1、3公司簡介Company Profile4會計數據摘要Financial Highlights9董事長報告書Chairmans Statement15董事會報告書Report of the Directors27監事會報告Report of the Supervisors31企業管治報告書Corporate Governance39管理層討論與分析Management Discussion and Analysis41董事、監事和高級Profiles of Directors, Supervisors管理人員簡介and Senior Management49重要事項Significant Ev

2、ents51財務報告Financial Report219公司資料Company Information目錄 Contents青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.2公司簡介Company Profile青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.3公司簡介Company Profile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日在香港聯合交易所有限公司上市，成為首家海外上市

3、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50個啤酒生產廠和3個麥芽生產廠，分佈於全國18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。Tsingtao Brewery Company Limited, the earliest brewery inChina, can trace its root back to 1903 when its predecessor,Tsi

4、ngtao Brewery Factory, was established. The Company wasregistered on 16 June 1993, and then issued H-Shares in HongKong which were listed on The Stock Exchange of HongKong Limited on 15 July 1993. It was the first enterprise inMainland China listed on an overseas stock exchange. In July1993, the Com

5、pany issued A-Shares in PRC, which were listedon the Shanghai Stock Exchange on 27 August 1993.The business scope of the Company is the brewing and salesof beer, and other related businesses. The Company, the largestdomestic brewery in terms of production scale and marketshare, currently owns 50 bre

6、weries and 3 malting mills in 18provinces and cities all over China. Its product Tsingtao Beerhas become one of the most well-known Chinese brands inthe international market and has been distributed to morethan 50 countries and regions throughout the world.The Company was successfully chosen as spon

7、sor of Beijing2008 Olympic Games.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製（單位：人民幣千元）截至十二月三十一日止年度1.Prepared in accordance with HKFRS(UNIT: RMB000)For the year ended 31 December集團Group20052004200320022001營業額Turnover10,019,8578,620,6877,507,9596,936,7345,27

8、6,725除稅前盈利Profit before taxation531,662490,465417,364368,608163,000稅項Taxation(188,356)(186,391)(134,988)(109,317)(62,293)少數股東損益Minority interests(36,717)(18,911)(37,331)(37,317)(17,765)股東應佔Profit attributable to306,589285,163245,045221,97482,942盈利shareholders總資產Total assets9,575,4589,820,5338,923,56

9、98,892,4568,223,093總負債Total liabilities(4,042,382)(4,522,072)(3,929,278)(5,038,466)(4,528,405)少數股東權益Minority interests(576,686)(544,333)(579,465)(669,784)(622,783)股東權益Shareholders equity4,956,3904,754,1284,414,8263,184,2063,071,905集團Group2005200420031.每股盈利 （元）Earnings per share(RMB)0.2480.2690.2382.

10、淨資產收益率Return on net assets6.31%6.00%5.55%3.每股淨資產 （元）Net assets employed per share(RMB)3.794.494.164.股東權益比例Shareholders equity ratio51.76%48.41%49.47%會計數據摘要 （續）Financial Highlights (Continued)青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.52.Prepared in accordance with PRC GAAP1.2005 financial informa

11、tion of the Group(UNIT : RMB000)利潤總額Profit before tax528,328淨利潤Net profit303,958扣除非經常性損益後的淨利潤Net profit after adjusting the extraordinary items246,894主營業務利潤Gross profit3,041,138其他業務利潤Profit from other operations39,739營業利潤Operating profit632,869投資損失Investment loss(39,030)補貼收入Subsidy income74,859營業外收支

12、淨額Net non-operating expenses(140,370)經營活動產生的現金流量淨額Net cash flows from operating activities1,180,576現金及現金等價物淨減少額Net decrease in cash and cash equipments(70,558)註：非經常性損益項目包括：Note: Extraordinary items include:1.處置長期股權投資和固定資產1.Gains on disposal of long-term13,345產生的淨收益equity investments and fixed assets

13、2.政府補貼2.Subsidy income74,8593.營業外收入 （不包括處置3.Non-operating income (excluding gain on6,414固定資產收益）disposal of fixed assets)4.營業外支出 （不包括處置4.Non-operating expense (excluding loss on(9,861)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.以前年度已計提各項減值5.Reversal of impairm

14、ent/provision of prior years778準備的轉回6.非經常性損益的所得稅影響數6.Tax effect on extraordinary gain and losses(28,471)合計Total57,0642.The financial statements of the Group are preparedunder Hong Kong Financial Reporting Standards(“HKFRS”) for disclosure purposes of its H Shareslisted on The Stock Exchange of Hong

15、Kong Limited.These standards are different from the statutory financialstatements of the Group prepared under generallyaccepted accounting principles in China (“PRCGAAP”).二. 按中國會計準則編製1.公司二零零五年財務資料（單位：人民幣千元）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係按照香港財務報告準則編製，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。青 島 啤 酒 股 份 有 限 公 司 TSINGT

16、AO BREWERY CO., LTD.6會計數據摘要 （續）Financial Highlights (Continued)(UNIT: RMB000)HKFRSPRC GAAP香港財務項目Items國內會計準則報告準則淨利潤股東應佔盈利Net profit/Profit attributable to shareholders303,958306,589差異說明：Explanation of differences2005年2004年按中國會計準則計算的淨利潤Net profit under PRC GAAP303,958279,724按香港財務報告準則HKFRS adjustments:

17、所作的調整：按香港財務報告準則需Additional depreciation charges for(11,480)(11,480)多提的固定資產折舊fixed assets under HKFRS對按中國會計準則投資Adjustment on amortisation of15,140(6,833)差異攤銷的調整investment differences under PRC GAAP控股子公司獲豁免償還欠款Forfeited payable balances of subsidiaries8,2484,331因固定資產折舊產生Deferred tax arising from depre

18、ciation of557(3,646)之遞延稅項fixed assets按香港公認會計原則處理發行Difference in accounting for interest of9,76423,102可換股債券之費用convertible bonds按公允價值確認衍生金融工具Recognition of derivative financial(10,802)instruments at fair value對商譽減值的確認Additional goodwill impairment(9,121)其他Others325(35)按香港財務報告準則計算Profit attributable to

19、 shareholders under之股東應佔盈利HKFRS306,589285,1633.Principal financial data and financial indicators(UNIT: RMB000)項目200520042003主營業務收入Turnover10,019,8578,620,6887,507,959淨利潤Net Profit303,958279,724253,872總資產Total assets9,589,1179,878,0059,002,203股東權益 （不含少數股東權益）Total shareholders equity(excluding minorit

20、y interests)4,941,4303,586,6823,513,902每股收益Earnings per share0.23230.26390.2395每股淨資產Net assets per share3.783.383.32調整後的每股淨資產Net assets per share after adjustments3.753.293.24每股經營活動產生的現金流量淨額Net cash flow from operating0.901.221.07activities per share淨資產收益率Return on net assets6.15%7.80%7.22%扣除非經常性損益後

21、淨資產收益率Return on net assets after adjustingextraordinary items5.00%7.49%6.29%（單位：人民幣千元）3.主要會計數據及財務指標（單位：人民幣千元）會計數據摘要 （續）Financial Highlights (Continued)青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.74.Change in shareholders equity in the reporting period(UNIT: RMB000)OpeningClosingbalanceAdditionsRed

22、uctionbalance項目Items期初數本期增加本期減少期末數股本Share capital1,060,000248,2191,308,219資本公積Capital reserve1,803,507998,5802,802,087法定公積金Statutory surplus reserve276,28952,858329,147法定公益金Statutory public222,49447,430269,924welfare fund未分配利潤Unappropriated profits223,866303,958(296,521)231,303外幣報表折算差額Cumulative tra

23、nslation527223750adjustments股東權益合計Total shareholdersequity3,586,6831,651,268(296,521)4,941,430Reasons for the changes:(1)Capital reserve: Increase due to share premium arisingfrom the conversion of convertible bonds and forfeitureof payable balances of subsidiaries;(2)Statutory surplus reserve and p

24、ublic welfare fund:Current years appropriations to statutory surplus reserveand public welfare fund;(3)Unappropriated profits: Addition in current year is thenet profit for the year; Reduction in current year is dueto appropriations to reserves and distribution ofdividend;(4)Cumulative translation a

25、djustment: Translationdifferences arising from the translation of financialstatements of subsidiaries denominated in foreigncurrencies.4.報告期內股東權益變動情況（單位：人民幣千元）變動原因：（1） 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；（2） 法定公積金及法定公益金：本年提取法定盈餘公積金及法定公益金；（3） 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；（4） 外幣報表折算差額：附屬公司外幣報表折算差

26、額。青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.8董事長報告書 （續）Chairmans Statement (Continued)激情 成就夢想青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.9董事長報告書Chairmans Statement致各位股東：本人謹此提呈青島啤酒股份有限公司截止二零零五年十二月三十一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。國內啤酒市場分析二零零五年中國啤酒產量首次突破3,000萬千升大關，達到3,062萬千升，同比增長5.2%，產銷量已連續四年位居世界第

27、一，但增長率較二零零四年趨緩。同時，啤酒行業呈現了新一輪整合的態勢，以國際國內大企業之間的並購整合和大型企業的全國佈局調整為主。通過整合，大企業的市場份額在不斷提高，國內前十大啤酒生產商已佔全國市場份額的61%，較二零零四年再提高6個百分點。隨著中國經濟的發展和消費水平的提高，啤酒行業的前景依然光明。經營業績穩步提高作為國內啤酒行業規模最大、市場佔有率最高的青島啤酒，二零零五年公司克服能源、運輸、原材料價格等不利因素的影響，著力於內部的組織變革、李桂榮先生Mr. LI Gui RongDear shareholders,I have pleasure in presenting the Bus

28、iness Report and auditedFinancial Statements of Tsingtao Brewery Company Limitedfor the fiscal year ended on 31 December 2005 for your kindreview.Analysis of Domestic Beer MarketChinas beer output in 2005 realized a yearly growth of 5.2%to 306.2 million hl, the first time to break through 300 millio

29、nhl, while its output has been the largest in the world for 4years in a row, although the growth rate was lower than thatin 2004. Meanwhile, the trend of a new round of integrationoccurred in the brewery industry, which focused on mergersand acquisitions (M&A) among the domestic and overseaslarge en

30、terprises, and adjustment of the national network ofthe large enterprises. With their continuous growth of marketshare through integration, the current market share of thenational top 10 brewers has accounted for 61% of the nationalmarket, 6% higher than that in 2004. With the developmentof Chinas e

31、conomy and improvements of consumption level,the future of the brewery industry is still bright and promising.Steady Growth of Operational ResultsIn 2005, as the largest brewery with highest market share inthe domestic brewery industry, Tsingtao Brewery obtainedsteady growth in operational results,

32、and kept its leadingposition in the industry in terms of domestic beer output,青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.10董事長報告書 （續）Chairmans Statement (Continued)創新營銷、細化管理，在激烈的市場競爭中取得了經營業績的穩步提高，並繼續保持了國內啤酒產銷量、銷售收入、利潤、出口創匯等多項經濟指標的行業領先水平。公司全年實現啤酒銷售量408萬千升，同比增長10%。按照香港財務報告準則計算，實現營業額人民幣100.2億元，同比增長1

33、6%；實現股東應佔溢利人民幣3.1億元，同比增長7.5%；青島啤酒品牌價值已達人民幣199.91億元，繼續位居啤酒行業全國第一。成功換屆，企業管治不斷提高二零零五年六月公司董事會成功進行了換屆選舉，來自美國、香港、國內的啤酒、法律、金融、財務等領域的精英和專家，加入了新一屆董事會，並帶來了各自不同的寶貴經驗和知識。董事會制訂了新一屆董事會業務提升規劃 ，並組成了新一屆專業經驗及敬業精神兼備的管理團隊，這必將引領公司在未來的競爭中取得不斷進步。贊助奧運，激情文化廣泛傳播去年公司憑借在國內外市場的高知名度，名至實歸成為北京二零零八年奧運會贊助商，並迅即展開了一系列奧運營銷推廣工作。同時，公司推出了

34、青島啤酒新的品牌主張 激情成就夢想 ，以贊助北京奧運會和冠名 夢想中國 大型電視活動為契機，對激情成就夢想 的品牌主張進行了廣泛的傳播推廣，使青島啤酒的品牌知名度、美譽度進一步提升，繼續保持了 最受國內外消費者喜歡的中國啤酒品牌 的地位。sales revenue, profit, foreign exchanges generated from exportsand etc. through focusing on its internal organizational reform,innovative marketing, detailed management to overcome

35、theinfluence of the negative factors such as the rising prices ofenergy, transportation and raw materials.The Companys full-year sales volume increased 10% to 40.8million hl. Calculated in accordance with the HKFRS, itsturnover increased 16% to RMB10,020,000,000; profitdistributable to shareholders

36、increased 7.5% toRMB310,000,000. The brand value of Tsingtao Beer, whichhad reached RMB19,991,000,000, was still the No. 1 in thedomestic brewery industry.New Board of Directors, GraduallyImproving Corporate GovernanceIn June 2005, the Company successfully held election for thenew Board of Directors

37、. The elites and experts in the fieldsof brewery, law, finance and accounting from USA, HongKong and Mainland China joined the new Board of Directors,and brought their respective valuable experience andknowledge. The Board of Directors set “Business PromotionScheme for New Board of Directors”, and o

38、rganized a newmanagement team with both expertise and working spirit,which would surely lead to continuous progress in the futurecompetition.Olympic Games Sponsor, WidelySpreading Passion CultureIn the last year, with its good fame both in the domestic andoverseas markets, the Company was successful

39、ly chosen assponsor of Beijing 2008 Olympic Games, and thenimmediately carried out a series of Olympic marketing andpromoting work. In the same time, the Company launched itsnew brand vision “Passion, Dreams & Success” for TsingtaoBeer, and widely spread and promoted it through sponsoringthe Games a

40、nd a large TV program named Dreams in China,which further promoted the brand fame and reputation ofTsingtao Beer, and maintained its position as The MostFavorite Chinese Beer Brand of Home and OverseasConsumers.董事長報告書 （續）Chairmans Statement (Continued)青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.11

41、組織變革，戰略轉型穩步推進二零零五年公司推行了以市場為導向的內部產權關係和管理關係的變革。此次組織變革是以落實戰略、支持市場為使命、以實現三個戰略轉變為背景、以九大事業部轉型為載體進行的一次價值鏈上的變革。變革初步實現了公司由生產導向型組織向市場導向型組織的戰略性轉型，啟動了對價值鏈的深度系統整合，促進了公司區域市場佈局的優化和調整，對公司未來的發展將產生深遠的積極影響。整合品牌，資源配置更加優化年內公司以提高盈利能力為目標，加大對產品品牌、品種結構整合的力度。通過積極的市場推廣，公司品牌整合取得顯著成效，青島啤酒主品牌全年銷量達133萬千升，同比增長近14%，青島主品牌與漢斯、嶗山、山水等前

42、六大品牌的銷量已達總銷Organizational Reform, SteadilyPromoting Strategic TransformationUnder the orientation of market, the Company had carriedout a reform on relations among property ownership and thatamong management in 2005. This organizational reform wasthe one in the value chain through the transformation

43、 of its 9business offices, while its mission was to fulfill the strategiesand support the market, and its background was to realize itsthree strategic transformations. The reform would play a far-reaching and positive influence to the Companys futuredevelopment through preliminarily realizing the st

44、rategictransformation from a production-orientated organization to amarket-orientated one, starting the in-depth system integrationtowards the value chain, promoting the optimization andadjustment of the layout of the Companys regional markets.Brands Integration, Further OptimizingResource Allocatio

45、nThe Company reinforced the integration of brands and productstructure in 2005 under the goal of improving profitability. Itreceived remarkable achievements in the brand integrationthrough positive marketing activities, in which the salesvolume of Tsingtao Beer, the principal brand, increased nearly

46、14% to 13.3 million hl, while the sales volumes of its top 6青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.12董事長報告書 （續）Chairmans Statement (Continued)量的66%，同比提高了7個百分點。在品種結構調整方面，公司加大了高端產品的推廣，純生啤酒銷量同比增長40%以上，拉動了公司整體效益的提升。積極探索，海外市場不斷開拓公司在加大品牌推廣和市場網絡建設的力度的同時，在市場需求較大的地區探索建廠或定牌生產。在台灣地區，與當地經銷商合作建設的規模10萬噸台灣青

47、啤股份有限公司，首期5萬噸於二零零五年五月已正式投產；另外，公司努力開拓東南亞市場，使東南亞地區銷量去年實現了較大增長。目前，公司亦積極探討在東南亞地區定牌生產和建設新工廠的可能性。新年度展望展望二零零六年，公司將按照 細化管理，創新營銷，提升專業化運營能力；深度整合，持續變革，拓展價值鏈增值空間 的指導思想，以奧運營銷為主線，全面提升青島啤酒國際化形象，進一步細化brands including Tsingtao Beer, Hans, Laoshan and Shanshuihas accounted for 66% of the Companys total sales volume,i

48、ncreasing 7 percentages. From the aspect of adjustment ofproduct structure, the Company promoted its high-endproducts with greater efforts which resulted in the growth ofover 40% of the sales volume of draft beer, which was helpfulin the growth of the Companys profits in whole.Active Exploration, Gr

49、aduallyDeveloping Overseas MarketsOther than strengthening the brand promotion and constructionof market network, the Company also considered to establishplants or apply OEM in the regions where market needs werevery high. In Taiwan, the project of 50,000 tons, the initialphase of the 100, 000 tons

50、Taiwan Tsingtao Brewery CompanyLimited established with the local distributor, was formallyput into production in May 2005. Besides, the Companyactively developed South-east Asia market, which helped torealize a significant growth of sales volume there in last year.At present, the Company is conside