公 司 报 告 食品饮料 2025年08月27日 青岛啤酒(600600.SH) 收入平稳增长，成本红利释放 推荐 ( 维持) 股价:69.78元 行情走势图 相关研究报告 【平安证券】青岛啤酒（600600.SH）*首次覆盖报 告*百年青啤，行稳致远*推荐20250627 张晋溢 投资咨询资格编号 事项： 青岛啤酒发布2025年中报，1H25实现营收205亿元，同比+2.1%，归母净利 39亿元，同比+7.2%；2Q25实现营收100亿元，同比+1.3%，归母净利22亿 元，同比+7.3%。 平安观点： 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn 证券分析师 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 33,937 | 32,138 | 32,874 | 33,985 | 34, ...

Core Viewpoint - The company reported its 2025 H1 results, showing a total revenue of 20.491 billion, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 3.904 billion, up 7.21% year-on-year, indicating performance in line with expectations [1] Financial Performance - In 2025 Q2, the company achieved total revenue of 10.046 billion, a year-on-year growth of 1.28%, with a net profit of 2.194 billion, increasing by 7.32% year-on-year [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 4.8 billion, 5.2 billion, and 5.5 billion, representing year-on-year growth rates of 10.3%, 8.6%, and 5.9% respectively [2] - The current stock price corresponds to PE ratios of 20, 18, and 17 for 2025-2027, while the Hong Kong stock price corresponds to lower PE ratios of 13, 12, and 12 [2] Product and Market Strategy - The company continues to implement its brand strategy of "Qingdao Main Brand + Laoshan Beer as a National Second Brand," with a product matrix that includes classic, white beer, and high-end fresh beer, all showing steady sales growth [3] - In 2025 Q2, beer sales reached 2.471 million tons, a year-on-year increase of 1%, with revenue per ton at 4,065.41, up 0.3% year-on-year [2][3] - The sales volume of the main brand and mid-to-high-end products in Q2 was 1.338 million tons and 0.981 million tons, respectively, with year-on-year growth of 3.8% and 4.81% [2] Cost and Margin Analysis - The cost per ton of beer in Q2 was 2,201.88, a decrease of 5.1% year-on-year, primarily due to lower raw material costs [3] - The gross margin for Q2 was 45.84%, an increase of 3.05 percentage points year-on-year [3] - The net profit margin for Q2 was 21.84%, up 1.23 percentage points year-on-year, while the non-recurring net profit margin was 20.2%, an increase of 0.9 percentage points [3] Catalysts for Stock Performance - Improvement in dining consumption and product price increases are seen as catalysts for stock performance [4]

Core Viewpoint - Qingdao Beer has successfully redefined the concept of "fresh" by enabling consumers to enjoy fresh draft beer at home, overcoming previous limitations of transportation and geography [2][8]. Group 1: Product Quality and Standards - The implementation of the "unfiltered, undiluted, and unpasteurized" principle in Qingdao Beer’s production process ensures the preservation of active yeast and rich flavors, as established by the 2020 group standard for draft beer [3][4]. - The production environment is maintained in a sterile condition with a 100,000-level cleanroom, ensuring high standards of hygiene and quality control [3][5]. - The beer's unique characteristics include a high original wort concentration of 13°P, resulting in a rich malt flavor and a natural hazy appearance [4][5]. Group 2: Logistics and Distribution - Qingdao Beer has developed a "fast fresh-keeping chain" utilizing IoT technology and big data to ensure that the beer reaches consumers within a 7-day shelf life without losing its quality [5][6]. - The company employs a digital monitoring system for cold chain logistics, ensuring that every bottle is kept at a constant temperature of 5°C during transportation [6][7]. - Innovative packaging technology, including aluminum bottles with high sealing capabilities, helps maintain the beer's freshness during delivery [5][6]. Group 3: Consumer Engagement and Accessibility - Qingdao Beer has integrated digital platforms for efficient order fulfillment, allowing consumers to receive fresh beer quickly through various delivery services [7][8]. - The brand has become a popular choice in major supermarkets and e-commerce platforms, making fresh draft beer accessible nationwide [8][9]. - The company's "Qingdao Beer Fresh Delivery" service enhances consumer experience by providing timely and convenient access to fresh beer [7][8].

Group 1 - The company achieved a product sales volume of 4.732 million kiloliters in the first half of 2025, representing a year-on-year increase of 2.3% [3] - The company's operating revenue reached RMB 20.49 billion, an increase of 2.1% year-on-year [3] - The net profit attributable to shareholders was RMB 3.90 billion, reflecting a year-on-year growth of 7.2% [3] Group 2 - The domestic beer industry saw a slight decline in production, with a total output of 19.04 million kiloliters, down 0.3% year-on-year [3] - The company focused on innovation-driven high-quality development, leveraging its brand, quality, and distribution network to expand both domestic and international markets [4] - The company maintained a strong position in mainstream channels while leading in emerging channels, with online sales continuing to grow significantly [4] Group 3 - The company plans to invest in structured deposit products with a maximum daily balance of RMB 6 billion over the next 12 months [7][10] - The investment aims to enhance the efficiency of idle funds while ensuring liquidity and safety [9] - The structured deposits are considered low-risk, with floating returns dependent on market conditions [8]

证券代码：600600 证券简称：青岛啤酒 编号：2025-025 青岛啤酒股份有限公司 关于回购注销部分 A 股限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 青岛啤酒股份有限公司（以下简称"公司"）第十一届董事会第二次会议（以 下简称"本次董事会"）于 2025 年 8 月 26 日审议通过了《公司回购注销激励计 划部分 A 股限制性股票事项的议案》。现将有关事项说明如下： 一、已履行的决策程序和信息披露情况 别股东会议及 2020 年第一次 H 股类别股东会（以下合称"股东会及类别股东 会"），分别审议通过了《关于 <青岛啤酒股份有限公司 a="A" ensp="ensp" 股限制性股票激励计划="股 限制性股票激励计划"> （草案）>及其摘要的议案》（以下简称"《激励计划》"或"本次激励计划"）、 《关于 <青岛啤酒股份有限公司 a="A" ensp="ensp" 股限制性股票激励计划实施考核管理办法="股限制 性股票激励计划实施考核管理办法"> 的 议案》及《关于提请股东大会授权董事会办理 A 股限 ...

Core Viewpoint - Qingdao Beer Co., Ltd. reported steady growth in key operational metrics for the first half of 2025, driven by innovation and market expansion strategies, with a focus on enhancing brand influence and product structure [1][2][3]. Financial Performance - Total assets increased to CNY 52.37 billion, up 1.84% from the previous year [1]. - Net assets attributable to shareholders rose to CNY 29.96 billion, reflecting a 3.11% increase [1]. - Revenue for the period reached CNY 20.49 billion, a 2.11% increase year-on-year [1]. - Total profit amounted to CNY 5.26 billion, marking a 7.20% increase [1]. - Net profit attributable to shareholders was CNY 3.90 billion, up 7.21% compared to the same period last year [1]. - Basic and diluted earnings per share were both CNY 2.862, representing a 7.11% increase [1]. Market Strategy - The company emphasized innovation-driven high-quality development, leveraging its brand, quality, and distribution network to expand both domestic and international markets [1][2]. - Qingdao Beer maintained a strong position in mainstream channels while leading in emerging channels, with online sales continuing to grow significantly [2]. - The brand strategy focused on promoting the main brand alongside the secondary brand, Laoshang Beer, through sports and music marketing [2]. Product Development - The company launched several innovative products, including "Light Dry," "Sakura-flavored White Beer," and "Hazy IPA," catering to diverse consumer preferences [3]. - Sales of the main brand reached 2.713 million kiloliters, a 3.9% increase, with mid-to-high-end products achieving a 5.1% growth in sales [2][3]. Shareholder Information - As of the report date, the total number of shareholders was 85,449, with 85,212 holding A-shares and 237 holding H-shares [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 168 關於回購註銷部分A股限制性股票的公告 茲提述(i)青島啤酒股份有限公司（「本公司」）日期為2020年3月23日的公告，內容有關（其 中包括）建議採納A股限制性股票激勵計劃（「本激勵計劃」）；(ii)日期為2020年4月29日的 通函，內容有關（其中包括）建議採納本激勵計劃；(iii)日期為2020年6月8日的公告，內容 有關股東年會及類別股東會通過本激勵計劃有關決議案的投票表決結果；(iv)日期為2020 年6月29日的公告，內容關於向本激勵計劃激勵對象首次授予A股限制性股票的公告；(v) 日期為2020年7月27日的公告，內容關於首次授予結果公告；(vi)日期為2021年3月22日的 公告，內容關於向本激勵計劃激勵對象授予預留部分A股限制性股票的公告；(vii)日期為 2021年5月27日的公告，內容關於本激勵計劃預留股票授予結果的公告；及(viii)日期為 2021年9月30日、2022年9 ...

[Interim Financial Information](index=1&type=section&id=Item%20I.%20Interim%20Financial%20Information) This section presents the company's unaudited interim financial statements, including balance sheets, income statements, and detailed notes, for the period ended June 30, 2025 [Consolidated Balance Sheet](index=1&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets grew by 1.84% to 52.37 billion yuan, total liabilities slightly increased by 0.17%, and equity attributable to parent company shareholders rose by 3.11% Consolidated Balance Sheet Key Indicators (As of June 30, 2025) | Indicator | June 30, 2025 (yuan) | December 31, 2024 (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 52,369,000,017 | 51,420,385,832 | +1.84% | | Total Current Assets | 25,231,540,217 | 25,188,915,561 | +0.17% | | Total Non-current Assets | 27,137,459,800 | 26,231,470,271 | +3.46% | | Total Liabilities | 21,598,596,081 | 21,560,843,821 | +0.17% | | Total Equity Attributable to Parent Company Shareholders | 29,962,756,389 | 29,060,384,527 | +3.11% | - Trading financial assets significantly increased from **2.022 billion yuan** at the end of 2024 to **5.179 billion yuan** as of June 30, 2025[5](index=5&type=chunk) - Inventories decreased by approximately **42%** from **3.576 billion yuan** at the end of 2024 to **2.073 billion yuan** as of June 30, 2025[5](index=5&type=chunk) [Consolidated Income Statement](index=3&type=section&id=Consolidated%20Income%20Statement) In H1 2025, operating revenue grew by 2.11% to 20.49 billion yuan, and net profit attributable to parent company shareholders increased by 7.21% to 3.90 billion yuan Consolidated Income Statement Key Indicators (For the 6 Months Ended June 30, 2025) | Indicator | 2025 (yuan) | 2024 (yuan) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 20,491,167,745 | 20,068,307,930 | +2.11% | | Operating Cost | 11,537,070,863 | 11,719,203,916 | -1.55% | | Operating Profit | 5,250,345,312 | 4,912,043,695 | +6.89% | | Total Profit | 5,263,157,400 | 4,909,634,563 | +7.20% | | Net Profit | 3,973,966,318 | 3,721,128,752 | +6.79% | | Net Profit Attributable to Parent Company Shareholders | 3,904,325,353 | 3,641,652,772 | +7.21% | | Basic Earnings Per Share (yuan) | 2.862 | 2.672 | +7.11% | - Finance expenses shifted from a net expenditure of **291 million yuan** in H1 2024 to a net income of **208 million yuan** in H1 2025, primarily due to reduced interest income offset by a significant decrease in interest expenses[8](index=8&type=chunk) - Asset disposal gains significantly improved from a loss of **0.1895 million yuan** in H1 2024 to a gain of **112 million yuan** in H1 2025[8](index=8&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides supplementary information on the basis of preparation, significant accounting policies, major account changes, and segment reporting to enhance understanding of the company's financial position and operating results [Basis of Preparation and Accounting Policies](index=5&type=section&id=1%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with Chinese accounting standards and comply with Hong Kong listing rules, based on a going concern assumption - The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and relevant regulations, complying with the Hong Kong Companies Ordinance and the Listing Rules of The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - There were no significant changes in accounting policies during the period[11](index=11&type=chunk) - The financial statements are prepared on a going concern basis[10](index=10&type=chunk) [Accounts Receivable](index=5&type=section&id=2%20Accounts%20Receivable) Accounts receivable net increased significantly due to a reduction in bad debt provisions, with most sales conducted via prepayment or bank acceptance bills Accounts Receivable Movement (yuan) | Indicator | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Gross Accounts Receivable | 321,141,080 | 269,289,669 | | Less: Provision for Bad Debts | 152,203,496 | 166,869,322 | | Net Accounts Receivable | 168,937,584 | 102,420,347 | - Net accounts receivable increased by **64.96%** year-on-year, primarily due to a reduction in bad debt provisions[12](index=12&type=chunk) - Most sales are conducted via prepayments or bank acceptance bills, with remaining sales having credit terms of **30-100 days**[13](index=13&type=chunk) [Accounts Payable](index=6&type=section&id=3%20Accounts%20Payable) Total accounts payable increased by 41.5% from the end of 2024, predominantly comprising balances due within one year Accounts Payable Aging Analysis (yuan) | Aging | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Within one year | 4,316,088,763 | 3,046,919,946 | | Total | 4,320,829,644 | 3,053,514,829 | - Total accounts payable increased by **41.5%** compared to the end of 2024, primarily concentrated within one year[16](index=16&type=chunk) [Employee Benefits Payable](index=6&type=section&id=4%20Employee%20Benefits%20Payable) Total employee benefits payable slightly increased, with short-term compensation remaining the primary component Composition of Employee Benefits Payable (yuan) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Short-term compensation | 1,572,951,082 | 1,545,440,415 | | Defined contribution plans | 22,628,965 | 22,713,634 | | Termination benefits | 188,585,731 | 198,633,651 | | Total | 1,784,165,778 | 1,766,787,700 | - Total employee benefits payable slightly increased, with short-term compensation being the main component[18](index=18&type=chunk) [Dividends](index=6&type=section&id=5%20Dividends) The company resolved to distribute a 2024 annual cash dividend of 2.20 yuan per share, totaling 3.001 billion yuan, with no interim dividend declared for H1 2025 - On May 20, 2025, the company resolved to distribute a 2024 annual cash dividend of **2.20 yuan** per share (tax inclusive), totaling **3.001 billion yuan**, which is higher than the **2.00 yuan** per share for 2023[19](index=19&type=chunk) - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[19](index=19&type=chunk) [Operating Revenue and Operating Cost](index=7&type=section&id=6%20Operating%20Revenue%20and%20Operating%20Cost) Main business revenue increased by 1.95% while its cost decreased by 1.73%, indicating improved profitability in core operations Composition of Operating Revenue (yuan) | Item | For the 6 Months Ended June 30, 2025 (yuan) | For the 6 Months Ended June 30, 2024 (yuan) | | :--- | :--- | :--- | | Main business revenue | 20,214,060,489 | 19,828,139,761 | | Other business revenue | 277,107,256 | 240,168,169 | | Total | 20,491,167,745 | 20,068,307,930 | Composition of Operating Cost (yuan) | Item | For the 6 Months Ended June 30, 2025 (yuan) | For the 6 Months Ended June 30, 2024 (yuan) | | :--- | :--- | :--- | | Main business cost | 11,387,010,424 | 11,587,189,408 | | Other business cost | 150,060,439 | 132,014,508 | | Total | 11,537,070,863 | 11,719,203,916 | - Main business revenue increased by **1.95%** year-on-year, while other business revenue grew by **15.38%** year-on-year[20](index=20&type=chunk) - Main business cost decreased by **1.73%** year-on-year, while other business cost increased by **13.67%** year-on-year[20](index=20&type=chunk) [Taxes and Surcharges](index=7&type=section&id=7%20Taxes%20and%20Surcharges) Total taxes and surcharges increased by 3.90% year-on-year, with consumption tax remaining the largest component Composition of Taxes and Surcharges (yuan) | Item | For the 6 Months Ended June 30, 2025 (yuan) | For the 6 Months Ended June 30, 2024 (yuan) | | :--- | :--- | :--- | | Consumption tax | 1,007,381,854 | 977,460,694 | | Urban maintenance and construction tax | 170,687,029 | 159,803,339 | | Education surcharge | 126,487,782 | 118,494,928 | | Total | 1,398,844,628 | 1,344,517,938 | - Total taxes and surcharges increased by **3.90%** year-on-year, with consumption tax remaining the largest component, growing by **3.06%** year-on-year[20](index=20&type=chunk) [Gains (Losses) on Disposal of Assets](index=8&type=section&id=8%20Gains%20(Losses)%20on%20Disposal%20of%20Assets) The company reported a significant turnaround in asset disposal from a loss to a gain of 112 million yuan, primarily driven by intangible asset disposals Composition of Gains (Losses) on Disposal of Assets (yuan) | Item | For the 6 Months Ended June 30, 2025 (yuan) | For the 6 Months Ended June 30, 2024 (yuan) | | :--- | :--- | :--- | | Gains (losses) on disposal of intangible assets | 107,855,591 | (27,783) | | Gains (losses) on disposal of fixed assets | 4,122,784 | (93,110) | | Gains (losses) on disposal of right-of-use assets | 127,195 | (68,614) | | Total | 112,105,570 | (189,507) | - Asset disposal gains turned from a loss in the prior period to a gain of **112 million yuan** this period, primarily due to a significant increase in gains from intangible asset disposals[21](index=21&type=chunk) [Income Tax Expense](index=8&type=section&id=9%20Income%20Tax%20Expense) Income tax expense increased by 8.47% year-on-year, with varying corporate income tax rates applied across different regions Composition of Income Tax Expense (yuan) | Item | For the 6 Months Ended June 30, 2025 (yuan) | For the 6 Months Ended June 30, 2024 (yuan) | | :--- | :--- | :--- | | China corporate income tax | 1,471,708,910 | 1,272,698,843 | | Hong Kong profits tax | 12,490,144 | 802,417 | | Macau complementary income tax | 228,102 | 317,026 | | Deferred income tax | (195,236,074) | (85,312,475) | | Total | 1,289,191,082 | 1,188,505,811 | - Income tax expense increased by **8.47%** year-on-year[21](index=21&type=chunk) - Mainland China subsidiaries are subject to corporate income tax rates ranging from **15% to 25%**, while Hong Kong, Macau, and Vietnam subsidiaries apply local tax rates (Hong Kong **16.5%**, Macau **3%-12%**, Vietnam **20%**)[22](index=22&type=chunk)[23](index=23&type=chunk) [Earnings Per Share](index=9&type=section&id=10%20Earnings%20Per%20Share) Both basic and diluted earnings per share increased year-on-year, with no dilutive effect from the restricted share incentive plan in H1 2025 Earnings Per Share (yuan/share) | Indicator | For the 6 Months Ended June 30, 2025 (yuan/share) | For the 6 Months Ended June 30, 2024 (yuan/share) | | :--- | :--- | :--- | | Basic earnings per share | 2.862 | 2.672 | | Diluted earnings per share | 2.862 | 2.672 | - Both basic and diluted earnings per share increased compared to the same period last year[24](index=24&type=chunk)[25](index=25&type=chunk) - The restricted share incentive plan had no dilutive effect on earnings per share for the six months ended June 30, 2025[25](index=25&type=chunk) [Segment Reporting](index=10&type=section&id=11%20Segment%20Reporting) The company's operations are divided into seven reporting segments based on regional sales and financial services, with Shandong region being the largest contributor to revenue and profit - The company's main businesses are divided into seven reporting segments: Shandong region, South China region, North China region, East China region, Southeast region, Hong Kong, Macau and other overseas regions, and the finance company[29](index=29&type=chunk) - Each segment is managed independently, based on regional sales and financial services[26](index=26&type=chunk) H1 2025 External Transaction Revenue and Total Profit by Segment (yuan) | Segment | External Transaction Revenue (yuan) | Total Profit (yuan) | | :--- | :--- | :--- | | Shandong region | 13,108,585,144 | 3,314,897,898 | | South China region | 1,458,599,511 | 372,121,343 | | North China region | 3,820,155,114 | 1,152,848,610 | | East China region | 1,457,721,006 | 285,557,898 | | Southeast region | 353,760,372 | (21,230,776) | | Hong Kong, Macau and other overseas regions | 286,794,974 | 80,492,904 | | Finance company | 196,451 | 122,252,031 | - External transaction revenue from Mainland China was **20.178 billion yuan**, Hong Kong and Macau regions **0.084 billion yuan**, and other overseas countries and regions **0.229 billion yuan**[32](index=32&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operating performance, market conditions, and strategic initiatives during the reporting period [Overall Operating Performance](index=15&type=section&id=(I)%20Description%20of%20the%20Company's%20Overall%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, despite a slight industry decline, the company achieved robust growth in sales, revenue, and net profit through product structure optimization, operational efficiency, and market expansion - Production by domestic beer industry enterprises above designated size declined by **0.3%** year-on-year[34](index=34&type=chunk) H1 2025 Key Operating Indicators | Indicator | Value | YoY Growth | | :--- | :--- | :--- | | Product Sales Volume | 4,732 thousand kiloliters | 2.3% | | Operating Revenue | 20.49 billion yuan | 2.1% | | Net Profit Attributable to Listed Company Shareholders | 3.90 billion yuan | 7.2% | - Tsingtao Beer's main brand product sales volume reached **2,713 thousand kiloliters**, a **3.9%** year-on-year increase; among which, sales of mid-to-high-end products grew by **5.1%** to **1,992 thousand kiloliters**[36](index=36&type=chunk) - The company continued to deeply cultivate the domestic market, consolidating its advantages in traditional base markets, with the three strategic belt markets achieving both volume and profit growth[34](index=34&type=chunk) - Online channels deepened operations on traditional platforms, focusing on new media and new channels; instant retail business strengthened the layout of new formats like flash warehouses and specialized liquor stores, achieving high transaction growth for **5 consecutive years**[35](index=35&type=chunk) - Accelerated cultivation of major single products and innovative category products, launching several distinctive products such as "Light Dry," "Sakura Flavored White Beer," and "Hazy IPA"[36](index=36&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=(II)%20Analysis%20of%20Core%20Competencies) There were no changes to the company's core competencies, development strategies, or operating plans during the reporting period, with further details available in the 2024 annual report - There were no changes to the company's core competencies, future development strategies, and operating plans[37](index=37&type=chunk) - For related details, please refer to the company's 2024 annual report[37](index=37&type=chunk) [Significant Matters](index=16&type=section&id=Item%20IV.%20Significant%20Matters) This section covers key events during the reporting period, including the unlocking of restricted shares, changes in the Board of Directors, and the abolition of the Supervisory Board [Unlocking and Listing of Restricted Shares under Incentive Plan](index=16&type=section&id=(I)%20Unlocking%20and%20Listing%20of%20Restricted%20Shares%20under%20Incentive%20Plan) The third unlocking period conditions for A-share restricted shares were met, leading to 95,000 shares held by 32 grantees being unlocked and listed on May 30, 2025 - The conditions for the third unlocking period of restricted shares granted under the A-share restricted share incentive plan have been met[38](index=38&type=chunk) - A total of **95,000** restricted shares held by **32** grantees were unlocked and listed for trading on May 30, 2025[38](index=38&type=chunk) [Completion of Board of Directors Re-election and Abolition of Supervisory Board](index=17&type=section&id=(II)%20Completion%20of%20Board%20of%20Directors%20Re-election%20and%20Abolition%20of%20Supervisory%20Board) On May 20, 2025, the company completed the re-election of its Eleventh Board of Directors and abolished the Supervisory Board, with its functions transferred to the Audit and Internal Control Committee - The company held its annual general meeting on May 20, 2025, completing the re-election of the Eleventh Board of Directors[40](index=40&type=chunk) - Jiang Zongxiang, Liu Fuhua, and Hou Qiuyan were elected Executive Directors; Sun Jing was elected Employee Director; Xiao Geng, Sheng Leiming, Zhang Ran, Zhao Changwen, and Zhao Hong were elected Independent Non-executive Directors[40](index=40&type=chunk) - In accordance with the new Chinese Company Law, the company abolished the Supervisory Board, and its functions are now exercised by the Audit and Internal Control Committee[40](index=40&type=chunk) [Other Significant Matters](index=17&type=section&id=(III)%20Other) No significant litigation, arbitration, or transactions involving the purchase, sale, or redemption of listed securities occurred during or after the reporting period - During the reporting period, the company was not involved in any newly arising significant litigation or arbitration matters[42](index=42&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[43](index=43&type=chunk) [Review of Unaudited Interim Results](index=18&type=section&id=Item%20V.%20Review%20of%20Unaudited%20Interim%20Results) This section confirms the review of the company's unaudited interim financial performance by the Board's Audit and Internal Control Committee [Board Review](index=18&type=section&id=Board%20Review) The Board's Audit and Internal Control Committee has reviewed the company's unaudited interim results for 2025 - The Board's Audit and Internal Control Committee has reviewed the company's unaudited 2025 interim results[44](index=44&type=chunk) [Corporate Governance Code](index=18&type=section&id=Item%20VI.%20Corporate%20Governance%20Code) This section details the company's adherence to the Corporate Governance Code, noting specific deviations and the rationale behind them [Compliance with Corporate Governance Code](index=18&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company generally complied with the Corporate Governance Code, with two noted deviations regarding director rotation (now compliant) and the combined roles of Chairman and CEO - The company has complied with the code provisions in Part 2 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited, except for deviations from code provisions B.2.2 and C.2.1[45](index=45&type=chunk) - The deviation from code provision B.2.2 (rotation of directors) has been rectified and complied with following the appointment of the new Board of Directors on May 20, 2025[45](index=45&type=chunk) - There is a deviation from code provision C.2.1 (separation of roles of Chairman and Chief Executive Officer), as Executive Director Mr. Jiang Zongxiang serves concurrently as both Chairman and President of the company[46](index=46&type=chunk) - The Board believes that under the supervision of other existing members, the Board has an appropriate balance of power structure that provides sufficient checks and balances to safeguard the interests of the company and its shareholders[46](index=46&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲 載 列 青 島 啤 酒 股 份 有 限 公 司 於 中 華 人 民 共 和 國（「 中 國 」）上 海 證 券 交 易 所 網 站 （www.sse.com.cn）刊載之《北京市海問律師事務所關於青島啤酒股份有限公回購註銷限制性股 票相關事項的法律意見書》，僅供參閱。 侯秋燕 聯席公司秘書 中國 • 青島 2025年8月26日 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 職工董事： 孫靜女士 獨立非執行董事： 肖耿先生、盛雷鳴先生、張然女士、趙昌文先生及趙紅女士 海口徑而 北京市海间律师事务所 关于青岛啤酒股份有限公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜宗祥先生（董事長）、劉富華先生及侯秋燕先生 職工董事： 孫靜女士 獨立非執行董事： 肖耿先生、盛雷鳴先生、張然女士、趙昌文先生及趙紅女士 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列青島啤酒股份有限公司於中華人民共和國（「中國」）若干報章及上海證券交易所網站 （www.sse.com.cn）刊載之《青島啤酒股份有限公司關於使用自有資金認購結構性存款產品的公 告》，僅供參閱。 承董事會命 青島啤酒股份有限公司 侯秋燕 聯席公司秘書 中國 • 青島 2025年8月26日 证券代码：600600 证券简称：青岛啤酒 公告编号：2025-027 青岛啤酒股份有限公司 ...