1、54? !#$ !%&Financial Highlights? !#$ !%&E?FFinancial Highlights (Contd)1. Prepared in accordance with Generally Accepted AccountingPrinciples in Hong Kong(UNIT: RMB000)For the years ended 31st DecemberE?F? !#$%&(E? !F? !# $%&(?Group2002200120001? ? Turnover6,195,1974,692,6163,448,2642? ? Profit attr

2、ibutable to shareholders222,54583,51263,8743? Total assets8,883,1388,212,6136,961,4954? !Shareholders? equity3,185,4233,072,5512,331,2895? !(?)Earnings per share(RMB)0.2230.0850.0716? !Return on net assets7.75%3.47%2.74%7? !(?)Net assets employed per share(RMB)3.193.072.598? !#Shareholders? equity r

3、atio35.86%37.41%33.49%?Group200220098? Turnover6,195,1974,692,6163,448,2642,253,1591,597,786? !Profit before taxation369,354163,745115,55174,83063,483?Taxation(109,917)(62,892)(33,653)(28,904)(21,373)? !#Minority interests(36,892)(17,341)(18,024)(3,230)(2,577)? ?Profit attributable to222,

4、54583,51263,87442,69639,533 ?shareholders? Total assets8,883,1388,212,6136,961,4955,222,9144,051,724? Total liabilities(5,020,367)(4,509,291)(4,177,402)(2,675,576)(1,621,846)? !#Minority interests(677,348)(630,771)(452,804)(279,914)(71,788)? !Shareholders?equity3,185,4233,072,5512,331,2892,267,4242,

5、358,090? !#$%&(%)*+,-? !N?E?F ? !#$% &?NN?E?F ? !#?NR?E?F ? !#$ ? !# ? !? !#$%&()? !? !#$%? ? !#$%&()? !#$%&!()E?F? !? N? OMMO ? !E? !FThe Group has adopted the following new accounting stanards: SSAP 1(revised) “Presentation of financial statements”, SSAP 11 (revised): “Foreigncurrency translation”

6、 and SSAP 15 (revised) “Cash flow statements” recentlyissued by the HKSA. These have resulted in changes to the presentation ofvarious items and comparative financial information has been restatedaccordingly.In addition, certain comparable figures have been reclassified to conformwith the current ye

7、ar,s presentation.2. Prepared in accordance with PRC accounting atndards1. The Financial Summary of the Group is as follows:(UNIT:RMB)? !Profit before tax377,449,295?Net profit 230,657,385? !#$%&?Net profit after adjusting the extraordinary items 200,168,347? !#Gross profit 2,163,274,640? !#Profit f

8、rom other operations 15,252,281? !Operating profit 325,171,918? !Investment income 21,788,339? !Subsidy income 96,812,054? !?Non-operating expenses -66,323,016? !#$%&(?Net cash flows from operating activities 1,106,015,755? ?!#?Net decrease in cash and cash equivalents 260,055,983?W? !#$%&? EF? ? VS

9、IUNOIMRQ ?E_F? !?JSSIPOPIMNS ?O? !#$%&()*+,-? e ? !#$%&()*+,? ? !? !#$%&? !? !#$%&%(? !#$%&()*+,- ?xEPF? !? zE? !? !FNote: Extraordinary items including (A) subsidy income of RMB96,812,054(B) Net amount of non-operating income and expenses of RMB-66,323,016.2. The Group has been listed on the Stock

10、Exchange of Hong Kong Limited“H” Shares and its financial statements has been disclosed in accordancewith Statements of Stardrd Accounting Practice in Hong Kong, which giverise to differences in the statutory financial statements prepared by theGroup in accordance with PRC accounting standards and r

11、egulation.Please refer to accompaning supplementary information (3) Reconciliationof differences between PRC GAAP and HK GAAP to the financial report( prepared in accordance with P.R.C. accounting princi-ples ) for details.54? !#$ !%&Financial Highlights? !#$ !%&E?FFinancial Highlights (Contd)1. Pre

12、pared in accordance with Generally Accepted AccountingPrinciples in Hong Kong(UNIT: RMB000)For the years ended 31st DecemberE?F? !#$%&(E? !F? !# $%&(?Group2002200120001? ? Turnover6,195,1974,692,6163,448,2642? ? Profit attributable to shareholders222,54583,51263,8743? Total assets8,883,1388,212,6136

13、,961,4954? !Shareholders? equity3,185,4233,072,5512,331,2895? !(?)Earnings per share(RMB)0.2230.0850.0716? !Return on net assets7.75%3.47%2.74%7? !(?)Net assets employed per share(RMB)3.193.072.598? !#Shareholders? equity ratio35.86%37.41%33.49%?Group200220098? Turnover6,195,1974,692,6163

14、,448,2642,253,1591,597,786? !Profit before taxation369,354163,745115,55174,83063,483?Taxation(109,917)(62,892)(33,653)(28,904)(21,373)? !#Minority interests(36,892)(17,341)(18,024)(3,230)(2,577)? ?Profit attributable to222,54583,51263,87442,69639,533 ?shareholders? Total assets8,883,1388,212,6136,96

15、1,4955,222,9144,051,724? Total liabilities(5,020,367)(4,509,291)(4,177,402)(2,675,576)(1,621,846)? !#Minority interests(677,348)(630,771)(452,804)(279,914)(71,788)? !Shareholders?equity3,185,4233,072,5512,331,2892,267,4242,358,090? !#$%&(%)*+,-? !N?E?F ? !#$% &?NN?E?F ? !#?NR?E?F ? !#$ ? !# ? !? !#$

16、%&()? !? !#$%? ? !#$%&()? !#$%&!()E?F? !? N? OMMO ? !E? !FThe Group has adopted the following new accounting stanards: SSAP 1(revised) “Presentation of financial statements”, SSAP 11 (revised): “Foreigncurrency translation” and SSAP 15 (revised) “Cash flow statements” recentlyissued by the HKSA. The

17、se have resulted in changes to the presentation ofvarious items and comparative financial information has been restatedaccordingly.In addition, certain comparable figures have been reclassified to conformwith the current year,s presentation.2. Prepared in accordance with PRC accounting atndards1. Th

18、e Financial Summary of the Group is as follows:(UNIT:RMB)? !Profit before tax377,449,295?Net profit 230,657,385? !#$%&?Net profit after adjusting the extraordinary items 200,168,347? !#Gross profit 2,163,274,640? !#Profit from other operations 15,252,281? !Operating profit 325,171,918? !Investment i

19、ncome 21,788,339? !Subsidy income 96,812,054? !?Non-operating expenses -66,323,016? !#$%&(?Net cash flows from operating activities 1,106,015,755? ?!#?Net decrease in cash and cash equivalents 260,055,983?W? !#$%&? EF? ? VSIUNOIMRQ ?E_F? !?JSSIPOPIMNS ?O? !#$%&()*+,-? e ? !#$%&()*+,? ? !? !#$%&? !?

20、!#$%&%(? !#$%&()*+,- ?xEPF? !? zE? !? !FNote: Extraordinary items including (A) subsidy income of RMB96,812,054(B) Net amount of non-operating income and expenses of RMB-66,323,016.2. The Group has been listed on the Stock Exchange of Hong Kong Limited“H” Shares and its financial statements has been

21、 disclosed in accordancewith Statements of Stardrd Accounting Practice in Hong Kong, which giverise to differences in the statutory financial statements prepared by theGroup in accordance with PRC accounting standards and regulation.Please refer to accompaning supplementary information (3) Reconcili

22、ationof differences between PRC GAAP and HK GAAP to the financial report( prepared in accordance with P.R.C. accounting princi-ples ) for details.76? !#$ !%&E?FFinancial Highlights (Contd)? !#$ !%&E?FFinancial Highlights (Contd)3. Principal financial data and financial indicators:(UNIT: RMB)P? !#$%&

23、(E? !F?Group2002200120002000? ? beforeafteradjustmentadjustment? !#6,936,734,1265,276,724,5463,766,259,1303,766,259,130Revenue form principal activities? 230,657,385102,887,74495,201,75991,697,252Net Profit? 8,938,615,6008,243,838,4126,995,231,0256,978,958,118Total assets? !2,977,353,6022,964,914,58

24、62,235,378,6342,204,838,121Shareholders? funds? !0.23070.10290.10580.1019Earnings per share? !2.982.962.482.45Net assets per share? !#$%&2.892.872.402.43Net assets per share after adjustment? !#$%&1.110.530.370.37? !Operating cash inflow per share? !#7.75%3.47%4.26%4.16%Return on net assets? !#$%&6.

25、72%0.80%1.83%1.67%? !Return on net assets after adjusting the extraordinary itemsQ? !#$%&()*E? !F4. Change in Shareholders Equity(UNIT: RMB)? ? !? !? ItemsBeginning of yearAdditionsReductionEnd of year?1,000,000,0001,000,000,000Share Capital? !1,574,507,2191,464,5311,575,971,750Share Premium? !119,8

26、50,05642,804,520162,654,576Statuory Surplus Resserves? !90,580,83438,988,748129,569,582Statuory Public Welfare Fund? !179,964,360230,657,385301,793,268108,828,477Unappropriated Profits? !#$%12,117317,100329,217Cumulative tramslation adjustment? !#2,964,914,586314,232,284301,793,2682,977,353,602Total

27、? !? !? !#$%&()? !? !#$%&()? !? !#$%&? !? !?#$%&? ? !?#$%&()*? !#$%&Reasons for the changes:Share premium: Forfeited payable balances of subsidiaries.Statutory surplus reserves: Current year appropriation of statutory surplusreserve.Statutory public welfare funds: Current year appropriation of statu

28、tory publicwelfare fund.Unappropriated profits: The increase in unappropriated profits are mainlydue to the increase in net profits in current year, while the decrease is mainlydue to the appropriation of statutory surplus reserves, statutory public welfarefunds and declaration of dividends.76? !#$

29、!%&E?FFinancial Highlights (Contd)? !#$ !%&E?FFinancial Highlights (Contd)3. Principal financial data and financial indicators:(UNIT: RMB)P? !#$%&(E? !F?Group2002200120002000? ? beforeafteradjustmentadjustment? !#6,936,734,1265,276,724,5463,766,259,1303,766,259,130Revenue form principal activities?

30、230,657,385102,887,74495,201,75991,697,252Net Profit? 8,938,615,6008,243,838,4126,995,231,0256,978,958,118Total assets? !2,977,353,6022,964,914,5862,235,378,6342,204,838,121Shareholders? funds? !0.23070.10290.10580.1019Earnings per share? !2.982.962.482.45Net assets per share? !#$%&2.892.872.402.43N

31、et assets per share after adjustment? !#$%&1.110.530.370.37? !Operating cash inflow per share? !#7.75%3.47%4.26%4.16%Return on net assets? !#$%&6.72%0.80%1.83%1.67%? !Return on net assets after adjusting the extraordinary itemsQ? !#$%&()*E? !F4. Change in Shareholders Equity(UNIT: RMB)? ? !? !? Item

32、sBeginning of yearAdditionsReductionEnd of year?1,000,000,0001,000,000,000Share Capital? !1,574,507,2191,464,5311,575,971,750Share Premium? !119,850,05642,804,520162,654,576Statuory Surplus Resserves? !90,580,83438,988,748129,569,582Statuory Public Welfare Fund? !179,964,360230,657,385301,793,268108

33、,828,477Unappropriated Profits? !#$%12,117317,100329,217Cumulative tramslation adjustment? !#2,964,914,586314,232,284301,793,2682,977,353,602Total? !? !? !#$%&()? !? !#$%&()? !? !#$%&? !? !?#$%&? ? !?#$%&()*? !#$%&Reasons for the changes:Share premium: Forfeited payable balances of subsidiaries.Stat

34、utory surplus reserves: Current year appropriation of statutory surplusreserve.Statutory public welfare funds: Current year appropriation of statutory publicwelfare fund.Unappropriated profits: The increase in unappropriated profits are mainlydue to the increase in net profits in current year, while

35、 the decrease is mainlydue to the appropriation of statutory surplus reserves, statutory public welfarefunds and declaration of dividends.98? !?OMMO ? !#$%? !#? ! ? !#$? ! ? !? !#$%? !#? !#$%&()*+,-./? ! ? !#$%&() ? !#$%? !#$%&? !#$%&()*+? !#$%? !#OMMO? !#$%&? ? !#$%&OPUT ? ? !RB? ? !#$%&? !#$%&? !#

36、$%&? !#$%&()*+, -? ? ! ? !#$%&(? !#$%&()*? !? !#$%&()*+,-.QOKVB?OMMN? RKU? !? !? !#$%& ()? ! #? ? ! Mr. Li Gui Rong, ChairmanTo the shareholders,In 2002, with the guiding principle of striving for further success in the newmillennium through system integration, mechanism innovation andimprovement fo

37、r market dominance implemented by the Company and underthe leadership of the Board and the management, our staff was committedto significantly improve the operating results and consolidate the strength ofthe Company by their innovative and aggressive spirit. As a result theCompanys leading position

38、in the beer market in mainland China was furtherenhanced.Domestic beer marketThe beer market in the PRC maintained a steady growth in 2002 with annualproduction reaching 23,870,000 kilolitres, representing a growth of 5% overthe previous year. However, the over-supply situation remained intact andca

39、used severe competition in certain markets, adding strong pressure onthe pricing of products. Meanwhile, mergers and acquisitions among largecorporations have intensified the degree of concentration of the beer industry.Currently, the beer produced by the top ten breweries accounts for 42.9% ofthe m

40、arket in China, a 5.8% increase as compared with the previous year. Itis expected that the market share will be even more concentrated on a smallnumber of large enterprises.? !#Chairmans Statement1110? ?!#$? !#$tql ? !#$%? !#$%& ? ! ? ? ? ! ? !#$%?&? !#$% J ? !? ?_ ? ?OMMO?NM?ON? !#$? !# ? !#$ ? !_?

41、 !#$%&NKUO? !? !#$%? !#$%&? !#? !#$%&(? !#$% &()*? ? !#$%&()*+,&-? !#? !#$%&()*+,-.? OMMO? !#$%&()? !#$ SKQ ? !?QMQU? !? !#$ NNM=B ?NMQ=B? ? !#$%&()*+? !#$%&()*+? ? !#$%& ? !# ? ! ? !#$ ?U? !? !# PKN? !? !?OMMP? !#$%?&(? ? !#$%&()*+,-./? !#$%&()*+,-.? !#$% ? !#$%&? !#$%&()*+,?_? !#$% ? !#$? !#$ ? !#

42、$ !% ?bom? !#$ ? !#$? ? !#$%&()*+? !#$Successful formation of strategic allianceFacing the competition and challenges arising from Chinas accession to theWTO and the globalization of economy, the Company, adhering to theprinciple of Synergy created by collaboration among major enterprises,entered in

43、to a strategic investment agreement on 21 October 2002 withAnheuser-Busch Companies Inc. (A-B), the worlds largest brewery, to forma strategic alliance. The Company will issue an aggregate of approximatelyUSD182 million mandatory convertible bonds to A-B. Both parties will fullyutilize their respect

44、ive strengths in resources to support the persistent growthand leading position of the Company in Chinas brewery industry, therebyfurther enhancing the Companys competitiveness and profitability.Expansion to the Taiwan marketDespite the unfavourable conditions prevailing in the global beer market, t

45、heCompany made an outstanding achievement in its export business in 2002.The total volume of beer exported reached 64,000 kilolitres in the year andgenerated a revenue of USD40.48 million, representing a growth of 110%and 104% respectively over the last year. This was because the Companyhas seized t

46、he golden opportunity of China and Taiwans accession to theWTO and worked closely with Taiwans local beer distributors to introduceTsingdao beer to the Taiwan market. In only eight-months time, a total of31,000 kilolitres of beer were sold to the Taiwan market.Business prospects in the coming yearTh

47、e year 2003 celebrates the first centenary of Tsingdao beer and we haveconfidence that Tsingdao beer will enter into the new millennium with furtherachievements. Chinas booming economy provides enormous potential forthe development of the brewery industry. Faced with such new opportunitiesand challe

48、nges, the Company shall put more efforts in the studies andimplementation of its strategic planning. Meanwhile, with the strategic alliancewith A-B, it will also make full use of its existing resources to expedite theadoption of innovative measures in the aspects of management, technologyadvancement

49、 and system renovation through the adoption of ERP informationsystem, with the target of putting forth of the Companys management reform,raising its core competitiveness and maintaining its sustainable development.? !#$%? !#$%&()*+,)-? !#$%&()*+,-.? !? !#$%& OVUKT? !? !ONB? !NNB? NOKRB? ? !#$%& ? !#

50、$SVPSTP? ? !PNB? !=OPMSS ? ? ?NOQB? !#$%&()*?NNMSMO? ? !NMVB? ? !#$%&()*+? !#$%&()*? !?VO ? !? ! QOB? !? !#$%&()? !#$%&!()*+,? ? !#$ ? !#$%& ? !#$%&()? bs? !#$ ? !#$%&? !#? !#$%&(? !# ? !#$%& ? ? !#$%&()*+,-.? ? !#$%& ? !? !#$%&()*+? OMMO ? !#$%&()? ? !#$%&()? !? !#$%&()? !? !#$%&()*+,? !#$%&() ? ?