1、3公司簡介Company Profile4會計數據摘要Financial Highlights9董事長報告書Chairmans Statement17總裁問答Frequently Asked Questions20董事會報告書Report of the Directors40管理層討論與分析Management Discussion and Analysis42監事會報告Report of the Supervisors46董事、監事和高級Profiles of Directors, Supervisors管理人員簡介and Senior Management54重要事項Significant

2、 Events61財務報告Financial Report247公司資料Company Information目錄 CONTENTS公司簡介COMPANY PROFILE青島啤酒股份有限公司2TSINGTAO BREWERY CO., LTD.公司簡介COMPANY PROFILE青島啤酒股份有限公司3TSINGTAO BREWERY CO., LTD.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，成為首家海外上市的國內企業，同年七月在國內發行了A

3、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。Tsingtao Brewery Company Limited, the earliest beermanufacturer in China, can trace its root back to 1903when its predecessor, Tsingtao Brewery Factory, wasfir

4、st established. The Company was registered on 16 June1993 as a joint stock company in China and then issuedH Shares in Hong Kong which were listed on the StockExchange of Hong Kong Limited on 15 July 1993. It wasthe first enterprise in Mainland China listed on anoverseas stock exchange. In July 1993

5、, the Companyissued A Shares in Shanghai, which were listed on theShanghai Stock Exchange on 27 August 1993.The business scope of the Company is the manufacturingand sales of beer and other related businesses. TheCompany, the largest domestic brewer in terms ofproduction scale and market share, curr

6、ently owns 50beer plants and 3 malting mills in 18 provinces and citiesall over China. Its product Tsingtao Beer has becomeone of the most well-known Chinese brands in theinternational market and has been distributed to morethan 50 countries and regions throughout the world.會計數據摘要FINANCIAL HIGHLIGHT

7、S青島啤酒股份有限公司4TSINGTAO BREWERY CO., LTD.一. 按香港會計準則編製（單位：人民幣千元）截至十二月三十一日止年度1.Prepared in accordance with HK GAAP(UNIT: RMB000)For the year ended 31 December集團Group20042003200220012000營業額Turnover7,702,9566,713,7856,195,1974,692,6163,448,264除稅前盈利Profit before taxation490,465417,364368,608163,000115,832稅項

8、Taxation(186,391)(134,988)(109,317)(62,293)(34,070)少數股東損益Minority interests(18,911)(37,331)(37,317)(17,765)(17,950)股東應佔Profit attributable to285,163245,045221,97482,94263,812盈利shareholders總資產Total assets9,820,5338,923,5698,892,4568,223,0936,962,870總負債Total liabilities(4,522,072)(3,929,278)(5,038,466

9、)(4,528,405)(4,177,402)少數股東權益Minority interests(544,333)(579,465)(669,784)(622,783)(454,255)股東權益Shareholders equity4,754,1284,414,8263,184,2063,071,9052,331,213集團Group2004200320021.每股盈利 （元）Earnings per share(RMB)0.2690.2380.2222.淨資產收益率Return on net assets6.00%5.55%6.97%3.每股淨資產 （元）Net assets employed

10、 per share(RMB)4.494.163.184.股東權益比例Shareholders equity ratio48.41%49.47%35.81%會計數據摘要 （續）FINANCIAL HIGHLIGHTS (Continued)青島啤酒股份有限公司5TSINGTAO BREWERY CO., LTD.2.Prepared in accordance with PRC GAAP1.2004 financial information of the Group(UNIT : RMB000)利潤總額Profit before tax472,551淨利潤Net profit279,724扣

11、除非經常性損益後的淨利潤Net profit after adjusting the extraordinary items268,604主營業務利潤Gross profit2,675,526其他業務利潤Profit from other operations30,615營業利潤Operating profit535,480投資收益Investment income(42,034)補貼收入Subsidy income75,586營業外收支淨額Net non-operating expenses(96,481)經營活動產生的現金流量淨額Net cash flows from operating

12、activities1,294,398現金淨增加額Net increase in cash477,990註：非經常性損益項目包括：1.處置長期股權投資、固定資產、1.Losses on disposal of long-term(8,763)在建工程、無形資產、其他equity investments, fixed assets, construction長期資產產生的損失in progress and other long-term assets2.政府補貼2.Subsidy income75,5863.營業外收入 （不包括處置3.Non-operating income (excludin

13、g gain on12,362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(40,986)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 impairment/provision of prior years1,522準備的轉回6.非經常性損益的所得稅影響數6.Tax effect on ext

14、raordinary gain and losses(28,601)合計Total11,120二. 按中國會計準則編製1.公司二零零四年財務資料（單位：人民幣千元）2.The financial statements of the Group are preparedunder generally accepted accounting principles inHong Kong (“HK GAAP”) for disclosure purposesof its H Shares listed on The Stock Exchange ofHong Kong Limited. These

15、standards are differentfrom the statutory financial statements of the Groupprepared under generally accepted accountingprinciples in China (“PRC GAAP”)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系按照香港公認會計準則編製，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。會計數據摘要 （續）FINANCIAL HIGHLIGHTS (Continued)青島啤酒股份有限公司6TSINGTAO BREWERY CO., LTD.PR

16、CHKGAAPGAAP項目Items國內香港會計準則會計準則淨利潤股東應佔盈利Net profit/Profit attributable to shareholders279,724285,163差異說明：Explanation of differences2004年2003年按中國會計準則計算的淨利潤Net profit under PRC GAAP279,724253,872按香港公認會計原則HK GAAP所作的調整：adjustments:按香港公認會計原則需Additional depreciation charges for(11,480)(11,480)多提的固定資產折舊fixe

17、d assets under HKGAAP對按中國會計準則投資Adjustment on amortisation of(6,833)(11,953)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 subsidiaries4,331840因固定資產折舊產生Deferred tax arising from depreciation of(3,646)(785)之遞延稅項fixed assets按香港公認會計原則處理發行Difference in accounting fo

18、r interest of23,10214,493可換股債券之費用convertible bonds其他Others(35)58按香港公認會計原則計算Profit attributable to shareholders under285,163245,045之股東應佔盈利HK GAAP（單位：人民幣千元）(UNIT: RMB000)3.Principal financial data and financial indicators(UNIT: RMB000)項目200420032002主營業務收入Turnover8,620,6887,507,9596,936,734淨利潤Net Profi

19、t279,724253,872230,657總資產Total assets9,878,0059,002,2038,938,616股東權益 （不含少數股東權益）Total shareholders equity3,586,6823,513,9023,197,354(excluding minority interests)每股收益Earnings per share0.26390.23950.2307每股淨資產Net assets per share3.383.323.20調整後的每股淨資產Net assets per share after adjustments3.293.243.11每股經

20、營活動產生的現金流量淨額Net cash flow from operating1.221.071.11activities per share淨資產收益率Return on net assets7.80%7.22%7.21%扣除非經常性損益後淨資產收益率Return on net assets after adjustingextraordinary items7.49%6.29%5.73%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7TSINGTAO BREWERY CO., LTD.

21、4.Change in shareholders equity in the reportingperiod(UNIT: RMB000)OpeningClosingbalanceAdditionsReductionbalance項目Items期初數本期增加本期減少期末數股本Share capital1,060,0001,060,000資本公積Capital reserve1,798,8774,6301,803,507法定公積金Statutory surplus reserve218,18558,104276,289法定公益金Statutory public176,97945,515222,49

22、4welfare fund未分配利潤Unappropriated profits259,760279,724315,618223,866外幣報表折算差額Cumulative translation101426527adjustments股東權益合計Total shareholdersequity3,513,902388,399315,6183,586,6834.報告期內股東權益變動情況（單位：人民幣千元）Reasons for the changes:(1)Capital reserve: Increase due to share premiumarising from the conver

23、sion of convertible bondsand forfeiture of payable balances of subsidiaries;(2)Statutory surplus reserve and public welfare fund:Current years appropriations to statutory surplusreserve and public welfare fund;(3)Unappropriated profits: Addition in current year isthe net profit for the year; Reducti

24、on in currentyear is due to appropriations to reserves anddistribution of dividend;(4)Cumulative translation adjustment: Translationdifferences arising from the translation of financialstatements of subsidiaries denominated in foreigncurrencies.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

25、：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額。董事長報告書CHAIRMANS STATEMENT青島啤酒股份有限公司8TSINGTAO BREWERY CO., LTD.董事長報告書CHAIRMANS STATEMENT青島啤酒股份有限公司9TSINGTAO BREWERY CO., LTD.致各位股東：二零零四年面對國內外激烈的市場競爭和原材料、能源漲價等不利因素，公司認真貫徹落實細化管理，強化執行，整合價值鏈；推進交流，持續創業，重塑新基礎 的年度工作方針，著力

26、於內部的系統整合、優化管理流程、增強協同效應，取得了可喜的成績，並繼續保持了國內啤酒產銷量、市場份額、銷售收入、利潤、出口創匯、品牌價值等多項指標的行業領先水平。Dear Shareholders:The Company achieved encouraging results in 2004 andcontinued to maintain its leading position in the industryin terms of domestic beer output and sales, marketshares, sales revenue, profitability, for

27、eign exchangeincome generated from exports and brand name value,etc., despite adverse factors such as intense domesticand foreign competition coupled with rising costs of rawmaterials and energy. This was accomplished throughthe rigid implementation of our operational directives forthe year, namely

28、“detailed management, enforcedimplementation, value chain integration, more frequentbusiness exchanges, ongoing creation of new businessesand the remolding of new foundations” , with emphasison internal system integration, optimisation ofmanagement processes and enhancement of synergies.李桂榮Li Gui Ro

29、ng董事長報告書 （續）CHAIRMANS STATEMENT (Continued)青島啤酒股份有限公司10TSINGTAO BREWERY CO., LTD.國內啤酒市場分析二零零四年全國共生產啤酒2,910萬千升，同比增長14.6%，產銷量已連續三年位居世界第一。其中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55。而近年來外資啤酒對中國市場的大舉進入，使國內啤酒市場競爭日趨國際化，也使中高端市場的競爭愈發激烈。經營業績穩步提高公司各項經濟指標在近幾年快速增長的基礎上二零零四年保持了持續增長。全年實現啤酒銷售量371萬千升，超出年初確定的360萬千升的目標，同比增長

30、13.8%。按照香港普遍採用之會計准則編製，實現營業額人民幣77億元，同比增長14.7；實現股東應佔溢利人民幣2.85億元，同比增長16.4；青島啤酒品牌價值已達人民幣168.73億元 （來源：世界品牌實驗室(World Brand Lab) 二零零四年六月二十八日頒發證書） ，繼續位居啤酒行業全國第一。Analysis of the Domestic Beer MarketChina produced 291 million hl of beer in 2004,representing a year-on-year growth of 14.6%, to maintainits posit

31、ion as the largest beer-producing country in termsof output and sales for three years in a row. Marketshares of large scale enterprises continued to expand asthe top ten beer makers in the nation in aggregateaccounted for 55% of the domestic market, wherecompetition was becoming increasingly interna

32、tionalisedwith foreign brand names establishing their presencemassively since recent years. Competition in the medium-to high-end market was particularly intense.Steady Improvements in Operating ResultsThe Company sustained continued growth in 2004 interms of major economic indicators, building on t

33、he rapidgrowth achieved in recent years. Beer sales for the yeargrew 13.8% to 37.1 million hl, well exceeding the targetof 36 million hl set at the beginning of the year. Salesrevenue from major operating business amounted toRMB7.7 billion with a year-on-year growth of 14.7% inaccordance with HK GAA

34、P. Profit attributable toshareholders amounted to RMB0.285 billion, representinga year-on-year growth of 16.4%. The brand name of“Tsingtao Beer” was valued at RMB16.873 billion(Source: certificate issued byWorld Brand Lab on 28 June2004), ranking first amongbeer makers in the nation ona continued ba

35、sis.董事長報告書 （續）CHAIRMANS STATEMENT (Continued)青島啤酒股份有限公司11TSINGTAO BREWERY CO., LTD.推進品牌整合，優化資源配置二零零四年公司以品牌發展規劃為指導，推進品牌、品種整合計劃，深化對市場的規劃和管理。通過青島啤酒新標識和新產品推廣，提升了品牌國際化、現代化的形象，同時以此為契機加快了品牌整合的進度。二零零四年青島啤酒主品牌銷量達117萬千升，同比增長11，青島主品牌與漢斯、嶗山、山水三個副品牌的銷量已達總銷量的56%。開展最佳實踐交流，管理、技術水平不斷提升公司通過與戰略合作伙伴安海斯 布希公司 （ A-B公司 ） 共

36、同開展的最佳實踐交流活動，就營銷管理、單廠效率、戰略管理、財務管理、人力資源管理等項目進行了卓有成效的交流，細化管理、強化執行，使公司向國際化大公司發展的目標邁出了一大步。公司學習運用A-B公司先進的管理方法和管理模式，使各工Brand Name Integration and OptimisedResource AllocationIn 2004, the Company continued with efforts in brandname promotion and product integration programs todeepen market planning and man

37、agement under thedirection of its brand name development planning. Bymarketing novel products under a brand new logo forTsingtao Beer, our image as a modernised, internationalbrand name was enhanced while the process of brandname integration was given a major boost. In 2004, Salesgenerated by the pr

38、incipal brand of Tsingtao Beer grew11% to 11.7 million hl, and together with three secondarybrands, namely, Hansi, Laoshan and Shanshui, accountedfor 56% of the Companys total sales volume.Continuous Improvements in Managementand Technical Standards Driven by Exchangesin Best PracticeThe Company con

39、ducted some highly effectivelyexchange activities in the areas of marketingmanagement, unit plant efficiency, strategic management,financial management and human resource management,etc through the Best Practice Exchange Program launchedjointly with Anheuser-Busch Companies, Inc. (“A-B”), itsstrateg

40、ic partner. With the resulting initiatives in detailed董事長報告書 （續）CHAIRMANS STATEMENT (Continued)青島啤酒股份有限公司12TSINGTAO BREWERY CO., LTD.廠提高了工作的標準化、規範化水平，有效降低了工藝技術指標的控制偏差，為實現口味一致性奠定了扎實基礎。糖化工藝技術改革取得顯著成效，效率明顯提高，在不增加固定資產投入的前提下，糖化產能有較大提升，為公司產銷量的持續增長提供了堅實的保障。信息化建設加快，流程效率提高公司經過幾年努力，已完成了公司總部、華南、西安三大市場中心之間的ERP建

41、設，實現了與公司總部財務、庫存、物資等業務項目的聯網，公司信息支持平台的建立，更好的實現了資源共享。同時公司實施管理流程優化，實現了信息暢通、流程便捷，有效降低了運營成本，提高了管理效率，協同效應逐漸發揮。management and enforced implementation, the Companyhas taken a solid step towards development into a majorinternational business group. The Company managed toenhance standardisation and consistency

42、 at its plantsand effectively reduce deviations in process technologyindicators by applying the advanced managementapproaches and models of A-B laying solid foundationsfor achieving consistency in the taste of our products.Notable results were achieved in the upgrading of oursaccharification process

43、 technology underpinned bysignificant improvements in efficiency. Oursaccharification capacity was increased without additionalinvestments in fixed assets, providing a solid assurancefor continued growth in the Companys output and sales.Process Efficiency Enhanced by FasterBuilding of Information Sy

44、stemsAfter years of dedicated efforts, the Company completedthe development of an EPR system linking itsheadquarters, the South China market centre and theXian market centre. The headquarters are now networkedwith other branches for the financial, inventory andlogistics functions as the construction

45、 of our corporateinformation platform facilitated better sharing ofresources. Meanwhile, the Company implementedmanagement process optimisation to enable faster flowof information and processes. Synergistic effects werecoming into play with reduced operating costs andenhanced management efficiency.董

46、事長報告書 （續）CHAIRMANS STATEMENT (Continued)青島啤酒股份有限公司13TSINGTAO BREWERY CO., LTD.生產規模不斷壯大為不斷壯大公司的規模，完善國內市場生產布局，二零零四年六月公司出資約人民幣6,500萬元對甘肅省最大的啤酒企業甘肅農墾啤酒股份有限公司 （ 農墾啤酒 ） 進行增資擴股，獲得農墾啤酒55.06股權，成為其最大股東，為進一步擴大公司在西部地區的市場優勢奠定了基礎；八月青島啤酒 （長沙） 有限公司10萬噸啤酒項目一期5萬噸投產，為公司在華南地區培育青島啤酒主品牌、擴大市場份額，做出了積極貢獻。Ongoing Expansion i

47、n Production CapacityWith a view to ongoing expansion by complementingour nationwide production bases, the Company increasedits shareholding in Gansu Nongken Brewery CompanyLimited (“Nongken Brewery”) to 55.06% in June 2004with an investment of approximately RMB65 million,thereby becoming the larges

48、t shareholder of NongkenBrewery, which was the largest brewery company inGansu Province. The move consolidated the Companysleading position in West China and prepared it for furtherexpansion. In August, Tsingtao Brewery (Changsha)Company Limited commissioned Phase I of itsconstruction project, which

49、 accounted for 50,000 tonsout of the total capacity of 100,000 tons per annum forthe entire project. The additional capacity contributedpositively to the Companys plans to establish its principalbrand of Tsingtao Beer and expand its market share inSouth China.董事長報告書 （續）CHAIRMANS STATEMENT (Continued

50、)青島啤酒股份有限公司14TSINGTAO BREWERY CO., LTD.投資者關係工作獲廣泛認同近兩年來，公司良好的發展戰略、規範運作和信息透明度獲得了國內外投資者的廣泛認同，公司積極利用定期業績推介、網上路演、電視電話會議、接待來訪、參加投資論壇等方式，與廣大投資者進行廣泛、深入的交流，使公司的投資價值得以發現和提高，公司在資本市場的形象不斷提升。二零零四年十一月青啤公司分別獲得了由世界最權威的專業刊物英國 IR雜誌 組織的 大中華區小型公司最佳投資者關係獎 和 亞洲區小型公司最佳投資者關係獎 ，這是IR雜誌首次向大中華區的上市公司頒發此類獎項。Successful Investor