1、Contents3 公司簡介 Company Profile4 會計數據摘要 Financial Highlights9 董事長報告書 Chairmans Statement15 總裁問答 Frequently Asked Questions19 董事會報告書 Report of the Directors39 管理層討論與分析 Management Discussion and Analysis41 監事會報告 Report of the Supervisors46 董事、監事和高級管理人員簡介Profiles of Directors, Supervisors & Senior Manag

2、ment52 重要事項 Significant Events58 財務報告 Financial Report247 公司資料 Company Information目 錄2二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003公 司 簡 介（ 續 ）Company Profile (Continued)3二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003公 司 簡 介（ 續 ）Company Profile (Continued)青島啤酒股份有限公司前身為國有青島啤酒廠，始建於1903年，是中國歷史最為悠久的啤酒生產廠。公司1993年6月16日註冊成立，隨後

3、在香港發行了H種股票並於7月15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7月在國內發行了A種股票並於8月27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48個啤酒生產廠和3個麥芽生產廠，分佈於全國17個省市，規模和市場份額居國內啤酒行業之首。其生產的青島啤酒為國際市場上最具知名度的中國品牌，已行銷世界四十餘個國家和地區。Tsingtao Brewery Company Limited (the “Company”), the earliestbeer manufacturer in China, can trace its

4、 root back to 1903when its predecessor, Tsingtao Brewery Factory, was firstestablished. The Company was registered on 16th June, 1993 asa joint stock company in China and then issued “H” shares inHong Kong which were listed on the Stock Exchange of HongKong Limited on 15th July, 1993. It was the fir

5、st enterprise inmainland China listed on the stock exchange. In July 1993, theCompany issued “A” shares in Shanghai, which were listed onthe Shanghai Stock Exchange on 27th August, 1993.The business scope of the Company is beer manufacturing,distribution and the related business. The Company, the la

6、rgestdomestic brewer in terms of production scale and market share,currently owns 48 beer plants and 3 malting mills in 17 provincesand cities all over China. Its product, Tsingtao Beer has becomeone of the most well known Chinese brands in the internationalmarket and has been distributed to more th

7、an 40 countries andregions throughout the world.4二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003會 計 數 據 摘 要（ 續 ）Financial Highlights (Continued)一.按香港會計準則編製（單位：人民幣千元）截至十二月三十一日止年度集團Group2003200220011.營業額Turnover6,713,7856,195,1974,692,6162.股東應佔盈利Profit attributable to shareholders245,045221,97482,9423.總資產Total as

8、sets8,923,5698,892,4568,223,0934.股東權益Shareholders equity4,414,8263,184,2063,071,9055.每股盈利 （元）Earnings per share(RMB)0.2380.2220.0846.淨資產收益率Return on net assets5.55%6.97%2.70%7.每股淨資產 （元）Net assets employed per share(RMB)4.163.183.078.股東權益比例Shareholders equity ratio49.47%35.81%37.36%集團Group20032002200

9、120001999營業額Turnover6,713,7856,195,1974,692,6163,448,2642,253,159除稅前盈利Profit before taxation417,364368,608163,000115,83274,952稅項Taxation(134,988)(109,317)(62,293)(34,070)(29,071)少數股東損益Minority interests(37,331)(37,317)(17,765)(17,950)(3,199)股東應佔Profit attributable to245,045221,97482,94263,81242,681盈

10、利shareholders總資產Total assets8,923,5698,892,4568,223,0936,962,8705,223,433總負債Total liabilities(3,929,278)(5,038,466)(4,528,405)(4,177,402)(2,675,576)少數股東權益Minority interests(579,465)(669,784)(622,783)(454,255)(280,448)股東權益Shareholders equity4,414,8263,184,2063,071,9052,331,2132,267,4091. PREPARED IN

11、ACCORDANCE WITH HK GAAP(UNIT: RMB000)For the year ended 31st December5二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003會 計 數 據 摘 要（ 續 ）Financial Highlights (Continued)二.按中國會計準則編製1. 公司2003年財務資料（單位：人民幣千元）利潤總額Profit before tax426,212淨利潤Net profit253,872扣除非經常性損益後的淨利潤Net profit after adjusting the extraordinary items2

12、20,981主營業務利潤Gross profit2,387,706其他業務利潤Profit from other operations17,408營業利潤Operating profit409,523投資收益Investment income13,902補貼收入Subsidy income62,885營業外收支淨額Net non-operating expenses(60,098)經營活動產生的現金流量淨額Net cash flows from operating activities1,137,961現金淨增加額Net increase in cash75,584註：非經常性損益項目包括：1

13、. 處置長期股權投資、固定資產、1. Losses on disposal of long-term(12,645) 在建工程、無形資產、其他 equity investments, fixed assets, construction 長期資產產生的損失 in progress and other long-term assets2. 政府補貼2. Subsidy income62,8853. 營業外收入 （不包括處置3. Non-operating income (excluding gain on9,584 固定資產收益） disposal of fixed assets)4. 營業外支

14、出 （不包括處置4. Non-operating expense (excluding loss on(10,734) 固定資產損失及計提 disposal of fixed assets and impairment 固定資產減值準備） provision of fixed assets)5. 非經常性損益的所得稅影響數5. Tax effect on extraordinary gain and losses(16,200)合計Total32,8902. PREPARED IN ACCORDANCE WITH PRC GAAP1. 2003 financial information of

15、 the Group(UNIT : RMB000)6二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003會 計 數 據 摘 要（ 續 ）Financial Highlights (Continued)2. 本集團在香港交易所有限公司上市H股所披露的會計報表系按照香港公認會計準則編製，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。（單位：人民幣千元）PRCHKGAAPGAAP項目Items國內香港會計準則會計準則淨利潤股東應佔盈利Net profit/Profit attributable to shareholders253,872245,045差異說明：Explan

16、ation of differences2003年2002年按中國會計準則計算的淨利潤Net profit under PRC GAAP253,872230,657按香港公認會計原則HK GAAP所作的調整：adjustments:按香港公認會計原則需Additional depreciation charges for(11,480)(11,480)多提的固定資產折舊fixed assets under HKGAAP對按中國會計準則投資Adjustment on amortisation of(11,953)(12,443)差異攤銷的調整investment differences unde

17、r PRC GAAP控股子公司獲豁免償還欠款Forfeited payable balances of subsidiaries8401,464因採納香港公認會計準則Adjustments arising from adoption of(785)(571)第12號而產生之調整HK SSAP 12按香港公認會計原則處理發行Difference in accounting for interest of14,493可換股債券之費用convertible bonds其他Others5814,347按香港公認會計原則計算Profit attributable to shareholders unde

18、r245,045221,974之股東應佔盈利HK GAAP2. The financial statements of the Group are prepared undergenerally accepted accounting principles in Hong Kong (“HKGAAP”) for disclosure purposes of its H Shares listed on TheStock Exchange of Hong Kong Limited. These standards aredifferent from the statutory financial

19、 statements of the Groupprepared under generally accepted accounting principles inChina (“PRC GAAP”)(UNIT: RMB000)3. 主要會計數據及財務指標（單位：人民幣千元）3. Principal financial data and financial indicators(UNIT: RMB000)項目2003年2002年2001年主營業務收入Turnover7,507,9596,936,7345,276,725淨利潤Net Profit253,872230,657102,888總資產T

20、otal assets9,002,2038,938,6168,243,838股東權益 （不含少數股東權益）Total shareholders equity3,513,9033,197,3543,074,915(excluding minority interests)每股收益Earnings per share0.23950.23070.1029每股淨資產Net assets per share3.323.203.07調整後的每股淨資產Net assets per share after adjustments3.243.112.94每股經營活動產生的現金流量淨額Net cash flow

21、from operating1.071.110.53activities per share淨資產收益率Return on net assets7.22%7.21%3.35%扣除非經常性損益後淨資產收益率Return on net assets after adjustingextraordinary items6.29%5.73%0.75%7二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003會 計 數 據 摘 要（ 續 ）Financial Highlights (Continued)4. Change in shareholders equity in the repo

22、rting period(UNIT: RMB000)Reasons for the changes:(1) Share capital: Conversion of Tranche I of convertible bondsheld by A-B Company into 60,000,000 new H shares.(2) Capital reserve: Increase due to share premium arising fromthe conversion of convertible bonds and forfeiture of payablebalances of su

23、bsidiaries.(3) Statutory surplus reserve: Current years appropriation tostatutory surplus reserve.(4) Statutory public welfare fund: Current years appropriationof statutory public welfare fund.(5) Unappropriated profits: Addition in current year is the netprofit for the year; Reduction in current ye

24、ar is due toappropriations to reserves and distribution of dividend.(6) Cumulative translation adjustment: Translation differencesarising from the translation of financial statements of subsidiariesdenominated in foreign currencies.4. 報告期內股東權益變動情況（單位：人民幣千元）Opening balanceAdditionsReductionClosing ba

25、lance項目Items期初數本期增加本期減少期末數股本Share capital1,000,00060,0001,060,000資本公積Capital reserve1,575,972222,9051,798,877法定公積金Statutory surplus reserve162,65555,530218,185法定公益金Statutory public129,57047,409176,979welfare fund未分配利潤Unappropriated profits328,828253,872322,940259,760外幣報表折算差額Cumulative translation329

26、228101adjustments股東權益合計Total shareholders equity3,197,354639,489322,9403,513,903變動原因：（1） 股本：2003年7月A-B公司持有的第一部份可轉換債券轉為6,000萬H股股份；（2） 資本公積：可轉換債券轉股形成的股本溢價及附屬公司獲豁免應付款；（3） 法定公積金：本年提取法定盈餘公積金；（4） 法定公益金：本年提取法定公益金；（5） 未分配利潤：本年增加為本年實現的淨利潤，本年減少為本年提取盈餘公積及分配股利；（6） 外幣報表折算差額：附屬公司外幣報表折算差額。8二 零 零 三 年 年 度 報 告ANNUAL

27、REPORT 2003董 事 長 報 告 書（ 續 ）Chairmans Statement (Continued)9二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003董 事 長 報 告 書（ 續 ）Chairmans Statement (Continued)致各位股東：剛剛過去的2003年，對青啤而言是不平凡的一年。我們不僅迎來了青島啤酒百年華誕、開始了新的百年征程，而且通過定向發行可轉債、成功引入了戰略投資者。同時我們也經歷了非典 、洪澇災害等方面的嚴重衝擊和考驗。儘管全年啤酒實現產銷量與原定目標稍有差距，但董事會對管理層在嚴峻市場環境下積極進取、奮勇開拓所取得的成績

28、表示充分肯定。國內啤酒市場分析2003年，中國啤酒市場仍然保持了穩定增長的態勢。全年啤酒總產量達到了2,540萬千升，同比增長6.4，位居世界第一；市場份額繼續向大企業集中，集約化進程加速；繼公司與美國A-B公司締結戰略聯盟後，外資品牌不斷加大在中國的投資力度，啤酒市場競爭日趨國際化。董事長：李桂榮先生Mr. Li Gui Rong, ChairmanTO THE SHAREHOLDERS,2003 was a significant year of the Company, in which, theCompany not only started a new era by celebrat

29、ing its centenaryand successfully introduced strategic investor by issuance ofMandatorily Convertible Bonds, but also suffered and strivedthrough the impact and trial of “SARS”, “Inundation” and othercalamities. Despite the slight difference existing between thereal annual output and sales volume an

30、d the estimated target,the Board of Directors of the Company confirms and respectsthe achievement acquired by the Senior Managements of theCompany through their energetic and innovative hard work underseriously acute market condition.DOMESTIC BEER MARKETThe beer market in China maintained a steady y

31、ear on yeargrowth of 6.4% in 2003 with annual beer output of 254 millionhl ranking as the worlds No.1 beer market. The market share oflarge corporations continuously increased and intensification wasaccelerated. Following the conclusion of the Strategic Alliancebetween the Company and A-B, foreign b

32、reweries enhancedtheir investment in China, which further internationalized thebeer market competition.10二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003董 事 長 報 告 書（ 續 ）Chairmans Statement (Continued)經營業績穩步提高公司緊緊圍繞 質量、品牌、效益、規範 的工作重點，各項經濟指標在2002年大幅增長的基礎上保持了持續增長。全年實現啤酒銷售量326萬千升，同比增長9.2，全國市場份額由12.5提高至12.8。按照中國會計準則計

33、算，實現主營銷售收入75.08億元，同比增長8；實現淨利潤2.54億元，同比增長10.6；出口7.8萬千升，同比增長15.7，佔全國啤酒出口總量的50以上。率先通過國際HACCP認證2003年是公司的 質量年 ，公司的質量管理水平再次得到提升。繼2002年獲得 全國質量管理獎 之後，2003年10月，公司在啤酒行業率先通過了HACCP國際食品安全控制體系認證。在原料選購到生產交付的全過程中，公司對關鍵質量控制點嚴格規範，實現了食品安全零風險。目前，公司是國STEADY IMPROVEMENT IN OPERATING RESULTSUnder the principle of “Quality

34、, Brand, efficiency &standardization”, the Company remained steady growth in all-economic indexes based on the significant improvement in 2002.The annual beer output and sales amount of the Company was32.6 million hl with 9.2% year on year growth and the marketshare of the Company was increased from

35、 12.5% to 12.8%.Calculated in accordance with GAAP of P.R.C., the sales incomewas RMB7,508 million with 8% year on year growth; net profitwas RMB254 million with 10.6% year on year growth; and exportamount was 778.2 thousand hl with 15.7% year on year growth,representing over 50% of the nations tota

36、l beer export amount.AUTHENTICATED BY HACCPIn 2003, the “Year of Quality” of the Company, the managementlevel of the Company was significantly improved.After being awarded the “Quality Management” prize in 2002,the Company passed authentication of HACCP-international foodsafety controlling system in

37、 October 2003, being the first inbeer industry. During the entire progress from purchase of rawmaterials to end of production, the Company realized Zero-risk11二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003董 事 長 報 告 書（ 續 ）Chairmans Statement (Continued)內啤酒行業唯一通過質量、環保、安全衛生和食品安全四套體系國際認證並擁有國家級技術研發中心的啤酒企業。品牌及產品結構的調

38、整2003年是 青島啤酒 品牌整合和發展的重要一年，公司制訂了5年品牌發展規劃，明確了品牌定位和品牌發展戰略，青島啤酒主品牌銷量已經達到106萬千升。同時培育、發展了嶗山、漢斯、山水第二品牌。目前公司前四大品牌的銷量佔總銷量的53，形成了更加科學合理的品牌定位和產品結構。公司在對市場細緻調研的基礎上，對銷售體系進行了系統的整合，建立了以基地市場為核心的銷售網路體系，實現了市場的持續、滾動發展，保持了全國市場的領先地位。through strict regulations on key quality controlling points. Tillnow, the Company is the

39、 only brewery enterprise in beer industrythat has passed the international authentication of so called “FourSystem” including Quality, Environment Protection, Security andHygiene & Food Security and owned nation-class researching center.ADJUSTMENT OF BRAND AND PRODUCT STRUCTUREConsolidation and deve

40、lopment of the “Tsingtao Beer” brandwas the Companys core strategy in 2003, pursuant to which,the Company clarified the strategy of brand orientation and branddevelopment by formulating a five-year plan of brand growing.Sales amount of Tsingtao Beer, the principal brand, has reached10.6 million hl,

41、and the secondary brands, which include“Laoshan”, “Hansi” and “Shanshui”, have also been enhanced.The sales amount of the top four brands of the Company, TsingaoBeer, Laoshan, Hansi and Shanshui, represents 53% of the totalsales, which led to a more scientific and reasonable brandorientation and pro

42、duct structure.Basing on micro-market research, the Company consolidated itsdistribution system and established a distribution network withcore strength in local markets, by which, the Companymaintained its leading role in the national market withcontinuous growth of sales market.12二 零 零 三 年 年 度 報 告

43、ANNUAL REPORT 2003董 事 長 報 告 書（ 續 ）Chairmans Statement (Continued)最佳實踐交流成效顯著與A-B公司結為戰略聯盟後，隨著A-B公司人員參與到公司的治理架構中，其成功的國際化運作經驗，使本公司受益良多。雙方成立了最佳實踐交流小組，重點就工藝技術、系統效率等課題進行了深入交流，推動公司企業管理工作向 高、精、嚴、細 邁進了一大步，這對公司的質量保證、成本控制等工作的順利推進具有重要的現實意義。百年華誕凝煉百年文化在百年華誕之際，公司邀請國內外專家、學者對百年文化進行了全面、深刻的總結和提煉。百年品牌的文化底蘊得以充分發掘，也給新百年的發

44、展提供了諸多啟示。與品牌一樣，企業文化已經成為公司核心競爭力的重要組成部份。公司的企業文化專題片、系列叢書在社會上廣為傳播，公司的形象得以提升；在百年華誕之際落成的青啤歷史博物館，是國內唯一的啤酒博物館，已成為中國啤酒工業發展的歷史見證和青啤特色文化的濃縮；公司 嚴格科學的管SIGNIFICANT SUCCESS OF BEST PRACTICE EXCHANGEThe Company benefits a lot from the conclusion of the strategicalliance with A-B through adopting its successful oper

45、atingexperience and participation of A-Bs staffs in the Companysgoverning structure.With the establishment of Best Practice Exchange Group, theCompany and A-B further exchanged their experiences in processtechnology, system efficiency and etc. resulting our managementattention to “High Quality, Prec

46、ision, Existing Standard andSophistication”, which has significant effect on promoting qualityassurance and cost control of the Company.REFINEMENT OF CENTENNIAL CULTURE IN THE COMPANYsCENTENARYWith the Companys centenary, the Company thoroughlysummarized and refined its culture in the past 100 years

47、 togetherwith domestic and overseas experts and scholars. The explorationof hundred years culture of the brand enlightens thedevelopment in new centenary. Branding as well as corporateculture has become the significant compositions of theCompanys core competitiveness.The Companys image has been enha

48、nced by the popularity ofcorporate culture films and series of books. Tsingtao Beer HistoryMuseum, established during the Companys centenary, is theonly beer museum in China and has become the historytestimony for development of Chinese beer industry and13二 零 零 三 年 年 度 報 告ANNUAL REPORT 2003董 事 長 報 告

49、 書（ 續 ）Chairmans Statement (Continued)理與和諧的人際關係相結合 的管理模式、 百年誠信 的發展根基以及 以人為本 的管理理念，引領現代企業發展趨勢和潮流，受到了社會各界的廣泛關注。資本市場形象提升公司與A-B公司結為戰略聯盟後，2003年4月和10月，按照 戰略性投資協議 約定，向A-B公司發行了共計11.62億港元的定向可轉換債券，為公司的可持續發展奠定了基礎。同時，公司的發展戰略及投資價值獲得了國內外投資者的廣泛認同，公司在資本市場的形象有較大提高。H股股價創出上市十年來的歷史新高，成為第一家H股股價一度超越A股股價的上市公司。新年度展望進入2004年

50、，中國啤酒市場將直面國際化大啤酒集團的激烈競爭，同時能源、原材料價格的上漲，對啤酒生產經營也形成了相當大的壓力。coagulation for characteristic culture of Tsingtao Beer. With themanagement principle of “Integration of rigid and scientificmanagement and harmonious interpersonal relationship”, thedevelopment foundation of “Centennial reputation” and themana