1、目 錄Contents公司簡介3Company Profile會計數據摘要4Financial Highlights董事長報告書9Chairmans Statement董事會報告15Report of the Directors監事會報告31Report of the Supervisors企業管治報告34Corporate Governance Report管理層討論與分析47Management Discussion and Analysis董事、監事和高級55Profiles of Directors, Supervisors管理人員簡介and Senior Management重要事項

2、64Significant Events財務報告69Financial Report公司資料316Company Information青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.2二 零 零 九 年 年 報ANNUAL REPORT 20093青島啤酒股份有限公司 （ 公司 或 本公司 ，連同其子公司合稱 本集團 ） 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 （ 香港聯交所 ） 上市，成為首家海外上市的國內企業，同年七月

3、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53家啤酒生產企業，分佈於全國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，已營銷世界七十餘個國家和地區。Tsingtao Brewery Company Limited (the “ Company” or “ the Company” , together with its subsidiaries, the “ Group” ), the earliest brewery in China, can tra

4、ce its root back to 1903 when its predecessor, the State-owned Tsingtao Brewery Factory, was established. The Company was registered on 16 June 1993, and then issued H-shares in Hong Kong which were listed on The Stock of Exchange of Hong Kong Limited (the “ Stock Exchange” ) on 15 July 1993, being

5、the first domestic enterprise listed on an overseas stock exchange. In July 1993, the Company issued A-shares in China, which were listed on Shanghai Stock Exchange on 27 August 1993.The business scope of the Company is the production and sales of beer, and other related business. The Company occupi

6、es leading position in the domestic beer industry in term of size and market share with 53 breweries in 18 provinces, cities and regions all over China. Its product Tsingtao beer has become the most well-known Chinese brand in the international market and has been distributed to more than seventy co

7、untries and regions throughout the world.公司簡介 Company Profile青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.4會計數據摘要 Financial Highlights一. 按香港財務報告準則編制（單位：人民幣千元）集團Group20092008200720062005銷售額Turnover17,760,53615,781,38213,529,89211,677,16010,019,857除稅前盈利Profit before income tax1,739,3331,108,089992,580

8、627,820531,662所得稅Income tax expense(440,221)(374,317)(413,812)(179,063)(188,356)少數股東盈利Profit attributable to minority interests(45,821)(34,218)(39,857)(890)(36,717)股東應佔盈利Profit attributable to shareholders of the Company1,253,291699,554538,911447,867306,589總資產Total assets14,867,45312,532,23111,545,2

9、359,577,9839,575,458總負債Total liabilities(6,304,299)(6,114,616)(5,556,900)(3,878,260)(4,042,382)少數股東權益Minority interests(342,574)(335,377)(479,150)(452,294)(576,686)歸屬於母公司的股東權益Equity attributable to the Companys shareholders8,220,5806,082,2385,509,1855,247,4294,956,390集團Group2009200820071. 每股盈利 （元）Ea

10、rnings per share (RMB)0.9530.5350.4122. 淨資產收益率(加權平均)Return on net assets (weighted average)18.57%11.85%10.22% 淨資產收益率 （全面攤薄）Return on net assets (fully diluted)15.25%11.50%9.78%3. 每股淨資產 （元）Net assets employed per share (RMB)6.084.654.214. 股東權益比例Shareholders equity ratio55.29%48.53%47.72%1. Prepared i

11、n accordance with Hong Kong Financial Reporting Standard (“ HKFRS” ) (UNIT: RMB000)二 零 零 九 年 年 報ANNUAL REPORT 20095會計數據摘要 Financial Highlights二. 按中國企業會計準則編制1、 本集團二零零九年財務資料（單位：人民幣千元） 營業利潤Operating profit1,588,725 利潤總額Total Profit1,739,333 歸屬於母公司股東的淨利潤Net profit attributable to shareholders of the Com

12、pany1,253,291 歸屬於母公司股東的扣除非經常性損益後的淨利潤Net profit attributable to shareholders of the Company after deduction of extraordinary profit and loss1,117,694 經營活動產生的現金流量淨額Net cash flows from operating activities3,361,001 註：非經常性損益項目包括：Note: Extraordinary items include:非流動資產處置損失Loss on disposal of non-current

13、assets(39,837)計入當期損益的政府補助Government subsidies included in the profit and loss of the period199,388 交易性金融資產公允價值變動及處置損失Fair value losses and realised gain on derivative financial assets net(1,006)處置可供出售金融資產取得的投資收益Disposal gains of available-for-sale financial assets7,294 單獨進行減值測試的應收款項減值準備轉回Write-back

14、of provision of receivables subject to individual impairment test10,000 除上述各項之外的其他營業外收入和支出Other non-operational income and expenses excluding the above items net(8,943) 小計Sub-total166,896 所得稅影響額Income tax effects124,885少數股東權益影響額 （稅後）Minority interests effects (net of tax)(6,414)合計Total135,597 2、 本集團

15、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告準則編制，按照香港財務報告準則與中國企業會計準則編制的合並財務報表之間不存在差異，項目及金額列示如下：2. The financial statements of the Group are prepared under the Hong Kong Financial Reporting Standards for disclosure purposes of its H Shares listed on The Stock Exchange of Hong Kong Limited. There was no differenc

16、e between the consolidated financial statements prepared under the Hong Kong Financial Reporting Standards (“ HKFRS” ) and the generally accepted accounting principles in China (“ PRC GAAP” ). The items and the amounts are set out as follows:2. Prepared in accordance with PRC GAAP1. 2009 financial i

17、nformation of the Group(UNIT : RMB000)青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.6會計數據摘要 Financial Highlights（單位：人民幣千元） 歸屬於母公司股東的淨利潤Net Profit attributable to the Company s shareholders歸屬於母公司股東的淨資產Net Assets attributable to the Company s shareholders項目Items本期數Currentperiod上期數Lastperiod期初數Openingba

18、lance期末數Closingbalance按中國企業會計準則Under PRC GAAP1,253,291699,5548,220,5806,082,238按照香港財務報告準則之調整Adjustments under HKFRS按香港財務報告準則Under HKFRS1,253,291699,5548,220,5806,082,2383. 主要會計數據及財務指標（單位：人民幣千元）主要會計資料Major accounting information200920082007營業收入Operating income18,026,10816,023,44213,709,220利潤總額Total p

19、rofit1,739,3331,108,0891,004,123歸屬於母公司股東的淨利潤Net profit attributable to the Companys shareholders1,253,291699,554558,142歸屬於母公司股東的扣除非經常性損益的淨利潤Net profit attributable to the Companys shareholders after deduction of extraordinary profits and losses1,117,694597,510426,308基本每股收益Basic profit per share0.952

20、80.53470.4266稀釋每股收益Diluted profit per share0.95280.53470.4266扣除非經常性損益後的基本每股收益Basic profit per share after deduction of extraordinary profit and loss0.84970.45670.3259全面攤薄淨資產收益率(%)Fully diluted return on net assets (%)15.2511.5010.13加權平均淨資產收益率(%)Weighted average return on net assets (%)18.5711.8510.4

21、1扣除非經常性損益後全面攤薄淨資產收益率(%)Fully diluted return on net assets after deduction of extraordinary profits and losses (%)13.609.827.74扣除非經常性損益後的加權平均淨資產收益率(%)Weighted average return on net assets after deduction of extraordinary profits and losses (%)16.5610.127.95經營活動產生的現金流量淨額Net cash flow from operating ac

22、tivities3,361,0011,509,5861,094,094每股經營活動產生的現金流量淨額Net cash flow from operating activities per share2.561.150.84總資產Total assets14,867,45312,532,23111,545,235歸屬於母公司的股東權益Equity (or shareholders equity) attributable to the Companys shareholders8,220,5806,082,2385,509,185歸屬於母公司股東的每股淨資產Net assets per shar

23、e attributable to the Companys shareholders6.084.654.21(UNIT: RMB 000)3. Principal financial data and financial indicators(UNIT: RMB 000)二 零 零 九 年 年 報ANNUAL REPORT 20097會計數據摘要 Financial Highlights4. 報告期內股東權益變動情況（單位：人民幣千元）歸屬於母公司股東權益Equity attributable to the Company s shareholders少數股東權益Minorityintere

24、sts股東權益合計Total shareholdersequity項目Items股本Sharecapital資本公積Capitalreserve盈餘公積Surplusreserve未分配利潤Unappropriatedprofits外幣報表折算差額Translationdifference 期初數Opening balance1,308,2193,025,716536,1081,206,4035,792335,3776,417,615本期增加Increase in the period42,7641,171,51177,4341,253,29124045,8212,591,061本期減少Dec

25、rease in the period(2,410)(404,488)(38,624)(445,522)期末數Closing balance1,350,9834,194,817613,5422,055,2066,032342,5748,563,154(1) 股本及資本公積：本年增加為股權證行權增加的股本及股本溢價；(2) 盈餘公積：本年增加為本年度提取的盈餘公積；(3) 未分配利潤：本年增加為本年度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) 少數股東權益：本年增加為少數股東盈利，本年減少主要為收購子公司少數股東權益影響以及分配股利。4. Change in sha

26、reholders equity in the reporting period(UNIT: RMB 000)(1) Share capital and capital reserve: Increase in the year represents increases in the share capital and share capital premiums upon exercise of warrants;(2) Surplus reserve: Increase in the year represents the surplus reserve appropriated in t

27、he year;(3) Unappropriated profits: Increase in the year represents the net profit attributable to the Company realised this year. Decrease in the year represents the appropriation of surplus reserve and distribution of dividends;(4) Minority interests: Increase in the period represents profit attri

28、butable to minority shareholders. Decrease in the period represents effects on acquisition of minority interests of subsidiaries and distribution of dividends.青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.8董事長報告書 Chairmans Statement二 零 零 九 年 年 報ANNUAL REPORT 20099金志國先生Mr. JIN Zhi Guo致各位股東：本人謹此提呈青島啤酒股

29、份有限公司截止2009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。一. 2009年國內啤酒市場分析2009年儘管受到國際金融危機的影響，中國啤酒行業仍實現了持續增長，全年完成啤酒產量4,294萬千升 （數據來源國家統計局） ，同比增長4.7%。在啤酒市場增長放緩、競爭異常激烈的情況下，排名居前的大型啤酒企業憑借品牌、渠道以及完善的市場佈局等優勢，實現了較快的增長，增長速度高於行業的平均水平，使行業集中度進一步提高，2009年前三大啤酒企業產量已佔全國啤酒產量44.8% （數據來源中國釀酒工業協會啤酒分會） 。Dear shareholders,I hereby pre

30、sent the Business Report and audited Financial Statements of Tsingtao Brewery Company Limited for the accounting year ended 31 December 2009 for your kind review.I. Analysis to the Domestic Market in 2009In 2009, despite the impact from the international financial crisis, Chinas beer industry mainta

31、ined its continuous growth that the output volume of beer for the full year reached 429.4 million hl (statistics from National Bureau of Statistics China), representing an increase of 4.7% comparing with that of the same period in prior year.In view that the growth of beer industry had slowed down,

32、and the competition became extraordinarily severe, the leading large breweries realized rapid growth by relying on their advantages including brand, channel and matured market layouts. Their growth rate was higher than that of the average level of the beer industry which allowed the industry to beco

33、me more concentrative. In 2009, the output volume of the three largest breweries has already accounted for 44.8% of the national total output volume (statistics from the Beer Branch of China Alcoholic Drinks Industry Association).董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD

34、.10由於2009年進口大麥價格迅速回落，及其它原材物料價格繼續低位運行，啤酒行業整體盈利狀況明顯改善。二. 經營情況回顧面對國際金融危機帶來的不利影響和國內啤酒市場的激烈競爭，2009年公司提出了 全力以赴開拓市場、全力以赴降低成本、全力以赴防範金融風險 的工作方針。在全年的工作中，公司努力通過調整產品結構、擴大市場銷售以及降低成本等措施，實現了經營業績的大幅提升。公司全年實現啤酒銷售591萬千升，同比增長9.9%；實現銷售收入177.61億元，同比增長12.5%，實現本公司股東應佔盈利12.53億元，同比增長79.2%，每股收益0.953元。基於公司未來發展需要及給投資者回報的綜合考量，公

35、司董事會 （ 董事會 ） 建議派發2009年度末期股息，每股派發現金人民幣0.16元 （含稅） 。2009年公司繼續實施 1+3 的品牌戰略，進一步優化產品結構。主品牌青島啤酒快速增長，實現銷量295萬千升，同比增長22%； 1+3 品牌合計銷量556萬千升，同比增長9.6%。同時，公司通過實施技術創新、工藝改進以及優化生產運行管理，降低了生產成本，進一步提升了公司的盈利水平。由於公司產品結構優化和成本的下降，全年公司毛利率達到34.4%，同比提高2.6個百分點。In 2009, the overall profitability of the beer industry obtained a

36、 great improvement which was attributable to the significant drop of the price of imported barley, and that the prices of other raw materials continued to be kept at a low level.II. Review of the OperationsIn 2009, with the negative impacts brought by the international financial crisis and the sever

37、e competition in the domestic beer market, the Company raised its working guideline of “ To explore the market with full efforts, to decrease the costs with full efforts, and to prevent from the financial risks with full efforts” . In the full-year of work, the Company realized a significant growth

38、of operational results through taking certain measures, including striving to adjust its product mix, increasing its sales and lowering its costs. For the year, the Companys sales volume of beer reached 59.1 million hl, representing an increase of 9.9% comparing with that of the same period in prior

39、 year; net sales revenue reached RMB17.761 billion, representing an increase of 12.5% comparing with that of the same period in prior year; profits attributable to the shareholders of the Company reached RMB1.253 billion, representing an increase of 79.2% comparing with that of the same period in pr

40、ior year; and earnings per share reached RMB0.953. The Board of Directors of the Company (the “ Board” ) proposed a final dividend of RMB0.16 (with tax) per share in cash for the year of 2009 upon taking into consideration the needs for the Companys future development and the rewards to its investor

41、s.In 2009, the Company continued to carry out its brand strategy of “ 1+3” , and further optimized its product mix. Tsingtao beer, the principal brand, grew rapidly that its sales volume reached 29.5 million hl, representing an increase of 22% comparing with that of the same period in prior year; th

42、e total sales volume of brand “ 1+3” reached 55.6 million hl, representing an increase of 9.6% comparing with that of the same period in prior year. Meanwhile, the Company lowered its production costs so as to further improve the profitability of the Company through technical innovation, technologic

43、al improvements and the optimization of the productions operational management. As the Company optimized its product mix and lowered its costs, the gross profit rate for the year of the Company reached 34.4%, representing an increase of 2.6 percentage points comparing with that of the same period in

44、 prior year.董事長報告書 Chairmans Statement二 零 零 九 年 年 報ANNUAL REPORT 2009112009年公司繼續深化以體育營銷為主線的品牌推廣活動，與美國NBA成功實現戰略合作，策劃實施了青島啤酒 炫舞激情 NBA啦啦隊選拔賽等推廣活動，擴大了青島啤酒品牌的影響力，2009年青島啤酒的品牌價值已達366.25億元人民幣 （2008年青島啤酒的品牌價值為235.41億元，世界品牌實驗室發佈） ，繼續位居國內啤酒行業首位。報告期內在英博公司尋求出售原A-B公司持有的本公司27%股權後，日本朝日啤酒株式會社 （ 朝日啤酒 ） 和陳發樹先生分別受讓其中1

45、9.99%和7.01%的股權，公司成功與朝日啤酒簽署了 戰略性合作協議 ，結為戰略合作夥伴。戰略投資者的引入，將對公司進一步完善公司治理、加強管理及技術等方面的合作起到積極的推動作用。2009年公司成功的經營發展戰略和良好發展前景獲得了廣大投資者的廣泛認同，公司在上海證券交易所發行的分離交易可轉債的認股權證獲成功行權，共行權8,553萬份，佔可行權份數比例達81.46%，共募集資金約11.9億元人民幣，將對公司未來壯大生產經營規模，提升核心競爭力發揮重要作用。報告期內公司還以完善的治理結構、規範的運作及良好的投資者關係，在眾多的上市公司中脫穎而出，獲得上海證券交易所首次舉辦的2009年度中國上

46、市公司最佳董事會獎和國際權威的 IR 雜誌舉辦的 2009年度中小市值公司最佳投資者關係獎 。In 2009, the Company continued to further its brand promotional activities with focus on the sports marketing, among which it realized the strategic cooperation with NBA in the U.S. by planning and carrying out the promotional activities including the T

47、singtao-NBA cheering team selection show to improve the influence of the brand of Tsingtao beer. In 2009, the brand value of Tsingtao beer has reached as high as RMB36.625 billion (as announced by World Brand Lab, the brand value of Tsingtao beer reached RMB23.541 billion in 2008), which continued t

48、o take the position of No. 1 in the domestic beer industry.During the reporting period, Asahi Breweries Ltd. (“ Asahi Breweries” ) in Japan and Mr. CHEN Fa Shu respectively acquired 19.99% and 7.01% of the equity interests previously held by A-B Company in the Company after InBev sought to sell the

49、aforesaid 27% equity interests. The Company successfully entered into the Strategic Cooperation Agreement with Asahi Breweries and the two corporations became strategic cooperation partners. The introduction of strategic investors will actively promote to further improve the corporate governance and

50、 strengthen the cooperation of, among others, the management and techniques.In 2009, the successful operational and developing strategies and the great prospect of the Company obtained the common acknowledgement from the investing public. The warrants of the convertible bonds of which the bonds and