青岛啤酒股份2024 年度报告

2 0 2 4 Contents Business Introduction of the Company3 Financial Highlights6 Chairman’s Statement11 Report of the Directors15 Report of the Supervisors44 Corporate Governance Report47 Management Discussion and Analysis69 Profiles of Directors, Supervisors andSenior Management Officers87 Significant Events93 Financial Report 96 Definitions395 Company Information396 1.Company Profile The Company, the earliest brewery in China, can trace its rootback to 1903 when its predecessor, the State-owned TsingtaoBrewery Factory, was established. The Company was registeredand established on 16 June 1993, and then issued H-sharesin Hong Kong which were listed on the Stock Exchange on15 July 1993, being the first domestic enterprise listed on anoverseas stock exchange. In July 1993, the Company issuedA-shares in Mainland China, which were listed on SSE on 27August 1993. The Company’s business scope is production and sales of beer,and other related business. At present, the Company occupiesleading position in the domestic beer industry in terms ofsize and market share with 57 wholly-owned and controllingbreweries, and 2 associated and joint-investment breweries in20 provinces, municipalities and autonomous regions in China.The Company produces Tsingtao Beer, which is the most well-known Chinese brand on the international market. Productsfrom Tsingtao Brewery have been sold in more than 120countries and regions globally. Business Introduction of the Company 2.Core Competitiveness Analysis (II)Core Competitiveness Analysis during the ReportingPeriod The Company’s “Tsingtao Beer” brand is among China’s firstbatches of China’s ten well-known trademarks and enjoyssignificant influence and high visibility in both domestic andinternational markets. In 2024, “Tsingtao Beer” maintained itsposition as the top brand value in the Chinese beer industry,with a brand value of RMB264.675 billion. The overall worthof brands such as “Tsingtao Beer, Laoshan Beer, and HansBrewery” owned by the Company exceeded RMB426.7 billion(Source: World Brand Laboratory). As China’s longest-standing beer manufacturer, the Companyplaces high priority on product quality. Tsingtao Beer productshave consistently secured top honors in both domestic andinternational quality competitions, earning widespreadrecognition from customers worldwide. In recent years, theCompany has elevated its major production equipment tomeet advanced international standards through continuousimprovement. Additionally, by strengthening management andcontrol over raw materials, production processes, technologies,and operational procedures, the Company has ensured foodsafety, superior product quality, and consistent taste across itsproducts. The Company owns the State Key Laboratory of BiologicalFermentation Engineering of Beer* ( ), the only national key laboratory in the domestic beerindustry. The newly established Tsingtao Beer Science andTechnology Research and Development Center* (), built upon this high-level platform, has beenput into use. It is expected to further expand and deepen theCompany’s collaboration with the global innovation, industrial,and supply chains. The Company also boasts a domestic first-class R&D platform, a high-caliber R&D team, and domesticleading capabilities in cultivating key technological fields,strengthening basic research and original innovation. It hasdeveloped numerous core technologies with proprietaryintellectual property rights, maintaining its technologicalleadership in the domestic beer market. In recent years, theCompany has introduced a range of new products, such as“Century Legend”, “Tsingtao Centennial Journey”, “AmberLager”, “Augerta”, “Hong Yun Dang Tou”, “Classic 1903”,“Original Beer”, “Draft”, “Pearson”, and “Tsingtao IPA”.These distinctive, market-driven products have successfullycreated new demand through high-end offerings, precisely metconsumer needs, and further enhanced the Company’s brandimage. The Company has established a comprehensive and systematicinnovation engine, guided by scientific and technologicaladvancement, to continuously meet the evolving demand forbetter life quality. Cultural and tourism complexes, such asThe World of Tsingtao* () and TSINGTAO 1903 Bar, have been consistently innovating and upgrading todeliver exceptional “beer+” experiences for consumers. Theseinitiatives continually redefine consumer experiences, enablingthem to immerse themselves in the rich history, culture, andquality charm of Tsingtao Beer, thereby significantly enhancingthe brand’s influence and product reputation. The Company boasts production bases all over China, acomprehensive supply chain system, and a network thatcovers major markets in China with a global reach. Atpresent, Tsingtao Beer is available in over 120 countries andregions worldwide. The Company has continued to strengthenmarketing, deepen the development of its sales network,promote collaborative operations between manufacturers,and improve the