafting Premium Baijiu: Quality as the Core

As a leader in the Chinese Baijiu industry, the Company has steadfastly upheld the unwavering corporate belief that "quality is the soul of life". On the path to pursuing excellence, it has comprehensively implemented its "Quality-Based Enterprise" Development Implementation Opinions, laying a solid quality foundation to build a world-class enterprise.

Strengthening Quality Management

In 2024

the Company's quality management maturity score reached 719 points, maintaining a "Good" rating with a 4.13% year-on-year improvement.

To align with its overall strategic goals, the Company formulated the "MoutaiGroupQuality Plan(2024-2027)", identifying 12 key directions and 29 strategic initiatives. Complementing this strategy, the Company has developed annual action plans to implement a quality leap program, optimize the quality performance system, strengthen quality risk management, intensify quality assessment mechanisms. By 2027, the Company aims to achieve an additional level upgrade in quality, reaching the excellent level. In 2024, the Company's quality management maturity score reached 719 points, maintaining a "Good" rating with a 4 . 1 3 % year-on-year improvement.

Implement a quality leap program

\bullet Each subsidiary has developed annual quality leap plans.
\bullet Addressing 194 critical pain points, the Group has formulated 363 targeted action pathways. Clear "milestone" events are defined to ensure effective attainment of annual quality targets.

Optimize the quality performance system

\bullet The Group continuously implemented a quality performance quantification management system centered on three core comprehensive indicators: "Quality Management Maturity, Product Quality Assurance Index, and Product Quality Rating". \bullet The Group refined and established quality indicators covering the entire industrial chain, increasing the number by 71 items year-on-year, further enhancing the scientific nature and applicability of the indicators.

Strengthen quality risk management

\bullet The Group carried out quality risk identification across the entire industrial chain, continuously improved the risk control list, and implemented a "daily control, weekly inspection, monthly coordination" working mechanism to ensure early detection, early control, and early handling of risks.
\bullet The Group Guided subsidiaries to strengthen food safety protection and standardized base liquor transportation in a targeted manner, ensuring that quality risks remain stable and controllable.

Intensify quality assessment mechanisms

The Group organized flying inspections and quality management maturity assessments for production-oriented subsidiaries, completing the annual quality management maturity evaluations for seven production-oriented subsidiaries. { \scriptsize { 1 } } A total of 76 issues were identified during the flying inspections, and all subsidiaries were urged to complete rectifications on schedule, achieving a rectification completion rate of 1 0 0 % .

Strict Enforcement of Food Safety Control

Through the establishment of a comprehensive food safety management organizational structure, supervision and control, and risk management systems, the Company has developed a full-process food safety control system covering all stages from raw materials to finished products, from base liquor production to finished Baijiu products, and from input to output stages. Additionally, the Company has implemented a product anti-counterfeiting traceability system to ensure full-process supervision and traceability from production to sales. The food safety management system has formed a sustainable positive cycle and is operating smoothly with overall good performance. In 2024, there were zero food safety incidents reported.

Full-process food safety inspections:

Finished Product Inspection

In 2024, it was planned to achieve a qualification rate of 1 0 0 % and a plan completion rate of 1 0 5 . 6 % .

Process Inspection

The Group conducted testing of service-related samples and verified the process-related sample testing of subsidiaries. A total of 122 samples were tested, achieving a 1 0 0 % pass rate.

Export Inspection

The Company coordinated the inspection of 34 liquor products from subsidiaries to ensure quality control for product exports.

Raw Material Inspection

Raw Material Inspection: The Group completed quality inspections for 78 batches of seed production and processing products in 2024, with a 100 % qualification rate.

Packaging Inspection

Packaging Inspection: The Group carried out  124 packaging quality spot checks, inspecting 3,981 packages across 97 production batches.

In 2024

Moutai liquor maintained a consistent quality score of 98.61 points, stabilizing at an excellent level. Other alcoholic beverages, packaging materials, and circular economy-related products all achieved good or higher quality standards.

All subsidiaries maintained a 1 0 0 % qualification rate for both product production and supervisory spot-checks.

"Moutai Chun \mathbf { \nabla } * \mathbf { \varepsilon } Celebration" won the Grand Gold Award, while "Moutai Chun * Jinxiu" secured the Gold Award in 2024 Spirits Selection by CMB. "Han Jiang · Craftsmen Inheritance", Taiyuan Liquor, Moutai Wine(Cabernet Sauvignon R5) and "Umeet · Lanxue" were honored with category-specific 2023 "Qingzhuo Award" for their excellence.

Cultivating Quality Culture

The Company has always adhered to the core concept of "Quality is the soul of life" and has introduced a series of promotional materials, including ThePrinciplesandPracticesofMoutai LiquorBrewingTechniques. It carried out quality month activities such as the Dragon Boat Festival Ceremony, Moutai Liquor Festival, and Quality Lecture Hall. In addition, the Company organized key brand cultural events such as "Moutai Fans Carnival", "Moutai 1935: Exploring the Way in China", and "Moutai Chun·Origin in Huaxia", to tell the Moutai's quality culture to customers, suppliers, and other stakeholders.

In 2024, the Group

11 subsidiaries registered 1,723 QC research projects, representing a 1 5 % year-on-year increase.

QC teams won Gold Awards at the 49th International Convention on Quality Control Circles (ICQCC) Presentation Competition.

QC achievements were awarded first-class honors at the National Quality Management Group Activity.

4 > 2 4 > 5 4

QC achievements were awarded second-class honors at the National Quality Management Group Activity.

teams were awarded the title of "Outstanding Quality Management Team" in the national light industry sector.

QC achievements were awarded special-class honors at the Guizhou Province Quality Management Group Activity.

CASE

Moutai Group has been honored with the EFQM Global Award (Seven Diamonds), becoming the first Chinese enterprise to achieve this distinction.

In June 2024, the Company was awarded the EFQM Global Award (Seven Diamonds) and the "Outstanding Achievement for an Inspiring Culture" in Istanbul, Turkey. This marks the first time a Chinese enterprise has achieved the Seven Diamonds distinction under the EFQM's revised evaluation criteria, and Moutai is also the first company in the Baijiu industry to attain this honor.

The recognition of the EFQM Global Award not only highlights Moutai Group's exceptional achievements in quality management but also underscores its steadfast dedication to advancing modern management practices and internationalization.

Upholding Tradition While Innovating: Technology-Driven Empowerment

The Company steadfastly pursues innovation-driven development, vigorously advancing the construction of a world-class science and technology innovation system. By building a hub of scientific and technological innovation, the Company attracts and aggregates top-level scientific talent, cutting-edge research outcomes, and high-quality innovation resources. Leveraging the power of scientific innovation, Moutai is forging ahead against the waves of the new era, charting a course toward an even more brilliant future.

Advancing Digital and Intelligent Transformation

The Company has continuously strengthened its science and technology innovation management systems, formulated and issued documents such as the Regulationson theManagementofScientificandTechnologicalResearchProjectsandtheProvisions fortheStatisticalManagementofR&DExpenditures. Additionally, the Top-Level Strategic Blueprint for Smart Moutai 2.0 was formulated and released to further refine the top-level design of scientific and technological innovation, driving its sustainable development.

9

Building a "Smart Moutai" Ecosystem

0 We built an e-commerce procurement management platform to promote zero-inventory management for low-consumption materials, enhancing procurement efficiency.

We achieved preliminary success in the supply chain management system (packaging production), mapping 47 packaging production processes and completing data collection infrastructure implementation for 8 production lines.

We constructed a digital operations and management platform for anti-counterfeiting traceability, enabling cross-departmental, cross-business, and cross-domain applications of Industrial Internet Identifiers (IIDs).

We expanded the application of the Moutai circulation traceability system, achieving data collection and block-chain integration across packaging production, warehousing and logistics, and terminal sales. This builds a complete and trustworthy traceability data chain.

We completed security infrastructure construction for the materials supply center warehouse, security surveillance upgrades for the conference center, and low-voltage audio-visual infrastructure for the emergency duty room under the Safety Management Department.

We upgraded and integrated existing access control and video surveillance systems, establishing a four-level management structure (corporate, department, area, and site levels). Implemented tiered and domain-based authorization mechanisms for personnel or vehicle access and video surveillance.

We conducted intelligent engineering design for the Tanchang Logistics Park, Agglomeration Demonstration Zone, and 14th Five-Year Plan (14th FYP) smart park projects, finalized design plans and equipment lists, and completed project approval processes.

TheMoutaiMaterialSup ly ChainManagementPlatform has been honored as one of the Top Ten Outstanding Cases in the digital economy for industry chain and supply chain.

Digital Management

OperationsFinance Integration

Following the top-level plan of Smart Moutai 2.0, we intensified efforts to advance our operations-finance integration project. Leveraging digital management of resources like "personnel, finance, materials, and legal affairs," we deployed nine core business systems covering budgeting, accounting, fund management, expense reporting, intelligent legal services, human resources, and asset management together with four supporting technology platforms. This initiative marks a deep and organic integration of financial management with the Group's development model, strategic execution, and operational practices, driving forward a transformative shift in financial management.

Smart Party Building Platform

The Company advanced the digital capability building of Party members and cadres by launching the Smart Party Building platform and a cadre personnel management system. These tools help grassroots Party organizations achieve standardized and efficient management, enhancing the Group's work in cadre management in terms of standardization, completeness, coordination, and scientific governance.

Digital Empowerment

The Company achieved digital empowerment across multiple industrial sectors. Led by the Stock Company, it has gradually advanced the construction of integrated supply chain digital capabilities. It continues to promote the development of a comprehensive quality management platform, driving the digital transformation of quality control. Meanwhile, the Health Wine Company has launched a sensory evaluation system and a digital marketing platform, focusing on product quality control and marketing operations. The Wine Company has implemented a "One product, One code" system, enabling full-process information traceability from origin to end consumers.

The Logistics Company has built a logistics and supply chain system tailored for the liquor industry, launching the Moutai Logistics Business Management Information Platform to achieve digital management across all operational scenarios. It was awarded the First Prize in the Science and Technology Award by the China Federation of Logistics & Purchasing.Meanwhile, the Hongyingzi Company has launched the MAP Smart Farming Digital Platform and an anti-counterfeiting and traceability platform for agricultural products, providing digital support for agricultural production and agri-market activities.

Digital Governance Optimization

The Company has taken a comprehensive approach to digital governance framework from three key dimensions: digital management, digital infrastructure development, and digital skills. Focusing on seven core areas strategic management, resource assurance, project management, service operations, technical management, data management, and cybersecurity it has built an integrated digital governance framework.In line with the requirements of digital control, the Company has established and improved a systematic management structure, developing a digital institutional roadmap covering six major areas: data management, infrastructure management, and cybersecurity management, among others. This initiative aims to enhance digital management capabilities and improve operational efficiency.

Digital Asset Management

To promote standardized, procedural, standardized, and information-based full-lifecycle management of digital assets and to achieve their effective management and efficient utilization, the Company has established a Digital Asset Management Subcommittee and developed the DigitalAs etManagementConstructionPlanofChinaKweichowMoutaiDistilery(Group)Co., Ltd..This plan covers key areas including data governance, end-to-end management of digital assets, software intellectual property protection, as well as the effective management and efficient utilization of digital assets.

Building Innovation Platform

The Company has strengthened its scientific and technological innovation platform construction and deepened "industry-academia-research" collaboration. In 2024, the Company secured 1 new national-level innovation platform (the National Key Laboratory for Quality and Safety of Sauce-flavor Baijiu) and 5 new provincialevel innovation platforms (Guizhou Provincial Key Laboratory for Industrial Microbial Resource Development, Guizhou Provincial Field Scientific Observation and Research Station, Shenren Company Provincial Enterpri se Technology Center, Provincial Industrial Design Center, etc.). Additionally, the Company collaborated with research institutes on 92 "industry-academia-research" projects to advance innovation and application.

In 2024

\blacktriangleright Guizhou Provincial Key Laboratory for Industrial Microbial Resource Development, and Guizhou Provincial Field Scientific Observation and Research Station have been officially approved to enter their construction phases. The Manufacturing Innovation Center has advanced to the high-efficiency trial operation stage. The Industrial Design Center successfully obtained provincial-level certification (Guizhou Province). The China Baijiu Packaging Technology Research Center(Zunyi) has been officially launched and is operational. The Gui'an Grain and Oil Experimental Base under the Yazhou Bay National Laboratory has successfully signed a fiveparty collaboration agreement with government, academic, and industry partners to advance joint development. The National Key Laboratory for Quality and Safety of Sauce-flavor Baijiu—Guizhou Province's first national-level laboratory in this field—was formally inaugurated and granted its official plaque.

Strengthening Technology R&D and Breakthrough

The Company intensifies core technology R&D, launching about 400 key R&D projects in 2024. It introduced 44 advanced technologies, achieving breakthroughs in critical fields such as brewing microbial research, brewing raw materials and strain breeding, flavor and safety, brewing environment optimization, production process and equipment innovation, informationization, and leveraging technological innovation to drive the highquality development of traditional industries to new heights. In 2024, R&D expenditure reached 827 million yuan, with a 1 3 % year-on-year increase.

2024 Annual Top 10 Technological Achievements of Moutai

Key Achievements Major content

Successfully constructed the first genetic map of the sorghum genome for liquor production.

Completed the world's first telomere-to-telomere (T2T) high-resolution physical genome map of Hongyingzi 1619, a sorghum variety dedicated to liquor production.Developed a 50K highdensity gene chip for brewing sorghum, and filed one invention patent, contributing to the deeper understanding of key trait-related metabolic pathways in sorghum.This progress facilitates a leapfrog advancement in sorghum breeding from traditional methods toward molecular and precision breeding.

Built a key technology R&D system for wheat evaluation and breeding in sauce-flavor liquor fermentation.

Based on the processing characteristics and functional requirements of sauce-flavor hightemperature Daqu, a scientific system was established using a "data ^ + bionics ^ + practice" approach to decode the quality profile of wheat used in fermentation starter production.A comprehensive wheat quality evaluation system has been built, along with an integrated development model combining "enterprise ^ + research institute ^ + base ^ + farmer".This ensures dedicated planting, harvesting, storage, and usage of wheat, guaranteeing high-quality raw materials for Daqu production.

Established, for the first time, a technical system for proteomic analysis of high-temperature Daqu (fermentation starter).

Accurately identified 12,155 proteins and 919 free peptides, significantly improving profiling capabilities. This work reveals the diversity of base liquor styles, and introduces a novel "spatiotemporal regulation strategy" for key enzyme systems in high-temperature Daqu, enabling scientific management of Daqu and precise control of liquor production.

Key Achievements Major content

Revealed the uniqueness and diversity of yeast strains in Moutai liquor brewing from multiple perspectives.

For the first time, successfully obtained 3,168 yeast strains across 41 species, representing over 9 5 % of the yeast population identified through high-throughput sequencing in sauce-flavor liquor fermentation. The study advanced the understanding of yeast metabolism and mechanisms during multi-cycle alcohol fermentation under high temperature and acidity conditions, and clarified the genetic uniqueness and type diversity of Saccharomyces cerevisiae in Moutai liquor fermentation. This provides strong scientific evidence supporting the irreplicable nature of the core Moutai brewing ecosystem.

Successfully developed a prototype rapid-detection instrument for key compounds in liquor.

Focusing on critical nitrogen-containing compounds in sauce-flavor liquor, two prototype instruments were developed:Rapid Gas Chromatography – Proton Transfer Reaction Time-ofFlight Mass Spectrometer (GC-PTR-TOFMS) cetone-Assisted Photoionization Negative Ion Chemical Ionization – Time-of-Flight Mass Spectrometer (APNI-TOFMS)Two original detection technologies were also developed, fully self-researched and self-developed, with an overall localization rate exceeding 9 0 % .

Explored the application potential of extreme microorganisms in the brewing environment in the health and wellness sector.

Deeply explored the rich extreme microbial resources involved in Moutai brewing, and reported for the first time a new strain of extremophilic Monascus pilosus YX-1125, showing promising potential in health and wellness applications. This discovery lays a scientific foundation for developing health products based on Chinese sauce-flavor liquor microbial resources, forming a core competitive advantage in the health and biotech sectors.

Accelerated the construction of an industrial internet platform, promoting digital transformation and upgrading.

Aligned with China's national industrial internet identifier resolution system, the company actively advanced the construction of a secondary node for the liquor industry, promoting deep application of identifier operations and traceability services. This initiative provides strong support for product traceability and supply chain management.

The integrated business and finance platform was successfully launched and put into operation.

Centered around digital capability building in the areas of people, finance, assets, and governance, the company launched a unified digital platform, entering a new phase of deep integration between business operations and financial management. This enables end-to-end coordination across strategy, operations, and finance, establishing a digital engine for efficient enterprise operations and lean management.

Continuously developed new products to enrich the diversified product matrix.

Continuing to develop new products with diverse flavors and sensory profiles, the company persists in cultural empowerment, integrating the essence of traditional Chinese culture into product design to enrich the cultural connotation of its offerings.

Released the new book "Principles and Practices of Moutai Liquor Brewing Techniques", honoring Mr. Ji Keliang's 60 years of craftsmanship and dedication.

Through the personal experiences of Ji Keliang, this work delves into the essence of Moutai liquor brewing techniques, uncovering the scientific principles and cultural values behind them. It illustrates the evolutionary journey of Moutai — from traditional brewing practices to a scientifically grounded and professionally managed craft — highlighting the path of heritage and innovation in its development.

Strengthening Talent Team Development and Cultivation

The Company prioritizes talent development, strengthening recruitment of science and technology leaders and cultivating technical talent teams to lead technological innovation and infuse new dynamism into corporate operations

In 2024

Talent Recruitment

Talent Cultivation

Talent Incentives & Support

We achieved targeted recruitment of high-level and urgently needed talents, by which we attracted  1 postdoctoral researcher and 7 doctoral graduates via full-time and flexible recruitment mechanisms.

We achieved youth talent development through the "Outstanding Young Talent Program", implementing individualized development strategies ("one person, one plan, one file") for young innovators, and providing ample project funding to support independent research topic selection. These efforts empowered young scientists to gain practical experience through hands-on research and innovation projects, accelerating their growth as future technical leaders.

We launched the "Moutai Outstanding Talent Award" to honor scientific and technological achievements, motivating innovation and excellence, granted scientific and technological leaders and chief experts authority over funding allocation and resource coordination to enhance decision-making efficiency, and addressed talent retention challenges by resolving practical concerns such as housing, household registration, medical care, and children's education, ensuring a supportive ecosystem for researchers.

Ecology-First Approach: Green and Low-Carbon Development

The Company fully recognizes the critical role of the ecological environment in its long-term development and has established a robust environmental management system with strict oversight from policy formulation to implementation. The Company actively practices green operations by integrating sustainability into every aspect of its business, promoting efficient resource utilization and waste reduction. It proactively addresses global climate change challenges through scientific measures such as energy conservation and emission reduction to lower carbon emissions. Moreover, the Company places high importance on ecological protection, undertaking initiatives such as ecological restoration of the Chishui River Basin and biodiversity conservation, steadily advancing toward sustainable development and achieving harmonious coexistence between the enterprise and the environment.

Strengthening Environmental Management

The Company regards the improvement of its environmental management system as a cornerstone of sustainable development. By refining systems, clarifying responsibilities, and optimizing processes, it ensures comprehensive control across the entire value chain. At the same time, the Company prioritizes environmental risk prevention, establishing an all-encompassing early warning and emergency response mechanism. Through enhanced monitoring, assessment, and regular emergency drills, it lays a solid foundation for safeguarding the ecosystem and ensuring long-term prosperity.

Improving the Management System

In line with its corporate development strategy, the Company has formulated annual planning documents related to environmental protection, carbon peak and carbon neutrality ("dual carbon" goals), and green logistics. These include a comprehensive package of initiatives, such as the "Dual Carbon Action Plan", to systematically plan key annual tasks and further enhance the ecological environment management system.

Establishing Leadership Groups

Moutai Group has formed an Ecological Environmental Protection Committee, developed responsibility lists at all levels, and the Stock Company allocated 1 . 5 % of its annual revenue as special funds for environmental protection.

Refining Planning Documents

Key documents released in 2024 include: "KeyPointsofMoutaiGroup's2024Environmental ProtectionandEcologicalCivilizationConstructionWork","2024CarbonPeakandCarbon NeutralityImplementationPlan","Gre nLogisticsPlan ingImplementationPlan".

Clarifying Key Tasks

An integrated task list was formed by consolidating the key initiatives of the "One Base, One Benchmark", "Two Mountains", and "Dual Carbon" goals, clearly defining 148 specific tasks. Through this unified approach, progress was made on 41 of these tasks.

Building an Evaluation Framewo

The Stock Company has constructed an ecological development index system, establishing 39 indicators across 4 areas and 11 dimensions to scientifically evaluate the company's level of green development.

O-QAC R中质协质量保证中心 质协质量保证中 质量保证中环境管理体系认证证书 环境管理体系认证证书 环境管理体系认证证书 环境管理体系认证证书注册号：00622E30706R0M 注册号：00624E31023R0L 注册号：00624E30022R0M兹证明 兹证明 贵州茅台酒厂（集团）技术开发有限公司贵州茅台酒厂（集团）循环经济产业投资开发有限公司 贵州茅台酒厂（集团）保健酒业有限公司平 GB/T24001-2016/ISO14001:2015 GB/T 24001-2016/ ISO 14001:2015 GB/T 24001-2016/ISO 14001:2015以茅台酒增为原料的有机肥料、铜料的生产、销售、服务。 白酒、露酒的酿造和销售 轻霜，可范圈，道赞物 经营许可范围内的道路普通货物运输、道路危险货物运输、货物专用运输（集装藉），搬运装卸，普通货物仓储服务（不含危险化学品等需许可审批的项目）病细织常设分场所信息：“无” 国内国际货物运输代理相关的管理活动该组织常设分场所信息：“见附页”证书有成内社合监为 本证书有效期：2022年08月03日至2025年08月02日 书有鼓性查询请登陆 有息方 本证书有效期：2024年09月02日至2027年09月01日 证书有效本证书信息可在国家认证认可监督管理委员会官方网站ww.cnGa.gw.cn上查询 本证书信惠可在国家认证认可血骨管理委员会官方网站www.cnc8.gov.0m上查代表签字： 如琴 中质协 中质快质 如TW IAFCNAS 國 IAF CNAS 國 IAF CNAS 雁 IAF CNAS京市海淀区 6号 北京市海

Environmental Management System Certification of Guizhou Moutai Brewery (Group) Circular Economy Industrial Investment Development Co., Ltd.

Environmental Management System Certification of Kweichow Moutai Winery (Group) Health Wine Co., Ltd.

Environmental Management System Certification Certificate of Kweichow Moutai Distillery Group Technology Development Co., Ltd.

Environmental Management System Certification Certificate of Kweichow Moutai Distillery (Group) Logistics Co., Ltd.

Strengthening Risk Prevention and Control

The Company regularly conducts environmental protection management inspections for its subsidiaries, establishing and improving an ecological protection maturity evaluation system. It promotes the effective implementation of a "dual inspection and dual evaluation" mechanism, combining supervision and assessment with maturity evaluations, to ensure high-quality and efficient coordination of supervision and assessment on the ecological protection efforts.

Routine Environmental Protection Inspection

Following the "daily patrol, weekly inspection, monthly reporting" mechanism, Moutai Group implements routine monitoring of 31 fixed sewage outlets and 104 rainwater outlets, while establishing a key regulatory database for drainage outlets. In 2024, all 31 fixed sewage outlets achieved "dual compliance" (meeting both pollutant concentration and total emission standards).

Promoting Green Operation

The Company adheres to the concept of green development, building a scientific water resource management system to strictly control water withdrawal and use, thereby improving water resource utilization efficiency. The Company actively promotes clean production to reduce pollutant generation and emissions, while striving to build a green supply chain that encourages upstream and downstream partners to adopt green practices, ensuring environmental compliance across the entire industrial chain. In 2024, Kweichow Moutai was granted both provincial and national-level "Green Factory" certifications. Guizhou Moutai(Group) Ecological Agriculture Industry Development Co., Ltd. , received provincial-level "Green Factory" certification. Guizhou ZunyiMoutai Airport Co., Ltd was honored as a two-star "Dual Carbon Airport" at the national level.

Water Resource Management

We steadfastly adhere to the principle of sustainable water resource utilization, strictly following the conditions specified in water withdrawal permits. By meticulously crafting a comprehensive water resource management system, the Company tightly integrate water withdrawal, use, and treatment processes to ensure efficient use of water resources throughout their life-cycle. In 2024, annual water savings reached 400,000 cubic meters. Wastewater treatment processes were continuously upgraded to further protect water resources.

Clean Production

The Company rigorously standardizes wastewater discharge management by establishing monitoring and treatment systems to ensure compliant discharges. Advanced technologies are introduced to optimize processes, strengthen the management of "three wastes" (wastewater, waste gas, and solid waste), and reduce pollutant emissions. This effort supports the development of a circular economy and fosters a complete industrial chain, achieving efficient resource utilization and ecological protection.

Wastewater Discharge Management

The Company adheres to the principles of "graded and quality-based segregation, categorized treatment, and resource recovery and utilization" in water resource management and environmental protection. A series of refined measures have been implemented, including detailed wastewater analysis, classified collection, graded treatment, and enhanced control of drainage nodes. Each step of water usage is thoroughly reviewed to create a high-quality water balance diagram, enabling precise management of the entire life-cycle of water resources—withdrawal, supply, use, and discharge. This ensures strict control over water resource utilization and wastewater discharge from the source.

In 2024, the Company constructed or upgraded 9 wastewater treatment plants to meet the Class IV surface water discharge standard. The COD (Chemical Oxygen Demand) discharge standard was improved from the industry's Table 3 standard ( 5 0 ~ { m g / L } ) to Class IV surface water standard ( 3 0 { m g } / \mathsf { L } ) . Total COD reduction for the year amounted to 14,746 tons, significantly reducing the ecological burden on the Chishui River.

Air Emissions Management

From construction site dust control to factory area traffic emission reductions, the Company has implemented comprehensive measures to improve the environment, creating a healthy and comfortable working environment for employees. In 2024, the factory area maintained over 9 8 % compliance with air quality standards.

Construction Site Dust Control

raffic Emissions Reduction in Factory Areas

Construction sites are required to install perimeter fencing, conduct regular water sprinkling for dust suppression, and cover stored materials to precisely control the source of particulate matter (PM10, PM2.5) and ozone ( \mathsf { O } _ { 3 } ) emissions. Advanced monitoring equipment is deployed to track pollutant emissions in real time, enabling targeted actions to reduce emissions per unit time.

In terms of energy conservation and emission reduction in fact ory transportation: To promote transportation energy conserv ation and emission reduction, the company has accelerated th e layout of new energy charging piles, reasonably planned the installation locations of charging piles, and ensured that their c overage meets the usage needs of employees. At the same tim e, incentive policies have been introduced to encourage emplo yees to purchase and use new energy vehicles, reducing the e mission intensity of tail gas pollution sources from the source.

Solid Waste Emission Management

The Company focused on resource utilization of brewing waste, conducting in-depth research and development (R&D) to maximize the value of byproducts. It successfully developed 8 optimal organic-inorganic compound fertilizer formulations, providing highquality fertilizers for agricultural production, and rigorously completed safety assessments for returning pit mud to farmland, ensuring ecological safety through scientific evaluation.

Utilizing cutting-edge technologies, the Company has successfully extracted over 20 types of aroma compounds from distiller's grains (brewing waste), expanding their application scope beyond traditional uses. These innovative initiatives effectively transformed resource advantages into economic value, injecting strong momentum into the company's sustainable development.

In 2024, the Group

processed 413,200 tons of distiller's grains, 7 , 0 0 0 tons of spent pit mud, and 14,500 tons of waste rice straw through advanced recycling technologies.
generated 7 , 8 4 0 , 6 0 0 cubic meters of biogas as a renewable energy source.
produced 81,200 tons of organic fertilizer for agricultural use.
manufactured 2 4 , 3 0 0 tons of bio-fermented feed for livestock farming.

2022—2024

Driving Circular Economy Development

The Company has achieved remarkable innovative breakthroughs across multiple fields. Not only has it enriched its product portfolio through product innovation, meeting the market's demand for health-oriented products, but it has also made significant strides in the research and development of eco-friendly packaging materials, offering new ideas and directions for the sustainable development of the packaging industry. Furthermore, the Company has made substantial progress in the resource utilization of production solid waste, promoting the conversion of various types of industrial waste into valuable resources. This has resulted in a win-win outcome of economic and environmental benefits, strongly advancing the company's sustainable development.

Exploration of Green Packaging Materials Research on Resource Utilization of Solid Waste

The Company places great emphasis on the sustainability of product packaging materials and is actively exploring new pathways for manufacturing eco-friendly materials. The focus is on developing "plastic-replacement" materials derived from brewing by-products, as well as bio-based biodegradable materials. These efforts aim to reduce the environmental impact of traditional packaging materials and drive the packaging industry toward a greener and more sustainable future.

The Company continues to increase its investment in research on the resource utilization of production solid waste. Centered around the concept of "Distiller's Grains+," the Company is advancing highvalue-added technologies and product development. Specifically, it is conducting key research on the resource utilization of sludge from brewing wastewater treatment plants. These efforts aim to maximize the utilization of various types of production solid waste, minimize waste emissions, and enhance overall resource efficiency.

CASE

Advancing the Utilization of By-products in the Baijiu Industry

The Company began exploring pathways for the circular utilization of by-products from the Baijiu industry a decade ago. To date, the Company has achieved 1 0 0 % resource utilization of by-products such as distiller's grains. Currently, through technological innovation, the Company is addressing the challenges of making these by-products both eco-friendly and high-value. For instance, it is exploring ways to transform by-products generated during the liquor brewing process into high-value-added products to achieve resource recycling and sustainable utilization.. Looking ahead, the Company will continue to heavily invest in research and development to further enhance the added value of its industrial by-products.

Green Supply Chain

The green supply chain has become a key pathway for enterprises to achieve the coordinated development of environmental friendliness and economic growth. The Company adheres to green procurement, prioritizing environmental standards while rejecting high-pollution and high-energy-consumption products, thereby encouraging suppliers to enhance their environmental performance. Additionally, the Company actively adopts biodegradable and recyclable materials to replace traditional packaging, reducing packaging waste and minimizing resource consumption. These efforts guide the company toward a more responsible and sustainable future.

Green Procurement

The Company has revised and improved the ManagementRulesforPackagingandStorageMaterialSup liers, incorporating ESG indicators into the supplier evaluation system. For instance, it has introduced bonus points for metrics such as: "reduction in comprehensive energy consumption per unit of output value", "decrease in greenhouse gas emissions per unit of output value", and "increase in the proportion of clean energy usage". Major packaging material suppliers are required to annually provide carbon footprint certification data and reports for their products. Suppliers are encouraged to actively promote energy conservation, emission reduction, environmental R&D, process optimization, energy management, green procurement, and sustainable printing as part of their low-carbon transformation initiatives.The Company issued for the first time the Implementation Plan for Supplier Sustainable Development and Green Indicator System, setting standards for supplier conduct, identifying and managing risks in supplier performance, and guiding the development of a green and sustainable supply chain.

The Company further improved the list of prohibited and restricted materials for packaging, adding more requirements related to green and environmental protection. It has strictly controlled the use of restricted processes in new product development and set limits on the proportion of ceramic materials used.In collaboration with engineers from the Chinese Research Academy of Environmental Sciences, the Company conducted energy consumption surveys and data collection among more than 50 packaging material suppliers, and completed a full life cycle carbon footprint assessment for one bottle of Moutai liquor. This initiative is driving product design toward greater environmental friendliness and sustainability.

Green Packaging

In line with the guiding principles of "accelerating the establishment of a green ecological system", the Company is advancing the reduction and greening of packaging materials, accelerating the transition to low-carbon and eco-friendly packaging solutions.

Technological Improvements and Innovations

\bullet Introduction of New Materials and Technologies: The Group has adopted high-strength, lightweight paper materials and ultra-thin honeycomb cardboard boxes, achieving the dual goals of reducing box weight and enhancing compressive strength.

Improvement of Product Quality: The qualification rate of 500ml Guizhou Maotai milky white glass bottles has been increased to 9 0 % , reducing production losses. Pilot projects are underway to optimize the raw materials used in these bottles, increasing the proportion of recycled glass slag to 3 0 % .

Optimization of Packaging Configurations

Trials have been conducted on green designs for general-purpose carry bags, such as replacing nylon ropes with paper ropes and introducing self-opening handles. The paper bags use FSC-certified paper, and the Company has also reduced the use of plastic films and plastic products, thereby decreasing the variety of packaging materials used to some extent.

\bullet Market research and analysis have been carried out to evaluate the feasibility of eliminating velvet, sponge, and rubber bands from aging Moutai liquor gift boxes. Efforts are also being made to reduce the number of packing straps for intermediate boxes of Moutai·1935 gift boxes and to explore the possibility of removing shrink-wrap from certain older product lines.

Promotion of Green Recycling

The Group is exploring the feasibility of marking paper and wood products with recyclable labels, adding environmental awareness content, and including eco-friendly symbols. These labels serve to remind consumers about recycling and reuse.

A "green recycling campaign" involving bottle exchanges for Xiao Mao has been launched to engage consumer participation. This initiative allows consumers to enjoy fine liquor while contributing to the planet's sustainable development, further raising environmental awareness and fostering a green, harmonious consumption environment.

CASE Innovative Green Initiatives: Leading the Way to Sustainable Development

The Company is actively promoting material recycling by piloting a bottle return program in Hefei. Through collaboration among provincial regions, self-operated stores, and local distributors, approximately 2,500 empty bottles are collected each month and regularly handed over to professional organizations for processing. Simultaneously, the Comapny is exploring incentive measures to encourage consumers at specialty stores to return bottles, such as offering gifts or reward points. These efforts have been incorporated into the performance evaluation system for distributors. In the future, this initiative will be gradually expanded to more regions.This program not only reduces glass waste pollution, lowers energy consumption, and cuts carbon emissions but also mitigates the risks of counterfeiting and intellectual property infringement, further supporting the Company's sustainable development goals.

Responding to Climate Change

The Company is actively aligning with global green development trends through three key initiatives. In terms of energy management, it optimizes the energy structure by transitioning to cleaner energy sources and enhancing energy efficiency across operations. In greenhouse gas management, the Company is proactively taking responsibility for climate action by formulating targets and action plans to reduce emissions. This includes adopting innovation-driven approaches and operational optimizations to mitigate climate impacts. For green office practices, it promotes green awareness internally by advocating low-carbon lifestyles among employees and driving green practices in daily operations. By advancing these efforts, Moutai is steadily transitioning toward a greener operational model, establishing itself as a benchmark for sustainable development in the industry. These actions not only reduce the Company's environmental footprint but also create long-term value through resource efficiency and climate resilience.

At the event, Wang Li, Deputy Secretary of the Party Committee and General Manager of Moutai Group, shared insights on the value conversion pathways of Moutai's "lucid waters and lush mountains" into "invaluable assets" from three dimensions: production region, industry, and product.

CASE Moutai Group is driving the green transformation of its core value chain

Baijiu industry is the core value chain of the Company. Adhering to the principles of energy conservation, carbon reduction, emissions reduction, and efficiency enhancement, the Group is driving the green transformation of its core value chain.Over more than 70 years of development, the Company has continuously strengthened energy management, optimized its energy structure, and increased the proportion of green energy usage. At the same time, the Company has explored the application of advanced technologies such as carbon dioxide heat pumps and utilized methodologies like "carbon footprint" calculations to identify key areas for carbon reduction and water conservation. Through technological innovation, Moutai has further improved production efficiency and resource utilization levels, steadily enhancing the green transformation level of its core value chain in the liquor industry.

Energy Management

The Company actively implements the green development philosophy, continuously optimizing its energy structure. The Group is comprehensively promoting the recycling of cooling water in the production of Moutai Liquor by improving water circulation systems to ensure that cooling water is efficiently recovered and reused during the production process. Additionally, Moutai is actively introducing cutting-edge technologies such as \mathsf { C O } _ { 2 } air-source heat pumps to pilot waste heat recovery in the baijiu production process. This initiative enables the effective collection and reuse of residual heat, thereby enhancing the overall energy utilization efficiency.

CASE

Energy Equipment Innovation: Driving Enterprise Growth

In 2024, the Group invested 30 million yuan in special funds to fully drive the research, development, and application of 14 equipment and energy innovation projects. The project team successfully implemented the transformation and application of advanced equipment technologies, such as AGV-based automatic transfer of Qu blocks and EMS cart-based automatic stacking of Qu in warehouses, optimizing production processes. Additionally, for aging equipment, the Group formulated a comprehensive and detailed upgrade plan, conducting individual assessments and modifications for outdated equipment across all production stages to enhance overall equipment performance.

Greenhouse Gas Management

The Company has established a greenhouse gas accounting mechanism, completed the carbon footprint calculation for Moutai liquor, and formulated standards for greenhouse gas emissions accounting, laying a solid foundation for the "Dual Carbon" strategy. In 2024, the Company successfully piloted the research project on energy-saving, emission-reducing, and pollution-cutting green technologies for the distillation system of sauce-flavor baijiu, and achieved successful application and promotion in the Tongminba Industrial Park.

(GSrceoepneho1)use gas emissions 316,366.36 eMqeutriivcalteonts of \mathsf { C O } _ { 2 }

In 2024

Kweichow Moutai achieved a carbon reduction of 65,231.24tons

(GSrceoepneho2)use gas emissions 159,539.86

Metric tons of \mathsf { C O } _ { 2 } equivalent

Green Office

The Company actively advocates for and vigorously promotes green office practices, encouraging all employees to take small yet meaningful actions in their daily lives to adopt a low-carbon and sustainable consumption and lifestyle. In daily office operations, it emphasizes saving every unit of electricity and valuing every drop of water, fostering habits such as turning off lights and water taps promptly. Employees are also encouraged to choose eco-friendly commuting options, such as walking, cycling, or using public transportation, to reduce carbon emissions.

In 2024, through the OA system, the Group promoted electronic document storage, circulation, and review processes. The system created approximately 102,800 workflows, saving an estimated 4.49 tons of paper, significantly enhancing the efficiency of collaborative office operations.

On March 26, 2024, Moutai Ecological Agriculture Company conducted a special training session on water conservation awareness.

Commitment to Ecological Protection

The Company regards ecological protection as a vital mission. Through scientific planning and stringent measures, the Group has comprehensively advanced the governance of the Chishui River Basin, ensuring its ecological stability and health. Active special campaigns have been launched to establish monitoring systems, strengthen the protection of species and habitats, and promote ecological restoration, safeguarding biodiversity. Additionally, through extensive environmental education and awareness campaigns, the Company has enhanced the environmental consciousness of its employees and the public, contributing its strength to building a harmonious coexistence for a shared home.

Guarding the Ecological Environment

The Company has conducted an assessment of the water ecological carrying capacity of the Chishui River Basin and explored the establishment of an ecological compensation mechanism. To date, it has donated a total of 400 million yuan to support the ecological protection of the Chishui River Basin. In collaboration with four other liquor enterprises within the basin, the Company co-organized the "Journey to the Source · Gratitude to Zhenxiong" initiative, actively promoting the establishment of a green public welfare fund for the ecological protection of the Chishui River Basin. Through these efforts, Moutai is taking the lead in fostering a "greater protection" framework where all stakeholders—enterprises and communities alike—unite under the shared vision of "drinking from the same river and jointly protecting our mother river".

CASE Conducting water ecological health assessment to enhance the ecological level of the Chishui River Basin

The Company has carried out research on the technical system for assessing the water ecological health of the Chishui River, establishing a monitoring network for the aquatic ecological environment of the basin. The water quality of the main stream of the Chishui River has been maintained at Surface Water Class II standards, with more than 1,000 aquatic species preliminarily identified. A comprehensive evaluation system for the river's water ecological health, comprising 23 indicators, has been developed.

Focus on Biodiversity

The Company attaches great importance to the protection of biodiversity and has been actively conducting in-depth scientific research on microorganisms, aquatic life, and plant vegetation within the river basin. It has integrated biodiversity protection measures into the national standard "GeographicalIndicationProduct:KweichowMoutaiLiquor"(GB/T18356-20 7), using standardized approaches to strengthen the conservation of biodiversity.

CASE Building the Chishui River ecological observation network to safeguard the brewing micro-ecology

Guided by the principle of "observation-research-service-demonstration", Kweichow Moutai is committed to protecting the micro-ecology of its brewing environment. In May, 2024, the Guizhou Provincial Department of Science and Technology approved the establishment of the Guizhou Field Scientific Observation and Research Station for the Midstream Ecosystem of the Chishui River Basin. Along the upstream, midstream, and downstream areas of the Chishui River near the Moutai production zone, the Group has built 3 water quality monitoring stations, 2 hydrological monitoring stations, and deployed 9 meteorological monitoring points, 3 air quality monitoring points, and 3 TVOCs monitoring points. Additionally, 1 core permanent soil observation plot, 1 vegetation observation plot, and 1 permanent sorghum cultivation observation plot have been established. Through long-term, fixed-point observations of 31 environmental elements---including water, soil, air, microbes, and vegetation---the Group has significantly enhanced its environmental monitoring capabilities.

Environmental Awareness and Education Initiatives

The Company places great emphasis on cultivating a green culture. In 2024, leveraging key environmental observances such as National Ecology Day and World Environment Day, the Company organized 67 diverse environmental protection activities. These activities covered a wide range of initiatives, including Spring Festival tree-planting, hazard inspections, and training sessions, attracting a total of 7,206 employee participants. Through these efforts, employees began to reflect on ecological protection from multiple perspectives ---Moutai's sustainable development, their own high-quality lifestyles, and the rights of future generations to thrive. As a result, environmental awareness has significantly improved, leading employees to proactively implement eco-friendly practices in their daily work and lives.

For three consecutive years, the Company has implemented New Year environmental protection themed activities. These activities include voluntary tree planting, river patrols, and special inspections and rectifications.

Strengthening Safeguards: Ensuring Safety and Security

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company consistently adheres to the decision-making and deployment of the Central Committee of the Communist Party of China, the State Council, the Provincial Party Committee, the Provincial Government, and the Provincial State-owned Assets Supervision and Administration Commission regarding safety production and fire prevention work. The Company strengthens institutional development, risk prevent emergency management. It continuously deepens special rectification campaigns for safety production and comprehensively prevents and mitigates various risks and hazards.

In 2024, the Company invested RMB 312 million yuan in safety production to ensure that the overall safety situation remains stable and controllable..

Safety Production Management

The Company fully implements the responsibility for safety production by formulating task lists based on the "Overall Safety Production Control Plan of Moutai Group". The Company has established and improved safety production systems, clarified safety management responsibilities, and advanced the standardization of safety production to ensure the safe and stable operation of the enterprise.

Safety Production System

The Company has improved the map of safety production and fire safety systems, integrating 18 secondary management systems and proposing to establish 1 new primary system. The Company has restructured its safety production management framework, laying a solid foundation for further clarifying various tasks related to safety control.

Safety Management Responsibilities

The Company has formulated the "OpinionsofMoutaiGroupontheEstablishmentofSafety ProductionManagementOrganizationsandPerson elAlocation", revised and improved the safety production responsibility list, and clarified safety management responsibilities at all levels. This ensures the effective implementation of the principles: "Party and government officials share equal responsibility, one position bears dual responsibilities", and "Managing an industry requires managing safety, managing business requires managing safety, and managing production and operations requires managing safety".

Standardization of Safety Production

The Company has coordinated its subsidiaries to systematically advance the creation of standardized safety production practices. Among them, the Ecological Agriculture Company and the Wine Company have completed Level II standardization certification. The Listed Company has developed the "ActionImplementationPlanforStandardizedSafetyProduction (2024-2026)" and conducted a self-assessment for Level I standardization certification. Other subsidiaries are steadily carrying out daily safety management work in accordance with the requirements of standardized safety production practices.

Safety Risk Prevention and Control

The Company has been actively conducting safety risk identification and assessment, deepening the work of hazard identification and rectification, and strengthening the construction of emergency response capabilities. These efforts aim to comprehensively prevent risks associated with enterprise production and operations, while building a robust safety barrier across all aspects of the organization.

Risk Identification

In 2024

The hazard rectification rate reached 99.9

In 2024, the Company focused on key elements such as "people, materials, environment, and management" and organized its subsidiaries to carry out safety production risk identification and assessment. For each identified risk, the Company formulated risk control measures across five areas: engineering technology, management, training and education, personal protective equipment, and emergency response. A hierarchical control mechanism and evaluation mechanism were established to ensure effective risk management. For significant risks, special plans were developed, consistently adhering to the principle of preventing and mitigating major safety risks at their source.

Hazard Identification and Rectification

The Company has systematically advanced the work of hazard identification and rectification by formulating special action plans for the investigation and rectification of major accident and disaster risks. The Group coordinated its subsidiaries to carry out risk and hazard identification and rectification efforts in three key areas: safety production, fire safety, and natural disasters. At the same time, it ensured that subsidiaries regularly conducted routine hazard inspections and intensified these efforts during major holidays and important meetings. In 2024, a total of 10,615 hazards were identified, of which 10,608 have been rectified, leaving 7 remaining. The hazard rectification rate reached 9 9 . 9 % .

Emergency Drill

The Company regularly conducts emergency drills and strengthens the training of specialized emergency response teams to continuously enhance its emergency preparedness capabilities. These efforts ensure that the Company can effectively respond to real-life incidents, maintaining normal production operations and minimizing disruptions.

The Company has coordinated the revision of emergency plans across its subsidiaries. A total of 3
Formulation of
Emergency Plans overall emergency plans, 58 specialized emergency plans, and 85 on-site response plans have been revised and improved. Conducting The Company organized over 700 emergency drills, covering scenarios such as fire, dust Emergency Drills explosion prevention, flood control, and confined space operations. These drills involved more than 42,600 participants, ensuring readiness for real-life emergencies. The Company has enhanced its emergency rescue supplies by replenishing 61 categories of
Supplementing
Emergency Supplies essential items, including respirators, ventilators, stretchers, emergency generators, and towels, with a total of over 760 items added to strengthen preparedness.
Strengthening The Company now has 721 dedicated emergency response personnel, an increase of 29 Emergency Response Teams members compared to the previous year, further bolstering its emergency rescue capabilities.

Specialized emergency drill for geological disasters

Emergency drill for traffic accidents

Emergency drill for gas leakage accidents

Specialized emergency drill for pressure vessel and pressure pipeline explosion accidents

Protecting Occupational Health

We place great importance on the health and safety of every employee. In 2024, under the theme of "strengthening work injury prevention and building a strong safety defense", the Company conducted on-site investigations of front-line production units. The analysis systematically and comprehensively examined work injury risks from four aspects: "unsafe behaviors of people", "unsafe conditions of objects", "adverse environmental conditions", and "deficiencies in management". To address these risks, the Company proposed preventive measures and solutions in six key areas: establishing regulations, standardizing on-site management, implementing responsibilities, deepening training, strengthening supervision, and emphasizing cultural leadership. These efforts have effectively driven the continuous reduction of work injury rates within the company.

中质协质量保证中心职业健康安全管理体系认证证书注册号：00624S31375R0M兹证明中国贵州茅台酒厂（集团）有限责任公司统一社会信用代码：915200002149908473注基地址：中国·贵州省·贵阳市云岩区外环东路东山巷4号审枝地址：中国·贵州省·仁怀市茅台镇集团办公大楼职业健康安全管理体系符合GB/T 45001-2020/ ISO 45001:2018认证范围经营范围内集团管控活动涉及的职业健康安全活动。该组织常设分场所信息：“无”本证书有效期：2024年12月03日至2027年12月02日证书有效期内毒年监督审核合格后方为有效，证书有效性查询请登陆wwm本证书信息可在国家认证认可监督管理委员会官方网站www.cnca.gov.cn上查询中质协质量保证中心 姚尽（盖 业 额证日期：2024年12月03日IAF CNAS SYSTEMCNAS C006-M北京市海淀区三鹿桥百胜村6号.100048

Moutai Group successfully approved through the occupational health and safety management system.

Safety Production Training

The Company is committed to fostering a culture of safety production. Centered around themes such as "safety production month" and "fire prevention publicity month", the Company organizes activities including consultation days, safety knowledge competitions, and fire safety promotion. These efforts aim to enhance employees' safety awareness and collectively create a safer working environment.

In 2024, the Group

organized over 70 safety production promotional events, with approximately 4,500 participants. conducted 5,910 various safety production training sessions, involving 224,927 participants.
carried out 28 safety production warning education sessions.

CASE

Safety Management Certification and Re-certification Training

In March, 2024, Kweichow Moutai Co., Ltd. organized a safety management certification training program aimed at systematically equipping newly appointed safety production managers with knowledge of safety production management, safety technical operating procedures, and the unique characteristics of safety management in the Baijiu industry. The training helped participants enlarge the necessary safety production knowledge and improve management capabilities relevant to their business operations, continuously enhancing the overall level of safety management of the Company and ensuring the smooth implementation of safety production practices.