1、目 錄Contents公司簡介Company Profile3會計數據摘要Financial Highlights4董事長報告書Chairmans Statement9董事會報告Report of the Directors13監事會報告Report of the Supervisors30企業管治報告Corporate Governance Report34管理層討論與分析Management Discussion and Analysis47董事、監事和高級Profiles of Directors, Supervisors管理人員簡介and Senior Management55重要事項

2、Significant Events64財務報告Financial Report70公司資料Company Information324青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.2二 零 一 零 年 年 報 ANNUAL REPORT 20103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

3、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，分佈於全國19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，已行銷世界七十餘個國家和地區。公司簡介 Company ProfileTsingtao Brewery Company Limited (the “Company” or “the Company”, together with its subsidiaries, the “Group”), the earliest brewery

4、in China, can trace 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 Ju

5、ly 1993, being 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

6、 Company occupies leading position in the domestic beer industry in terms of size and market share with 53 breweries in 19 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

7、 than seventy countries and regions throughout the world.會計數據摘要 Financial Highlights青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.4按中國企業會計準則編製1、 本集團二零一零年財務資料（單位：人民幣千元） 營業利潤Operating profit1,935,715利潤總額Total profit 2,123,196歸屬於上市公司股東的淨利潤Net profit attributable to equity holders of the Company1,520,48

8、4歸屬於上市公司股東的扣除非經常性損益後的淨利潤Net profit attributable to equity holders of the Company after deduction of non-recurring profit or loss1,372,933經營活動產生的現金流量淨額Net cash flows from operating activities3,284,028註：非經常性損益項目包括：Note: Non-recurring profits or losses items include:非流動資產處置損失Losses on disposal of non-c

9、urrent assets(34,742)計入當期損益的政府補助Government grants recognised in profits221,746單獨進行減值測試的應收款項減值準備轉回Reversal of the provision for receivables that had been subject to individual impairment assessment5,000除上述各項之外的其他營業外收入和支出Other non-operating income and expenses other than aforesaid items477小計Subtotal19

10、2,481所得稅影響額Impact on the income tax(34,373)少數股東權益影響額 （稅後）Impact on the minority interests (after tax)(10,557)合計Total147, 551Prepared in accordance with the China Accounting Standards for Business Enterprises (“CAS”)1. The Groups financial information for the year ended 31 December 2010(Unit: RMB000)

11、會計數據摘要 Financial Highlights二 零 一 零 年 年 報 ANNUAL REPORT 201052、 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 information200072006（經重述）（經重述）（經重述）（經重述）(Restated)(Restated)(Restated)(Restated) 營業收入Revenue19,897,82818,026,10816,023,44213,709,22011,832,850利潤總額Total profit 2,123,1961,739,3341,10

12、8,0891,004,123616,247歸屬於上市公司股東的淨利潤Net profit attributable to equity holders of the Company1,520,4841,250,009797,602633,701473,734歸屬於上市公司股東的扣除非經常性損益的淨利潤Net profit attributable to equity holders of the Company after deduction of non-recurring profit or loss1,372,9331,115,506695,272486,021391,028基本每股收益

13、Basic earnings per share1.12550.95030.60970.48440.3621稀釋每股收益Diluted earnings per share1.12550.95030.60970.48440.3621扣除非經常性損益後的基本每股收益Basic earnings per share after deduction of non-recurring profit or loss1.01620.84810.53150.37150.2989全面攤薄淨資產收益率(%)Fully diluted return on net assets (%)15.8314.9012.76

14、11.178.91加權平均淨資產收益率(%)Weighted average return on net assets (%)16.9018.0713.2111.549.19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 non-recurring profit or loss (%)14.3013.3011.128.577.36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 no

15、n-recurring profit or loss (%)15.2616.1211.528.857.59經營活動產生的現金流量淨額Net cash flows from operating activities3,284,0283,361,0011,509,4861,094,0941,127,832每股經營活動產生的現金流量淨額Net cash flows from operating activities per share2.432.561.150.840.86總資產Total assets17,777,11614,867,45312,532,23111,545,2359,560,722

16、總負債Total liabilities8,057,3706,304,2986,114,6165,556,8993,879,368歸屬於上市公司的股東權益Total equity attributable to equity holders of the Company9,603,1128,388,2996,253,2405,670,9915,314,445歸屬於上市公司股東的每股淨資產Net assets per share attributable to equity holders of the Company7.116.214.784.334.06 2. Major accountin

17、g data and financial indicators(Unit: RMB000)會計數據摘要 Financial Highlights青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.63、 報告期內股東權益變動情況 （單位：人民幣千元）歸屬於上市公司股東權益Owners equity attributable to equity holders of the Company少數股東權益Minority interests股東權益合計Total owners equity項目Item股本Share capital資本公積Capital sur

18、plus盈餘公積Surplus reserve未分配利潤Undistributed profits外幣報表折算差額Difference on translation of foreign currency financial statements 期初數Opening balance (restated)1,350,9834,105,966613,5422,311,7776,031174,8558,563,154本期增加Increase in the period2,66678,2841,520,48463,9351,665,369本期減少Decrease in the period(91,7

19、92)(294,441)(388)(122,157)(508,778)期末數Closing balance1,350,9834,016,840691,8263,537,8205,643116,6339,719,745(1) 資本公積及少數股東權益：減少主要原因是本年度購買少數股東權益並沖減資本公積所致；(2) 盈餘公積：增加為本年度提取的盈餘公積；(3) 未分配利潤：增加為本年度實現的歸屬於上市公司股東的淨利潤，減少為本年提取盈餘公積及分配股利。(1) Capital surplus and minority interests: Decrease mainly due to the acqu

20、isition of minority interests and adjustment against capital surplus during the year;(2) Surplus reserve: Increase represents the surplus reserve appropriated in the year;(3) Undistributed profits: Increase represents net profit attributable to equity holders of the Company for the year. Decrease re

21、presents the appropriation of surplus reserve and distribution of dividends.3. Changes in owners equity in reporting period(Unit: RMB000)會計數據摘要 Financial Highlights二 零 一 零 年 年 報 ANNUAL REPORT 201074、 利潤分配本公司董事會 （ 董事會 ） 建議就截至二零一零年十二月三十一日止年度派發末期股息每股人民幣0.18元 （含稅） ，其餘未分配利潤結轉下一年度。上述分配預案須經本公司二零一零年度股東年會審議批

22、准。4. Profit DistributionThe Board of Directors (the “Board”) proposed a final dividend of RMB0.18 per share (with tax) for the year ended 31 December 2010, and carried forward the remaining distributable profits to the next year. The aforesaid distribution proposal is subject to the approval at the

23、2010 Annual General Meeting of the Company.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 一 零 年 年 報 ANNUAL REPORT 20109金志國先生Mr. JIN Zhi GuoDear shareholders,I hereby present the Business Report and audited Financial Statements of Tsingtao Brewery Company Limited for the

24、 accounting year ended 31 December 2010 for your kind review.I. Analysis to the Domestic Market in 2010In 2010, as Chinas economy continued to grow, the beer market kept its pace of steady growth, as a result, the full-year output of beer reached 448.3 million hl, representing an increase of 6.3% (S

25、ource: National Bureau of Statistics) comparing with that of the same period in the previous year. As the whole industry became more consolidated through the merger and acquisition among the large breweries, new constructions and capacity expansion, the market share of the top 4 breweries had reache

26、d nearly 60%, meanwhile the competition occurred not only in the markets, but also in the fields including strategic layouts, merger and acquisition and capitals, which made the future competition more challenging.II. Review of the OperationsFacing the complex macroeconomic environment, the Company

27、launched its full-year work guideline as “To consolidate the leading position in the industry as directed by the strategies and under the integrated operations; to improve the efficiency of the systematic operations as promoted by the market and with the optimization of the supply chain”. With the e

28、fforts of the staff, in the year the Companys beer sales realized 63.5 million hl, representing an increase of 7.4% comparing with that of the same period in the previous year; sales incomes realized RMB19,614 million, representing an increase of 10.4% comparing with that of the same period in the p

29、revious year; net profits attributable to the parent company realized RMB1,520 million, representing an increase of 21.6% comparing with that of the same period in the previous year.The Company fully utilized Tsingtao beers brand advantage to actively explore the market by relying on its consolidate

30、d, unified and professional marketing systems, which supporting the further optimization of its sales mix and the fast growth of mid-high end products. As a result, the Companys principal brand Tsingtao beer was sold 34.8 million hl, representing an 致各位股東：本人謹此提呈青島啤酒股份有限公司截止2010年12月31日會計年度之業務報告及經審計之財

31、務報告，敬請各位股東審閱。一. 2010年國內啤酒市場分析2010年隨著中國經濟的持續增長，啤酒市場繼續保持了穩步增長的態勢，全年共生產啤酒4,483萬千升，同比增長6.3% （數據來源：國家統計局） 。由於大型啤酒企業通過收購兼併及自身新建、擴建產能，使行業集中度進一步提高，全國前四大啤酒企業已佔市場份額的近60%，市場競爭也從市場層面向戰略佈局、併購、資本等各個層面延伸，使未來的競爭更具挑戰性。二. 經營情況回顧面對複雜的宏觀經濟環境，2010年公司確立了 戰略導向，一體化運營，強化行業領導地位；市場拉動，供應鏈優化，提升系統運營效率 的年度工作方針，經過全體員工的共同努力，公司全年共完成

32、啤酒銷售635萬千升，同比增長7.4%；實現銷售收入196.14億元，同比增長10.4%；實現歸屬於母公司的淨利潤15.20億元，同比增長21.6%。董事長報告書 Chairmans Statement青 島 啤 酒 股 份 有 限 公 司 TSINGTAO BREWERY CO., LTD.10公司充分發揮青島啤酒的品牌優勢，依託集約化、一體化、專業化的營銷體系，積極開拓市場，使銷售結構進一步優化，中高端產品快速增長，公司共實現主品牌青島啤酒銷售348萬千升，同比增長18%，新推出的高端品種 奧古特、逸品純生啤酒市場反響良好，純生、聽裝、小瓶青島啤酒等高端品種共增長26%。全年公司平均毛利率

33、35.2%，同比提高0.6個百分點。青島啤酒品牌價值由2009年的366億元提升至426億元人民幣，持續居行業之首。公司積極實施 雙輪驅動 戰略，推進全國市場的戰略佈局，年內在青島、上海、福州、珠海等地相繼啟動了企業搬遷、擴建項目，並成功收購了山東新銀麥啤酒有限公司，購買了嘉禾啤酒公司太原啤酒廠的資產，在石家莊動工興建新啤酒廠等，進一步擴大了公司產能和規模，完善了公司在國內市場的佈局，並強化了基地市場建設。公司加強供應鏈體系建設，強化了與戰略供應商的長期協作關係。在大宗物資採購中，公司加強對原材物料價格走勢研判，採取長短結合的靈活採購週期，有效地控制了成本，保障了生產需求。三. 新年度展望20

34、11年是國家實施 十二五 規劃的開局之年，調整發展結構，擴大國內需求，為國內啤酒市場的發展提供了廣闊的空間，公司確定的新年度工作方針就是 全力以赴開拓市場；全力以赴降低成本；全力以赴抓機遇，防通脹 ，積極擴大企業規模，提高市場佔有率。公司將努力開發和鞏固省級基地市場，堅持 大客戶+微觀運營 的市場開拓模式，以體育營銷為市場推廣的主線，塑造青島啤酒年輕、時尚、國際化的品牌形象，不斷提高市場佔有率。公司將順應國內市場消費升級趨勢，發揮青島啤酒的品牌優勢，不斷擴大公司在全國中高端市場的佔有率，並積極調整第二品牌山水啤酒、嶗increase of 18% comparing with that of

35、the same period in the previous year; the newly presented high-end products Augersta and Yipin Draft received sound response from the market, and the high-end products including draft, canned and little bottled beer totally grew 26%. The Companys full-year average gross profit reached 35.2%, represe

36、nting an increase of 0.6 percentage points comparing with that of the same period in the previous year. The brand value of Tsingtao beer rose to RMB42.6 billion from RMB36.6 billion in 2009, continuing to be the leader of the industry.The Company actively implement the strategy of “Double drives” to

37、 improve its strategic layout in the national market by starting in sequence the projects of relocation and expansion in the locations such as Qingdao, Shanghai, Fuzhou, and Zhuhai within the year, successfully acquired Shandong Xin Immense Brewery Company Limited, purchased the assets of Taiyuan Br

38、ewery Factory under Jiahe Brewery Co., Ltd., and started to build a greenfield in Shijiazhuang, which further increased the production capacity and expanded the scale of the Company, improved the Companys layout in the domestic market, and strengthened the construction of base markets.The Company st

39、rengthened its construction of supply chain system to enforce the long-term cooperation with the strategic suppliers. In the gross purchase of materials, the Company used alternative purchase period by combining both long-term period and short-term period after strengthening the research and judgmen

40、t to the price movement of the raw materials which effectively controlled the costs and guaranteed the needs for the production.III. Outlook for 2011The 2011 is the first year of Chinas “Twelfth Five-Year Plan” during which it will adjust the development structure and expand the domestic needs. As a

41、 result, it will provide sufficient room for the development of beer market so that the Company will actively expand its enterprise scale and increase its market share under the newly launched work guideline for the new year as “To explore the market with full efforts; to reduce the costs with full

42、efforts; and to obtain the opportunities and prevent from inflation with full efforts”.The Company will build a young, fashionable and international image for Tsingtao beer and continue to increase its market share by striving to explore and consolidate the provincial base markets, insisting on the

43、market exploring mode of “Big customer + Micro-operations” and following the principle of sports marketing among its marketing activities. The Company will follow the trend of the upgrade of the consumption in the domestic market by fully using its advantages at Tsingtao beer, continue to increase i

44、ts shares in the national mid-high 董事長報告書 Chairmans Statement二 零 一 零 年 年 報 ANNUAL REPORT 201011山啤酒、漢斯啤酒的營銷思路，提升品牌親和力和影響力，不斷擴大市場銷量。公司將充分利用國內啤酒行業整合的有利時機，繼續推進 雙輪驅動 戰略的實施。年內將完成青島啤酒二廠、三公司、上海、深圳、福州、珠海等工廠的擴建以及石家莊新建工廠等項目，為市場快速增長提供有力支持。同時，在重點市場區域內將繼續尋找合適的收購兼併目標，力爭通過收購兼併，快速改變區域市場競爭格局，提升公司整體市場競爭優勢。面對通脹和主要原材物料價

45、格上漲態勢，公司將進一步加強價格預測，採取靈活的採購週期，擴大集中採購等措施，努力控制成本過快上漲。同時，在公司內部加快推廣新工藝、新技術，提高公司節能降耗水平。公司將充分把握機遇，發揮自身品牌、管理、技術、資金等優勢，不斷擴大企業規模，提升盈利能力，持續保持行業領先地位，在未來五年內，向實現1,000萬千升啤酒產銷量的目標邁進。我們堅信在公司董事會的正確領導下，在管理層和廣大員工的共同努力下，這一目標必將成功實現。各位股東，2010年在公司董事會、監事會和管理團隊帶領下，在全體員工的共同努力下，公司取得了優異的經營業績。在此，謹向勤勉盡職、付出艱苦努力的各位董事、監事、管理團隊及廣大員工表示

46、衷心的感謝！向為公司持續、健康發展給予長期支持的各位股東、業務合作夥伴表示誠摯的敬意和由衷的感謝！董事長金志國中華人民共和國 青島二零一一年三月三十日end market, and actively adjust the marketing strategies of the secondary brands of Shanshui, Laoshan and Hans to improve their brand familiarities and influence so as to increase the sales volumes.The Company will fully use

47、the opportunity of the consolidation in the national beer industry to further promote the implementation of the strategy of “Double drives”. Within the year, it will complete the projects including the expansion of Tsingtao Brewery Factory No. 2, Company No. 3, and plants in Shanghai, Shenzhen, Fuzh

48、ou and Zhuhai, and the greenfield in Shijiazhuang to strongly support the rapid growth in the market. At the same time, it will continue to look for the suitable merger and acquisition targets in the key market areas to improve the Companys overall competitive advantages by striving to rapidly chang

49、e through merger and acquisition the competition situation in the regional markets.Facing the situation of the inflation and the price rise of main raw materials, the Company will strive to control the over-fast growth of the costs by taking the measures including further strengthening its price est

50、imation, taking alternative purchase periods and expanding centralized purchase, while the Company will also expedite to launch new techniques and new technologies to further save the energy and reduce the consumption.The Company will fully grasp the opportunities to further expand the enterprise sc