1、Contents目 錄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 Directors30 監事會報告 Report of the Supervisors33 企業管治報告 Corporate Governance Report45 管理層討論與分析 Management Discussion and Analysis52 董事、監事和高級 Profiles of Directors, Supervisors 管理人員簡介 and Sen

2、ior Management61 重要事項 Significant Events64 財務報告 Financial Report328 公司資料 Company Information青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.2Passion to Foster Innovations二 零 零 八 年 年 報ANNUAL REPORT 2008公司簡介 Company Profile3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

3、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53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，已營銷世界六十餘個國家和地區。公司為北京二零零八年奧運會之官方贊助商。Tsingtao Brewery Company Limited, the earliest brewery in China, can trace its root back to

4、1903 when its predecessor, 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 on 15 July 1993. It was the first enterprise in Mainland China listed on an overseas

5、 stock exchange. In July 1993, the Company issued A-Shares in PRC, which were listed on the Shanghai Stock Exchange on 27 August 1993.The business scope of the Company is the brewery and sales of beer, and other related business. The Company occupies leading position in production scale and market s

6、hare with 53 breweries and 1 malting plant in 18 provinces, cities and regions all over China. Its product Tsingtao Beer has become one of the most well-known Chinese brands in the international market and has been distributed to more than 60 countries and regions throughout the world.The Company wa

7、s the Official Sponsor of Beijing 2008 Olympic Games.青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.會計數據摘要 Financial Highlights4一. 按香港財務報告準則編制（單位：人民幣千元）集團Group20082007200620052004銷售額Turnover15,781,38213,529,89211,677,16010,019,8578,620,687除稅前盈利Profit before income tax1,108,089992,580627,820531,662490,

8、465所得稅Income tax expense(374,317)(413,812)(179,063)(188,356)(186,391)少數股東盈利Profit attributable to minority interests(34,218)(39,857)(890)(36,717)(18,911)股東應佔盈利Profit attributable to shareholders of the Company699,554538,911447,867306,589285,163總資產Total assets12,532,23111,545,2359,577,9839,575,4589,8

9、20,533總負債Total liabilities(6,114,616)(5,556,900)(3,878,260)(4,042,382)(4,522,072)少數股東權益Minority interests(335,377)(479,150)(452,294)(576,686)(544,333)歸屬於母公司的股東權益Equity attributable to the Companys shareholders6,082,2385,509,1855,247,4294,956,3904,754,128集團Group2008200720061. 每股盈利 （元）Earnings per sha

10、re (RMB)0.5350.4120.3422. 淨資產收益率 （全面攤薄）Return on net assets (fully diluted)11.50%9.78%8.53%3. 每股淨資產 （元）Net assets employed per share (RMB)4.654.214.014. 股東權益比例Shareholders equity ratio48.53%47.72%54.79%1. Prepared in accordance with HKFRS (UNIT: RMB000)二 零 零 八 年 年 報ANNUAL REPORT 2008會計數據摘要 Financial

11、 Highlights52. The financial statements of the Group are prepared under Hong Kong Financial Reporting Standards (HKFRS) for disclosure purposes of its H Shares listed on The Stock Exchange of Hong Kong Limited. The financial effects of the differences between the generally accepted accounting princi

12、ples in China (“PRC GAAP”) and HKFRS are summarized as below:2. Prepared in accordance with PRC GAAP1. 2008 financial information of the Group(UNIT : RMB000)二. 按中國企業會計准則編制1. 公司二零零八年財務資料（單位：人民幣千元） 營業利潤Operating profit988,873利潤總額Total Profit1,108,089歸屬於母公司股東的淨利潤Net profit attributable to shareholders

13、of the Company699,554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 loss597,510經營活動產生的現金流量淨額Net cash flows from operating activities1,509,486註：非經常性損益項目包括：Note: Extraordinary items include: 非流動資產處置損益Gains on disposal of non-cur

14、rent assets(11,121)計入當期損益的政府補助Government subsidies included in the profit and loss of the period137,936交易性金融資產公允价值變動、處置損失Fair value gain and realised losses on derivative financial assets net(1,217)除上述各項之外的其他營業外收支淨額Other non-operational income and expenses excluding the above items net(7,600)少數股東損益影

15、響額Minority interests effects(3,015)非經常性損益的所得稅影響數Income tax effects on extraordinary gain and losses(12,939)合計Total102,0442. 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告準則編製，香港財務報告準則與中國企業會計準則差異對財務報表的影響如下：青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.會計數據摘要 Financial Highlights6（單位：人民幣千元）歸屬於母公司的淨利潤Net Profit at

16、tributable to the Companys shareholders歸屬於母公司的淨資產Net Assets attributable to the Companys shareholders項目Item本期數Currentperiod上期數Lastperiod期初數Openingbalance期末數Closing balance按中國企業會計準則Under PRC GAAP699,554 558,1425,509,185 6,082,238按香港財務報告準則調整的分項及合計：Separation and aggregation under HKFRS:因按中國企業會計準則及香港財務

17、報告準則對於資產估值採用不同的會計處理方法須多提的折舊支出Additional provision for depreciation charges required due to difference between the accounting for assets valuation under PRC GAAP and HKFRS(18,434)其他Others(797)按香港財務報告準則Under HKFRS699,554 538,9115,509,185 6,082,2383. 主要會計數據及財務指標（單位：人民幣千元）200820072006（經重述）調整後調整前主要會計資料Ma

18、jor accounting information(Restated)AfteradjustmentBeforeadjustment 營業收入Operating income16,023,44213,709,22011,832,85011,832,850利潤總額Total profit1,108,0891,004,123616,247614,812歸屬於母公司股東的淨利潤Net profit attributable to the Companys shareholders699,554558,142436,958434,897歸屬於母公司股東的扣除非經常性損益的淨利潤Net profit

19、attributable to the Companys shareholders after deduction of extraordinary profit and loss597,510426,308354,115352,192基本每股收益Basic profit per share0.53470.42660.33400.3324稀釋每股收益Diluted profit per share0.53470.42660.33400.3324扣除非經常性損益後的基本每股收益Basic profit per share after deduction of extraordinary prof

20、it and loss0.45670.32590.27070.2692全面攤薄淨資產收益率(%)Fully diluted return on net assets (%)11.510.138.368.33加權平均淨資產收益率(%)Weighted average return on net assets (%)11.8510.418.648.60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 profit and loss (%)9.827.746.776.74

21、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 profit and loss (%)10.127.957.066.97經營活動產生的現金流量淨額Net cash flow from operating activities1,509,4861,094,0941,127,8321,127,832每股經營活動產生的現金流量淨額Net cash flow from operating activities per share1.150.840.860.86總資

22、產Total assets12,532,23111,545,2359,560,7229,589,433歸屬於母公司的股東權益Equity (or shareholders equity) attributable to the Companys shareholders6,082,2385,509,1855,228,1975,223,722歸屬於母公司股東的每股淨資產Net assets per share attributable to the Companys shareholders4.654.214.003.99(UNIT: RMB000)3. Principal financial

23、data and financial indicators(UNIT: RMB000)二 零 零 八 年 年 報ANNUAL REPORT 2008會計數據摘要 Financial Highlights7(1) Capital reserve: Increase in the year represents the equity component of convertible bonds, while decrease in the year represents effects on acquisition of minority interests of subsidiaries and

24、 fair value loss on available-for-sale financial assets.(2) Surplus reserve: Increase in the year represents the surplus reserve appropriated in the year;(3) Unappropriated profits: Increase in the year represents the net profit attributable to the parent realised this year. Decrease in the year rep

25、resents the appropriation of surplus reserve and distribution of dividends;(4) Translation differences: Increase in the year represents the recognition of translation differences of subsidiaries;(5) Minority interests: Increase in the period represents profit attributable to minority shareholders an

26、d contribution from minority shareholders, while decrease in the period represents effects on acquisition of minority interests of subsidiaries and distribution of dividends.4. Change in shareholders equity in the reporting period(UNIT: RMB000)4. 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 t

27、o the Companys shareholders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少數股東權益Minorityinterests股東權益合計Total shareholdersequity期初數Opening balance1,308,2192,864,565495,219835,5465,635479,1515,988,335本期增加Increase in the period283,93940,8

28、89699,55415740,8731,065,412本期減少Decrease in the period(122,788)(328,697)(184,647)(636,132)期末數Closing balance1,308,2193,025,716536,1081,206,4035,792335,3776,417,615(1) 資本公積：本年增加為發行分離交易可轉債權益部分；本年減少主要為收購子公司少數股東權益影響以及可供出售金融資產公允價值損失；(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余公積及分配股利

29、；(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：本年增加主要為少數股東盈利以及股東投入資本，本年減少為收購子公司少數股東權益影響以及分配股利。青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.董事長報告書 Chairmans Statement8Dedication to Creating Value二 零 零 八 年 年 報ANNUAL REPORT 2008董事長報告書 Chairmans Statement9Dear shareholders,I hereby present the Business R

30、eport and audited Financial Statements of Tsingtao Brewery Company Limited for the accounting year ended on 31 December 2008 for your kind review.1. Analysis to the Domestic MarketThe year of 2008 is a severe year for the Company, when the great price hike of raw materials, energy, transportation an

31、d labors occurred at the year beginning brought huge pressure on cost to the breweries; while the negative effects were brought to the full-year beer consumption needs due to the snow disaster in South China and the severe May 12th earthquake happened in the first half year, and the financial crisis

32、 in USA in the second half. As a result, the national total output volume in 2008 only reached 410.3 million hl with the growth rate of 5.4%, which was the lowest growth rate in the recent 3 years. The conflict between the sales and supplies became more and more serious due to the continuous growth

33、of output capacity in recent years, therefore, the competition in the market is still severe.But on an overall basis, we still believe that the impact of the financial crisis is comparatively less serious to Chinas beer market. As the market with largest sales volume and greatest growth rate in the

34、world, and with the promotional effect of the policy of increasing domestic demand to stimulate economic growth and the progress of integration of the industry, there will be more developing room for the large breweries with qualified brands, size and sales networks, thus resulting in a more concent

35、rative industry.致各位股東：本人謹此提呈青島啤酒股份有限公司截止2008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、國內市場分析2008年是青啤公司經歷了嚴峻考驗的一年。年初啤酒行業原材料、能源、運輸、人工等價格的大幅升高，給啤酒生產企業帶來了巨大的成本壓力；而上半年華南的低溫雨雪冰凍災害、5.12汶川大地震等自然災害及下半年國際金融危機等都對全年的啤酒消費需求形成了負面影響。2008年全國啤酒總產量為4,103萬千升，同比僅增長5.4%，增速為近三年來之最低。啤酒市場供大於求的矛盾，隨著近年啤酒產能的持續增加也日益突出，市場競爭仍較激烈。但整體而

36、言，我們認為金融危機對中國啤酒市場影響相對較輕。作為世界啤酒產銷量最大、增長最快的中國啤酒市場，隨著國家拉動內需政策的推動和行業整合的進展，未來具有品牌、規模、市場銷售網絡等優勢的大型啤酒企業將具有更大的發展空間，行業集中度將會進一步提升。金志國先生Mr. JIN Zhi Guo青 島 啤 酒 股 份 有 限 公 司TSINGTAO BREWERY CO., LTD.董事長報告書 Chairmans Statement10II. Principal Operational ResultsIn 2008, the Company achieved excellent results by ove

37、rwhelming the difficulties and putting into great efforts by all staff under the leadership of the Board of Directors and the management. In the year, the Company realized its sales volume of 53.8 million hl, representing an increase of 6.6% from 2007, in which that of Tsingtao reached 24 million hl

38、, representing an increase of 25.4% from the previous year; according to HKFRS, the sales income reached approximately RMB15,781 million, representing an increase of 16.6% from the previous year; profit attributable to shareholders was RMB700 million, representing an increase of 29.8% from the previ

39、ous year; which continued to show a good developing trend in which the growth in net profit was greater than the increase in sales income, which was in turn greater than the increase in sales volume. The Board of Directors proposed a final dividend of RMB0.22 (with tax) per share for the year of 200

40、8, and proposed a special final dividend of RMB0.03 (with tax) per share for the affection and supports from the shareholders to Tsingtao and subject to the Companys sufficient cash-flow, thus the cash dividend was amounted to RMB0.25 (with tax) per share.Restructuring and Olympic MarketingAt the en

41、d of 2007, the Company launched its organizational reform by setting up marketing center and manufacturing center under the principle of professional management. It obtained great achievements with continuous improvements in its managing skills and managing efficiency through establishing and improv

42、ing its organizational system and managing procedures. The Company maintained good quality of its products and obtained common acknowledgement from the consumers on the basis of efficient cost control. In the reporting period, the brand value of Tsingtao went on to be No. 1 in the national brewery i

43、ndustry. The Company successfully implemented its marketing strategies and brand strategies, established and improved its provincial marketing branches, which helped to strengthen its ability in operating and controlling the market. At the same time, as the official sponsor of the Beijing 2008 Olymp

44、ic Games, it firmly focused on the Olympic marketing by launching a series of Olympic marketing activities in the theme of “Releasing the passion”, which helped to further increase the brand impact and market share of Tsingtao. The Company also achieved a lot in improving the product mix and optimiz

45、ation through the successful market promotional activities, in which the sales volume of “brand 1+3” (that is, the principal brand Tsingtao, and the secondary brands Shanshui, Hans and Laoshan) has been accounted for 94% of the total sales volume, representing an increase of 18 percentage points fro

46、m the previous year, which helped to increase 9% of its average income of per ton beer in addition to the price adjusting towards some products at the year beginning.二. 公司的主要經營業績2008年公司董事會和管理層帶領全體員工克服了面臨的各種困難，上下一心，努力拼搏，取得了良好的經營業績。公司全年實現啤酒銷量538萬千升，較2007年增長6.6%，其中主品牌銷量240萬千升，同比增長25.4%；按照香港財務報告準則計算，實現銷

47、售收入人民幣157.81億元，同比增長16.6%；實現股東應佔盈利人民幣7億元，同比增長29.8%；呈現淨利潤增長大於銷售收入增長，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2008年度末期股息每股人民幣0.22元 （含稅） ，為回報廣大股東對青島啤酒的關愛和支持，並基於公司現金流充足，擬派發末期特別股息每股人民幣0.03元 （含稅） ，合計每股派發現金股息人民幣0.25元（含稅） 。結構調整和奧運營銷2007年底公司開始推行了內部組織機構變革，按專業化管理的原則成立了營銷、製造兩大中心，通過不斷建立、完善組織體系和管理流程，公司的管理水平和管理效率不斷提升，成效逐步顯現。在有效控

48、制成本的基礎上，公司產品均保持了優異的品質，獲得了廣大消費者的廣泛認同，報告期內青島啤酒的品牌價值繼續位居國內啤酒行業首位。公司實施了成功的營銷策略和品牌策略，建立和完善了省一級的營銷分支機構，強化了對市場的運營和掌控能力。同時，公司作為2008年北京奧運會的贊助商，緊緊圍繞奧運營銷，推出了以 釋放激情為主題的一系列奧運營銷活動，持續提升了青島啤酒的品牌影響力和市場佔有率。通過成功的市場推廣，公司產品結構的提升和優化成效卓著， 1+3品牌（即以青島啤酒為主品牌，以山水、漢斯、嶗山為第二品牌） 的比重已佔公司總銷量的94%，同比提高18個百分點。加之年初公司部分產品的調價作用，使全年公司的吨酒平

49、均收入提高了9%。二 零 零 八 年 年 報ANNUAL REPORT 2008董事長報告書 Chairmans Statement11Expansion of Output CapacityTo keep on its sustainable development, and based on its needs of further improving its national network, the Company put into the investments in the key areas throughout the country with the proceeds fro

50、m the issuance of RMB1.5 billion of bond with warrants in 2008. Upon receiving the proceeds in April, the Company immediately put it into the relevant projects, which pushed the historical expansion of its production size. By the end of 2008, the new constructions and expansion projects in Jinan, Ch