Financial Performance - Total revenue for 2022 reached RMB 32.17 billion, an increase of 6.65% from RMB 30.17 billion in 2021[4] - Net profit for 2022 was RMB 3.80 billion, representing a growth of 16.77% compared to RMB 3.26 billion in 2021[4] - The company's main business revenue for 2022 reached RMB 31,697,342,623, an increase of 6.84% compared to RMB 29,672,697,265 in 2021[9] - The total operating income for 2022 was RMB 32,171,565,624, up from RMB 30,166,805,377 in 2021, reflecting a growth of 6.65%[9] - The net profit attributable to the parent company's shareholders for 2022 was RMB 3,710,628,593, representing a 17.55% increase from RMB 3,155,455,810 in 2021[17] - The company's operating costs for 2022 were RMB 20,317,934,822, compared to RMB 19,091,130,744 in 2021, indicating an increase of 6.43%[9] - The income tax expense for 2022 was RMB 1,201,419,808, a slight decrease from RMB 1,222,731,595 in 2021[14] - The company reported a fixed asset disposal loss of RMB 12,935,494 in 2022, significantly improved from a loss of RMB 92,650,310 in 2021[13] Assets and Liabilities - The company's total assets increased to RMB 50.31 billion in 2022, up from RMB 46.56 billion in 2021, reflecting a growth of 8.00%[1] - The total liabilities rose to RMB 24.04 billion, an increase of 5.59% from RMB 22.77 billion in 2021[3] - The company reported a total equity of RMB 26.27 billion, an increase of 10.42% from RMB 23.79 billion in 2021[3] - The total accounts receivable as of December 31, 2022, was RMB 3,463,768,573, an increase from RMB 3,127,872,424 in 2021[9] - The total accounts payable as of December 31, 2022, was RMB 2,180,772,440, slightly up from RMB 2,172,664,930 in 2021[10] Earnings and Dividends - The company's earnings per share (EPS) for 2022 was RMB 2.736, compared to RMB 2.328 in 2021, indicating an increase of 17.50%[4] - Basic earnings per share for 2022 were RMB 2.736, compared to RMB 2.328 in 2021, marking an increase of 17.5%[17] - The company plans to distribute a cash dividend of RMB 1.30 per share and a special dividend of RMB 0.50 per share for a total of RMB 2,455,619,022, pending shareholder approval[11] - A proposed final dividend of RMB 1.30 per share and a special dividend of RMB 0.50 per share has been recommended, totaling RMB 1.80 per share[37] - The company plans to distribute a cash dividend of RMB 1.80 per share, including a special dividend of RMB 0.50 per share[30] Market and Sales Performance - The Shandong region reported external revenue of approximately $19.34 billion, making it the highest revenue-generating segment for the company[21] - The South China region generated external revenue of approximately $2.72 billion, while the North China region contributed about $5.89 billion[21] - In 2022, the company achieved a beer production volume of 35.687 million kiloliters, a year-on-year increase of 1.1%[28] - The sales volume of the main brand reached 4.44 million kiloliters, with a year-on-year growth of 2.6%[29] - The sales volume of mid-to-high-end products was 2.93 million kiloliters, reflecting a year-on-year increase of 4.99%[29] - The company’s overseas market product sales grew by 4% year-on-year[28] Strategic Plans and Developments - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4] - The company plans to continue expanding its market presence in both domestic and international markets, focusing on strategic investments and product development[21] - The company is advancing its digital transformation and has established a technology R&D center to enhance innovation capabilities[29] - The company is committed to high-quality development strategies, emphasizing brand leadership, innovation, quality, and efficiency[33] - The company will continue to push for digital transformation to enhance operational efficiency and adapt to changing consumer habits[34] - The company aims to accelerate the growth of its mid-to-high-end product segment, reinforcing its competitive advantage in this market[34] - The company is focused on expanding its international market presence while maintaining high quality and visibility for its products[34] Challenges and Risks - Rising costs of raw materials and labor may impact future sales, revenue, and profit growth, posing operational challenges[36] - The company acknowledges potential risks from uncertain factors such as consumer behavior and climate changes that may affect market recovery and growth[35] Stock and Land Acquisitions - The company approved the unlocking of 4,359,428 restricted stocks for 619 eligible incentive targets, effective from July 25, 2022[41] - The company repurchased and canceled a total of 122,003 restricted stocks due to changes in the personal circumstances of 14 incentive targets, reducing the total share capital from 1,364,354,793 shares to 1,364,232,790 shares[42] - The company received a total compensation of ¥581,137,182.06 for the Yangjiaqun cargo yard land acquisition as of March 1, 2023[44] - The company signed a land acquisition agreement for 1,412.7 square meters with a compensation amount of ¥16.5356 million, with the first payment of ¥4.96 million already received[44] - The company acquired a 20% equity stake in Qingdao Beer (Hangzhou) Co., Ltd. for ¥60.97 million, completing the equity transfer on December 27, 2022[45]

Financial Performance - Tsingtao Brewery reported an operating profit of RMB 4,454.955 million for the year ended December 31, 2021[12]. - The total profit for the company was RMB 4,478.975 million, with a net profit attributable to shareholders of RMB 3,155.456 million after deducting non-recurring profits[12]. - Revenue for 2021 reached RMB 30,166,805, an increase from RMB 27,759,711 in 2020, representing an 8.1% growth[14]. - Net profit attributable to shareholders of the Company was RMB 3,155,456, up from RMB 2,201,324 in 2020, marking a 43.4% increase[14]. - Basic earnings per share increased to 2.328 from 1.629 in the previous year, reflecting a 42.9% rise[14]. - The Company reported a net profit after deduction of non-recurring profit or loss of RMB 2,206,584, up from RMB 1,815,585 in 2020[14]. - The company's operating revenue for 2021 was RMB 30.17 billion, representing an 8.7% year-on-year growth, while net profit attributable to shareholders was RMB 3.16 billion, up 43.3% year-on-year[24]. - The total sales amount from the Company's top 5 clients in 2021 was approximately RMB2,059.64 million, accounting for 6.94% of the annual sales amount, an increase from 4.89% in 2020[37]. - The total purchase amount from the Company's top 5 suppliers in 2021 was approximately RMB2,109.42 million, representing 15.51% of the annual purchase amount, up from 13.05% in 2020[37]. Brand and Market Position - Tsingtao Beer maintained the top brand value in the Chinese beer industry at RMB 198.566 billion in 2021, with the total brand value of its brands exceeding RMB 300 billion[10]. - The company has expanded its business to over 100 countries and regions globally, enhancing its marketing and sales network[10]. - The company is focusing on expanding its high-end and super high-end market presence, responding to the trend of consumption upgrading in the domestic beer market[26]. - The company reported a year-on-year growth of 11.2% in overseas market sales despite the severe impact of the global pandemic on consumption[29]. Product Development and Innovation - The company has launched several new products, including "Century Legend," "Amber Lager," and "Tsingtao IPA," which cater to high-end market demands[10]. - The company is advancing its digital transformation, establishing a quality management model based on end-to-end digital decoding, and enhancing management efficiency through technology integration[30]. - The company launched the "Tsingtao Beer Winter Olympics Ice Can" as part of its sponsorship of the Beijing 2022 Winter Olympic Games, receiving positive consumer feedback[28]. - In 2021, the company achieved a product sales volume of 7.93 million kiloliters, with Tsingtao Beer sales reaching 4.329 million kiloliters, an increase of 11.6% year-on-year[24]. Cash Flow and Assets - The net cash flows from operating activities amounted to RMB 2,206.584 million[12]. - Net cash flows from operating activities amounted to RMB 6,043,111, compared to RMB 4,953,422 in 2020, indicating a 21.9% increase[14]. - Total assets reached RMB 46,563,004, while total liabilities were RMB 22,769,313, resulting in total equity attributable to shareholders of RMB 23,001,845[14]. Shareholder Information - The total number of ordinary shares increased to 1,364,354,793, reflecting a change of 171,998 shares or 0.01%[53]. - The number of shareholders at the end of the reporting period was 36,590, including 36,340 A-share holders and 250 H-share holders[55]. - The top shareholder, HKSCC Nominees Limited, held 613,913,619 shares, representing 45.00% of total shares[58]. - The Company reported undistributed profits of approximately RMB8,298.28 million as of the end of 2021, which can be distributed as dividends after statutory surplus reserve allocation[49]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions, except for specific provisions A.2.1 and E.1.2 during the reporting period[148]. - The Board of Supervisors found that all directors and senior management fulfilled their duties diligently and in compliance with laws and regulations[134]. - The Company has established an effective internal control system that is being implemented effectively, as reflected in the internal control evaluation and audit reports[142]. - The Board of Directors has established three professional committees to enhance decision-making efficiency and promote effective corporate governance[146]. Employee Management and Development - The company had a total of 32,947 full-time employees as of the end of the reporting period, with 14,482 in production, 10,479 in sales, and 2,084 in technical roles[90]. - The company implemented a performance-driven incentive mechanism, linking total salaries to business performance, which resulted in increased employee income levels[91]. - A total of 27,500 front-line staff participated in skill learning and competitions under the new training model introduced by the company[95]. - The company accelerated the development of digital training, offering 3,500 high-quality courses and over 2,500 practical cases for employee learning[95]. Environmental and Social Responsibility - The Company is committed to environmental protection and sustainable development, focusing on low-carbon management and circular economy as part of its strategic goals[44]. - The Company strictly monitors environmental facilities and pollutant discharge during production to ensure compliance with environmental standards[45]. - The Company did not make any charitable donations during the year, except as disclosed in the financial statements[118].

Financial Performance - For the six months ended June 30, 2021, the total revenue was RMB 18.29 billion, representing an increase of 10.3% compared to RMB 15.68 billion for the same period in 2020[6]. - The net profit for the same period was RMB 2.49 billion, up 28.3% from RMB 1.94 billion in the previous year[6]. - The operating profit increased to RMB 3.28 billion, compared to RMB 2.58 billion in the first half of 2020, reflecting a growth of 27.4%[6]. - The company reported a basic earnings per share of RMB 1.78, an increase from RMB 1.37 in the previous year[6]. - The total comprehensive income attributable to shareholders of the parent company was RMB 2.42 billion, compared to RMB 1.85 billion in the same period of 2020[6]. - The company's main business revenue for the six months ended June 30, 2021, was RMB 18,031,065,721, an increase from RMB 15,569,515,965 for the same period in 2020, representing a growth of approximately 15.8%[182]. - The company's total revenue for the six months ended June 30, 2021, was RMB 18,291,160,751, compared to RMB 15,678,991,336 for the same period in 2020, reflecting a growth of approximately 16.5%[182]. - The company reported a net profit attributable to the parent company's shareholders for the six months ended June 30, 2021, of RMB 2,415,521,329, compared to RMB 2,201,323,556 for the same period in 2020, indicating a growth of approximately 9.7%[180]. Assets and Liabilities - As of June 30, 2021, total assets amounted to RMB 45.24 billion, an increase from RMB 41.51 billion as of December 31, 2020, representing a growth of approximately 6.6%[4]. - Total liabilities increased to RMB 22.28 billion from RMB 20.15 billion, reflecting a rise of approximately 10.6%[5]. - The company's total equity rose to RMB 22.96 billion, up from RMB 21.37 billion, indicating an increase of about 7.4%[5]. - The company's cash and cash equivalents decreased to RMB 9.32 billion from RMB 18.47 billion, a decline of about 49.5% year-over-year[4]. - The total cash and cash equivalents at the end of June 30, 2021, amounted to RMB 6,846,715,666, a decrease from RMB 18,065,659,709 at the end of June 30, 2020[8]. - The company’s total liabilities as of June 30, 2021, were significantly impacted by an increase in accounts payable for materials and packaging, which reached 3,106,775,701[148]. Cash Flow - Cash flow from operating activities was RMB 5.02 billion, slightly up from RMB 4.96 billion in the same period last year[7]. - The company’s cash inflow from operating activities totaled RMB 19.55 billion, compared to RMB 17.17 billion in the previous year[7]. - The company’s cash outflow for investing activities was RMB 17.51 billion, significantly higher than RMB 1.87 billion in the same period of 2020[7]. - The company’s investment activities generated a net cash flow of RMB -15.48 billion, compared to RMB -775 million in the previous year[7]. - The net increase in cash and cash equivalents for the first half of 2021 was RMB 10,796,407,758, compared to an increase of RMB 3,508,266,354 for the same period in 2020[8]. Inventory and Receivables - Inventory levels decreased to RMB 2.21 billion from RMB 3.28 billion, a reduction of approximately 32.4%[4]. - The company reported a significant increase in other receivables, which rose to RMB 128.67 million from RMB 73.89 million, an increase of approximately 74.5%[4]. - Accounts receivable as of June 30, 2021, stood at approximately 378.59 million, up from 302.94 million on December 31, 2020, with a bad debt provision of 181.33 million[89]. - The total amount of the top five receivables as of June 30, 2021, is 111,249,731, accounting for 56% of total receivables[95]. - The inventory balance as of June 30, 2021, is 2,217,118,050, with a provision for inventory write-down of 3,477,079[103]. Employee Compensation and Benefits - Employee compensation includes various forms of remuneration, such as short-term salaries, post-employment benefits, and termination benefits[58]. - Short-term compensation includes wages, bonuses, and various employee benefits, recognized as liabilities during the accounting period[59]. - The company provides post-employment benefits classified into defined contribution plans and defined benefit plans, with specific obligations recognized as liabilities[60]. - The total employee compensation liabilities decreased slightly from 1,906,199,446 as of December 31, 2020, to 1,873,598,111 as of June 30, 2021[151]. - The company recognized service costs of CNY 158,203,598 in the current period for supplementary post-employment benefits[166]. Research and Development - Research and development efforts are focused on new product innovations to meet changing consumer preferences and enhance competitive advantage[3]. - The company incurred research and development expenses totaling approximately 6.69 million for the six months ended June 30, 2021, which were fully expensed in the period[135]. - The company is focusing on research and development of new technologies to enhance product offerings and maintain competitive advantage in the market[197]. Strategic Initiatives - The company plans to enhance its market presence through strategic acquisitions and partnerships in the upcoming quarters[3]. - Strategic initiatives include potential mergers and acquisitions to bolster market presence and diversify product lines[197]. - Future outlook remains positive with expectations of continued revenue growth driven by market expansion and new product launches[197]. Taxation and Deferred Income - The corporate income tax rates applicable to the company range from 3% to 25%, depending on the taxable income[81]. - The company reported a significant increase in corporate income tax payable to 579,867,385 as of June 30, 2021, compared to 246,490,851 on December 31, 2020, representing a growth of approximately 134%[155]. - Deferred revenue increased to CNY 2,958,428,519 as of June 30, 2021, up from CNY 2,899,626,024 at the end of 2020, reflecting a growth of approximately 2.0%[162]. Impairment and Provisions - The impairment loss on fixed assets recognized by the company for the six months ended June 30, 2021, was 5,826 yuan, compared to 1,538,581 yuan for the same period in 2020[77]. - The company conducts annual impairment tests on goodwill, with recoverable amounts determined based on the present value of expected future cash flows[76]. - The company’s goodwill impairment provision remained unchanged at 1,504,514,721 as of December 31, 2020[136]. Shareholder Information - The company declared a cash dividend of RMB 0.75 per share for 2020, totaling RMB 1,023,357,596, based on 1,364,476,795 shares issued[180]. - The company’s payable for dividends surged to 1,024,247,817 as of June 30, 2021, compared to just 11,700,168 at the end of 2020, marking an increase of over 8,600%[156].

Financial Performance - The operating profit for Tsingtao Brewery in 2020 was RMB 3,250,085,000[9] - The total profit for the year amounted to RMB 3,239,549,000[9] - Net profit attributable to shareholders of the Company reached RMB 2,201,324,000[9] - Net profit after deducting non-recurring profit or loss was RMB 1,815,585,000[9] - Net cash flows from operating activities were RMB 4,953,422,000[9] - Total revenue for 2020 was RMB 27,759,711, a slight decrease of 0.8% compared to RMB 27,983,760 in 2019[12] - Net profit attributable to shareholders increased to RMB 2,201,324, representing a growth of 18.9% from RMB 1,852,103 in 2019[12] - Basic earnings per share rose to RMB 1.629, up from RMB 1.371 in the previous year, reflecting a 18.8% increase[12] - Net cash flows from operating activities reached RMB 4,953,422, an increase of 23.3% compared to RMB 4,016,553 in 2019[12] - Total assets increased to RMB 41,514,186, up from RMB 37,312,384 in 2019, marking an increase of 8.4%[12] - Total equity attributable to shareholders rose to RMB 20,621,961, a growth of 7.5% from RMB 19,171,583 in 2019[12] - The company achieved a total sales volume of 7.82 million kiloliters, with operating revenue of RMB 27.76 billion and a net profit attributable to shareholders of RMB 2.2 billion, representing a year-on-year increase of 18.9%[26][38] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.75 per share for the year ended December 31, 2020[20] - The Company proposed a final dividend of RMB0.75 per share for the year ended 31 December 2020, with a cash dividend distribution policy of no less than 30% of the distributable profits realized in the current year[44] - The Company's undistributed profits at the end of 2020 were approximately RMB769.463 million[49] - As of the end of the reporting period, the undistributed profit of the company amounted to approximately RMB 7,694.63 million, which can be distributed as dividends after allocation to the statutory surplus reserve[51] - The total number of shareholders at the end of the reporting period was 39,608, including 39,351 A-share holders and 257 H-share holders[71] - The top shareholder, HKSCC Nominees Limited, held 613,907,867 shares, accounting for 45.00% of the total shares[72] - Tsingtao Brewery Group Company Limited held 443,467,655 shares, representing 32.51% of the total shares[72] Market Position and Operations - The Company operates 60 wholly-owned and controlling breweries across 20 provinces in China[7] - Tsingtao Beer is sold in over 100 countries and regions globally, making it the most recognized Chinese brand internationally[7] - The Company has a leading position in the domestic beer industry in terms of size and market share[7] - In 2020, the domestic beer industry produced 34.11 million kiloliters, a year-on-year decline of 7%[26] - The main brand, Tsingtao Beer, achieved sales of 3.879 million kiloliters, with high-end products contributing 1.792 million kiloliters to maintain competitive advantage in the mid- to high-end market[32] Strategic Initiatives and Innovations - The company accelerated the expansion of online consumption channels and implemented "Contactless Delivery" services, enhancing integration of online sales and offline delivery[31] - New ultra high-end products such as "Tsingtao Centennial Journey and Amber Lager" were launched, leading to a significant upgrade in product image and market competitiveness[32] - The company initiated the expansion of the Tsingtao Brewery Smart Industry Demonstration Park with a capacity of 1 million kiloliters of beer, enhancing high-end product supply capabilities[35] - The first post-listing "Restricted A Share Incentive Plan" was launched, setting challenging growth targets that boosted employee and market confidence[35] - The company established over 200 Tsingtao1903 Beer Bars nationwide to enhance consumer interaction and meet diverse consumer needs[32] - The company focused on optimizing cost management and improving marketing efficiency to achieve profit growth despite market challenges[26] Share Capital and Equity Structure - The company's total share capital increased from 1,350,982,795 shares to 1,364,182,795 shares due to the implementation of the Restricted A Share Incentive Plan, with new shares issued totaling 13,200,000, representing 0.97% of the total shares[52] - The shareholding percentage of Abu Dhabi Investment Authority increased by 1,544,966 shares, bringing its total to 4,433,538 shares, which is 0.32% of the total[1] - The company’s share capital structure includes both A-Shares and H-Shares, with specific percentages held by major shareholders disclosed in the report[80] Governance and Compliance - The company’s governance structure includes a board of directors, supervisors, and senior management officers, with specific shareholdings reported for each[84] - The Company has adopted a board diversity policy, considering factors such as age, cultural and educational background, professional experience, skills, and knowledge when determining the composition of the Board[175] - The Company has complied with the Corporate Governance Code, except for Code Provision A.2.1, which requires the separation of the roles of Chairman and Chief Executive Officer[166] - The Audit Committee's main duties include reviewing the effectiveness of the Company's risk management and internal control systems, and overseeing the quality of financial reporting[197] - The company has established a management system for information insiders, with no incidents of regulatory scrutiny during the reporting period[159] Employee and Management Information - The total number of employees as of the end of the reporting period is 35,678, with a breakdown of 15,729 production and service personnel, 11,491 sales personnel, 2,336 technical and engineering personnel, 1,310 financial personnel, and 4,812 administrative personnel[121][122] - The company has implemented a comprehensive incentive system linked to business performance and total salary, ensuring employee income stability during the pandemic while promoting cost reduction measures[125][127] - In 2020, the total course hours for employee training increased by 35% year-on-year, enhancing the company's organizational learning capacity and supporting rapid recovery in business performance[126][128] Risk Management and Internal Control - The financial situation of the company for the year 2020 was reported as satisfactory, with a sound financial system and compliance in operations[152] - The internal control system of the company was deemed effective and compliant with legal requirements, as reflected in the internal control evaluation report[158] - The company has complied with the relevant disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions[135] - The company strictly adheres to the provisions in its Articles of Association for convening and holding board meetings[188] Challenges and Market Conditions - The beer market in China faced significant challenges due to the COVID-19 pandemic, resulting in fierce competition and difficulties in market sales[145] - The Board of Supervisors conducted site surveys in Yunnan and Shandong to gain firsthand information about Tsingtao Beer’s performance[146]