Respect for People

Unity and Collaboration for a Win-win Outcome

"He who respects others will be respected." Moutai Group embeds "Respect for People" in all operations, aiming to foster a harmonious ecosystem with stakeholders. Sincere Service: Customer-centric, delivering exceptional products and continuously enhancing satisfaction. Respect for Partners: Promoting innovative partnerships that balance competition and collaboration, sharing social responsibility and co-creating value. People-Oriented: Fostering an equitable and inspiring environment, empowering employee growth and mutual success.

Committed Hospitality: Exceptional Customer Service Diversity and Inclusion: Competitive Cooperation and Symbiotic Growth Accountability Chain: Standardized Marketing Practices People-Oriented Culture: Employee Care and Development

Responsibility Performance

We participated in the revision of 8 national standards, participated in the revision of 10industry and association standards

Equivalent Density of Professional Talents 1.227

Total Employees 43,809person

Number of Employees aged 30 and below 14,782person

Number of Employees aged 31-40 18,647person

Number of Employees aged 41 and above 10,380person

Labor Contract Signing Rate/ SCocviearlaIgnes uRratnec 100%

Amount of "Love Fund" Sponsorship 2.362million yuan

Employee Training 83,805 person times

Committed Hospitality: Exceptional Customer Service

We have always adhered to the spirit of craftsmanship, dedicating ourselves to providing every customer with a high-quality experience that strives for perfection. To this end, the Company actively builds and continuously improves a standardized, procedural, and systematic all-round service system, proactively safeguarding consumer rights and interests. We strictly comply with relevant national laws and regulations, ensuring the legitimate rights and interests of consumers are effectively protected.

Building a Service System

Centered around the Company's various product lines, its subsidiaries have established a multi-channel, wide-reaching customer service system, enabling customers to experience Moutai's high-quality services anytime and anywhere across different scenarios.

By the end of 2024, parts of the customer service systems built by the Company's subsidiaries are as follows:

Subsidiaries

Information Access Channels

Kweichow Moutai

Over 2,000 self-operated companies, distributors, and specialty stores located in provincial capitals, prefecture-level cities, and key economic counties across China. Official flagship stores are also available on e-commerce platforms such as iMoutai, Tmall, and JD.com (nearly 20 in total). For detailed addresses, please visit:  www.moutaichina.com.

Health Liquor Company

Visit the "Contact Us" section on the company's official website (bjj.moutai.com.cn) to access a list of regional contacts and their contact information.

400-620-9996

Wine Company

Visit the "Customer Service" section on the company's official website (www.mtwine.com) for more relevant information.

400-6323-009

During the reporting period, in order to provide customers with a more thoughtful, attentive, and personalized premium service experience, the Company's subsidiaries responded proactively and took the initiative. With a forward-looking vision and a commitment to continuous improvement, they conducted a comprehensive and in-depth optimization and upgrade of the existing customer service system.

Health Liquor Company

The company has comprehensively advanced the construction of its customer service system by formulating a series of regulations, including the "ProductWithdrawal(Recal)ManagementRegulations", "CustomerConsultationandComplaintManagement Measures(Trial)","ProductReplacement(Rework)ManagementMeasures","CustomerServiceStandards","CustomerClasification ManagementRules","After-SalesServiceManagementMeasures","After-SalesInquiryandComplaintHandlingProces Document", and "CustomerSatisfactionEvaluationManagementRegulation" . These ensure that all service-related work is carried out according to established guidelines. Additionally, a rapid response mechanism has been established, clearly defining processes and operational norms for complaint handling, feedback, tracking, and follow-up, ensuring that customer complaints are addressed promptly and effectively.

Wine Company

To optimize the customer service system and enhance customer satisfaction and loyalty, the company has established systems such as the "CustomerSatisfactionSurveyManagementMeasures","MarketMaintenanceManagement Measures", and "ProductRedemptionandDisposalManagementProcedure". Adhering to a customer- and marketcentered approach, with consumer needs as the guiding principle, the company has built a comprehensive customer service system. Collaborating with external customer satisfaction survey service providers, the Company ensures efficient and standardized service operations through dual efforts in policy formulation and execution. This enhances the efficiency of resolving customer issues, strengthens trust, and improves overall satisfaction.

Ecological Agriculture Company

Guided by the philosophy of "Customer First, Quality Fundamental", the company systematically advances quality complaint handling and focuses on building an efficient and professional quality response mechanism. By collaborating with various logistics platforms, it implements full-process order tracking to provide customers with precise, timely, and reliable logistics and delivery services. A series of management systems, such as the "SalesServiceManagement Measures" and "CustomerClas ificationManagementMeasures", have been established to ensure the efficient and standardized operation of all service-related activities. In 2024, the company achieved an average customer satisfaction rate of 9 2 . 4 9 % , significantly improving the quality and level of customer service.

Protecting Customer Privacy

During the process of selling products and providing services to customers, Moutai Group and its subsidiaries strictly comply with relevant regulations such as the PersonalInformation ProtectionLawofthePeople'sRepublicofChinaandtheRegulationsfortheImplementation oftheConsumerRightsProtectionLaw, ensuring the compliance of information collection and protection practices. The Group consistently adheres to the principles of minimization and necessity when collecting information, clearly informing customers and obtaining their consent prior to collection, and securely storing the relevant data.

During the reporting period, there were no incidents of customer information leakage within the Company, nor did the Group receive any penalties from relevant administrative authorities.

Case "iMoutai" Platform: Building a rigorous privacy protection system for a secure digital shopping experience

The iMoutai platform, meticulously developed by Kweichow Moutai Co., Ltd., is a digital marketing platform designed to provide users with a safe and convenient online shopping experience. The platform recognizes the critical importance of personal information protection and has formulated the "iMoutaiBasicFunctionPrivacyPolicy". This policy clearly outlines the rules regarding the collection, use, sharing, storage, and protection of user personal information during the provision of online shopping services, while also safeguarding users' rights to manage their personal data.

The privacy policy covers the platform's basic functions, including account registration, browsing, order placement and management, payment, product/service delivery, interactive communication, customer service and after-sales support, and transaction security assurance. It also addresses extended features such as personalized shopping experiences based on permissions and public information sharing, ensuring that users' personal information is fully protected while enjoying these services.

The iMoutai platform strictly complies with relevant laws and regulations, adopting industry-leading security standards and multiple safety measures, such as data encryption, access control, and security audits, to protect users' information. Additionally, the platform has established a complete emergency response mechanism for security incidents, ensuring timely handling of any potential issues. Users are guaranteed rights to access, correct, delete, or deactivate their accounts, with easy-to-use operational pathways and dedicated customer service support provided.

The platform places special emphasis on prohibiting minors from registering or using the platform's services and enforces strict identity verification measures to ensure compliance.

Ecological Agriculture Company: Refined customer information management---driving Case service upgrades and business growth

By establishing a comprehensive customer information ledger, the Ecological Agriculture Company has achieved full and refined management of customer order details. This not only lays a solid foundation for enhancing customer service levels but also provides strong support for optimizing inventory management and enabling precise marketing.

In the implementation process, the company focuses on customer needs, conducting in-depth analysis of purchasing behaviors. By accurately understanding product specifications, names, and other key information, it delivers highly personalized services to meet customers' unique requirements and develops differentiated service strategies. The refined management of customer information has significantly improved customer satisfaction and loyalty, optimized inventory turnover efficiency, and increased the return on marketing investments.

Protecting Customer Rights

We have always adhered to a consumer-centered approach, safeguarding the legitimate rights and interests of consumers through specialized market rights protection campaigns, multi-platform and multi-channel connectivity, anti-counterfeiting knowledge promotion, and the advancement of product authentication and anti-counterfeiting system construction. During the reporting period, the Company assisted law enforcement authorities in handling 3,359 intellectual property infringement cases and participated in 4,830 special enforcement operations.

In 2024

Conducted 4,830 joint special operations with law enforcement agencies.

Kweichow Moutai

We have completed the iterative upgrades for key anti-counterfeiting products and technologies, traceability media, and information systems, including new anti-counterfeiting caps, anti-counterfeiting labels, RFID electronic tags (chips), QR code labels, and the circulation traceability system.

The new anti-counterfeiting solutions adopt innovative substrates and technologies, enabling consumers to verify authenticity more simply, conveniently, and effectively. The "one-product-one-code" trusted traceability system has been continuously optimized to offer more user-friendly query methods and more accurate information. Leveraging advanced technologies like RFID, IoT, and blockchain for traceability, we ensure comprehensive collection of product circulation data and provide consumers with hassle-free verification services.

Health Liquor Company

Since 2022, a traceability and anti-counterfeiting system has been established and put into operation, including functions such as production line data association records, scanning and shipping by sales companies, and market rights protection and product traceability queries. Starting from January 1, 2025, an upgraded version of the anti-counterfeiting label will be implemented, further improving the effectiveness of anti-counterfeiting measures and the convenience of authentication, while increasing the difficulty of counterfeiting and enhancing product aesthetics, thereby significantly strengthening the anti-counterfeiting performance of the company's products.

Wine Company

A "one product, one code" anti-counterfeiting and traceability system has been established to achieve full-process supervision and traceability of products from raw material bases to sales terminals. This strengthens market oversight, investigates unauthorized cross-regional sales and price violations, and ensures a healthy and orderly market.

Ecological Agriculture Company

The company has preliminarily adopted a systematic management approach for product traceability and anti-counterfeiting. Techniques such as one-to-six anti-counterfeiting labels, paper-based and electronic data recording, ensure both product anti-counterfeiting and traceability. Additionally, the supply chain information system further supports product traceability management.

Hongyingzi Company

A brand-new product traceability system has been activated, assigning a unique identity marker (e.g., QR code) to each product to enable full-process tracking and traceability from production to sales

Case

Taking Strong Action: A comprehensive upgrade of product authentication and anticounterfeiting systems to safeguard consumer rights

In response to the challenges faced in market rights protection, the Company launched a comprehensive deployment of its product authentication and anti-counterfeiting system in June 2024. Centered on consumers, we adhere to the principle of implementing measures from top-level design to grassroots execution, building a more robust and efficient product authentication and anticounterfeiting system. This initiative effectively safeguards consumer rights, maintains industry order, and creates a trustworthy purchasing environment for consumers.

Through a series of measures such as holding specialized meetings, conducting skills training, and advancing anti-counterfeiting technology upgrades, the Company is comprehensively enhancing its product authentication and anti-counterfeiting capabilities. Not only has the Group organized specialized training sessions to enhance the product authentication skills of market rights protection

personnel, Additionally, the Company is actively testing and applying new anti-counterfeiting technologies for the bottle cap of the 500ml Kweichow Moutai Liquor (Jiachen Dragon Year) edition. The Group continues to increase investment in anti-ounterfeiting research and development, integrating cutting-edge technologies with products and leveraging modern information technolog-ies to enhance anti-counterfeiting capabilities. ounterfeiting research and development, integrating cuttingedge technologies with products and leveraging modern information technolog-ies to enhance anti-counterfeiting capabilities.

Wang Li, Deputy Secretary of the Party Committee and General Manager of Moutai Group, presided over a special scheduling meeting on the "Enhancement of Product Authentication System Construction"

Protecting Consumer Rights: We in action

Digital Rights Protection

The Company has established a Big Data Rights Protection Center, transitioning market rights protection from traditional practices to information-based management.

Regional Collaborative Rights Protection

In the four major regional markets of Southwest China, South China, East China, and Northwest China, the Group focuses its efforts on the three dimensions of "people, products, and venues". It integrates and applies advanced anti-counterfeiting technologies from physics, chemistry, biology, and digital fields, innovatively utilizing new materials. The Company incorporates after-sales service throughout the entire product life cycle, strengthening the "three guarantees"—funding, human resources, and institutional process mechanisms—to build a comprehensive, multi-layered market rights protection system.

Direct Rights Protection Channe

To facilitate consumer rights protection, the phone number for market rights protection at the headquarters of Kweichow Moutai is: 0851-22386145. For each province, municipality, or autonomous region, the market rights protection contact number is: 1818522 ^ + the area code of the provincial capital city (for municipalities and provincial capitals with threedigit area codes, add "1" after the area code; for example, the market rights protection contact number for Beijing is: 18185220101).

Anti-Counterfeiting Identification and Traceability

Consumers can view anti-counterfeiting the ways for identification and traceability on the Company's official websites (www.moutai.com.cn and www.moutaichina.com) as well as on the official websites of its subsidiaries.

Responding to Customer Feedback

We adhere to the philosophy of being "consumer-centered" and are committed to building a new type of customer relationship that goes beyond traditional buyer-seller interactions, similar to a "friendship-based" connection. We view our products not merely as commodities, but as carriers that deliver exceptional service experiences and promote a better lifestyle. To this end, we place great importance on actively responding to customer feedback, regarding it as a crucial channel for improving products and services and bringing us closer to our consumers.

Omni-channel Feedback Mechanism

Moutai Group's subsidiaries have established an omnichannel feedback mechanism to create seamless communication channels with customers. Through diverse platforms such as hot-lines, official websites, and new media, the Group actively collects customer voices, ensuring that every piece of feedback is heard, valued, and properly addressed. This ongoing effort aims to continuously enhance the customer experience. Below are some of the detailed guidelines for the customer feedback response mechanisms implemented by the Group's subsidiaries:

Kweichow Moutai

The complaint reception channels are diversified, including the 400 hotline, overseas offices, self-operated stores/iMoutai platform, official e-commerce flagship stores, and social media platforms such as Rednote and Black Cat. All feedback is aggregated at the customer service center for handling, categorization, analysis, and supervision. Different response and processing procedures are implemented based on the complexity and urgency of each case. The customer service center also analyzes complaint data to provide insights for service improvement and oversees the entire process.

Health Liquor Company

A comprehensive customer feedback handling process has been established, encompassing four key steps: First, collecting customer feedback through multiple channels, including the 400 customer service hotline, iMoutai dedicated line, online customer service, and satisfaction surveys. Second, precisely classifying feedback based on its nature and assigning it to relevant departments for professional handling. Third, adhering to predefined response time standards to ensure customers receive an initial reply within the stipulated time frame, with the responsible department resolving issues efficiently. Last, regularly evaluating the effectiveness of feedback handling and customer satisfaction, conducting in-depth data analysis, and continuously improving service quality.

Wine Company

A professional customer service team has been set up, supported by the iMoutai platform and the national service hotline 400-6323-3009, with a focus on enhancing service quality and customer satisfaction. By strengthening team capabilities and optimizing workflows, the company ensures rapid and effective responses to customer feedback and complaints. A structured return and exchange process has been established, covering goods delivery, quality requirements, review, and replacement, with clear time frames to safeguard product quality and consumer rights.

Ecological Agriculture Company

The company has set up multiple customer contact ways, including the 400 customer service hotline, iMoutai customer service platform, WeChat, and e-commerce platform live chat windows, ensuring customers can reach the service team anytime, anywhere. In cases such as logistics delays, damaged goods, or product returns, the company proactively and swiftly responds to customer requests to ensure satisfaction.

Diversity and Inclusion: Competitive Cooperation and Symbiotic Growth

The Company is driving the development of China's Baijiu industry by building a symbiotic, win-win ecosystem, dedicated to advancing industry standardization and regulation. Through active participation in the formulation of industry standards and sharing its experience, the Group fosters cross-learning and collaboration among enterprises, Baijiu flavors, and cultural traditions, partnering with industry peers to shape the future of China's Baijiu industry.

Formulate Industry Standard

During the reporting period, Moutai Group and its subsidiaries continued to promote the enhancement of industry standards and standardization initiatives. The company led the revision of two national standards: "QualityRequirementsforLiquor–Part4:Jiuxiang(Sauce-Aroma)Type Liquor"and "ProductQualityRequirementsforNationalGeographicalIndications—KweichowMoutai Liquor". It also participated in the formulation and revision of eight other national standards, including "GeneralQualityRulesforLiquor", contributing to the development of a comprehensive standard system for the liquor industry.

In addition, the Company took part in the formulation and revision of 16 industry, local, and group standards, such as "EvaluationRequirementsforGre nFactoriesintheLiquorIndustry", further demonstrating its leadership and influence within the sector.

In 2024, the following are national standards related to the Baijiu industry in which Moutai Group and its subsidiaries led and participated, listed chronologically by release date:

Engage in Industry Activities

The Company actively expands and deepens strategic cooperation with governments, enterprises, and universities, while proactively participating in high-level industry forums and diverse collaborative exchange activities. The Company showcases its latest R&D achievements, promotes cutting-edge technologies and advanced concepts relevant to the industry, and is dedicated to driving mutual benefits and win-win cooperation among industries. These efforts contribute to the construction of a more prosperous and synergistic industry ecosystem.

Co-opetition & Synergy: Collective Development in 2024

In 2024, Moutai Group and its subsidiaries actively participated in a series of industry events to foster collaboration a innovation. Below is a selection of key activities: January Davos World Economic Forum Annual Meeting 2024 March 20th China International Alcoholic Drinks Expo 2024 World Brand Moganshan Conference Beijing International Alcoholic Drinks Expo 2024 May 日 Beautiful China Forum 100 Annual 2024 Guizhou Province's 2024 Industrial Internet Identifier Resolution Application Innovation Promotion Conference & Alcohol Industry Identifier Launch Ceremony June Sichuan International Alcoholic Beverages Exposition 2024 2nd China (Taiyuan) Aged Alcohol Exchange Conference August China Xinghuacun International Alcoholic Drinks Expo 2024 Regional Cooperation Sub-forum, 2024 Media Cooperation Forum on Belt and Road Consumer Goods Sub-forum, BRICS Forum On Partnership On New Industrial Revolution 2024
September Hosted the Final of the 2nd "Moutai Cup" Chinese Sauce-flavor Baijiu Body Design Competition 2024 China (BaoJi) International Alcoholic Beverages Exhibition
October ? 2024 Liquor Industry Taibai Mountain Annual Meeting。 China Sugar, Alcohol, and Food Industry High-Quality Development Conference 2024 the Second "ESG Role Model" Awards Ceremony 2024 BOAO Forum For Entrepreneurs 2024 Guangming Science City Forum·The 5th Synthetic Bio-manufacturing Industrial Conference
December Participated in Tengchong Scientists Forum 2024 and shared at the Biodiversity and Modern Agriculture Forum. The 32nd China Food Expo and The 2nd Hubei Food Industry Chain Expo China Wine Culture Conference and the 2024 Annual Meeting of the Cultural Work Committee of the China Alcoholic Drinks Association.

On November 12th, Liu Jingzhen, Secretary of the Party Committee and Chairman of China Logistics Group, led a delegation to visit Moutai Group. He held discussions with Zhang Deqin, Secretary of the Party Committee and Chairman of Moutai Group. Both parties engaged in indepth discussions on further deepening cooperation and promoting mutually beneficial outcomes.

On December 5th, 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". Zhang Deqin, Secretary of the Party Committee and Chairman of Moutai Group, accepted the award on behalf of the company and shared Moutai's experience and practices in implementing ESG principles and advancing ESG initiatives.

On March 21st, the 20th China International Alcoholic Drinks Expo, organized by the China Alcoholic Drinks Association (CADA), officially opened in Luzhou, Sichuan Province. Wang Li, Deputy Secretary of the Party Committee and General Manager of Moutai Group, attended the opening ceremony and delivered a keynote speech.

On December 2nd, the "China Sugar, Alcohol, and Food Industry High-Quality Development Conference", guided by the China Food Industry Association, was held in Nanjing, Jiangsu Province. Mr. Duan Jianhua, Party Committee Member, Vice General Manager, and General Counsel of Moutai Group, attended the conference and participated in the launch ceremony of the "China Sugar, Alcohol, and Food Industry High-Quality Development Initiative".

Accountability Chain: Standardized Marketing Practices

The Company has established a two-level centralized procurement operating mechanism, improved supplier evaluation, communication, and training, achieving standardized, transparent, and efficient procurement management. The Group pursues win-win cooperation with its distributors, jointly maintaining a fair and equitable market environment. It strictly complies with laws and regulations, practices responsible marketing, and advocates "healthy drinking and responsible drinking".

Strengthen Responsible Procurement

In 2024, Moutai Group and its subsidiaries adhered to the procurement system framework guided by the ProcurementManagementMeasures and supported by the regulations of various procurement entities. This further solidified the foundation of procurement management, strengthened compliance in procurement, and promoted the overall improvement of procurement and supply chain management capabilities.

Dynamic Quantitative Assessment Rate of Suppliers & Quality Control Coverage: 100 %

By establishing a two-level centralized procurement operating mechanism driven by the centralized procurement catalog, Moutai Group has built a procurement management platform and an electronic procurement mall. This has enabled the transformation from centralized procurement management to centralized procurement execution, with indicators such as online procurement rate, centralized procurement rate, and public procurement rate all reaching commendable levels.

The Group continuously improved its supplier evaluation and assessment standards, establishing 76 detailed standards including tier 2 supplier management regulations and tier 3 supplier performance evaluation criteria, and implementing "precise sampling inspection" and "in-depth quality checks" for core materials. This has ensured that the "dynamic quantitative assessment rate of suppliers" and "quality control coverage rate" are maintained at 1 0 0 % , significantly improving product quality and service quality. Additionally, the supply timeliness rate of all production-oriented subsidiaries has reached 1 0 0 %

Within the year, the Group spent RMB 29 billion yuan in procurement, with a year-on-year growth rate of 3 % . The number of suppliers increased by 5 % year-on-year. It also strictly implemented "targeted, graded, industry-specific, and performance-based management", further enriching the supplier resource pool, optimizing the supplier structure, and strengthening the supplier base.

Moutai Group Supplier Management 2024 Progress Overview

Supplier Admission

The qualification admission process highlights the principle of "selecting the best from the good". Moutai Group has iteratively upgraded its "Moutai Standards" for supplier admission, technology, and quality across various fields, implementing comprehensive admission assessments. In addition to evaluating qualifications and credentials, the Group further strengthened the assessment of potential supplier risks. In 2024, through open procurement and recruitment initiatives, over 100 industry-leading enterprises were introduced.

Supplier Audit

The implementation of ESG principles has been integrated into supplier evaluation metrics. Moutai Group has improved the top-level design for managing raw material and packaging material suppliers, encouraging them to play active roles in industrial development, ecological protection, education support, and public welfare activities. By the end of 2024, 45 suppliers had initiated related actions.

The Group has enhanced its negative list, black-and-white list, and one-vote veto mechanisms for red-line violations. Throughout the year, 23 inspections and evaluations were conducted, resulting in 653corrective suggestions.

A supplier comprehensive performance scoring standard was developed, with regular evaluations conducted for strategic and assurance-level suppliers. Evaluations covered quality assurance, service levels, delivery capabilities, and social responsibility.

Supplier Evaluation

● In 2024, Moutai Group evaluated 1,490 suppliers, the largest number in its history, with a qualification rate of 9 9 . 8 % and an excellence rate of 9 0 % .

Outstanding partners were selected based on adherence to Moutai standards and their innovation capabilities in product development, efficiency improvements, credibility and risk management, as well as ensuring smooth project execution and quality assurance.

Supplier Communication

The Group regularly held procurement and supply chain conferences, as well as chain leader meetings and conducted routine supplier seminars and field research discussions, to optimize communication mechanisms and enhance supply chain collaboration.

Through order incentives, payment optimization , and strategic supplier development programs, suppliers were encouraged to improve their product quality and service levels. For example, suppliers rated as outstanding partners in the previous year saw an increase in their order volumes in 2024.

Supplier Training

A communication mechanism based on "four meetings and one training" was established to continuously enhance suppliers' quality mindset and management capabilities. By understanding and addressing issues and challenges in the supply process, Moutai Group conducted routine exchanges, discussions, and on-site assistance to help suppliers identify root causes of problems and implement improvement activities, effectively resolving difficulties for suppliers.

Throughout 2024, Moutai Group organized 19 training sessions on Moutai standards, organic certification, quality management, and digitization, covering over 900 participants.

Promote Standardized Distribution

With a spirit of collaboration and shared progress, we place great importance on achieving win-win cooperation with its dealer partners. Relying on the "MonthlyDealerAs es ment andManagementMeasuresofMoutai" and the "DealerManagementMeasuresofKweichow MoutaiSauce-flavorLiquorSalesCo.,Ltd.", the Company continued to strengthen the control of the marketing process in 2024. Additionally, an anti-corruption commitment clause was added to the "Dealer Contract", clearly defining the dealers' responsibilities in combating corruption and promoting integrity. Together, the Company and its dealers are committed to maintaining a fair and equitable market environment.

Unity and Progress, Win-Win Cooperation

In 2024

the Company's management team actively visited markets across the country, covering

In 2024, the Company's management team actively visited markets across the country, covering 18 provinces and regions, and organized multiple provincial and channel-specific work conferences to deeply analyze market trends. In December, the Group convened with a wide range of dealers during its subsidiaries' market work meetings and dealer networking events. Together, they comprehensively reviewed the achievements of market development in 2024 and recognized outstanding dealers and individuals for their exceptional performance, further amplifying the exemplary leadership role within the network.

18 provinces and regions

Throughout the year, the Company conducted a series of communications and discussions

In 2024, subsidiaries under Moutai Group organized dealer activities (partial), including:

‌Practicing Responsible Marketing

2024

Guided by the principle of "A Great Brand Bears Great Responsibility," the Company is committed to fostering a healthy and harmonious consumer ecosystem for the liquor industry. It strictly adheres to laws and regulations such as the ‌Advertising Law‌, refining content review mechanisms to ensure compliance in all promotional activities. Advocating for "Healthy Drinking, Responsible Drinking,"‌The Company actively participates in public awareness campaigns to promote moderation, fully embodying responsible marketing practices and reinforcing its commitment to social accountability.

Moutai Wine organized ‌177 621"I Am a Moutai Wine Taster" brand promotion events‌‌ competition events
4,645 111 98
intimate tasting corporate outreach "Moutai Wine Cultural
sessions initiatives Exploration Journeys"

Compliance and Review

The Company strictly adheres to relevant laws and regulations, such as the AdvertisingLaw, and prohibits improper promotions. The company has established a comprehensive content review mechanism, rigorously reviewing marketing slogans and advertisements. Legal personnel are involved throughout the process of new product development and major brand promotion to ensure compliance with legal standards, achieving a 1 0 0 % review rate. In 2024, the Company conducted a total of 1,888 reviews for product development and brand promotion.

Promoting Responsible Drinking

We actively advocatethe ‌"Healthy and Responsible Drinking"‌philosophy, extensively promoting key principles such as prohibiting underage drinking, rejecting drunk driving, and encouraging moderate consumption. As a dedicated participant in the ‌National Responsible Drinking Awareness Week‌, the company integrates this concept into the design of its exhibition halls and booths at trade fairs and expos, aiming to embed a ‌rational, healthy, and enjoyable drinking culture‌into everyday life.

Case Kweichow Moutai Honored as ESG Model Enterprise, Pioneering a "Responsible Drinking" Trend

At the launch ceremony of the ‌2024 National Responsible Drinking Awareness Week, Kweichow Moutai was listed among the "2023 ESG Model Enterprises in China's Alcohol Industry"‌. The company joined industry leaders to inaugurate the awareness week and participated in the signing ceremony of an ‌international strategic cooperation initiative against drunk driving. With the theme "Rationality and Civility: Reject Drunk Driving"‌, the event released key outcomes including the 2024ChinaDrunk DrivingPreventionWhitePaper.

性文明抱绝酒 理性饮酒宣传骨正 AL&RESPONSIBLE,NO DRINKING& DRIVING 性文明抢绝酒驾 2024全国理性饮酒宣传周

The Company has long been actively engaged in responsible marketing, enhanced its after-sales service system, and innovated cultural expressions to guide consumers toward rational drinking across multiple dimensions. The recognition of Kweichow Moutai as an "ESG Demonstration Enterprise" not only affirms the company's outstanding performance in environmental, social, and governance (ESG) practices but also underscores its leadership in promoting rational drinking and steering the industry toward sustainable development.

‌People-Oriented Culture: Employee Care and Development

We embrace the principle of "unlocking human potential to drive shared progress," viewing employee development as the cornerstone of sustainable growth. In 2024, the Group focused on the full lifecycle of talent management—‌selection, cultivation, and deployment‌—by establishing a comprehensive talent development system. Through high-caliber recruitment and tailored training programs, it has created expansive platforms for employee advancement.

During the reporting period, the Company introduced the ‌KweichowMoutaiHumanResourcesPlan(2024–2027)‌and its implementation guidelines, launching over 10 new or revised systems to strengthen the strategic framework for talent development. These efforts have solidified the Company's leadership in human capital innovation and delivered substantial outcomes.

Equal Employment

Protecting Employee Rights

The Company consistently respects and upholds internationally recognized human rights principles, strictly prohibiting all forms of discrimination based on nationality, ethnicity, gender, age, religion, or cultural background, and ensuring ‌equal pay for equal work‌across the organization. We rigorously comply with laws and regulations such as the ‌LaborLawofthePeople'sRepublicofChina‌and the ‌Civil ‌CodeofthePeople'sRepublicofChina, managing employment contracts in full legal compliance. The Group strictly bans ‌child labor‌and ‌forced labor‌, and has established ‌fair, equitable, and transparent recruitment and promotion mechanisms‌. We prioritize employee privacy protection, continuously foster an inclusive workplace, and safeguard employees' legitimate rights.

During the reporting period, the Company reported ‌zero incidents of child labor or forced labor and received no penalties related to such violations.

Compensation & Benefits

The Company has established a ‌market-oriented compensation system‌that aligns pay with ‌position, competency, and performance‌, supported by policies such as the ‌Compensation ManagementGuidelinesforExecutiveMembers‌and the‌SalaryAdministrationImplementation ‌Rules. The Company continues to modernize its compensation framework, ensures full and timely social insurance contributions, and refines its corporate annuity plan. It strictly complies with statutory entitlements for employees, including ‌paid public holidays, annual leave, family visit leave, marriage leave, bereavement leave, maternity leave, and parental leave‌, guaranteeing fair treatment in compensation, benefits, and time off.

During the reporting period, the Company maintained an average weekly working time of ‌no more than 40 hours‌for employees,

Employee-centered Management

By the end of 2024

the union membership rate of the Group's employees reached 100 % .

We steadfastly uphold a ‌people-first philosophy‌, respect employees' central role, and committed to fostering ‌harmonious labor relations‌. The Group has established a robust democratic management framework to safeguard employees' rights to ‌information, participation, expression, and oversight‌. By strengthening trade union committees, implementing the ‌Employee Congress system‌, and promoting operational transparency, we ensure active employee engagement in corporate governance. ‌By the end of 2024, the Group achieved a 1 0 0 % membership rate in trade unions‌.

In 2024

All messages were properly handled and responded to, with a completion rate reaching100 %

The Company regularly convenes the ‌Employee Congress‌to review major corporate decisions and matters impacting employees' interests. This includes conducting ‌democratic evaluations of mid-to-senior management, deliberating key policy documents, and overseeing the signing of critical agreements such as ‌labor contracts‌and ‌labor protection agreements‌.

During the reporting period, the Company held the ‌7th Second Session of the Employee Congress‌, where reports such as the ‌2023FinancialFinalAc ountsand2024Budget Report‌,the‌Progres ReportonProposalsfromthe7thFirstSesionoftheEmploye ‌Congres , and the 2023OperationalTransparencyReport‌were reviewed.

Supporting Employee Development

In 2024

The Company conducted ‌over
16,000
training sessions

The Company actively expands communication channels through platforms like the "Colleague Forum" internal portal and the ‌Chairman's Direct Communication Channel‌, which allows employees to submit feedback directly to top leadership. In 2024, the Chairman's channel received ‌51 actionable submissions‌, all resolved and responded to with a 1 0 0 % resolution rate‌. The Group also conducts regular ‌employee satisfaction surveys‌to refine communication mechanisms, ensuring every voice is heard and addressed.

The Company conducted ‌over 16,000 training sessions throughout the year to comprehensively enhance employees' professional skills and theoretical knowledge. It continued to advance ‌talent recruitment initiatives‌, building highly specialized and efficient research teams to support Moutai's high-quality development and modernization. During the reporting period, ‌7 employees were appointed as members of the second cohort of ‌"China's Chief Sommeliers"‌, ‌4 employees‌ earned qualifications as ‌National Wine Tasting Experts‌, ‌7 employees‌secured spots in the ‌top 10‌of the ‌8th National Sommelier Competition‌, and ‌8 employees‌ranked in the ‌top 10‌of both the ‌China Liquor Body Design Competition and the ‌National Steaming & Distillation Skills Competition (zhuāng zhèng)‌.

Talents Introduction

The Company adheres to the concept that "talent is the primary resource for enterprise development" and conscientiously implements the Guiding Opinions on Optimizing and Integrating the Talent Introduction Plan for Guizhou Province's ‘Hundred, Thousand, and Ten Thousand Talents Program'. The Company focuses on talent-industry integration and vigorously promotes the "talent-driven enterprise" strategy.

The Company has developed and implemented the Management Measures for the Introduction of High-Level Talent, constructing a comprehensive talent development system in four aspects: introduction, cultivation, utilization, and incentive. It has continuously innovated policies related to talent recruitment, compensation, research funding, and spouse placement, optimizing and improving relevant systems. Through specialized talent recruitment plans such as "Guyu Talents" and "Moutai Talent Selection," as well as the establishment of a "green channel" for high-level talent introduction, the Company has actively introduced various excellent talents and explored the introduction and utilization of "silver-aged talents."

During the reporting period, the Companyfocused on critical bottleneck issues and key areas related to high-quality development, recruiting 1 postdoctoral researcher, 7 PhD holders, 1 chief designer for its subsidiary technology development company, 1 professor, and achieving a key breakthrough in the introduction of high-end talents. For the "Outstanding Young Talent Plan," the Company provided tailored training plans for 48 individuals, offering sufficient project funding to support independent topic selection. Relying on various school-enterprise and institute-enterprise projects, the Company facilitated over 150 exchanges among researchers in 2024, helping technological personnel develop a strong "catch-up" ability in technological breakthroughs.

Development Channels

The Company, in line with our current needs, continuously optimizes its employee career development system. Through a comprehensive review of job classifications, job level systems, development channels, compensation distribution, and exit mechanisms, the Company has adjusted existing positions into five major sequences: management, functional, technical, skills, and marketing, with a total of 30 subsequences. Additionally, the group has established a hierarchical system with 24 levels, and each sequence has 4 to 8 levels. Based on this, the Company has developed and implemented the KweichowMoutaiGroupJobLevelManagementMeasures, which further clarifies the qualification certification standards for each job level. It employs a comprehensive evaluation model consisting of "basic conditions ^ + points system ^ + competency assessment" and has established a three-tier job level management system. The group has also improved the "separation of evaluation and hiring, selective recruitment" mechanism. Furthermore, the Company has built a "broadband salary" system with "multiple levels for one position, and multiple pay bands for one level," implements mandatory performance evaluation distributions, and creates dual development channels for both management and professional tracks. This provides a growth ladder for various types of talent, incentivizing employees to move toward high-value positions, thereby achieving a win-win situation for both individual employee development and the company's strategic objectives.

Talent Development

The Company continuously strengthens its talent development system by advancing the ‌"Four Major Initiatives" and ‌"Five Key Programs" for workforce capacity building. To cultivate expertise in core fields, the Group established ‌dedicated task forces‌for ‌liquor body design‌ and ‌sensory evaluation teams‌, refined training mechanisms for critical processes such as ‌brewing, blending, and quality appraisal‌, and deepened the ‌"Eight-Step Craftsman Development System" to create a multi-dimensional talent growth ecosystem. In 2024, the Company selected ‌50 sensory evaluation experts‌, marking significant progress in talent identification and cultivation.

The Company prioritizes employee training through the ‌"Employee Education and Training Management Guidelines" and annual training plans. Training programs cover ‌production techniques, blending, and equipment maintenance‌, delivered via ‌in-house workshops, external courses, and e-learning platforms‌. At the same time, it fully leverages the "knowledge transfer, mentorship, and skill inheritance" of role of technical backbones, the Company promotes ‌large-scale skill competitions‌and ‌"master-apprentice" programs‌to preserve traditional brewing craftsmanship.

In 2024

the Company invested in employee training, conducted a total of 67.48million yuan 2,472training sessions with 83,805 participants apnerdstohneeaxvcereadgedtraining duration per f 42hours, achieving full coverage o training for all employees.

"Five Projects "

Leading Talent "Chief Plan"

Cultivate a group of chief experts in key fields such as technology, blending, evaluation, and brewing.

Brewing Talent "Inheritance Plan"

Cultivate high-skilled brewing talent and inherit the culture of Baijiu.

Youth Talent "Outstanding Youth Plan"

Cultivate young innovative talents aged 35- 40 with significant development potential.

Business and Management Talent "Excellence Training Plan"

Increase efforts in cultivating business and management talents.

Retired Talents "Reemployment Plan"

{ \scriptsize { 1 } } Applied for the recognition of 2 leading talents, 9 top talents, and 2 outstanding talents.

Leverage the professional expertise and experience of retired technical and skilled personnel to cultivate and strengthen an industry workforce with unique Moutai characteristics.

During the reporting period, the Company continued to intensify efforts in talent development under the "Five Plans," dynamically adjusting the structure of Outstanding Youth, Excellence Training, and Inheritance talent. Based on growth paths, talent rotation training was conducted in batches and classes. The group also increased research on training measures and talent development, and provided training in basic research and applied research for Outstanding Youth talents.

⑨ In the selection of the second "Moutai Outstanding Talent Award," 2 outstanding talents were selected from the fields of brewing research, quality management, and medical education, along with 4 nominations for the Outstanding Talent Award.

{ \scriptsize { 1 } } Conducted the selection and cultivation of 3310 young tasting talents born after 1995.

"Four Projects"

Project Name

Progress in 2024

The Talent Introduction "Building Nest to Attract Phoenix" Project
It aims to attract outstanding talents, top talents, and leading talents.

{ \bigcirc } Six batches of talent recruitment announcements were issued, offering 150 positions. Over 200 professionals in fields such as digital information, law, and other specialties were recruited to work at various subsidiaries.

The Talent Training "Nurturing Seedlings and Growing Trees" Project It aims to establish a comprehensive, resource-sharing, well-connected, and progressively advancing talent development system.

⑨ Promote the evaluation and management of professional, technical, and skilled talents. In 2024, a total of 1,644 people in the entire group were appointed to professional titles.

⑨ Select the "Moutai Outstanding Talent Award" to reward national-level liquor judges and skill competition awardees, and support in-service graduate students in enhancing their academic qualifications.

The Talent Utilization "Fission
and Value Creation" Project
It focuses on selecting the right
person for the right position and
utilizing talent based on their abilities.

⑨ Increase internal mobility and activate human resources: Conduct internal selection, special selection, organizational deployment, and secondment activities.

⑨ Multi-field position selection: Organize the selection for 55 positions, including engineering, secretarial, medical, etc., attracting 1,600 participants.

◎ Optimize talent allocation: Effectively match internal talents with vacant positions, stimulate the potential of internal talents, and achieve balanced development.

The Talent Retention "Heartfelt Service" Project Emotional retention、Compensation retention、Career retention.

◎ Carry out activities such as holding the "Spring Rain Nourishes the Crops: Talent Brewing the Future" conference, "Smart Lecture Halls," and informal talks for young talents to retain talent and strengthen talent service and support.

Case The Company Shines in Various Skill Competitions, Showcasing Its Strength in Talent Development

In 2024, Moutai Group has consistently achieved outstanding results in various liquor industry skill competitions, fully demonstrating its exceptional achievements and robust capabilities in talent cultivation.

‌Liquor Body Design Competition and Distillation (Steaming) Liquor Extraction Competition (Sauce-flavor Baijiu) Guizhou Provincial Selection: Moutai Group Demonstrates Host Strength‌:

In the competition held in July, Moutai Group showcased its formidable capabilities as the host. A total of 28 employees from the Company and its subsidiaries excelled in both the liquor body design and distillation (steaming) wine extraction projects, successfully advancing to the national finals, highlighting the exceptional skills of Moutai's ttalentpool‌.

Second National Distillation (Steaming) Liquor Extraction Vocational Skills Competition:

In the competition held in August, Moutai Group contestants stood out once more among 66 participants from 36 teams across 13 provinces and regions, securing 6 out of the 10 awards. This achievement further highlights Moutai's profound expertise in the inheritance and innovation of brewing techniques.

● ‌National Industry Vocational Skills Competition & National Baijiu Taster Vocational Skills Finals:

‌In the competition held in December, the 13 contestants sent by Moutai Group stood out among 212 sommeliers from across the country, with 10 winning awards spanning the first, second, and third prizes. This achievement once again showcases the group's outstanding results and formidable strength in cultivating taster talent‌.

The outstanding achievements of the Company in skills competitions not only affirm its talent cultivation efforts but also set a benchmark for the industry. By selecting and nurturing talent through competitions, Moutai has facilitated the exchange and innovation of technology within the Guizhou baijiu industry, contributing to the prosperity and progress of the entire baijiu sector

‌Industrial Workforce Reform

Since the 18th National Congress of the Communist Party of China, General Secretary Xi Jinping, from a strategic perspective of the Party and national work, has articulated a series of important directives on the reform of industrial workforce development. These directives provide the fundamental principles and actionable guidelines for advancing industrial workforce reform in the new era.

In accordance with documents such as the ReformPlanforIndustrialWorkforceDevelopmentintheNewEra and theNoticeon PilotReformsforIndustrialWorkforceDevelopmentintheNationalFinance,Trade,LightIndustry,Textile,and Tobac oSectors, the Group formulated and issued the ImplementationPlanforthePilotReformProject"ImprovingtheIn ovationMechanismfor Employe sandEstablishingPlatformsforIndustrialWorkforceIn ovationandEficiency"at Kweichow Moutai Group Co., Ltd. This plan provides a top-level design and deployment for Moutai Group's industrial workforce reform. The Group's labor union has earnestly fulfilled its leading role, systematically coordinating and driving the implementation of various reform measures.

‌Overall Framework and Implementation Requirements

"Political assurance, institutional implementation, competency enhancement, and rights protection"

‌Building Three Key Hubs

‌Ideological Education Hub‌:

Strengthen employee ideological education through Party-building leadership, theoretical study, lectures, and research. Utilize learning platforms, organize grassroots lecture teams, conduct surveys, and address issues proactively.

Artisan Cultivation Hub‌:

Implement the "Eight-Step Artisan Development Method," combining competitions, certifications, and mentorship to expand skilled talent. Improve incentive mechanisms, recognize excellence, and promote craftsmanship through masterapprentice programs.

‌Spirit Promotion Hub:

Establish "Artisan Day" with dedicated funding. Build exhibition halls, feature columns, and lectures to celebrate craftsmanship. Enrich employee life with cultural/sports activities, training associations, and intrinsic motivation initiatives.

‌Constructing Three Platforms

Vocational Training Platform‌: Nearly RMB20 million is annually invested in employee training, encouraging workers to improve their education. By establishing bases through school-enterprise cooperation, strengthening internal training teams and curriculum development, and cultivating employee culture, the platform comprehensively promotes the enhancement of industrial workers' skills.

{ \scriptsize { 1 } } Skills Competition Platform‌: Establish a high-level coordination body and improve the integrated mechanism for training, drills, competitions, promotions, and incentives. Develop a three-tiered, regular competition system. Actively organize, participate in, and host various levels of competitions, offering generous rewards to winners, effectively stimulating employees' enthusiasm and enhancing skill levels.

‌Overall Framework and Implementation Requirements

"Political assurance, institutional implementation, competency enhancement, and rights protection"

‌Constructing Three Platforms

Innovation Mechanism Platform‌: Steadily advance the construction of platforms such as laboratories, innovation centers, and workshops, creating talent bases. Relying on the "topic selection - project establishment - problem-solving - review - transformation" innovation mechanism, establish various types of workshops. Over the past three years, 52 research and development projects and 27 achievements have been produced.

Improving the six Systems

● Position Management System:

Reform the career path, establish a vertical and horizontal promotion system, and link technical positions with administrative job compensation. Smooth the job transfer channels, complete skill level certification, and achieve dual incentives in both material and spiritual aspects.

Rights Protection System:

Improve the protection mechanism, sign collective contracts, and provide legal consultation. Ensure employee health, set up health stations, and promote health and happiness. Care for employees in difficulty, implement leave policies, and provide warmth and care.

● Employee Incentive System:

Innovate the incentive mechanism, involve technical achievements in distribution, and promote a broad salary system. Support academic and skill upgrades, strengthen talent recognition and management. Attract and reward high-level talent according to regulations, and implement benefits for top-tier talents.

Employee Technical Innovation System:

Improve the scientific and technological innovation mechanism, carry out mass innovation activities like "Five Small Initiatives" (referring to small improvements or innovations by employees). Promote the transformation of achievements, win multiple awards, publish papers, and apply for patents to enhance innovation capabilities.

{ \scriptsize { 1 } } Safety Assurance System:

Develop training plans, conduct regular safety education. Improve institutional procedures, build dual prevention mechanisms and checklists, and implement daily inspections. Strengthen emergency management, conduct drills to enhance capabilities.

Enhancing Employee Well-being

The Company has always adhered to a people-oriented approach, continuously investing resources to actively improve employees' working environments and living facilities. Committed to building a "Happy Moutai," it strives to enable every employee to work happily and live a fulfilling life. For this, we meticulously plan and organize a series of diverse cultural and sports activities to achieve work-life balance, creating a comfortable and convenient work-life experience. We also pay special attention to the practical needs of female employees and those with family difficulties. Through establishing and improving care and support mechanisms, we provide them with thoughtful services and assistance, ensuring every employee feels the warmth and care of a family and shares in the fruits of corporate development.

In 2024

we allocated approximately RMB 4.16 million‌for the distribution of ‌special labor protection supplies tailored to women workers.

Caring for Female Employees

To thoroughly study, promote, and implement the spirit of the 20th National Congress of the Communist Party of China, the 18th National Congress of the All-China Federation of Trade Unions, and the 15th Provincial Trade Union Congress, as well as to fully implement General Secretary Xi Jinping's important statements on the working class, trade union work, and women's work, and to carry out the "Opinions on Strengthening the Work of Female Employees in Trade Unions in the New Era" issued by the All-China Federation of Trade Unions, the Company's Trade Union is holding a legal knowledge competition for female employees during the International Women's Day (March 8). This event aims to enhance female employees' awareness of self-protection, improve their legal literacy, professional quality, and competitiveness.

In 2024, to ‌improve occupational safety conditions for female employees‌, we allocated approximately RMB4.16 million for the distribution of ‌special labor protection supplies tailored to women workers.

Case

"Born to Beauty, Blossoming Youth"

During the International Women's Day (March 8th), the Company organized and held a special parent-child event titled "Born to Beauty, Blossoming Youth" to showcase the elegance of female employees and promote family harmony. The event was rich in content, featuring activities such as "Angry Little Moutai," a floral art salon, a Hanfu Costume runway show, and a "Subject 3 " dance performance, all of which allowed participants to strengthen emotional connections in a relaxed and joyful atmosphere.

The event was organized on a family basis, and through a series of carefully designed interactive activities, female employees and their family members experienced joy and warmth. It also gave the female employees a chance to enjoy precious time with their families while taking a break from work.

In 2024

the total support provided to employees in need reached RMB 206,000

Employee Care and Social Responsibility

The Company prioritizes employee well-being, integrating care into daily operations through regular visits and support activities. Whether honoring dedicated model workers, expressing gratitude to retired veterans, or assisting employees facing hardships, every member of the Moutai family experiences our corporate warmth. In alignment with the Love Fund Management Regulations, the Company has expanded the scope of financial assistance under its Love Fund. In 2024, the total support provided to employees in need reached RMB 206,000, reinforcing our commitment to inclusive welfare and social equity.

Case

Employee Care and Summer Heat Relief Initiatives

Amidst the sweltering summer heat, the Company launched the "Summer Cooling Care" campaign, delivering care and cooling upplies to frontline employees who remain dedicated to their posts.

The Company and its subsidiaries‌place ‌high priority on employee welfare‌. While emphasizing ‌occupational safety‌, the group has ‌implemented concrete measures to combat heat stress, including the delivery of ‌summer heat prevention supplies to ‌frontline workers‌.

‌Work-Life Balance

During the reporting period, the Company leveraged the Employee Cultural and Sports Center to establish 228 interest groups, offered a variety of skill-enhancement training classes, and organized over 300 cultural and sports activities. These initiatives effectively enriched employees' lives beyond their eight-hour workdays, fostering a healthy and positive lifestyle.

In 2024

Sports Center to establish organized over 300 228 interest groups cultural and sports activities

In addition to the care provided by the Company's leadership, the Company's trade union also joined forces with various grassroots unions to carry out themed care activities, covering multiple groups including production staff, transportation workers, participants in skill competitions, and those working outdoors for extended periods.

Embracing Wisdom

Ethical Business Practices Adhering to Regulations

Moutai Group has consistently and unwaveringly adhered to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as its fundamental guiding principle. It has comprehensively, deeply, and precisely implemented the spirit of the 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th Central Committee. The Group has made high-quality Party building the core driving force for leading the high-quality development of the enterprise. Under the guidance of Party building, Moutai Group has actively promoted the reform of state-owned enterprises, continuously optimized and improved the modern corporate governance system, strengthened the development of a modern industrial system, and consistently enhanced the market competitiveness of stateowned enterprises. With steady steps, Moutai Group is advancing towards its grand goal of building a world-class enterprise and creating a world-class brand.

‌Performance in Responsibility

‌New Party Members‌: 626 new Party members were developed

covering 165,000participants.

‌Warning Education Sessions‌: 2,318sessions were conducted

‌Moutai "Five Wills" Party Building
Demonstration Sites‌:
20
demonstration sites were established

Party Discipline Study Sessions‌: The Group and its leadership team led by example, organizing over 30 thematic Party lectures, exchange seminars, and other activities.

Education on the Spirit of Key Meetings‌: Over 150 sessions were held to disseminate the spirit of the Third Plenary Session of the 20th CPC Central Committee and the Fifth Plenary Session of the 13th Provincial Party Committee

covering more than 42,000participants ‌Grassroots Party Branch Activities‌: Over 1,200 "Three Meetings and One Lesson" sessions and themed Party Day activities were conducted

covering more than 42,000participants

"Qingfeng"(Upright and Clean) Promotion Team‌:
Over100on-site education sessions
were conducted,

reaching more than 10,000participants

Party Leadership as the Guide: Sustaining the Inheritance

The company always prioritizes Party building, resolutely implements the Party Central Committee's decisions and plans, thoroughly studies the series of important instructions and comments by General Secretary Xi Jinping, firmly supports 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), and strictly practices the “Two Upholds”(upholding the authority of the CPC Central Committee and its centralized and unified leadership). It actively promotes the study of the spirit of the 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th CPC Central Committee, continuously consolidating the achievements in grassroots Party organization building, steadily advancing the work of Party-style and clean government construction and anti-corruption in the branch, and adheres to using high-quality Party building to lead high-quality development.

Carrying out Party's Thematic Education

The Company continues to promote the in-depth and practical study of the Party's innovative theory, effectively carry out thematic education, and strictly implement the "First Agenda" system. Through the model of "individual self-study ^ + centralized learning ^ + special discussions," we regularly organize various activities such as centralized learning, thematic discussions, and Theme Party Day, effectively promoting the normalization and long-term effectiveness of learning and education.

In 2024, the Company's leadership team followed up on 78 key documents related to General Secretary Xi Jinping's important discourses and speeches through the "First Agenda," and conducted centralized learning on 89 documents related to the central government, the Guizhou Provincial Party Committee, and the Company's Party committee. The team carried out 8 sessions of central group learning and concentrated discussions.

Moutai Group Party Committee Theoretical Learning Center Group Holds Centralized Case Discussion and Research Results Exchange Meeting

In November 2024, the Group's Party Committee Theoretical Learning Center Group convened the seventh centralized seminar and research achievement exchange meeting. Focusing on in-depth study and implementation of General Secretary Xi Jinping's important expositions on the reform, development and Party building of state-owned enterprises, as well as the new deployments of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, the meeting discussed how to promote enterprise development through highquality reforms and contribute Moutai's strength to Chinese-style modernization.

As a state-owned enterprise, the company unswervingly adheres to and strengthens the Party's leadership, deepens the reform of state-owned enterprises, enhances core competitiveness through scientific and technological innovation and market transformation, implements scientific and technological innovation to improve the innovation capabilities of industries, products

and technologies, tells good brand cultural stories in combination with Moutai Jiuzhang (Code of Conduct), actively promotes the digital transformation of marketing, and enhances the international brand image.

The meeting made it clear that fulfilling social responsibilities is a firm direction for enterprise development. It is necessary to actively play the leading and supporting role of the company in regional economic development, increase investment in public welfare undertakings such as public welfare education assistance, rural revitalization and rural sports, and demonstrate the "great brand with great responsibility" with practical actions.

Moutai Group Organizes the Seventh Centralized Discussion and Research Results Exchange Meeting

On September 2, 2024, Moutai Group organized a special briefing session to study and implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China. The meeting invited Wang Xiaoguang, former deputy director of the Department of Economics at the Party School of the Central Committee of the Communist Party of China, economist, doctoral supervisor, and vice president of the China Public Economics Association, to give a special briefing.

Health Liquor Company Conducts Patriotic Education Activities in Celebration of National Day

Wine Company Holds "Inheriting Red Gene and Drawing Strength for Progress" Themed Party Day Event

Logistics Company Conducts "Tracing Red Footprints and Inheriting the Spirit of the Long March" Themed Educational Activity

Ecological Agriculture Company Conducts "Remembering the Glorious History, Inheriting the Red Gene, and Continuing the Red Chapter of the New Era" Red Education and Patriotic Education Activity

Strengthening Organizational Construction

The Company deeply study and implement General Secretary Xi Jinping's important thoughts on party building, strictly implement the requirements of the Guizhou Provincial Party Committee's "Guiding Opinions on Promoting the High-Quality Development of Grassroots Party Building" and the "Action Plan for Improving the Quality and Efficiency of Party Building in Guizhou's State-Owned Enterprises," and comprehensively strengthen grassroots party organization construction. We insist on focusing on strengthening the grassroots foundation, continuously consolidating and deepening the standardiz ed and standardized construction achievements of party branches, transforming the organizational advantages of the party into political leadership and value-creation advantages. We deepen the creation of the "Five Hearts" Party Building brand, issue the "Implementation Plan for Deepening the Creation of Moutai's 'Five Wills' Party Building Brand and Promoting the Creation of Demonstration Party Organizations," and carry out activities such as "One Organization, One Brand" and "One Branch, One Characteristic." We will continue to build the " 1 + N " brand matrix.

In 2024

the Company guided 1 6 1 party organizations to apply for the creation of party building brands

and 31 characteristic branches

Case Moutai "Five Wills" Grassroots Party Building Work Competition Successfully Concluded

From October 25 to November 15, 2024, Moutai Group held the 2024 Moutai "Five Wills" Grassroots Party Building Work Competition. Through comparison and showcasing, the event promoted the quality improvement and efficiency enhancement of party building work in various forms. The competition provided a platform for grassroots party organizations to exchange and learn from one another. Participants were able to identify their own shortcomings through the competition, learn from excellent experiences, and enhance their personal party building skills. This event showcased the fighting spirit and exemplary role of grassroots party organizations and members in their work, further promoted the deep integration of party building and business, and strengthened the cohesion, combat effectiveness, and centripetal force of grassroots party organizations.

The Scene of the Moutai "Five Wills" Grassroots Party Building Work Competition

Achievements in Party-building Brand Development by Subsidiaries (Partial)

Moutai Airport Company:

Fully combining the characteristics of Moutai and the civil aviation transportation airport, the company has innovatively established a " 1 + 5 + 1 1 " Party building brand matrix. This includes a main line centered around the company's Party committee's "Flight·Home" Party building brand, which runs throughout. Additionally, it has led to the creation of 5 "Party branch sub-brands," and continuously expanded to create N thematic, distinctive "Party group ^ + team sub-brands" with a strong focus on civil aviation characteristics.

Health Liquor Company:

Guided by Moutai Group's "Five Wills" Party building brand, the company has created the "United in Dream Building" demonstration site and worked to develop the Party building brand. Additionally, The Company has actively promoted the construction of micro Party building brands, developing 10 micro Party building brands such as "Strengthening the Foundation, Building the Core," "Craftsmanship · Brewing Dreams," "Compliance · Escorting," "Fulfilling Service for Families," "Craftsmanship Source," and "Skilled Craftsman Source." These micro brands have been established across various company development areas, including frontline projects, marketing, production grassroots, and management support. This has formed a systematic brand matrix, driving Party members in different sectors and systems to serve as vanguard role models, fully showcasing the role of Party organizations, and creating a vibrant scenario where "Party building leads to development and business integration enhances momentum."

Leadership Team Building

The Company adheres to the correct orientation for selecting and employing people, placing significant importance on the construction of the cadre and personnel team. The company has established mechanisms for inter-department employee exchanges and job rotations, such as employee shadowing and internal rotations. It has also formulated systems and measures like the "Measures for the Reserve, Cultivation, and Utilization of Outstanding Young Cadres" and the "Error-Tolerance and Correction Management Measures," among others, to improve the capability and quality of Party members and cadres. Throughout the year, the Company has cultivated 2 senior professionals, rotated 6 young reserve cadres and key position personnel, and trained and transferred 5 cadre talents.

In 2024, the Company further improved its talent selection and employment mechanisms, including "public recommendation and selection" and "public competition for positions." The company promoted and reallocated 312 cadres based on merit, adjusted and rotated 64 cadres in key fields, recruited 2 professional managers for subsidiaries, and increased the proportion of young cadres by 4 . 4 % .

The Company Executive Training Program Held in Guiyang

In December, 2024, the Company held its 2024 Executive Training Program (Session II) in Guiyang, focusing on studying and implementing the spirit of the 20th CPC Central Committee Third Plenary Session and the Central Financial Work Conference. The training aimed to enhance the investment decision-making abilities of the company's senior executives, with the core goal of advancing the high-quality development of Moutai's economy and finance, contributing to the modernization of the enterprise.

The training session invited professors from the China Europe International Business School (CEIBS) to provide an in-depth analysis of financial statements, revenue recognition, long-term asset analysis, accounting profit quality, and corporate valuation from an accounting perspective. They also discussed Moutai's current investment management practices and future strategies, offering effective references for Moutai's investment and financing management.

Through this training, the Company strengthened its senior executives' abilities to manage financial risks and investment management. It also demonstrated Moutai's commitment and responsibility to actively address challenges, enhance management capabilities, and achieve sustainable development in a complex economic environment.

The 2024 Second Session of Moutai Group's Executive Training Program Kicked Off in Guiyang

Strengthening Discipline Construction

The Company continues to build and improve the system for exercising full and strict governance over the Party, fostering a clean and upright corporate ecosystem. It has revised and improved institutional measures such as the ListofResponsibilitiesforImplementingFulandStrictGovernanceovertheParty, MeasuresforFurtherImprovingMoutaiGroup'sFault-ToleranceandEror-CorectionMechanismto InspireCadrestoTakeResponsibility,DetailedRulesforVerificationandDisposalof"Non-Employes andNon-Partymembers",DetailedRulesfortheGroupPartyCom ite'sAp licationoftheFirstForm ofIntra-PartySupervision,RegulationsonProhibitingLeadingCadresfromExploitingMoutaiLiquorfor PersonalGains,andAdministrativeMeasuresforRegistrationandFilingofGretingsbyLeadingCadres inMoutaiLiquorBusines Activities, constantly tightening the institutional cage of "unable to corrupt". The main responsible comrade of the Party committee conducted 38 supervisory talks with subordinate "leading officials", promoting more than 240 person-times of supervisory talks by "leading officials" at all levels. Three rounds of inspections were deployed to carry out "political physical examinations" on 20 Party organizations, and analyses and evaluations of the intra-Party political ecology were organized for 24 directly affiliated Party organizations, pushing responsibility implementation at all levels.

Enhancing Clean Government Cultural Construction and Normalizing Warning Education. The Company has strengthened clean governance cultural initiatives and carried out regular warning education. Leveraging the Moutai Clean Government Education Hall, the Qingfeng (Purity) Propaganda Team, and the "Monthly Warning" campaign, it has organized nearly 2,000 warning education and legal-disciplinary publicity activities, continuously nurturing a culture that reveres integrity and resists corruption.

Sustaining Rectification of Work Style, Discipline, and Anti-Corruption Efforts; Deepening Special Supervision and Key Area Governance. The Company has advanced rectification of work style, discipline, and anti-corruption efforts, while deepening special supervision and governance in key areas. It has carried out 5 special supervisions, including "review" inspections on the implementation of General Secretary Xi Jinping's important instructions, supervision on the implementation of the Spirit of the Central Eight-point Regulations and their detailed rules, research-inspections on Moutai's marketing sector, and evaluations of the "One Field, One Supervision List" mechanism. These efforts identified and rectified 160 issues.

Moutai Group convenes a warning education conference to consolidate the political ecosystem of“Fine Liquor Aroma and Upright Conduct”

In June, 2024, the Company held a warning education conference to further consolidate a politically clean and healthy environment. The conference focused on deeply implementing General Secretary Xi Jinping's important discussions on strengthening Party discipline and emphasized the importance of using case studies to teach about ethics, discipline, law, and accountability. The conference aimed to strengthen the Company's political ecology by reinforcing strict discipline. Zhang Deqin, Party Secretary and Chairman of Moutai Group, emphasized the need to strictly adhere to discipline red lines and political bottom lines. He urged the attendees to regularly reflect on their thoughts, avoid the harm of greed, and guard against internal corruption. He stressed the importance of always maintaining a clear mind, remaining vigilant, and adhering to political discipline as the baseline and standard,

The warning education conference fully demonstrated the company's strong commitment to Party conduct and clean governance. It also further guided Party members and cadres to enhance their awareness of self-discipline, firmly resist corruption, and uphold a loyal, clean, and responsible political character. This effort aims to contribute to Moutai's high-quality development and modernization while laying a solid political foundation for the Group's sustainable and healthy growth.

Moutai Group Held a Warning Education Conference

Reform Empowerment, Strategic Planning for the Future

The Company deeply studies and implements General Secretary Xi Jinping's important instructions on the reform, development, and party building of state-owned enterprises. The Company continues to advance reform actions and constantly improves the level of modern enterprise governance. Focusing on the core business of "liquor," the Company actively explores the development of emerging industries, aiming to build a modern industrial system centered around "liquor" and comprehensively supporting the Company's stable, healthy, and sustainable development.

Promoting Reform at a High Level

The Company has established a " 1 + 3 " organizational leadership system consisting of "Party Committee Coordination ^ + Leading Leadership ^ + Leading Unit ^ + Responsible Units" to efficiently and effectively promote the three-year action plan for state-owned enterprise reform, ensuring the implementation of reform tasks.

Party Committee Leading at a High Level

The Group Party Committee regards the three-year action plan for state-owned enterprise reform as a political task. It ensures the successful completion of the action plan by conveying and studying the higher authorities' directives, regularly hearing progress reports, and providing written updates. This approach strengthens the accountability for reform, ensuring that the tasks are carried out effectively and the action plan progresses smoothly.

Leadership Takes
the Lead and
Oversees the
Overall Progress

The "Accountability System for Reform Tasks" is implemented, with the group's leaders (members of the leadership team) personally responsible for deploying and supervising the execution of reforms. Through special progress meetings, work deployment meetings, and other channels, they address and resolve reform challenges, ensuring that the reform initiatives are carried out in an orderly and efficient manner. This approach ensures direct leadership involvement and a focused effort to overcome obstacles and achieve the desired outcomes.

Departmental Coordination for Implementation

The Group Party Committee has established a Comprehensive Deepening Reform Committee and an office, responsible for formulating plans, organizing meetings, coordinating efforts, and driving the reform process forward. The committee also issues work guidelines to leading units and subsidiaries, creating a " 1 + N " linkage mechanism. This mechanism facilitates collaboration and ensures that all units and subsidiaries work together in synergy to effectively advance the reform initiatives.

In 2024

the completion rate of the core tasks in the reform action plan reached 88.75%

During the reporting period, the Company focused on the requirements of stateowned enterprise reform and the company's actual reform and development needs. It revised and issued documents such as the MoutaiGroupReformandDe peningAction Implementation Plan (2023-2025) and the Moutai Group 2024 Key Reform Work Points. These documents laid out a comprehensive deployment of 80 reform tasks across six areas to advance the deepening of reform. Throughout the year, 12 meetings of the Reform Committee and related special reform sessions were held, steadily advancing the reform initiatives. As a result, the completion rate of the core tasks in the reform action plan reached 8 8 . 7 5 % .

Advancing Systemic Reform

The Company is committed to implementing the three-year action plan for state-owned enterprise reform. The Group has established a robust work mechanism for state-owned enterprise reform and is comprehensively advancing the company's institutional reforms, continuously stimulating the company's internal momentum and development vitality.

Operational Mechanism

Based on the " 1 + 3 " organizational leadership structure, the Company has implemented a mechanism for "weekly scheduling and progress updates at each Party Committee meeting ^ + real-time special studies on key reform tasks," ensuring that reform progresses in a normalized manner.

Supervision and Inspection

Through issuing notices, conducting special research, acceptance checks, and comprehensive inspections, the Company provides guidance, supervision, and inspection for subsidiaries at all levels. These efforts communicate requirements, identify issues, and enforce corrective actions within set deadlines.

Supervision and Assessment

The three-year action plan for state-owned enterprise reform is integrated into the Party Committee's inspections and is included as part of the annual comprehensive evaluation indicators. A "one-vote veto" system is applied, meaning that units that fail to meet their reform targets will not be rated as "excellent."

Coordinating and Advancing Systemic Reform

The Company follows the principles of "separation of management and operation" and "streamlining for efficiency" to comprehensively deepen the reform of the management system and mechanisms. By optimizing the structure of the Group and shareholding institutions and adjusting their functions and responsibilities, the Group has established a scientifically organized and standardized institutional system. This provides a solid foundation for the company's high-quality development and promotes the efficient operation of various units and departments.

In 2024, some key initiatives in the areas of mechanism and system reform partially include:

Group Management and Control System:

The implementation of the MoutaiGroupManagementandControlSystemConstructionPlan has led to the establishment of a management and control system that integrates both control and empowerment. This system is designed to ensure that Moutai Group operates efficiently while fostering autonomy within its subsidiaries.

Procurement Mechanism and System Reform:

The Group issued the ImplementationPlanforAdvancingProcurementSystemandMechanismReform. Through benchmarking advanced practices, centralized procurement with separate signing, launching an e-commerce procurement platform, optimizing processes, and strengthening team building, Moutai Group has addressed challenges such as "difficult project initiation, complex procurement processes, and slow procurement times."

Third-Party Management System:

A comprehensive lifecycle management system for third-party organizations has been established, covering needs assessment, introduction, on-site presence, performance evaluation, and exit procedures. This includes the issuance of a series of management regulations such as the Sup lierManagementMeasuresandThird-PartyManagementMeasures.

Reform Achievements Begin to Show

Since the implementation of state-owned enterprise reforms, the Company has focused on key areas and critical links, with various industrial sectors performing well. The initial results of the three-year reform action plan are starting to become apparent.

Industrial Sector Development

In 2024, the Company is leading the upgrading of the Guizhou sauce liquor industry as the "chain leader." The group is strengthening supply chain management to ensure the stable development of its core business. This leadership role aims to further optimize production and

Results of State-Owned Enterprise Reform

In 2024, the Company made significant progress in production quality, industry expansion, technological innovation, talent development, and social responsibility, with the initial results of state-owned enterprise reform becoming evident.

Moutai Group's State-Owned Enterprise Reform Report Card (Partial)

Excellent Governance:Compliance-Driven Operations

The Company has always been guided by General Secretary Xi Jinping's important instructions on adhering to the "Two Consistencies," continuously strengthening the integration of the Party's leadership with the improvement of corporate governance, and fully improving the enterprise's compliance operations and risk management systems. The Company is committed to continuously promoting the modernization of the corporate governance system and governance capabilities, laying a solid governance foundation for the construction of a world-class enterprise.

Improving the Governance System

The Company continuously optimizes the modern management system, implementing a corporate governance structure of the "Three Committees and One Layer" (Party Committee, Board of Directors, Employee Representative Congress, and Management), ensuring that the Party Committee "sets the direction, oversees the overall situation, and ensures implementation," the Board of Directors "sets the strategy, makes decisions, and manages risks," and the management team "focuses on operations, implements tasks, and strengthens management." This ensures that each body fully plays its role, forming a governance system with legally defined responsibilities, transparency, coordinated operation, and effective checks and balances. In 2024, the group revised and improved several institutional documents, including the BoardofDirectors'Me tingRules,the PartyCom ite ,Board ofDirectors,andGeneralManagerOficeMe tingAgendaList,and the BoardofDirectors'DecisionMakingAuthorizationRegulations, further clarifying the scope of the Board's responsibilities and the boundaries of authority between the Chairman and the General Manager, effectively contributing to the establishment of a corporate governance system with legally defined responsibilities, transparency, and coordinated operation.

The Company has established a Board of Directors, which serves as the decision-making body of the company. The current Board consists of 7 members, including 3 internal directors (1 Chairman, 1 Vice Chairman, and 1 Employee Director) and 4 external directors, with external directors accounting for 5 7 . 1 4 % . The Board members have diverse professional backgrounds, covering fields such as engineering, agronomy, economics, management, and law, offering complementary expertise and extensive management experience.

The Board of Directors has established five special committees, namely the Strategy and Investment Committee, Risk and Compliance Management Committee, Audit Committee, Nomination Committee, and Remuneration and Appraisal Committee. These committees are responsible to the Board of Directors and provide consulting services for the Board's decision-making. The Board strictly exercises its powers in accordance with relevant regulations and requirements, including the CompanyLawof thePeople'sRepublicofChina, the ArticlesofAsociationofMoutaiGroup, and the BoardofDirectors' Me tingRulesofMoutaiGroup. It performs its duties with diligence, forming a decision-making system that is scientific, standardized, effective in execution, and robust in supervision. In 2024, the group held 13 Board meetings, reviewed 78 proposals, and approved 61 (including 17 reports). Additionally, 34 meetings of the specialized committees were held, reviewing 61 proposals.

In 2024

the group held reviewed and approved 61 13 Board meetings 78proposals (including 17 reports) 34 meetings of the specialized reviewing 61 proposals. committees were held

Measures and Achievements in Strengthening the Construction of Subsidiary Boards of Directors by Moutai Group

Improving Top-Level Systems and Innovating Management Mechanisms

{ \scriptsize { 1 } } Developed and improved such systems as the ManagementMeasuresforAp ointingDirectors and the DetailedRules fortheManagementofAp ointedFul-TimeExternalDirectors.

* Established mechanisms for external directors' observation, research support, communication mechanism for duties performance experience, as well as the "Seven-Style" specialized management mechanism for appointed full-time external directors, and a performance-linked evaluation mechanism. These measures aim to enhance the external directors' roles and promote subsidiary boards in playing their core governance functions.

Scientific Allocation of Directors to Ensure More External than Internal Directors

⑨ In line with the industry characteristics of subsidiaries, appoint external directors from different professional fields, ensuring that subsidiary boards have more external directors than internal ones.
{ \scriptsize { 1 } } In accordance with the CompanyLawofthePeople'sRepublicofChina, the ArticlesofAs ociation, and the requirements for state-owned enterprise reform, standardized director appointments, and ensured that vacancies are promptly filled with a "one vacancy, one report, one vacancy, one complement" approach to ensure full director allocation.

Implementing Dedicated Positions to Achieve Professional Governance Personnel

* Issued the OperatingManagementRegulationsforSubsidiaryBoards to push for the completion of director functions and position settings at subsidiary boards.
* Ensured the effective operation of corporate governance and promoted professionalization of governance personnel, providing support and services for the Party Committee, Board of Directors, General Office meetings, and external directors in performing their duties.

Legal and Compliant Operations

The Company has always regarded the deepening of legal system construction and strengthening of compliance management as key goals for advancing the modernization of corporate governance. We continue to promote the development of the legal compliance and risk management organizational system, consistently improving our level of legal governance and compliant operations.

Case

Moutai Group Deepens Legal System Construction to Provide Strong Support for High-Quality Development

In January, 2025, the Company held a meeting on legal affairs, deeply implementing Xi Jinping Thought on the Rule of Law, summarizing the achievements of legal work in 2024, and systematically deploying tasks for 2025 to provide strong legal support for the sustainable and high-quality development of Moutai.

Zhang Deqin, Secretary of the Party Committee and Chairman of Moutai Group, emphasized at the meeting that in 2024, the group achieved significant results in legal governance, compliance management, and other areas, providing solid guarantees for the healthy, stable, and sustainable development of the enterprise and the maintenance of its brand image. In 2025, the group will continue to nurture a law-based culture, deepen legal system construction, and continue to drive Moutai Group's healthy, stable, and sustainable development through high-quality legal work.

Kweichow Moutai Group Holds a Legal Affairs Work Meeting

System Construction

During the reporting period, the Company laid a solid institutional foundation for the company's legal and compliant operation by formulating a series of plans, revising, and issuing a batch of management measures, solutions, and other regulations.

Rule of Law Construction

Formulated and issued theMoutaiGroupRule ofLawConstructionPlan(2024–2027), revised and issued systems such as the Regulations on Legal Case Management, Contract ManagementMeasures, and IntangibleAset ManagementConstructionPlan to standardize the management of contracts, intangible assets, and other work.

Compliance Operation

The Company revised the Comprehensive Risk and Compliance Management Measures, and developed the following compliance guidelines, including Anti-monopoly Compliance Guidelines, Anti-unfair Competition Compliance Guidelines, Anti-commercial Bribery and AntiOFC (Overseas Foreign Corruption) Compliance Guidelines, Labor Employment Compliance Guidelines. It also strengthened efforts to refine compliance management checklists, integrate risk identification processes.

Digital Management

The Company actively promotes the digitalization of legal affairs management. The "Smart Legal Affairs" system has been fully launched at both the group and listed company levels, covering areas such as contracts and compliance. It has been integrated into the overall "Business and Financial Integration" construction and achieves interoperability and sharing with systems such as finance and procurement. In the future, the second phase of the "Business and Financial Integration" system will be launched in more subsidiaries under the group, further improving the digital level of the company's compliance management.

The Company places high importance on risk management and control, adhering to the principle of balancing development with safety. We are committed to preventing and mitigating all types of risks and have established a risk management organizational system composed of governance, guidance, execution, and supervision bodies to ensure the achievement of high-quality development goals.

Strengthening Risk Prevention and Control

During the reporting period, the Company continued to deepen the construction of its group control system. The group issued and implemented a series of system documents, including the KweichowMoutaiGroupComprehensiveRiskManagementSystemConstructionPlan, ListofControlMatersfor2 SubsidiariesofKweichowMoutaiGroup, and Comprehensive RiskandComplianceManagementMeasures. These measures incorporated risk management into the assessment of functional departments, strengthened compliance risk management, enhanced safety risk supervision, and comprehensively improved the level of risk control in compliance, safety, and other areas.

Responsibility Performance

strategy, finance, marketing, operations, law, and public
Focus on the risks in six major areas opinion.
Strengthen four key aspects of top-level design organization, systems, operations, and safeguards. including risk identification, assessment, control, and
Establish four major management processes improvement.
Promote a four-dimensional mechanism for adhering to the rule of law, strengthening internal controls,
collaboration promoting compliance, and preventing risks. During the reporting period, secondary risks tertiary risks various departments identified 6 primary risks 46 157 After identification, the assessment work for and formulated thetertiary risks was Assessed 10 53 94 the “Moutai carried out one by one Group Major Risk 157 major risks relatively large risks general risk Response Plan”.

Building Foreign-related Legal Barriers to Ensure Steady Progress of the Internationalization Strategy

The Company places great importance on legal protection for overseas business. By building a comprehensive legal risk prevention and control system, the company provides strong support for the steady advancement of its internationalization strategy.

In 2024, the Company focused on the international business needs, providing comprehensive legal and compliance support for major foreign-related matters, effectively identifying and preventing potential compliance risks.

Conducted compliance reviews on major foreign-related systems and foreign-related activity plans of subsidiaries, clarify the key and difficult points as well as risk points of the review, set benchmarks for subsequent related work of subsidiaries through model-based guidance, and ensure the effective implementation of subsequent compliance review work of subsidiaries.

Carried out review work on major foreign-related contract templates of subsidiaries to ensure that the contract content complies with relevant local and international laws, regulations, policies, and commercial practices, and use high-quality foreign-related contract templates to ensure the compliance and controllable risks of overseas businesses.

Formulated a compliance risk response plan for the Company's overseas businesses, conduct qualitative analysis of relevant risks and development trends by combining specific business links and internal/external influencing factors, set corresponding prevention and control objectives, implement responsible entities, sort out response measures, and lay a solid foundation for the comprehensive and effective control of overseas business compliance risks.

Researched and sorted out local laws, regulations, public policies, as well as local religious beliefs, cultural customs, business ethics, and other requirements for overseas businesses, compile high-quality risk prevention and control memorandums for key business countries/regions, and provide advance prevention and control guidance for local compliance risks that may be involved in the development of overseas businesses.

Reviewed five overseas business-related systems such as the RegulationsonOverseasInvestmentManagement to ensure the orderly conduct of foreign-related legal work through institutional means.

Compliance Information Disclosure

The Company has always adhered to the principles of transparency and information disclosure. The company has established a relatively complete information disclosure management system and formulated and issued the InformationDisclosureManagement System. The company continuously promotes the implementation of related tasks, making regulations on the procedures, management responsibilities, confidentiality obligations, and other aspects of information disclosure.

In accordance with regulatory requirements, the company discloses information annually related to strengthening corporate governance, fulfilling social, economic, and environmental responsibilities, among other aspects, providing a true, accurate, and timely reflection of the company's operational and development status.

In 2024, the Company's compliance information disclosure work was carried out in an orderly manner. No violations of information disclosure regulations occurred throughout the year, and the company was not subject to any related penalties.

Brand Building: Cultural Inheritance

The Company continuously improves its corporate culture promotion and practice system. The company focuses on the brand culture positioning of "premium products" and "extreme liquor culture," combining the essence of Chinese traditional culture. It comprehensively summarizes and defines Moutai's corporate culture, formulating the MoutaiJiuzhang (Code of Conduct) to promote Moutai's culture of "history, quality, ecology, craftsmanship, responsibility, and brand." It also presents the cultural concept of "Let the world fall in love with Moutai, and let Moutai's fragrance spread globally."

At the same time, the company issued the Moutai Group Corporate Culture Implementation Plan, focusing on advancing the excavation, interpretation, advocacy, promotion, and practical application of Moutai culture. This effort strengthens the guiding role of Moutai culture across all aspects and continuously enhances the cultural influence, cohesion, shaping power, and radiating force of Moutai culture.

Historical and Cultural Heritage

Moutai's history is long and its cultural heritage is profound. During the Shang and Zhou Dynasties, the people along the Chishui River were skilled at brewing. In the Western Han Dynasty, Emperor Wu of Han praised the "Jvjiang" (sorghum liquor), and during the Ming Dynasty, the "hui-sha" technique was perfected. In the Qing Dynasty, the introduction of Sichuan salt into Guizhou boosted the prosperity of the liquor industry. In the 1840s, many distilleries operated in Moutai, and later, "Chengyi," "Ronghe," and "Hengxing" distilleries were established. They competed and collaborated, promoting the refinement of craftsmanship, quality improvement, and brand dissemination. In 1915, Moutai liquor from Chengyi and Ronghe won the gold medal at the Panama World Exposition. After the founding of the People's Republic of China, the three distilleries merged between 1951 and 1953 to form the stateowned Moutai Distillery, marking the beginning of a new chapter in Moutai's development.

Quality Culture

Moutai has always regarded quality as its foundation. In 2003, 2011, and 2023, it won the National Quality Award three times. In 2023, it received the EFQM Global Award with seven diamonds, a first for a Chinese company. Over the past 70 years, from its founding, Moutai has consistently emphasized quality. Multiple generations of Moutai workers have adhered to principles like the "three prohibitions" and have innovatively introduced the "time-space method" for quality management. They have implemented full life-cycle quality control and promoted the "three transformations" of quality management, ensuring that Moutai's quality remains consistent.

Ecological Culture

The unique geographical and hydrological conditions of the Chishui River have contributed to the "Fine Liquor River" and the core production area of sauce-flavor liquor. Moutai has grown from a small workshop to the world's leading distilled liquor brand. Moutai follows the "Two Mountains" philosophy (Lucid waters and lush mountains are invaluable assets), balancing development with conservation, creating a "three-life" space, promoting green and low-carbon transformation, and has earned multiple green titles. It has explored a high-quality development path that harmonizes the economy and ecology, contributing to the construction of a beautiful China. Additionally, Moutai Group advocates for a balance of competition and cooperation, promoting the symbiosis of nature, industry, and business ecosystems, creating a favorable environment for enterprise development.

Craftsmanship Culture

Moutai's brewing technique is considered a "living fossil" of Chinese liquor craftsmanship. The Moutai craftsmanship culture has nurtured innovation through its inheritance and development. Moutai workers strictly adhere to complex production processes that align with the natural order and strive for perfection in each bottle of liquor. The production has increased from dozens of tons in the early days to over 50,000 tons today. Now, Moutai cultivates its craftsmanship culture by using methods such as "master-apprentice" training, the eight-step artisan method, establishing "Moutai Craftsman Day," and holding labor competitions, creating a strong atmosphere of respect, learning, and striving to become artisans. This has made the spirit of craftsmanship a prevailing trend.

Responsibility Culture

The culture of responsibility is deeply embedded in Moutai's development process, reflecting its character and commitment. From winning the gold medal at the World Expo to contributing to China's foreign exchange earnings after the founding of the People's Republic, Moutai has always been a witness to the rise of the great nation. In its development, Moutai has practiced social responsibility by helping in poverty alleviation, rural revitalization, protecting the Chishui River's ecology, supporting education, and engaging in charitable causes. It also focuses on local operations, people's livelihood projects, driving employment, advocating for competition and cooperation, and integrates responsibility culture into its strategy and operations, showcasing its corporate commitment.

Brand Culture

Moutai's brand has a long history and deep roots, having developed from "the skilled brewers of Puren" to "the world's leading distilled liquor brand." It is built on the core values of the tradition of "making liquor in a harmony between nature and humanity" and the craftsmanship spirit. Moutai has established a multi-dimensional brand matrix in response to market demand, highlighting the brand's strength. Today, Moutai aims to build a world-class enterprise, leveraging its deep cultural heritage, exceptional quality, and modern management to establish itself domestically and expand overseas. It strives to become a window for showcasing China's excellent traditional culture and a world-class brand.

Inheriting the Ancient Charm of China

As a leading enterprise in the industry, the Company has achieved remarkable success in inheriting traditional culture. The group deeply integrates liquor culture with Chinese traditional culture, vigorously supports and applies traditional colors, highlighting its firm commitment to preserving traditional culture. This also sets an example for the industry.

Case

Moutai Dealer Association Award Cup Brings New Creative Design

In December, at the 2025 Moutai Dealer Association event in Guizhou, nine group awards were presented to 209 channel partners and organizations, while three individual awards were given to 46 recipients. The purpose was to motivate channel partners to expand Moutai's marketing efforts and create a brighter future.

Notably, the awards presented by Moutai featured unique cup designs incorporating bamboo scroll elements, which became the focal point of the event. The use of bamboo scroll elements highlights their special status in Chinese traditional culture, reflecting Moutai's respect for tradition and emphasizing its mission in cultural heritage. The core content of the Moutai Jiuzhang (Code of Conduct) engraved on the bamboo scroll serves to communicate Moutai's corporate values to every Moutai person, further enhancing the cohesion and sense of identity within the company.

Case Craftsmen Inheritance---The Dance of Zodiac and Flying Apsaras, Renewing Chinese Culture

The Company, driven by a profound cultural consciousness and innovative spirit, has deeply integrated China’s timehonored traditions into its products, using fine liquor as a medium to bridge cultural heritage with contemporary resonance. From Jiawu Year of the Horse in 2014 to Yisi Year of the Snake in 2025, the Company meticulously crafted its Zodiac Series Liquor over 12 years. In January 2025, the release of the Yisi Snake Year Edition marked the completion of a full collection of 12 zodiac-themed liquors, each harmonizing zodiac symbolism, the Five Elements(Wuxing), and calligraphic-painting art.

Beyond zodiac culture, in 2024, the Company launched the Flying Apsaras Cultural Series of Kweichow Moutai Liquor, rooted in the origins of the Flying Apsaras motif. Named “San Hua Fei Tian(Flying Apsaras with Scattered Flowers)”, this series connects Dunhuang with Moutai, and the Silk Road with the Southwest Salt Route. In the Minor Cold Solar Term of 2025, the Company launched the “Sheng Yue Fei Tian(Melodic Rhapsody Flying Apsaras)” Cultural Liquor, further deepening its dialogue with Dunhuang’s artistic heritage.

By infusing the sacred melodies of the Silk Road and the symphonic interplay of modern culture into its liquors, the Company demonstrates its commitment to revitalizing China’s excellent traditional culture on the global stage through multidimensional cultural expressions.

Sheng Yue Fei Tian(Melodic Rhapsody Flying Apsaras) and Kweichow Moutai Liquor

Cultural Sailing Overseas

The Company deeply implements the spirit of the 20th National Congress of the Communist Party of China and actively practices the Global Development Initiative. The company continues to enhance the international expression of the Moutai brand and culture. In 2024, Moutai products were sold to 64 countries and regions worldwide, with export sales exceeding 5 billion yuan during the reporting period.

Cultural Bridge: Shining in Southeast Asia

In September 2024, taking advantage of the 17th World Chinese Businessmen Conference, the Company held "Moutai Night" Mid-Autumn Tasting Events in Malaysia and Vietnam. In Malaysia, the event incorporated Chinese cultural elements such as dragon dances and sand art, attracting many local dignitaries and foreign diplomats. This allowed the world to experience the charm of Chinese liquor culture and promoted the spread of China's excellent traditional culture.

During the event, the Company also introduced its own culture, craftsmanship, and technology. With the cultural philosophy of "Enjoying oneself and benefiting others," Moutai aims to contribute to society by building an industrial ecosystem. Adhering to the spirit of craftsmanship, it strictly controls product quality, and applies modern technology to achieve green development.

Moutai Night

Integration of Multiculturalism

The Company is dedicated to creating three major cultural-themed IPs: the "Moutai Liquor Festival," "Red Tassel Sorghum Harvest Season," and "Moutai Friends Carnival." These events convey Moutai's reverence for the way of heaven, its gratitude towards the mountain people, and its respect for consumers.

Case

Moutai Liquor Festival: 21 Years of Continuity, Crafting a New Chapter <br>Moutai Group Jiachen Year of the Dragon (2024) Moutai Liquor Festival

During the Double Ninth Festival of 2024 , the Company celebrated the 21st Moutai Liquor Festival. This event marks the beginning of a new round of liquor production work, serves as a continuation of Moutai's production process, and embodies the living practice of "Following Nature and Respecting Humanity." This uninterrupted tradition, continuously evolving, showcases the gratitude towards ancestors and predecessors of the Moutai people in the new era.

Case

Harvest Season: A Tribute to the Bountiful Sorghum Harvest

In August 2024, the Company hosted the Jiachen Year of the Dragon Moutai Red Tassel Sorghum Harvest Season event, demonstrating the Moutai spirit of "revering, respecting, and loving farmers." This event pays tribute to the inheritance and celebration of agricultural culture, and the gratitude towards grain farmers demonstrates Moutai's social responsibility in supporting rural revitalization.

Jiachen Year of the Dragon Moutai Red Tassel Sorghum Harvest Season Event

Case

Guizhou Moutai Friendship Carnival: Leading a New Trend in Life

In 2024, the Moutai Friendship Carnival will be held in regions such as Fujian, Sichuan, Shaanxi, Jiangxi, Heilongjiang, Guizhou, and Xishuangbanna. The event aims to promote the innovative integration of Moutai culture with local cultures, leading the shift from "selling liquor to selling a way of life." It will empower Moutai enthusiasts to become ambassadors of Moutai culture, continuously enhancing its influence.

2024 Guizhou Moutai Friendship Carnival