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1、3公司簡介Company Profile4會計數據摘要Financial Highlights9董事長報告書Chairmans Statement15董事會報告Report of the Directors29監事會報告Report of the Supervisors33企業管治報告Corporate Governance Report46管理層討論與分析Management Discussion and Analysis51董事、監事和高級Profiles of Directors, Supervisors管理人員簡介and Senior Management60重要事項Significa

2、nt Events64財務報告Financial Report316 公司資料Company Information目錄 Contents公司簡介 Company Profile青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20072公司簡介 Company Profile青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20073青島啤酒股份有限公司前身為國有青島啤酒廠，始建於一九零三年，是中國歷史最為悠久的啤酒生產廠。公司一

3、九九三年六月十六日註冊成立，隨後在香港發行了H種股票並於七月十五日在香港聯合交易所有限公司上市，成為首家海外上市的國內企業，同年七月在國內發行了A種股票並於八月二十七日在上海證券交易所上市。公司的經營範圍是啤酒製造、銷售以及與之相關的業務。目前公司在國內擁有51家啤酒生產企業和1家麥芽生產企業，分布於全國18個省市地區，規模和市場份額居國內啤酒行業領先地位。其生產的青島啤酒為國際市場上最具知名度的中國品牌，已營銷世界五十餘個國家和地區。公司並成功成為北京二零零八年奧運會之贊助商。青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL

4、 REPORT 20073公司簡介 Company ProfileTsingtao Brewery Company Limited, the earliest brewery in China,can trace its root back to 1903 when its predecessor, TsingtaoBrewery Factory, was established. The Company was incorporatedon 16 June 1993, and then issued H-Shares in Hong Kong whichwere listed on The

5、Stock of Exchange of Hong Kong Limited on15 July 1993. It was the first enterprise in Mainland China listedon an overseas stock exchange. In July 1993, the Company issuedA-Shares in PRC, which were listed on the Shanghai StockExchange on 27 August 1993.The business scope of the Company is the brewer

6、y and sales ofbeer, and other related business. The Company occupies leadingposition in production scale and market share with 51 breweriesand 1 malting plant in 18 provinces, cities and regions all overChina. Its product Tsingtao Beer has become one of the mostwell-known Chinese brands in the inter

7、national market and hasbeen distributed to more than 50 countries and regions throughoutthe world.The Company is the Official Sponsor of Beijing 2008 OlympicGames.會計數據摘要 Financial Highlights青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20074一. 按香港財務報表準則編制（單位：人民幣千元）集團Group20072006

8、200520042003銷售額Turnover 13,529,892 11,677,160 10,019,857 8,620,687 7,507,959除稅前盈利Profit before taxation992,580 627,820 531,662 490,465 417,364稅項Taxation (413,812)(179,063) (188,356) (186,391) (134,988)少數股東損益Profit and loss of minorityshareholders (39,857) (890) (36,717) (18,911) (37,331)股東應占盈利Profit

9、 attributable toshareholders 538,911 447,867 306,589 285,163 245,045總資產Total assets11,545,235 9,577,983 9,575,458 9,820,533 8,923,569總負債Total liabilities (5,556,900) (3,878,260) (4,042,382) (4,522,072) (3,929,278)少數股東權益Minority interests(479,150) (452,294) (576,686) (544,333) (579,465)股東權益Shareholde

10、rs equity 5,509,185 5,247,429 4,956,390 4,754,128 4,414,826集團Group2007200620051.每股盈利(元)Earnings per share (RMB) 0.412 0.342 0.2482.淨資產收益率 （全面攤薄） Return on net assets (fully diluted)9.78%8.53%6.19%3.每股淨資產(元)Net assets employed per share (RMB) 4.21 4.01 3.794.股東權益比例Shareholders equity ratio47.72%54.79

11、%51.76%1.Prepared in accordance with HKFRS(UNIT: RMB000)青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20075會計數據摘要 Financial Highlights二. 按中國會計準則編制1.公司二零零七年財務資料（單位：人民幣千元）營業利潤Operating profit885,950利潤總額Total Profit1,004,123歸屬於母公司股東的淨利潤Net profit attributable to shareholders of list

12、ed Company558,142歸屬於母公司股東的扣除Net profit attributable to shareholders of listed Company非經常性損益後的淨利潤after deduction of extraordinary profit and loss410,462經營活動產生的現金流量淨額Net cash flows from operating activities1,094,094註：非經常性損益項目包括：Note: Extraordinary items include:1. 非流動資產處置損益Gains on disposal of non-cur

13、rent assets11,4942. 計入當期損益的政府補助，但與公司Government subsidies included in the profit and loss業務密切相關，按照國家統一標準of the period, but excluding government subsidies定額或定量享受的政府補助除外closely related to the business of the Company andare of fixed amount or fixed quantity inaccordance with the States unified standards

14、96,2023. 除上述各項之外的其他營業外收支淨額Other net non-operational income and expensesexcluding the above items10,4774. 應付福利費年初餘額沖銷Write-off of opening balance of welfare funds payable57,5505. 非經常性損益的所得稅影響數Income tax effects on extraordinary gain and losses(28,043)合計Total147,6802.本集團在香港聯合交易所有限公司上市H股所披露的會計報表按照香港財務報

15、告準則編制，該等準則與本集團之法定報表採用的中國會計準則存在差異。2.Prepared in accordance with PRC GAAP1.2007 financial information of the Group(UNIT : RMB000)2.The financial statements of the Group are prepared underHong Kong Financial Reporting Standards (“HKFRS”) fordisclosure purposes of its H Shares listed on The StockExchang

16、e of Hong Kong Limited. These standards aredifferent from the generally accepted accounting principlesin China (“PRC GAAP”) adopted in the statutory financialstatements of the Group.會計數據摘要 Financial Highlights青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20076（單位：人民幣千元）淨利潤淨資產Net

17、ProfitNet Assets本期數上期數期初數期末數項目CurrentLastOpeningClosingItemperiodperiodbalancebalance按中國會計準則Under PRC GAAP558,142436,9585,228,1975,509,185按香港財務報告準則調整的Separation and aggregation分項及合計：under HKFRS:因按中國會計準則及香港財務Additional provision for 報告準則對於資產估值採用depreciation charges不同的會計處理方法須多提required due to的折舊支出diff

18、erence between theaccounting for assetsvaluation under PRCGAAP and HKFRS(18,434)(366)其他Others(797)11,27519,232按香港財務報告準則Under HKFRS538,911447,8675,247,4295,509,1853.主要會計數據及財務指標（單位：人民幣千元）20062005調整後調整後調整前 （未經審計）調整前AfterBeforeAfterBefore主要會計資料Major accounting information2007adjustmentadjustmentadjustme

19、ntadjustment(unaudited)營業收入Operating income13,709,22011,832,85011,832,85010,175,19510,175,195利潤總額Total profit1,004,123616,247614,812536,806528,328歸屬於母公司股東的Net profit attributable to shareholders淨利潤of the parent558,142436,958434,897312,437303,958歸屬於母公司股東的Net profit attributable to shareholders扣除非經常性損

20、益的淨利潤of the parent after deductionof extraordinary profit and loss410,462354,253352,192255,373246,894基本每股收益Basic profit per share0.42660.33400.33240.23880.2323稀釋每股收益Diluted profit per share0.42660.33400.33240.23880.2323扣除非經常性損益後的基本Basic profit per share after deduction of每股收益extraordinary profit and

21、 loss0.31380.27080.26920.19520.1887全面攤薄淨資產收益率 （%）Fully diluted return on net assets (%)10.138.368.336.326.15加權平均淨資產收益率 （%）Weighted average return on net assets (%)10.418.648.607.066.81扣除非經常性損益後全面Fully diluted return on net assets after攤薄淨資產收益率 （%）deduction of extraordinary profit and loss (%)7.456.7

22、86.745.175.00扣除非經常性損益後的加權Weighted average return on net assets平均淨資產收益率 （%）after deduction of extraordinaryprofit and loss (%)7.657.066.975.815.53經營活動產生的現金流量淨額Net cash flow from operating activities1,094,0941,127,8321,127,8321,180,5761,180,576每股經營活動產生的現金Net cash flow from operating activities流量淨額per

23、share0.840.860.860.900.90總資產Total assets11,545,2359,560,7229,589,4339,555,7299,589,117歸屬於母公司的股東權益Equity (or shareholders equity) attributableto shareholders of the parent5,509,1855,228,1975,223,7224,943,8444,941,430歸屬於母公司股東的Net assets per share attributable to每股淨資產shareholders of the parent4.214.003

24、.993.783.783.Principal financial data and financial indicators(UNIT: RMB000)(UNIT: RMB000)青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20077會計數據摘要 Financial Highlights4.報告期內股權權益變動情況（單位：人民幣千元）歸屬於母公司股東權益Attributable to shareholders of the parent股東權益未分配利潤外幣報表少數股東合計股本資本公積盈餘公積Un-折算差額

25、權益TotalShareCapitalSurplusappropriatedTranslationMinorityshareholders項 目Itemscapitalreservereserveprofitsdifferenceinterestsequity期初數 （經重述）Opening balance (restated)1,308,2192,854,810476,721583,7104,737453,1575,681,354本期增加Increase in the period9,75518,498558,14289855,896643,189本期減少Decrease in the pe

26、riod(306,306)(29,902)(336,208)期末數Closing balance1,308,2192,864,565495,219835,5465,635479,1515,988,335變動原因：(1)資本公積：本年增加為對可供出售金融資產的確認；(2)盈餘公積：本年增加為本年提取的盈餘公積；(3)未分配利潤：本年增加為本年實現的歸屬於母公司的淨利潤，本年減少為本年提取盈餘公積及分配股利；(4)外幣報表折算差額：本年增加是附屬公司外幣報表折算差額的確認；(5)少數股東權益：本期增加為少數股東損益以及股東投入資本，本期減少為分配股利。4.Change in shareholder

27、s equity in the reporting period(UNIT: RMB000)Reasons for changes:(1)Capital reserve: Increase in the year represents therecognition of available-for-sale financial assets;(2)Surplus reserve: Increase in the year represents thesurplus reserve appropriated in the year;(3)Unappropriated profits: Incre

28、ase in the year representsthe net profit attributable to the parent realised thisyear. Decrease in the year represents the appropriationof surplus reserve and distribution of dividends;(4)Translation differences: Increase in the year representsthe recognition of translation differences ofsubsidiarie

29、s;(5)Minority interests: Increase in the period representsprofit and loss of minority shareholders andcontribution from minority shareholders, whiledecrease in the period represents the distribution ofdividends.董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPO

30、RT 20078董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20079董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 20079李桂榮先生Mr. LI Gui RongDear shareholders,I hereby present the Business Report and audited FinancialSt

31、atements of Tsingtao Brewery Company Limited for theaccounting year end 31 December 2007 for your kind review.Analysis of Domestic MarketIn 2007, the domestic brewery sector maintained its continuousgrowth. Its annual sales volume reached 393.1 million hl with ayear-on-year growth of 13.8%, which en

32、abled it to become thecountry with largest beer production and consumption, and oneof the fastest growing markets in the world for the fifthconsecutive year. At present, Chinas beer market is still in thephase of integration, and the prospect brought about by the risein consumption has caused the do

33、mestic and international brewerymagnates to increase their investments in China. The productioncapacity was increased through mergers and acquisitions, newconstruction and expansion, which led to fiercer competition anda more centralized market. In 2007, the market share of the top10 domestic beer p

34、roducers reached 64%. The moderatelytightened financial trend in China and the rising price of rawmaterials for beer production in recent years brings great pressureto the beer producers, and the profit of the industry remains low.Despite of these factors, as there is still a relatively big disparit

35、yin per capita beer consumption volume between China and otherdeveloped countries, the leading enterprises in the beer industrystill have great room for development with the increase in nationalconsumption level.致各位股東：本人謹此提呈青島啤酒股份有限公司截止2007年12月31日會計年度之業務報告及經審計之財務報告，敬請各位股東審閱。國內市場分析2007年國內啤酒市場保持了持續增長態

36、勢，全年啤酒產銷量達到3,931萬千升，同比增長13.8%，連續五年成為世界最大的啤酒生產和消費國及發展最快的市場之一，但國內啤酒市場目前仍處於整合階段，消費升級所帶來的廣闊市場前景令國內外啤酒巨頭紛紛加大了對中國市場的投入，通過購并、新建、擴建等方式擴充產能，加劇了市場競爭，也使市場集中度進一步提高，07年國內前十大啤酒生產商的市場份額已達到64%。近年來國內適度從緊的金融形勢和啤酒生產原材料價格連續上漲，對啤酒生產企業形成了較大的壓力，行業利潤仍偏低。儘管如此，由於中國人均啤酒消費量與國外發達國家相比仍有較大的差距，隨著國民消費水平的提高，啤酒行業的龍頭企業仍然具有較大的發展空間。董事長報

37、告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 200710經營業績穩步提高2007年公司圍繞年度工作方針，進一步完善了公司治理和內部風險控制體系，並通過深化組織變革、優化資源配置、強化品牌推廣等舉措，取得了較好的經營成果。公司全年實現啤酒銷量505萬千升，較06年增長11%，其中主品牌銷量193萬千升，同比增長19%；按照香港財務報告準則計算，實現銷售收入人民幣135.3億元，同比增長15.9%；實現股東應佔盈利人民幣5.4億元，同比增長20%；繼續呈現利潤增長大於

38、銷售收入增長，銷售收入增長大於銷量增長的良好發展態勢。董事會建議派發2007年度現金股利每股人民幣0.22元 （A股含稅） 。持續深化組織變革基於對未來競爭形勢的分析，公司進行了以優化價值鏈為主的組織變革和業務流程再造，將公司總部和原有的七個區域營銷公司依據公司總體價值鏈進行專業化分工，成立投資、營銷和製造三大中心的一體化運營的管理架構，建立了 結構一體化、資源集約化、分工專業化和執行一致性 的組織體系。為保障組織變革順利實施，公司採取了與變革相配套的團隊建設、財務控制、風險防範等措施，確保變革穩步推進。此次組織變革對於提升公司核心競爭力、運營效率和戰略協同效用已經並將繼續產生重大推動作用。S

39、teady Growth in Operational ResultsIn 2007, the Company further improved its corporate governanceand internal risk control system by focusing on its annual workguideline, and achieved better operational results by deepeningorganizational reform, optimizing resource utilization andstrengthening brand

40、 promotion, etc. This year, the Companyrealized a sales volume of 50.5 million hl, representing an increaseof 11% compared to 2006, among that the sales volume of theprincipal brand reached 19.3 million hl, representing an increaseof 19% compared to the previous year. Calculation in accordancewith t

41、he HKFRS revealed a sales income of RMB13,530 million,representing an increase of 15.9% compared to the previous year;profit attributable to shareholders was RMB540 million,representing an increase of 20% compared to the previous year,which continues to show a good development trend in which thegrow

42、th in profit is greater than the increase in sales income,which is in turn greater than the increase in sales volume. TheBoard of Directors proposed to distribute dividend in cash for theyear of 2007 with an amount of RMB0.22 (A-share includingtax) per share.Continuously Deepening OrganizationalRefo

43、rmBased on an analysis of the future competition situation, theCompany has carried out organizational reform and businessrebuilding process with the principal aim to improve its valuechain. It has carried out specialized division of work for theCompanys headquarters and its 7 original regional sales

44、companies based on the overall value chain of the Company, andestablished a centralized management structure with 3 centers,namely, investment, marketing and manufacturing, building anorganization with “integrative structure, resources gathering,specialized work division and consistent implementatio

45、n”. Toensure the smooth implementation of the organizational reform,the Company implemented team building, financial control andrisk prevention measures to ensure the steady promotion of thereform. The organizational reform will give an impetus inimproving the Companys core competitiveness, operatio

46、nalefficiency and strategic cooperation impacts.董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.二零零七年年報ANNUAL REPORT 200711實施整合與擴張並舉戰略近年來，公司著力於內部系統整合，管理能力持續提高，為未來發展奠定了良好的基礎。在新的競爭形勢下，公司董事會制定了整合與擴張並舉的發展戰略，以加快發展步伐。07年是公司實施新發展戰略的第一年，在公司總體戰略的指導下，青島啤酒第三有限公司、濟南公司、成都公司等一批新建、擴建項目相繼實施，使

47、公司年內總產能提高80萬千升，公司將通過加大市場開拓力度，繼續保持在國內啤酒行業的領導地位。Implementation of Strategies of Integrationand ExpansionIn recent years, by focusing on the internal systematic integration,the Company has been improving its management ability whichhelped to establish a sound basis for future development. Underthe late

48、st competitive situation, the Board of Directors of theCompany has formulated a development strategy of integrationand expansion to speed up its development. The year of 2007was the first year in which the Company has implemented itslatest development strategy. Under the direction of the Companysove

49、rall strategy, a series of projects of new establishments andexpansions like Tsingtao Brewery Company Limited No. 3, JinanCompany, Chengdu Company were successively carried out, whichled to an increase of 8 million hl in the Companys total outputcapacity within the year. The Company will maintain it

50、s leadingposition in the national beer industry through more intense marketdevelopment.Strengthening Olympic Marketing,Accelerating Brand Integration, IncreasingBrand ImpactsIn 2007, the Company further carried out Olympic marketingactivities in the theme of “Passion with Olympics”. It effectivelypr