Credit Brief — Luzhou Laojiao Co.,Ltd (泸州老窖)
000568.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 刘淼
- Registered address: 四川泸州国窖广场
- Office address: 四川省泸州市南光路 71 号泸州老窖指挥中心
- Controlling shareholder: 泸州市国资委
- Employees: 3,912
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 17,757.5 | 25,952.0 | 33,578.4 | 27,341.6 | 26,130.0 |
| Trading financial assets | 1,073.5 | 1,427.0 | 1,694.3 | 1,584.8 | 1,813.2 |
| Accounts receivable | 5.9 | 17.5 | 11.0 | 6.1 | 22.8 |
| Other receivables | 23.4 | 22.7 | 13.1 | 17.3 | 73.0 |
| Inventories | 9,840.7 | 11,622.0 | 13,392.8 | 15,396.0 | 15,680.5 |
| Long-term equity investments | 2,667.5 | 2,708.3 | 2,801.3 | 2,930.8 | 2,988.4 |
| Fixed assets | 8,856.3 | 8,613.2 | 9,131.8 | 8,523.9 | 8,228.9 |
| Construction in progress | 808.9 | 1,718.5 | 807.2 | 2,064.8 | 2,440.2 |
| Intangible assets | 3,083.3 | 3,397.9 | 3,417.9 | 3,414.1 | 3,375.8 |
| Total assets | 51,385.5 | 63,294.5 | 68,334.6 | 64,795.0 | 64,325.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 3,001.8 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 2,311.7 | 2,357.2 | 1,844.5 | 1,413.4 | 1,280.9 |
| Contract liabilities | 2,566.4 | 2,673.0 | 3,978.1 | 3,367.4 | 2,437.3 |
| Other payables | 1,202.4 | 1,150.7 | 873.6 | 615.8 | 6,946.5 |
| Current portion of non-current liabilities | 81.9 | 78.9 | 3,276.6 | 4,074.2 | 1,518.1 |
| Long-term borrowings | 3,179.6 | 10,000.3 | 6,279.9 | 2,627.2 | 1,831.4 |
| Bonds payable | 2,996.1 | 1,498.7 | 1,498.7 | 0.0 | 0.0 |
| Total liabilities | 17,056.7 | 21,762.7 | 20,826.6 | 14,900.9 | 18,442.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,471.9 | 1,472.0 | 1,472.0 | 1,471.9 | 1,471.9 |
| Capital reserve | 4,800.2 | 5,185.5 | 5,365.8 | 5,439.3 | 5,440.7 |
| Retained earnings | 26,772.2 | 33,815.6 | 39,340.3 | 41,413.1 | 37,280.2 |
| Equity attributable to owners of the parent | 34,207.9 | 41,391.4 | 47,388.5 | 49,780.3 | 45,732.9 |
| Minority interests | 120.9 | 140.3 | 119.5 | 113.8 | 150.1 |
| Total equity | 34,328.8 | 41,531.7 | 47,508.0 | 49,894.1 | 45,882.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 25,123.6 | 30,233.3 | 31,196.2 | 25,731.0 | 10,472.2 |
| Cost of sales | 3,369.5 | 3,537.2 | 3,888.1 | 3,441.7 | 1,534.7 |
| Selling expenses | 3,448.8 | 3,974.4 | 3,538.4 | 3,237.1 | 1,329.9 |
| Administrative expenses | 1,162.4 | 1,139.5 | 1,100.8 | 962.4 | 391.9 |
| Finance costs | -286.4 | -371.2 | -488.5 | -512.0 | -213.2 |
| Investment income | 104.7 | 84.7 | -9.9 | 125.9 | 85.9 |
| Operating profit | 13,846.9 | 17,841.8 | 18,206.8 | 14,684.5 | 5,707.4 |
| Profit before tax | 13,854.8 | 17,806.0 | 18,205.3 | 14,653.9 | 5,720.8 |
| Net profit | 10,410.6 | 13,288.7 | 13,497.8 | 10,859.9 | 4,377.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 3.15x | 4.50x | 3.56x | 3.86x | 2.79x |
| Quick ratio | 2.23x | 3.35x | 2.62x | 2.58x | 1.83x |
| Debt-to-asset ratio | 33.2% | 34.4% | 30.5% | 23.0% | 28.7% |
| Total debt / EBITDA | 0.41x | 0.58x | 0.54x | 0.40x | 0.91x |
| EBITDA interest coverage | 53.85x | 53.38x | 41.56x | 32.45x | 32.67x |
| Gross margin | 86.6% | 88.3% | 87.5% | 86.6% | 85.3% |
| Net margin | 41.4% | 44.0% | 43.3% | 42.2% | 41.8% |
| Return on equity (ROE) | 30.3% | 32.0% | 28.4% | 21.8% | 9.5% |
| Revenue growth | — | 20.3% | 3.2% | -17.5% | -59.3% |
| Net profit growth | — | 27.6% | 1.6% | -19.5% | -59.7% |
| Receivable days | 0 | 0 | 0 | 0 | 1 |
| Cash received / revenue | 103.1% | 104.5% | 128.3% | 108.0% | 102.6% |
| Operating CF / net profit | 0.79x | 0.80x | 1.42x | 0.66x | 0.48x |
| Free cash flow | 15,197.1 | 20,231.2 | 28,546.5 | 13,692.6 | 1,399.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.23 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 8,164.0 vs 8,194.5 CNY mn (deviation 0.37%, severity low)
Sources: 2023年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.82 「货币资金」. CF-statement figure below the balance-sheet movement by 30.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 7,474.6 vs 7,626.4 CNY mn (deviation 1.99%, severity mid)
Sources: 2024年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.86 「货币资金」. CF-statement figure below the balance-sheet movement by 151.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -6,442.6 vs -6,236.8 CNY mn (deviation 3.19%, severity mid)
Sources: 2025年年度报告.pdf p.83 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.74 「货币资金」. CF-statement figure below the balance-sheet movement by 205.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -1,236.2 vs -1,211.6 CNY mn (deviation 1.99%, severity mid)
Sources: 2026年半年度报告.pdf p.45 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.36 「货币资金」. CF-statement figure below the balance-sheet movement by 24.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 27,341.6 | 2025年年度报告.pdf | 74 | 货币资金 | 27341566698.37 (元) |
| Total assets | 2025 | 64,795.0 | 2025年年度报告.pdf | 75 | 资产总计 | 64794994851.27 (元) |
| Accounts receivable | 2025 | 6.1 | 2025年年度报告.pdf | 74 | 应收账款 | 6075570.66 (元) |
| Fixed assets | 2025 | 8,523.9 | 2025年年度报告.pdf | 75 | 固定资产 | 8523891404.03 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 75 | 短期借款 | 0.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.