[年报]重庆啤酒(600132):重庆啤酒股份有限公司2023年年度报告（英文版）
原标题:重庆啤酒:重庆啤酒股份有限公司2023年年度报告（英文版） Company Code: 600132 Abbreviation of the Company: Chongqing Brewery CHONGQING BREWERY CO., LTD. ANNUAL REPORT 2023 Important Notice I. The Board of Directors, the Board of Supervisors, and the directors, supervisors and senior management of the Company guarantee that the information of the Annual Report is true, accurate and complete and there are no false representations, misleading statements or material omissions, and assume individual and joint liabilities to the information contained herein. II. All Directors of the Company attended the Board meeting. III. Pan-China Certified Public Accountants LLP (Special General Partnership) has issued an auditor’s report with an unqualified opinion to the Company. IV. Jo?o Miguel Ventura Rego Abecasis, the person-in-charge of the Company, Chin Wee Hua, the person- in-charge of accounting affairs, and Liu Liping, the person-in-charge of the accounting department (head of the accounting department) hereby declare their guarantees for the authenticity, accuracy and completeness of the financial report in the Annual Report. V. Plans on profit distribution or conversion of capital reserve to increase share capital in the current reporting period deliberated and approved by the Board of Directors The Company intends to distribute the cash dividend of 2.80 yuan per share (tax inclusive) to all shareholders on the basis of the total share capital of 483,971,198 shares as at December 31, 2023, totaling 1,355,119,354.40 yuan (tax inclusive). Cash dividend intended for distribution is from the operating profits generated by the Company in its production and operation, and such distribution is general dividend distribution. After the completion of the profit distribution plan of 2023, the remaining undistributed profit in the consolidated financial statements of the Company is 59,187,375.37 yuan, and the remaining undistributed profit in the parent company financial statements is 351,378,262.35 yuan. No capital reserve is converted to increase share capital this time. VI. Risk statement with respect to forward-looking statements √ Applicable □ Not applicable Forward-looking statements, including future plans, contained in this report do not constitute actual commitments made by the Company to investors. Investors should be aware of investment risks. VII. Is there any non-operational fund occupied by the controlling shareholder and its related parties No VIII. Is there any external guarantee made in violation of required decision-making procedures No IX. Are there more than half of the directors who cannot guarantee the authenticity, accuracy and completeness of the annual report disclosed by the Company No The Company has described relevant potential risks in this report. For details, please refer to “VI. Management Discussion and Analysis” under Section III of this Report. XI. Others □ Applicable √ Not applicable CONTENTS SECTION I DEFINITIONS ........................................................................................................................... 5 SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL INDICATORS ............................. 5 SECTION III MANAGEMENT DISCUSSION AND ANALYSIS ................................................................ 9 SECTION IV CORPORATE GOVERNANCE ............................................................................................. 33 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY.................................................... 55 SECTION VI IMPORTANT MATTERS ....................................................................................................... 64 SECTION VII CHANGES IN SHARES AND PARTICULARS OF SHAREHOLDERS .......................... 88 SECTION VIII INFORMATION ON PREFERRED SHARES ..................................................................... 94 SECTION IX PARTICULARS OF BONDS .................................................................................................. 94 SECTION X FINANCIAL REPORT ............................................................................................................ 95
SECTION I DEFINITIONS I. Definitions In this Report, unless the context otherwise requires, the following words shall have the following meanings:
SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL INDICATORS I. Corporate Information
II. Contact Persons and Contact Information
III. Basic Information
IV. Place of Information Disclosure and Document Inspection
V. Stock Listing
VI. Other Relevant Information
VII. Key Accounting Data and Financial Indicators for the Past Three Years (I) Key accounting data Monetary unit: RMB
(II) Key financial indicators
Remarks on key accounting data and financial indicators in the past three years √ Applicable □ Not Applicable The Ministry of Finance issued the “Interpretation of China Accounting Standards for Business Enterprises No. 16” (Cai Kuai [2022] No. 31) (the “Interpretation No. 16”) on November 30, 2022, in which, the regulations about accounting for deferred tax related to assets and liabilities arising from a single transaction to which the initial recognition exemption does not apply take effect since January 1, 2023. For taxable and deductible temporary differences associated with lease liabilities and right-of-use assets arising from such single transactions and presented at the beginning of the earliest comparative period, the cumulative effect of initially applying the Interpretation No. 16 and “CASBE 18 – Enterprise Income Tax” shall be adjusted into retained earnings or other related items at the beginning of the earliest comparative period presented. VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards (I) Differences in net profit and net assets attributable to shareholders of the listed company in the financial reports disclosed simultaneously in accordance with international accounting standards and Chinese accounting standards □ Applicable √ Not applicable (II) Differences in net profit and net assets attributable to shareholders of the listed company in the financial reports disclosed simultaneously in accordance with foreign accounting standards and Chinese accounting standards □ Applicable √ Not applicable (III) Explanation on the differences between domestic and foreign accounting standards: □ Applicable √ Not applicable IX. Key Quarterly Financial Data in 2023 Monetary unit: RMB
Remarks on differences between quarterly data and data disclosed in periodic report □ Applicable √ Not Applicable X. Non-Recurring Profit or Loss √ Applicable □ Not applicable Monetary unit: RMB
Remarks on defining items not listed in “Interpretation Pronouncement on Information Disclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as non-recurring profit or loss with significant amount and remarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss □ Applicable √ Not applicable XI. Items Measured at Fair Value √ Applicable □ Not applicable Monetary unit: RMB
XII. Others □ Applicable √ Not applicable SECTION III MANAGEMENT DISCUSSION AND ANALYSIS I. Discussion and Analysis on Operations In 2023, the Company actively embraced opportunities and challenges presented by the macro environment, maintaining a growth momentum across the three key financial indicators: sales volume, revenue, and profit. This marked a promising start to our SAIL’ 27 strategy. Notably, the Company’s sales volume in 2023 achieved a year- on-year growth of 4.93%, which is well above the industry level. It is worth noting that in 2023, the total output of beer enterprises above the designated size nationwide was 35.555 million kiloliters, a slight year-on-year increase of 0.3% (data source: National Bureau of Statistics). I. Brands: In 2023, the Company continued to cultivate and expand its SAIL’ 27 strategic key projects. Building on its diverse product portfolio and brand offerings, which resulted from the asset restructuring, the Company harnessed the power of “Local Power Brands + International Premium Brands” to drive product premiumization and foster innovative sales models. Local brands: The Company relentlessly fortified its core competitiveness in key markets, leveraging its R&D and innovation capabilities as pivotal drivers of premiumization. With Chongqing Pure Draft, Dali Beer V8, low-alcohol brews of Wind Flower Snow Moon (WFSM), and targeted marketing initiatives tailored to specific regions, the Company further propelled premiumization of its local brand offerings. Chongqing Craft White Beer, unveiled under the Chongqing brand in December, 2023, not only cemented its premium product line but also elicited a positive market response. Wusu elevated its brand image and national visibility by enhancing engagement with young consumers. The brand initiated a marketing campaign called “Dare to Challenge”, bringing together influential figures from various fields, who embarked on captivating challenges that stirred the competitive spirits of consumers. Additionally, to deliver a unique brand experience, Wusu proudly unveiled the very first brand experience store — the WUSU Big Big Q — in Shanghai, forging a strong association with the vibrant barbecue scene. International brands: Kronenbourg 1664 solidified its presence in the super premium beer category by launching two new products, 1664 Prestige and 1664 Brut. These exquisite additions enriched the brand’s product matrix, further catering to the diverse demands of consumers. To expand its reach to different consumer segments, the brand has consistently embraced French inspirations across various domains, including fashion and art. In 2023, the brand underwent a packaging upgrade, unveiling a new design of iconic small blue bottle that showcased French elegance and sparked consumer interest. Additionally, the brand collaborated with Maison Kitsune to unveil a limited-edition co-branded packaging. Through offline initiatives such as “1664 Pop-up Bus Station with a Twist” and “1664 L’ATELIER,” the brand actively conveyed its concept of Good Taste with A Twist to a broader audience. To mark the Chinese New Year 2023 and the Year of the Rabbit, the Carlsberg brand unveiled a limited-edition packaging designed by a renowned illustrator. In the peak season, the brand embarked on “Carlsberg DIMENSION”, a nationwide performance tour that redefined avant-garde high-end parties through immersive audio and visual feast. Simultaneously, Carlsberg joined hands with a leading Chinese fashion brand to launch the “Urban Green Series” co-branded gift box, promoting a stylish and sustainable way of life. In 2023, Tuborg enjoyed growth in both volume and price. With its brand ambassadors, the brand went above and beyond in conveying its distinctive attitude to consumers, inspiring young individuals to “Tilt The World WHY NOT.” Meanwhile, by continuously investing in the hip-pop music genre, which holds immense popularity among the youth, the brand not only enhanced its nationwide visibility but also cemented its international brand image. Its presence in the domestic market was strengthened through all-channel expansion. The upgraded Tuborg Pure Draft saw rapid growth in volume, driving the brand’s premiumization. Somersby Cider stepped up its development in 2023. With the captivating representation of its new spokesperson, Ms. Zhao Lusi, the brand effectively conveyed its optimistic image of “Unlock the Sunshine, Embrace the Joy,” capturing the hearts of more and more young consumers. The brand expanded its product offerings by introducing exciting new flavors such as passion fruit and orange, providing consumers with a broader range of cider options. Its various and effective e-commerce marketing campaigns propelled annual sales growth. These efforts earned Somersby the “Annual Dark Horse Award” from Tmall, a China’s leading e-commerce platform. Craft Beer Brands: During the Chinese New Year, JingA collaborated with the renowned Chinese fashion brand Warrior 1927 to unveil a co-branded shoe. This partnership was accompanied by a communication campaign titled “Celebrate the New Year Well, Start Anew in Every Step.” The campaign featured engaging advertising and challenges on Douyin (the Chinese version of TikTok), effectively amplifying the brand’s visibility across social media. In the summer, JingA continued to drive product trial and purchase through various initiatives, including product seeding, beer gardens, and engaging consumer interactions. Brooklyn introduced a new Pilsner product in May 2023, which secured wider reach and sales growth with a brighter and cooler design, enhanced drinkability, and a highly relatable street style. II. Sales: 2023 marked the beginning of a gradual recovery in consumption in China. Despite a more competitive beer market environment, the Company maintained its growth trajectory, achieving record-breaking performance. The Company’s core markets remained strong. Its’ advantage in premiumization expanded further. Its revenue per hectoliter witnessed growth, supported by a diverse brand portfolio and a precise pricing strategy. The Big City plan continued to delve deeper and receive increased investment, acting as a significant driver for the Company’s growth. Traditional Retail: The Company continued to consolidate and enhance the on-trade channel, accelerating its development in dining and entertainment scenes. In terms of the off-trade channel, the Company continued to increase market share through consumer events, promotional packages, portfolio displays and promotions, and improved in-store execution standards. New Retail: The Company harnessed the power of e-commerce, strategically leveraging its brand resources to forge deep collaborations with leading platforms such as Tmall and JD on IP marketing. The online B2B business progressed in an orderly manner, while partnerships with platforms on the community group-buy channel were fortified. These efforts led to a steady increase in the Company’s market share from the e-commerce channel. The O2O channel experienced double-digit growth, supported by the Company’s continued efforts in F&B-to-home and department store-to-store/home services. As a result, the Company fortified its position in core markets, driving growth in revenue per hectoliter. III. Supply Chain: The Company further optimized its supply network in 2023. The commencement of Korla brewery expansion further reduced supply logistics costs. Wanzhou brewery resumed production by the year’s end, effectively supporting increased market demand. The construction of Foshan brewery has been progressing steadily, poised to commence operations in 2024. This project will fundamentally address the capacity shortage in South China region, reducing logistics and transportation costs. In its relentless pursuit of better beer taste, the Company made taste assessment a top priority for its team’s capacity building. The Company launched a three-month “100 People Plan,” collaborating with China National Research Institute of Food and Fermentation Industries and China Alcoholic Drinks Association (CADA) to train and certify over 100 tasters, which significantly strengthened its beer tasting expertise. At the China International Beer Challenge hosted by CADA, the Company won 13 awards, the highest among all participating companies for the third consecutive year. Several of the Company’s brands, including Greenberg White Ale, Jing A Tuhao Gold Pilsner, Greenberg Red Ale, Brooklyn Defender IPA, and Wusu Loulan Secret Brewing, were honored with 4 or 3 stars. IV. ESG: 2023 marked the first full year for the Company to implement the “Together Towards ZERO and Beyond (TTZAB)” ESG program. Significant progress was made across all targets, and the Company’s ESG rating was upgraded to A by MSCI, making Chongqing Brewery the sole A-share listed alcoholic drink company to receive such recognition. Mr. Lee Chee Kong, President of the Company, was honored as the “ESG Person of the Year 2023 in China’s Corporate Landscape” at the 21st China Enterprise Development Forum. The Company was bestowed with multiple awards, including the “Outstanding Corporate Governance Case of the Year 2022” from CADA, the “ESG Golden Bull Top 100 Awards” from China Securities Journal, the “Vibrant ESG Green Development Program” from 21st Century, and the “ESG Pioneer Award 2023 for Listed Alcoholic Drinks Companies in China.” Additionally, Chongqing Brewery was recognized as the “Leading Green and Low-Carbon Innovation Enterprise” by Nanfang Metropolis Daily, the “ESG Benchmark Enterprise of the Year” by Guangzhou Daily, the “ESG Sustainable Development Case” by Yangcheng Evening News, the “Most Popular ESG Company in the Greater Bay Area” by New Express, and the “2023 ESG Innovation Pioneer” by NetEase Finance. ZERO Carbon Footprint: During the reporting period, the Company utilized 100% green electricity and achieved a 79% adoption rate of electric forklifts. Throughout the year, the Company’s breweries successfully cut carbon emissions by 2,568 tons in their production. This represents a remarkable 75.58% decrease compared to the 2015 baseline. The Company conducted the second round of assessment of its full value chain carbon footprint, based on 2022 data. The results showed a 28% reduction in the full life-cycle carbon footprint compared to 2015. ZERO Farming Footprint: The Company attaches great importance to the recycling of brewing by-products. In 2023, the Company successfully recycled 1.6 million tons of spent yeast and 144,000 tons of spent grains, repurposing them in the agriculture and animal husbandry sectors. This practice fostered a harmonious relationship between the Company and the environment. In addition, the Company achieved 100% local procurement of raw materials for main auxiliary components, with 50% of hops and 30% of malt being sourced domestically. ZERO Packaging Waste: In 2023, the Company adopted glass bottles made with 60% recycled materials. Its beer brands, such as Carlsberg, utilized eco-friendly inks and PVC-free labels. Aiming to minimize the environmental impact of materials, the Company realized a bottle recycling rate to 74.3%, a 2.8% increase from the previous year. It conducted a project to lighten the weight of corrugated cardboard boxes, which resulted in an annual paper saving of 3,800 tons, equivalent to preserving 76,000 trees. ZERO Water Waste: In 2023, the average water consumption of the Company’s breweries decreased by 5.8% compared to 2022, reaching 2.11HL/HL, a remarkable 45.5% reduction compared to 2015. Notably, its breweries located in high water risk zones achieved a further reduction in annual average water consumption, reaching 2.01 HL/HL. The total water savings exceeded 254,000 tons, equivalent to the volume of 101 standard swimming pools. Ningxia brewery launched the Company’s first reclaimed water supply program, improving water efficiency while contributing to water conservation in the local community. ZERO Irresponsible Drinking: The Company further increased the proportion of alcohol-free/low-alcohol products, with WFSM unveiling a peach blossom flavored low alcohol beer. The Company actively participated in the National Responsible Drinking Awareness Week, promoting the concept of responsible drinking through brand events such as the Wusu Beer Music Festival. In 2023, 11 brand spokespersons of the Company, including Zhang Yanqi, GAI, Dilraba, Zhao Luisi, and Jike Junyi, jointed forces to advocate for responsible drinking, reaching an audience of over 5 million consumers. ZERO Accidents Culture: The Company implemented pedestrian segregation across all its breweries, and adopted a three-level safety matrix training to enhance employee competence and safety awareness. The construction of Foshan brewery and the expansion of Korla brewery collectively amassed over 2 million safe working hours. In addition, the Company witnessed a significant 80% decrease in lost time incidents among both employees and contractors compared to 2018. V. Talent development: The Company remains dedicated to building a culture and talent team that supports high- performance growth. In 2023, the Company launched the “Qingyun Plan” to promote cross-regional and cross-team talent mobility, enriching the career experiences of its employees. Measures such as talent reviews, job rotations, cross-departmental projects, and long-term secondments were in place to facilitate internal movement and development of talent. In addition, the Company actively implemented targeted talent programs, including the Sales Personnel Development Project, Young Talent Development Project, Manager Pipeline Program, and Supervisor Pipeline Program, all designed to empower employees to grow through hands-on learning. Thanks to these sustained investments and efforts, the Company was honored with the titles of “China 100 Model Employers” and “Learning and Development Role Model” in 2023 by 51job, a leading human resource solutions provider in China. Cultural development: The Company placed a strong emphasis on responsibility and accountability in the principles of Diversity, Equity & Inclusion (DE&I) in 2023. Together with employee representatives, the Company formulated and implemented the “ Inclusive Leadership Behavior Guide,” conducting 69 workshops for over 1,700 managers, with the aim of enhancing their understanding and application of inclusive leadership, responsibility, and accountability. These efforts also aimed to nurture DE&I culture throughout the organization. In 2023, the Company witnessed a notable 3% increase in the representation of women in middle and senior management compared to 2022. As a recognition of its efforts, the Company was honored with the “2023 DEI Employer Award” by Employer Branding Institute, a renowned organization specializing in employer branding research. The Company values employee feedback and has implemented various communication channels, including the President’s Face-to-Face Forum, Hotline, Employee Communication Assembly, HRBP Interviews, and Line Manager Interviews, to actively gather and respond to employee opinions and suggestions on various aspects of the Company’s operations. It adopted findings from the 2023 Dedication Survey, developing corresponding action plans for continuous improvement, with the goal of creating an even better workplace for its employees. II. Description of the Industry Where the Company Operated During the Reporting Period According to National Bureau of Statistics data, beer enterprises above the designated size in China produced 35.555 kiloliters of beer in 2023, a year-on-year increase of 0.3%. III. Business of the Company During the Reporting Period The Company mainly engages in manufacturing and sale of beer products. Business model: The Company implements management by region. Procurement: The Company adopts an approach of centralized procurement and decentralized ordering. Supply: The Company organizes production and inventory in the principle of “production based on sales”. Sales: The Company adopts a sales model that focuses primarily on wholesale agency, supplemented by direct selling. IV. Analysis on Core Competitiveness During the Reporting Period √ Applicable □ Not applicable The Company is Carlsberg’s operation platform in China. Carlsberg Group, based in Denmark, is one of the world’s three largest beer companies. China is the largest market for Carlsberg Group globally. One of Carlsberg’ strategic priorities in SAIL’ 27 — its strategy aiming towards 2027, is to Keep Winning in China, with the ambition of being a successful, professional and attractive brewer in the country. Market channels: The Company has a marketing and sales network that covers various provinces, regions and cities in China. Its advantageous markets enjoy high-quality customer resources, strong brand advantages, and stable distribution channels. Brand portfolio: The Company boasts a strong brand portfolio of “Local Power Brands + International Premium Brands”. IPBs include Carlsberg, Tuborg, K1664, Grimbergen, Brooklyn, Somersby, while LBPs are Wusu, Chongqing, Shancheng, Xixia, Dali, Wind Flower Snow Moon and Jing-A. This portfolio enables the Company to achieve high-quality growth by satisfying diverse consumer needs for excellent beer. Supply network: With 26 breweries distributed across a wide geographic area, the Company enjoys sound coordination in procurement, production, and logistics, realizing synergy and efficient operations. Marketing and promotion: By combing overall operation with complementary branding, the Company has increased marketing and promotion efficiency with more distinctive brand image and diversified marketing approaches. V. Business Operation During the Reporting Period In 2023, the Company sold 2.9975 million kiloliters of beer, an increase of 4.93% compared with 2.8566 million kiloliters in 2022. The operating revenue in 2023 was 14.815 billion yuan, an increase of 5.53% compared with 14.039 billion yuan in 2022. Net profit attributable to shareholders of the Company in 2023 was 1.337 billion yuan, an increase of 5.78% compared with 1.264 billion yuan in 2022. Net profit attributable to shareholders of the Company after deducting non-recurring profit or loss in 2023 was 1.314 billion yuan, an increase of 6.45% compared with 1.234 billion yuan in 2022. (I) Analysis of principal business 1. Analysis on changes in related items in income statement and cash flow statement Monetary unit: RMB
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