[年报]重庆啤酒(600132):重庆啤酒股份有限公司2024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2024年年度报告（英文版） Company Code: 600132 Abbreviation of the Company: Chongqing Brewery CHONGQING BREWERY CO., LTD. ANNUAL REPORT 2024 This document is a translation of the original Chinese 2024 Annual Report of Chongqing Brewery Co., Ltd. (《重庆啤 酒股份有限公司 2024年年度报告》). In the event of any discrepancy between the Chinese and English versions, the Chinese version shall prevail. 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 work, 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 cash dividends to all shareholders based on the total share capital as of the equity registration date for the 2024 annual profit distribution. Cash dividends of 0.90 yuan (tax inclusive) per share will be distributed. As of December 31, 2024, the Company’s total share capital was 483,971,198 shares and a total of cash dividend of 435,574,078.20 yuan (tax inclusive) will be distributed on such basis. Previously, for the 2024 interim period, the Company distributed a cash dividend of 1.50 yuan (tax inclusive) per share to all shareholders, totaling 725,956,797.00 yuan (tax inclusive). Accordingly, the total cash dividend for 2024 is 1,161,530,875.20 yuan (tax inclusive), accounting for 104.21% of the net profit attributable to shareholders of the Company in 2024. If there is any change in the Company’s total share capital before the equity registration date for the 2024 annual profit distribution, the distribution ratio per share will remain unchanged, with corresponding adjustments to the total distribution amount. The above profit distribution plan is subject to approval by the Company’s shareholders’ meeting before implementation. 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 fund occupied by the controlling shareholder and its related parties for nonoperational purposes? 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 X. Notice of material risks The Company has described relevant potential risks in this report. For details, please refer to “VI. Discussion and Analysis on the Future Development of the Company” 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 .............................................................. 10 SECTION IV CORPORATE GOVERNANCE ............................................................................................. 35 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY.................................................... 57 SECTION VI IMPORTANT MATTERS ....................................................................................................... 66 SECTION VII CHANGES IN SHARES AND PARTICULARS OF SHAREHOLDERS .......................... 89 SECTION VIII INFORMATION ON PREFERRED SHARES ..................................................................... 95 SECTION IX PARTICULARS OF BONDS .................................................................................................. 95 SECTION X FINANCIAL REPORT ............................................................................................................ 96
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
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 2024 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
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 Monetary unit: RMB
XII. Others □ Applicable √ Not applicable SECTION III MANAGEMENT DISCUSSION AND ANALYSIS I. Discussion and Analysis on Operations In 2024, guided by the “Accelerate SAIL” strategy, the Company proactively responded to the opportunities and challenges arising from the evolving macro environment. By continuously optimizing its product portfolio, the Company maintained industry-leading performance in gross margin, revenue per hectoliter, and return on equity. Its beer business achieved steady growth. I. Market Carlsberg: In 2024, Carlsberg continued its “Artist Edition” campaign by introducing a special “Wood Dragon Greets Spring Lunar New Year limited-edition can series, accompanied by the interactive social media challenge “Pass the Dragon’s Luck for a Year of Prosperity”. In brand marketing, Carlsberg partnered with Liverpool FC to launch the “Pursue good football, drink Carlsberg” campaign, driving sales growth and brand visibility through advertising, player livestreams, limited-edition cans, and promotions. In channel marketing, the brand successfully boosted NEO channel sales by hosting the “Multiverse” EDM festival. Its distribution across both on-trade and off- trade channels continued to expand. Tuborg: Tuborg further championed the “Tilt The World WHY NOT” philosophy by collaborating with rappers GAI and ASEN to launch a new brand campaign film and limited-edition cans, while reinforcing its distinctive brand attitude through multiple social media activities. In music marketing, Tuborg reinforced the powerful “Music + Beer” connection by sponsoring The Rap of China 2024 and Rap Star Dream Maker, launching “New Blood, Brew the Vibe” initiative with an attitude-driven single, while maintaining partnerships with music festivals. Kronenbourg 1664: K1664 signed a high-profile brand ambassador to reinforce its premium positioning and enhance consumer recognition. The brand garnered high-quality media exposure through the “1664 Blue Hour Editor’s Dinner 1664” co-hosted with GQ magazine. Leveraging major sporting events, 1664 created origin vlog from France to showcase authentic French lifestyle, reinforcing its international image. Limited-edition packaging Somersby: Somersby drove cider awareness, creating a new drinking occasion—“The First Sip After Work”. Its four flavors won four awards at the 2024 World Cider Awards, while innovative packaging formats including mini and slim cans were introduced to the market. Through an integrated mix of IP collaborations, KOL seeding, celebrity fandom engagement, UTC, and on-site tastings, the brand built a premium youthful image. Focused off-trade and e-commerce execution delivered steady growth of the brand. Wusu: Wusu strengthened its differentiation strategy through reverse marketing and targeted media placement, amplifying its “hard core” image. Leveraging Xinjiang’s tourism boom, the brand launched integrated campaigns combining online KOL matrix with offline activities such as branded highway tour and the “Wuzhong Bazaar,” showcasing its Xinjiang heritage while enhancing engagement with young consumers. The brand entrenched the “Eat BBQ, Drink Wusu” consumer occasion through engaging offline experiences, reinforcing consumer awareness. Its product lineup expanded with new offerings including Wusu Secret Brew, Wusu 1986, and a 40th Anniversary Commemorative Edition. Supported by the Big City 2.0 program, Wusu expanded its distribution network, with effective increases in distribution points to drive steady market development. Chongqing: The Chongqing brand achieved significant volume growth by launching its premium offerings like craft white beer, with Chongqing Pure Draft as its core. The brand amplified local pride and celebrated Chongqing heritage by partnering with hometown Olympic champion as the face of the brand, hosting the “Pride in Victory” symphony concert, and introducing limited-edition cans. It cemented its connection to hot pot occasion with “Eat Hot Pot, Drink CQ Beer”, supported by the “Ode to Hot Pot” marketing and offline campaigns like the Chongqing Hot Pot Festival to strengthen consumer experience. Wind Flower Snow Moon: Wind Flower Snow Moon achieved high-speed growth by integrating with Yunnan’s local culture and tourism boom. Its low-alcohol brews gained nationwide popularity among young consumers. Through its partnership with folk duo Landlord’s Cat, it created folk music livestreams and “Folk Tavern” roadshow events, linking the brand with travel and outdoor leisure occasions. Leveraging its differentiated product portfolio and integrated off-trade channel marketing, Wind Flower Snow Moon achieved accelerated development. Dali: The Dali brand continued to cultivate the Yunnan market, building the brand image through its V8 Extra Malt with brand ambassador Jike Junyi. It reinforced its local ties by integrating with multi-ethnic cultural festivals such as the March Street Festival and Torch Festival. Cross-brand partnerships with KFC and Shuanghui consolidated its market presence, while new channels like O2O accelerated its growth. The launch of Dali Cang’er soft drinks further diversified its product portfolio. Craft Beer Brands: Craft beer brands continued to drive trial and purchases by simultaneously “expanding casual beer drinkers” while “engaging and converting craft beer geeks and beer lovers”. Jing-A strengthened its distribution and consumer engagement through themed marketing campaigns, while Brooklyn launched its “Bar Crawl Bus Project” initiative, partnering with bars to drive product trial and boost conversions. In 2024, the Company’s craft beer brands participated in over 30 beer festivals, and successfully hosted signature events including Jing-A’s “Jing- A 8×8 Collaborative Brewing Project” and the “Jing-A x Brooklyn International Collaborative Brewing & Brewmaster’s China Tour”. These efforts expanded the brands’ reach among beer lovers while boosting brand prestige and influence. II. Sales In 2024, the Company’s off-trade channel delivered market share growth by driving canned product offerings, multi- growth. The Big City program improved route-to-market in non-core markets, though certain regions presented challenges. MOFT channels seized growth opportunities in small-format stores, emerging channels, and large- format warehouse clubs. The Company focused key business formats and markets to enhance product mix distribution, canning ratio, and multi-pack offerings, while utilizing new marketing campaigns to drive sales growth. The on-trade channel faced impacts from sluggish consumption and changing consumer habits, with intensified competition in entertainment and dining channels putting pressure on product sell-through. Despite these challenges, several international and local brands achieved counter-cyclical growth. The Big City program maintained its role as the core engine, delivering sound performance amid market challenges through tiered management, focused resource allocation, and customized strategies. Digital innovation program empowered traditional and dinning channels by enhancing operational efficiencies, enabling integrated consumer promotions, and driving channel sales. III. Supply Chain In 2024, the Company further optimized its supply chain network. The new Foshan brewery officially began production in August, effectively addressing production capacity shortage in South China while reducing delivery time to the region by 80% and significantly cutting logistics costs. The Foshan brewery employs numerous energy- saving, eco-friendly and sustainable technologies, making it a model of green brewery. It is equipped with a 3,000- ton rainwater collection system, embodying the “sponge brewery” design concept. To consistently enhance beer flavor profiles, the Company has prioritized taste assessment capability building through the ongoing “100 People Plan.” In collaboration with China Fermentation Research Institute and China Alcoholic Drinks Association (CADA), it successfully trained and certified more than 100 professional beer tasters, significantly enhancing the team’s taste assessment capabilities. At CADA’s China International Beer Challenge, the Company’s products received 15 awards, maintaining its position as the most awarded brewery for three consecutive years. Notably, multiple products of the Company received four- or three-star honors, including Wusu Loulan Secret Brew, Carlsberg Smooth, Carlsberg Special Brew, Somersby Elderflower Cider, Jing-A Dongbei IPA and Jing-A Triple Berry Nectar. These accolades further demonstrate the Company’s outstanding performance in product quality. IV. ESG In 2024, Chongqing Brewery further advanced its “Together Towards Zero and Beyond (TTZAB)” ESG program, strengthening communication with stakeholders and achieving significant progress across all program targets. In the latest ESG ratings by MSCI—a leading international rating agency, Chongqing Brewery rose from A to AA, making it one of only two highest-rated companies among China’s 120+ A-share listed food and beverage firms. The Company gained numerous prestigious awards, including: “2024 ESG Demonstration Enterprise” by China Alcoholic Drinks Association, “2024 Best Sustainability Practice Case for Listed Companies” by China Association for Public Companies, “2024 ESG Influence List” by Fortune China, “2024 ESG Competitive Enterprise” by Southern Weekly, “ESG Sustainability Excellence Model” by Guangzhou Daily, “2024 Corporate Social Responsibility Case” by People’s Daily Online, “Annual Sustainability Benchmark” by Caijing.com, and “ESG Golden Bull Award Top 100” by China Securities Journal. The Company’s subsidiaries received multiple sustainability honors: Carlsberg Brewery Industry and Trade Co., Ltd. was recognized as “Yunnan Provincial Water Conservation Benchmark Enterprise 2024”. Both Korla Brewery and Wusu Brewery were awarded the title of “Autonomous Region-Level Green Factory”. Hunan Chongqing Brewery Grandmen Co., Ltd. was honored with the “2024 Hunan Provincial Green Factory” title. ZERO Carbon Footprint: The Company has achieved 100% renewable electricity, with the electrification rate of its forklift fleet reached 82%. Its breweries reduced production-related carbon emissions by 2,531 tons throughout the year, representing a 70% reduction from the 2015 baseline. Carbon emissions per hectoliter of beer decreased by 4.5% (vs 2023) and 76.7% (vs 2015). The newly completed Foshan Brewery has become Carlsberg Group’s global benchmark for sustainable smart brewing. ZERO Farming Footprint: The Company attaches great importance to the recycling of brewing by-products, achieving 100% recycling of 1.67 million tons of spent yeast liquor and 307,000 tons of spent grains in 2024, all repurposed for agricultural and livestock applications to advance circular economy. Meanwhile, the Company enhanced sustainable and localized raw material procurement, prioritizing suppliers within proximity to breweries, establishing long-term contracts with the suppliers to encourage local cultivation, and actively developing local hops farming. Currently, the Company has achieved 100% local procurement of key adjuncts, with 50% of hops and 30% of malt products being sourced locally. ZERO Packaging Waste: The Company uses glass bottles containing 60% recycled content, with Carlsberg and others adopting eco-friendly inks and PVC-free labels. In 2024, the Company increased its bottle return rate by 3.6% compared to 2022 levels. Meanwhile, the Company prioritized the recycling of glass cullet generated during packaging operations, achieving an annual recovery volume of 31,346 tons (equivalent to 125 million 330ml beer bottles) and reducing carbon emissions by over 25,000 tons. In addition, by implementing bag-free transportation for raw material procurement, the Company reduced the use of 5 million plastic woven bags and cut carbon emissions by approximately 1,500 tons annually. ZERO Water Waste: In 2024, the Company’s breweries achieved an average water consumption of 2.09 HL/HL, representing a 45.7% decrease from 2015. The Foshan Brewery, which was put into operation in 2024, features four rainwater collection tanks to recycle rainwater, making it the first “sponge brewery” of Carlsberg in the world. ZERO Irresponsible Drinking: In response to the call of the International Alliance for Responsible Drinking, the Company implemented warning labels on all its alcohol packaging such as “Not for Pregnant Women,” “Underage Drinking Prohibited,” and “Do Not Drink and Drive,” enhancing consumer awareness of responsible drinking. Additionally, the Company actively participated in the National Responsible Drinking Awareness Week and embedded responsible drinking education into brand events such as the Dali Beer Festival. In 2024, 11 brand ambassadors, including Zhao Lusi, Yu Shi, Tian Liang, GAI, and Jike Junyi, jointly advocated for responsible drinking, amplifying this message to over 6.2 million consumers. ZERO Accidents Culture: The Company has conducted All-Staff Safety Day for 11 consecutive years, continuously enhancing employee competency and safety awareness. Its five breweries have maintained Loss Time Accident (LTA)-free operations for over a decade. Compared to 2018, LTA rates for both employees and contractors have decreased by 92%. V. Talent Development In 2024, the Company actively advanced its corporate culture development. On one hand, it has fully implemented an up-to-date growth culture, organizing senior managers to participate in dedicated workshops where business leaders explained cultural principles. Parallel to this, the HR team designed creative activities to help employees apply growth culture in their daily work. Guided by this growth culture, the Company launched a comprehensive efficiency and productivity optimization program, achieving significant improvements in cross-functional collaboration through process and reporting streamlining, system functionality upgrades, dedicated communication platforms, etc. On the other hand, the Company has been actively fostering a culture of diversity, equality, and inclusion (DE&I). Leveraging International Women’s Day, it launched the “Women’s Special Brew” public welfare project, where a team of female brewers crafted limited-edition brews to celebrate female power. The project not only strengthened employees’ sense of belonging and social responsibility through internal activities but also allocated special funds to the Women’s Federation of Quannan County, Jiangxi Province for the “Mother’s Health Express” prgoram to support women’s health development. Additionally, the representation of women in mid-to-senior management roles increased by nearly 3% compared to 2023. In 2024, The Company was again honored with the “2024 DEI Employer Award” and “Best DEI Project Award” by the Employer Branding Institute. The 2024 “My Voice” survey covered over 6,300 employees, achieving a remarkable 99% participation rate. Building on the survey results, the Company proactively addressed employee feedback by developing and implementing targeted action plans to further enhance employee engagement. Employer Brand Building: Chongqing Brewery, driven by its purpose of “Brewing for a Better Today and Tomorrow,” has deeply integrated diversity, equality, and inclusion (DE&I) principles into its operations. Through innovative initiatives like “Women’s Recruitment Month” and the “Her Era Livestreaming”, the Company has successfully attracted a significant number of female talents, further strengthening its employer brand appeal among women professionals. Meanwhile, Chongqing Brewery strengthened its university partnerships by partnering with renowned academic institutions to co-develop courses. These courses provide students with cutting-edge business and management perspectives, empowering their career development while preparing a pipeline of high-caliber talent for the Company. Additionally, Chongqing Brewery has optimized its recruitment process and enhanced its corporate culture experience, further boosting its employer brand appeal. By integrating beer culture communication with employer branding, and showcasing brand vitality, the Company has been recognized as a model employer in the industry, successfully attracting and retaining talent, thereby injecting new momentum for its sustainable development. Talent Development Strategy: Chongqing Brewery is committed to building a multi-tiered, comprehensive talent development system, focusing on optimizing and promoting development programs for young professionals, frontline leaders, and mid-to-senior managers. Through this structured talent cultivation mechanism, Chongqing Brewery has not only strengthened its talent pipeline but also significantly improved the stability and competitiveness of its key positions, achieving a 70% internal fill rate for mid-to-senior management positions. Employee Development: Chongqing Brewery offers extensive and in-depth learning opportunities to all employees through a combination of online and offline learning methods, supporting the growth of both individuals and the organization. In terms of offline training, the Company delivered over 250,000 total training hours nationwide in 2024, with an average learning time per capita reaching 37 hours. Regarding online resource support, the Company comprehensively upgraded the Carlsberg E-learning platform to cover all functional colleges, creating a one-stop, multi-functional online learning solution that enhances employees’ learning experience. VI. Investor Relations Management In 2024, the Company demonstrated strong initiative and innovation in investor relations management. Through diversified, multi-dimensional and scenario-based communication strategies, it effectively built a bridge of trust with the capital markets. In addition to routine communication activities such as domestic and international brokerage strategy meetings and reverse roadshows, the Company hosted brewery tours for investors to witness product manufacturing process firsthand, enhancing their understanding of the Company’s production efficiency and supply chain management strength. The “Wusu Big Big Q” tasting event allowed investors to directly experienced how the brand’s “Eat BBQ, Drink Wusu” positioning deeply integrates to barbecue dining occasions. The 2023 Annual Shareholders Meeting at Jing-A Taproom created a unique brand experience for shareholders and investors. Furthermore, throughout the reporting period, the Company consistently conducted high-standard, distinctive earnings presentations to promptly communicate corporate updates to the market and investors, while fully safeguarding shareholders’ right to information. During the reporting period, the Company gained widespread recognition for its excellence in investor relations management, receiving prestigious honors including: eight awards under Institutional Investor’s Asia’s Best Management Team 2024, five awards under Corporate Governance Asia’s 14th Asian Corporate Excellence Award (2024), Securities Times’ Tianma Award for Investor Relations Management of Chinese Listed Companies （未完）  |