Financial Performance - The group's consolidated revenue for the year ended December 31, 2023, was RMB 38,932,000,000, an increase of 10.4% compared to 2022[2]. - The profit before interest and tax and the profit attributable to shareholders for 2023 were RMB 6,961,000,000 and RMB 5,153,000,000, representing increases of 33.2% and 18.6% respectively[2]. - The total comprehensive income for the year was RMB 5,223,000,000, compared to RMB 4,382,000,000 in the previous year[17]. - Basic earnings per share increased to RMB 1.59 from RMB 1.34 year-on-year[16]. - The company's net profit for the year 2023 was RMB 5,214 million, compared to RMB 4,350 million in 2022, reflecting an increase of about 19.8%[29]. Beer Business Performance - Overall beer sales increased by 0.5% year-on-year to approximately 11,151,000 kiloliters, with premium and above beer sales rising by 18.9% to about 2,500,000 kiloliters[2]. - The beer business's revenue and profit before interest and tax increased by 4.5% and 30.6% to RMB 36,865,000,000 and RMB 6,889,000,000 respectively[8]. - The Heineken® brand beer recorded a strong year-on-year growth of nearly 60.0%, achieving the target of 600,000 kiloliters set in the first five-year plan with Heineken®[2]. - The gross profit margin for the beer business improved by 1.7 percentage points to 40.2%, benefiting from increased sales and a decrease in packaging costs[9]. - The average selling price of beer increased by 4.0% year-on-year, driven by an improved product mix[49]. Liquor Business Performance - The revenue and profit before interest and tax for the liquor business were RMB 2,067,000,000 and RMB 130,000,000 respectively, with adjusted profit before interest and tax at RMB 797,000,000 after excluding intangible asset amortization[2]. - The white liquor business generated revenue of RMB 2,067,000,000 and EBITDA of RMB 130,000,000 in 2023, with adjusted EBITDA of RMB 797,000,000 after excluding intangible asset amortization from the acquisition of Guizhou Jinsha[10]. - Guizhou Jinsha contributed revenue of RMB 2,067 million and profit of RMB 617 million from the acquisition date to the report date[45]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.349 per share and a special dividend of RMB 0.300 per share, totaling RMB 0.936 per share for the year, compared to RMB 0.536 per share in 2022[7]. - The total dividends paid for the year amount to RMB 1,911 million, an increase from RMB 1,739 million in 2022[30]. - The proposed final dividend for 2023 is RMB 0.349 per share, compared to RMB 0.302 in 2022, and a special dividend of RMB 0.300 per share, which was not paid in 2022[30]. Strategic Initiatives - The company aims to continue its growth strategy in 2024, focusing on both scale and quality[2]. - The company is implementing the "3+3+3" strategy, focusing on high-end development and establishing itself as a leader in the beer market[6]. - The company is committed to a three-year plan emphasizing "exploration, development, and strengthening" in the white liquor sector, leveraging synergies between beer and liquor businesses[13]. - The company plans to continue enhancing its high-end business and organizational transformation to solidify its competitive advantage in the beer market[12]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[24]. Asset and Liability Management - The company reported non-current assets of RMB 54,383 million as of December 31, 2023, compared to RMB 36,435 million in 2022, reflecting a significant increase[18]. - Current assets totaled RMB 17,141 million, down from RMB 20,878 million in the previous year, indicating a decrease of approximately 18%[18]. - The company’s total liabilities amounted to RMB 34,174 million, an increase from RMB 27,077 million in 2022, representing a growth of about 26%[18]. - The equity attributable to shareholders was RMB 30,295 million, up from RMB 27,039 million, marking an increase of approximately 8%[18]. - The total assets as of December 31, 2023, amounted to RMB 71,524 million, up from RMB 57,313 million in 2022, indicating a growth of approximately 24.8%[24]. Employee and Operational Metrics - Employee count increased to approximately 27,000 as of December 31, 2023, up from 24,000 the previous year, with total employee costs around RMB 5,867 million[58]. - The company incurred a total of RMB 5,867 million in employee costs for 2023, compared to RMB 5,729 million in 2022, reflecting an increase of about 2.4%[29]. - The group stopped operations at 2 breweries and established a new smart brewery in Bengbu, Anhui, optimizing production capacity[50]. Governance and Compliance - The company has adhered to the corporate governance code applicable principles and rules as of December 31, 2023, with the exception of the chairman position being vacant until April 20, 2023, when Mr. Hou Xiaohai was appointed[61]. - The group has no significant contingent liabilities as of December 31, 2023, indicating a stable risk profile[56]. Future Outlook - The company aims for "balanced" growth in overall revenue and profits in 2024, focusing on both scale and quality growth amid a recovering economy[11]. - Management anticipates sufficient resources to meet upcoming liabilities and commitments based on historical and expected future cash flows[54].

Financial Performance - For the six months ended June 30, 2023, the turnover increased by 13.6% to RMB 23,871 million compared to RMB 21,013 million in the same period of 2022[23]. - Profit attributable to shareholders rose to RMB 4,649 million, up from RMB 3,802 million, reflecting a significant increase of 22.4%[23]. - Basic earnings per share increased to RMB 1.43, compared to RMB 1.17 in the previous year, representing a growth of 22.2%[23]. - Earnings before interest and taxation for the same period were RMB 6,245 million, representing a 21.1% increase year-on-year[31]. - Profit for the period increased to RMB 4,698 million in the first half of 2023, up from RMB 3,803 million in the same period of 2022, reflecting a year-on-year growth of about 23.5%[74][76]. - The Group's profit attributable to shareholders in the first half of 2023 was RMB 4,649 million, up 22.3% from the previous year[48]. - The Group reported a gross profit of RMB 10,991 million for the six months ended June 30, 2023, compared to RMB 8,878 million for the same period in 2022, representing a growth of approximately 23.8%[74]. - The total income tax expense for the six months ended June 30, 2023, was RMB 1,620 million, compared to RMB 1,472 million in 2022, reflecting an increase of 10.0%[105]. Segment Performance - The beer segment's turnover reached RMB 23,692 million, an increase of 8.1% from RMB 21,919 million in 2022[26]. - The Baijiu segment reported a turnover of RMB 977 million, marking a 100% increase as it was not present in the previous year[26]. - The beer business recorded a sales volume increase of 4.4% year-on-year, with sub-premium and above beer sales growing significantly by 26.4%[35]. - The gross profit margin for the beer business improved by 2.9 percentage points to 45.2% due to increased sales volume and average selling prices[35]. - The baijiu business generated revenue of RMB 977 million and earnings before interest and taxation of RMB 71 million in the first half of 2023[36]. - The beer business turnover for the first half of 2023 was RMB 22,894 million, reflecting a 9.0% increase compared to the same period last year[48]. - Overall beer sales volume increased by 4.4% to approximately 6,571,000 kilolitres in the first half of 2023[49]. Regional Performance - The Eastern region contributed RMB 11,196 million to turnover, up 7.1% from RMB 10,455 million[26]. - The Central region's turnover increased by 8.2% to RMB 6,609 million, while the Southern region saw a 9.9% increase to RMB 5,887 million[26]. - The Eastern region generated external sales of RMB 10,645 million, while the Central and Southern regions reported RMB 6,408 million and RMB 5,841 million, respectively[96]. Cash and Liquidity - The consolidated net cash position decreased to RMB 4,110 million from RMB 9,129 million, indicating a reduction in liquidity[23]. - The current ratio improved slightly to 0.89 from 0.88, showing stable short-term financial health[23]. - As of June 30, 2023, the Group's consolidated cash and bank deposits amounted to RMB 12,985 million, with borrowings of RMB 8,875 million, including RMB 1,688 million repayable within one year[63][64]. - The current liabilities of the Group were RMB 26,493 million, with a current ratio of 0.89, indicating a stable liquidity position[64]. - For the six months ended June 30, 2023, net cash from operating activities was RMB 4,786 million, a decrease of 26.1% compared to RMB 6,478 million in the same period of 2022[80]. Investments and Acquisitions - The acquisition of Guizhou Jinsha has been integrated into the Group's financial statements, enhancing its organizational structure and operational management[34]. - The Group completed the acquisition of a 50.58% stake in Guizhou Jinsha for approximately RMB 11,273 million on January 10, 2023, increasing its total ownership to 55.19%[141]. - The Group completed the acquisition of Guizhou Jinsha, contributing RMB 17,541 million to non-current asset additions for the six months ended June 30, 2023[98]. - The identifiable assets acquired included fixed assets valued at RMB 611 million, other intangible assets at RMB 9,500 million, and cash and cash equivalents at RMB 1,467 million[145]. Dividends and Shareholder Returns - The company declared an interim dividend of RMB 0.287 per share, compared to RMB 0.234 per share in the first half of 2022[32]. - The total amount of interim dividend for 2023 is estimated to be RMB 931 million, compared to RMB 759 million in 2022, reflecting a growth of 22.7%[110]. - The Group's earnings per share for the six months ended June 30, 2023, was RMB 1.43, compared to RMB 1.17 for the same period in 2022, marking an increase of approximately 22.2%[74]. Operational Efficiency and Strategy - The Group aims to continue growth in the second half of 2023 by focusing on scale, quality, and competitive advantages[37]. - The Group's strategy emphasizes the dual empowerment model of "Beer + Baijiu" to strengthen its market position[36]. - The Group aims to optimize pricing and streamline expenses to consolidate competitive advantages and achieve balanced sales growth for the full year of 2023[39]. - The Group's strategy includes a focus on premiumization and restructuring to enhance operational efficiency and market position in both beer and baijiu sectors[40]. Employee and Corporate Governance - The Group employed approximately 27,000 staff as of June 30, 2023, an increase from 24,000 employees at the end of 2022, reflecting growth in operational capacity[67][72]. - The Group maintains a strict equal employment policy and complies with labor laws, ensuring fair recruitment practices[174]. - The Group has established a three-tier health insurance mechanism for employees, including basic medical insurance and annual health check-ups[174]. - The Group's commitment to corporate governance and investor relations has been recognized, aiming for long-term and high-quality investor relationships[165]. Environmental and Social Responsibility - The Group's ESG management received high praise during an inspection of the Dongguan factory, highlighting effective environmental management practices[192]. - The Group is advancing its "Carbon Neutral Factory" project and has developed a green factory construction plan for 2023-2025[192]. - In the first half of 2023, the Group's total greenhouse gas emissions decreased by more than 4% year-on-year[197]. - The Group utilized 2.81 million kWh of new energy in the first half of 2023 through rooftop photovoltaic power generation projects[198]. - Sulfur dioxide (SO2) emissions decreased by 17% year-on-year due to the low sulfur content of natural gas purchased by some plants[199]. Risk Management and Internal Control - The Group's internal control and risk management systems were reviewed, with no significant concerns identified that could materially affect operations or financial reporting[159]. - The ongoing risk management process aims to proactively identify and mitigate various risks, supporting sustainable business growth[160]. - The Group's risk management and internal control systems remain effective and adequate as of June 30, 2023[159].

Financial Performance - The group's unaudited consolidated revenue for the first half of 2023 was RMB 23,871,000,000, an increase of 13.6% compared to the same period last year[2]. - The group's unaudited earnings before interest and taxes (EBIT) and profit attributable to shareholders for the first half of 2023 were RMB 6,245,000,000 and RMB 4,649,000,000, representing increases of 21.1% and 22.3% year-on-year, respectively[5]. - The net profit for the first half of 2023 was RMB 4,698 million, up from RMB 3,803 million in the previous year, marking a growth of 23.5%[12]. - The basic earnings per share for the first half of 2023 increased to RMB 1.43 from RMB 1.17 in the same period last year[11]. - The pre-tax profit for the six months ended June 30, 2023, was RMB 6,318 million, compared to RMB 5,275 million for the same period in 2022, indicating an increase of about 19.8%[17]. Beer Business Performance - Overall beer sales volume increased by 4.4% to approximately 6,571,000 kiloliters in the first half of 2023, with premium beer sales growing by 26.4% to approximately 1,444,000 kiloliters[2]. - The average selling price of beer increased by 4.4% in the first half of 2023 compared to the same period last year[2]. - The gross profit of the beer business in the first half of 2023 rose by 16.6% year-on-year, with a gross profit margin increasing by 2.9 percentage points to 45.2%[7]. - The beer business generated revenue of RMB 22.894 billion and EBITDA of RMB 6.202 billion in the first half of 2023, up approximately 9.0% and 20.0% year-on-year[32]. Liquor Business Performance - The revenue and EBIT from the liquor business for the first half of 2023 were RMB 977,000,000 and RMB 71,000,000, respectively[2]. - The white liquor business achieved revenue of RMB 977 million and EBITDA of RMB 71 million in the first half of 2023[35]. - The company began manufacturing and selling liquor products and acquired Guizhou Jinsha, which is considered a new operating and reporting segment[16]. Corporate Strategy and Acquisitions - The company is advancing its "3+3+3" corporate strategy, entering a critical phase focused on high-end market penetration[5]. - The company completed the equity transfer of Guizhou Jinsha in the first half of 2023, impacting the liquor business's financials[2]. - The group completed the acquisition of Guizhou Jinsha Liquor Industry Co., Ltd. on January 10, 2023, which is now an indirect non-wholly owned subsidiary included in the group's financial consolidation[7]. - The company completed the acquisition of a 50.58% stake in Guizhou Jinsha for approximately RMB 11,273 million, resulting in a total stake of 55.19%[29]. Dividend and Shareholder Returns - The board declared an interim dividend of RMB 0.287 per share for the first half of 2023, up from RMB 0.234 per share in the same period last year[6]. - The company reported a profit attributable to shareholders of RMB 4,649 million for the six months ended June 30, 2023, up from RMB 3,802 million in the same period of 2022, reflecting a growth of 22.3%[22]. Financial Position and Assets - The net cash position as of June 30, 2023, was RMB 4,110,000,000, down from RMB 9,129,000,000 at the end of 2022[3]. - As of June 30, 2023, total assets increased to RMB 53,347 million from RMB 36,435 million as of December 31, 2022, representing a growth of 46.3%[13]. - The company's total equity attributable to shareholders increased to RMB 30,710,000,000 from RMB 27,039,000,000 year-on-year[3]. - The group has net cash status as of June 30, 2023, indicating a strong liquidity position[37]. Employee and Operational Metrics - The group employed approximately 27,000 people as of June 30, 2023, an increase from 24,000 as of December 31, 2022[39]. - The group plans to optimize the positioning and overall strategy of Joy Brew taverns, with the Shenzhen location having commenced trial operations in the first half of 2023[34]. Governance and Compliance - The board continues to review and monitor the company's corporate governance practices to ensure compliance with the corporate governance code[45]. - All directors confirmed compliance with the standards set out in the code of ethics and the standard code for the six months ended June 30, 2023[45].

Financial Performance - Profit attributable to shareholders increased by 32.8% in 2022[14] - Gross profit rose by 3.7%[14] - The dividend payout ratio was maintained at 40%[14] - For the year ended December 31, 2022, the Group reported a turnover of RMB 35,263 million, an increase from RMB 33,387 million in the previous year[57] - The consolidated turnover for 2022 was RMB 35,263 million, representing a 5.6% increase compared to 2021[68] - Profit attributable to shareholders decreased by 5.3% to RMB 4,344 million in 2022[68] - Earnings before interest and taxation fell by 12.8% to RMB 5,227 million in 2022[68] - Excluding a one-off compensation gain from land transfer in 2021, earnings before interest and taxation increased by approximately 23.4% in 2022[70] - The overall gross profit increased by 3.7% to RMB 13,561 million despite a decline in gross margin by 0.7 percentage points[69] - The average selling price increased by 5.2% in 2022 due to moderate price adjustments[69] - The earnings per share for 2022 was RMB0.536, compared to RMB1.34 in 2021[120] Sales and Production - Sales volume of sub-premium beer segment and above grew by 12.6%[14] - Beer sales volume totaled 11.10 million kiloliters[14] - Annual production capacity reached 18.41 million kiloliters[14] - In 2022, the Group's overall beer sales volume increased by 0.4% to approximately 11,096,000 kiloliters compared to 2021[71] - The sales volume of the sub-premium beer segment and above rose by approximately 12.6% to about 2,102,000 kiloliters in 2022[72] - The Group launched several new products in 2022, including the super-premium product "Nong Li" and new flavors of carbonated beverages, enhancing its product portfolio[77] Strategic Initiatives - The Group implemented the "Snow Road" initiative to enhance production management systems[18] - The establishment of intelligent factories and consumer data platforms was advanced to support premiumization[19] - The Group is committed to diversifying its alcoholic beverage portfolio and increasing revenue sources[17] - The Group's "Beer + Baijiu" dual-wheeled business model was unveiled in July, marking a new strategic direction[42] - The Group's strategic "3+3+3" initiative was acknowledged for its contributions during its initial six-year span at the Annual Strategy Summit[43] Acquisitions and Investments - The Group acquired a 55.19% equity interest in Guizhou Jinsha for RMB 12.3 billion[16] - The Group completed the acquisition of a 55.19% equity interest in Guizhou Jinsha on January 10, 2023[98] Awards and Recognition - The Group received the Second Prize for "Science and Technology Advancement of the China Alcoholic Drinks Association" for its contributions to the brewing industry[30] - The Group was ranked 71st in the 2022 Brand Value List of Chinese Listed Companies[48] - The Group received multiple awards in 2022, including Best Overall Investor Relations (Large Cap) and Best Investor Relations Officer (Large Cap) at the IR Magazine Awards[56] - The Group's commitment to ESG was recognized with multiple awards, including Best ESG (First Place Overall in Consumer/Staples Sector)[49] - The Company received multiple awards for corporate governance and investor relations, including "Directors of the Year Awards 2022" from The Hong Kong Institute of Directors[111] Corporate Governance and Management - The Group emphasizes effective risk management as an integral part of corporate governance, aiming to maintain acceptable risk levels and protect shareholder value[150] - The Group adheres to a prudent operating strategy, balancing business development with risk management[151] - The management team is responsible for risk management, which is integrated into business planning and daily operations[150] - The Group continuously reviews governance practices to align with the latest regulatory requirements[150] Market and Economic Conditions - The pandemic's impact on the domestic consumer goods market continues, with increased competition due to new products and larger sales channels[186] - The prices of production materials increased due to international geopolitical crises, exchange rate fluctuations, and pandemic-related factors, impacting production costs[173] ESG and Sustainability - The report covers the period from January 1, 2022, to December 31, 2022, focusing on the Group's performance in environmental, social, and governance (ESG) aspects[191] - This is the seventh annual ESG report published by China Resources Beer, aimed at transparent communication with stakeholders regarding the Company's social responsibility commitments[198] - The report emphasizes the importance of quantitative data, with departments collecting key performance indicators (KPIs) related to environmental and social performance[190] - The report aims to provide a balanced view, disclosing both positive and negative information to allow stakeholders to evaluate the Group's overall performance[190] Future Outlook - The Group aims for continuous growth in 2023 by increasing product coverage and brand investments as the beer market recovers[83] - The Group plans to launch its first bistro brand "Joy Brew" in the first half of 2023 to explore new marketing channels for its beer products[83]

Financial Performance - The group's consolidated revenue for the year ended December 31, 2022, was RMB 35,263 million, an increase of 5.6% compared to 2021[2] - Excluding a one-time initial compensation income of approximately RMB 1,755 million from land disposal in the previous year, the group's EBITDA and profit attributable to shareholders increased by approximately 23.4% and 32.8%, respectively[2] - The net profit attributable to shareholders for 2022 was RMB 4,344 million, compared to RMB 4,587 million in 2021[3] - Basic earnings per share for 2022 were RMB 1.34, down from RMB 1.41 in 2021[3] - The company reported a profit before tax of RMB 5,528 million, compared to RMB 5,000 million in the previous year, reflecting a growth of approximately 10.56%[14] - Net profit for the year was RMB 4,350 million, up from RMB 3,800 million in 2021, representing a year-on-year increase of about 14.47%[14] - The consolidated revenue for the year 2022 was RMB 35,263 million, representing a growth of 5.6% compared to 2021[38] - The net profit attributable to shareholders decreased by 5.3% to RMB 4,344 million, while EBITDA fell by 12.8% to RMB 5,227 million[38] Sales and Market Performance - Overall beer sales volume for 2022 rose by 0.4% to approximately 11,096,000 kiloliters[2] - Premium and above beer sales volume increased by approximately 12.6% to about 2,102,000 kiloliters, with the "Heineken®" brand continuing to show strong double-digit growth[2] - The average selling price increased by 5.2% in 2022 due to moderate price adjustments on certain products[2] - The overall gross profit margin decreased by 0.7 percentage points, while the total gross profit rose by 3.7% to RMB 13,561 million[38] - The sales and distribution expenses remained roughly the same as in 2021, with the sales expense ratio decreasing by 1.1 percentage points to 19.1%[39] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.302 per share, totaling RMB 0.536 per share for the year, including an interim dividend of RMB 0.234[2] - The company declared a proposed final dividend of RMB 0.302 per share for 2022, consistent with the previous year's dividend[20] - The proposed final dividend will be distributed to shareholders listed on the company's register as of May 25, 2023, subject to approval at the annual general meeting[49] Assets and Liabilities - The total equity attributable to shareholders as of December 31, 2022, was RMB 27,039 million, up from RMB 24,432 million in 2021[3] - The total liabilities of the company were RMB 30,236 million, compared to RMB 28,000 million in 2021, showing an increase of approximately 7.99%[14] - The total assets of the company as of December 31, 2022, amounted to RMB 51,053 million, while total liabilities were RMB 26,564 million[15] - Current assets increased to RMB 20,878 million from RMB 15,897 million, marking a significant rise of about 31.16%[8] - The company reported a significant increase in cash and cash equivalents, which rose to RMB 10,208 million from RMB 5,376 million, a growth of about 89.93%[8] Product Development and Marketing - The company launched several new products in 2022, including a high-end beer "Chao Li" and new flavors of carbonated drinks, enhancing its product portfolio[2] - The company continued to promote its key brands through various marketing activities, including sponsorship of popular shows and events[39] - The company launched its first virtual brand ambassador "LimX" to enhance brand influence in the metaverse[39] - The company plans to launch its first Joy Brew tavern in the first half of 2023, aiming to explore new marketing channels for beer products[40] - The company aims to leverage market recovery opportunities in 2023 by increasing product coverage and brand investment[40] Corporate Governance - The company has adopted a corporate governance manual to ensure high standards of corporate governance, with revisions made on multiple dates since its adoption in April 2005[50] - As of December 31, 2022, the company has complied with the corporate governance code, except for the vacancy of the chairman position since July 2019[51] - The company will suspend share transfer registration from May 15, 2023, to May 19, 2023, to determine the identity of shareholders eligible to attend the annual general meeting[49] Employee Costs and Operations - The total employee costs, including directors' remuneration, were RMB 5,729 million in 2022, slightly up from RMB 5,692 million in 2021[19] - The total employee cost for the year ended December 31, 2022, was approximately RMB 5,729,000,000, with around 24,000 employees[47] - The company implemented cost control measures, resulting in a 39.3% decrease in one-time employee compensation and related costs[39] Investments and Joint Ventures - The investment in joint ventures remained stable at RMB 500 million as of December 31, 2022[22] - The company has committed to invest a total of RMB 1,026.7 million to acquire a 4.610% stake in Guizhou Jinsha, with an additional agreement to purchase 50.58% of the company for RMB 11,273.3 million[28] - The company completed the acquisition of a 55.19% stake in Guizhou Jinsha Liquor Industry Co., Ltd. on January 10, 2023, enhancing its presence in the liquor business[46]

Financial Performance - For the six months ended June 30, 2022, the turnover was RMB 21,013 million, representing a 7.0% increase from RMB 19,634 million in the same period of 2021[8]. - Profit attributable to shareholders for the same period was RMB 3,802 million, down 11.4% from RMB 4,291 million in 2021[8]. - Basic earnings per share decreased to RMB 1.17 from RMB 1.32 year-on-year[8]. - The interim dividend per share was RMB 0.234, compared to RMB 0.264 for the year ended December 31, 2021[8]. - Total equity increased to RMB 27,404 million from RMB 24,489 million in 2021[8]. - Consolidated net cash rose significantly to RMB 13,628 million from RMB 5,396 million in the previous year[8]. - The current ratio improved to 0.93 from 0.75 in 2021[8]. - Earnings before interest and taxation decreased by approximately 12.8% to RMB 5,159,000,000, while profit attributable to shareholders decreased by approximately 11.4% to RMB 3,802,000,000[16]. - Overall beer sales volume decreased slightly by 0.7% to approximately 6,295,000 kilolitres, which was better than the overall industry performance[17]. - Gross profit increased by approximately 6.9% to RMB 8,878,000,000, with the gross profit margin remaining flat compared to the previous year[19]. Regional Performance - Turnover in the Eastern region was RMB 10,455 million, a 5.8% increase from RMB 9,883 million[12]. - The Central region saw a 14.4% increase in turnover, reaching RMB 6,107 million from RMB 5,339 million[12]. - Earnings before interest and taxation for the Eastern region decreased by 33.2% to RMB 2,158 million from RMB 3,231 million[13]. Cash Flow and Liquidity - The Group's consolidated cash and bank deposits amounted to RMB14,428,000,000 as of June 30, 2022[22]. - The Group's borrowings as of June 30, 2022, including a short-term loan, were RMB800,000,000, compared to no borrowings as of December 31, 2021[22]. - The current liabilities of the Group were RMB23,227,000,000 with a current ratio of 0.93 as of June 30, 2022[22]. - The net cash from operating activities for the six months ended June 30, 2022, was RMB 6,478 million, compared to RMB 6,350 million for the same period in 2021, indicating a year-over-year increase of about 2%[28]. - The net cash from investing activities for the first half of 2022 was RMB 1,856 million, compared to RMB 1,266 million in the same period of 2021, showing a growth of around 46%[28]. Expenses and Cost Management - The Group implemented cost-reduction measures, resulting in a decrease of approximately 2.2% in selling and distribution expenses compared to the same period last year[19]. - Administrative and other expenses decreased by approximately 17.8% due to the absence of impairment losses and one-off staff compensation expenses[19]. - Staff costs, including directors' emoluments, amounted to RMB 2,748 million, slightly up from RMB 2,725 million in the previous year[49]. Corporate Strategy and Initiatives - The Group continued to promote its "Achieving Success in Premiumization" strategy through various marketing activities, leading to double-digit growth in the sales of the "Heineken®" brand products[19]. - The Group plans to launch new products such as "Snow Draft Pure Malt Beer" in the second half of 2022 to enhance product diversity[20]. - The Group aims to expand community group buying and home delivery online platforms to ensure stable supply against disruptions[20]. - The Group continues to focus on promoting both domestic and international brands while enhancing its competitive position through various business initiatives[20]. Environmental, Social, and Governance (ESG) Efforts - The Group has committed to 12 specific environmental, health, and safety management targets as part of its "14th Five-Year" Plan, focusing on waste reduction and emission control[83]. - The Group's commitment to sustainable development is demonstrated through its ongoing ESG reporting and initiatives[83]. - The Group achieved zero coal consumption in the first half of 2022, resulting in a reduction of sulfur dioxide (SO2) and nitrogen oxides (NOX) emissions by over 30% compared to the same period last year[93]. - The Group actively participated in various environmental awareness campaigns, including World Environment Day and National Energy Conservation Week[85]. Corporate Governance - The Company has implemented its own corporate governance standards and objectives since November 2003[139]. - The Corporate Governance Manual has been revised multiple times, with the latest revision on January 1, 2022[139]. - The Company has complied with the Code Provisions set out in the CG Code during the six months ended June 30, 2022, except for certain provisions related to the Chairman position[141]. - The position of the Chairman has been vacant since July 11, 2019, and has not been filled as of the report date[141]. Shareholder Information - As of June 30, 2022, China Resources Company Limited holds a long position of 1,684,077,366 shares, representing 51.91% of the total issued shares[134]. - The company declared an interim dividend of RMB0.234 per share, equivalent to HK$0.272 per share, for the six months ended June 30, 2022, compared to RMB0.264 per share (HK$0.317) in the previous year[145]. - There were no significant investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures during the six months ended June 30, 2022[148].

Financial Performance - Profit attributable to shareholders increased by 119.1% in 2021[47] - For the year ended December 31, 2021, the turnover was RMB 33,387 million, representing a 6.2% increase from RMB 31,448 million in 2020[93] - Profit attributable to shareholders increased significantly to RMB 4,587 million in 2021, up from RMB 2,094 million in 2020, marking a 119% growth[94] - Basic earnings per share rose to RMB 1.41 in 2021, compared to RMB 0.65 in 2020, reflecting a 116.9% increase[94] - The equity attributable to shareholders reached RMB 24,432 million as of December 31, 2021, up from RMB 21,217 million in 2020, indicating a 10.4% growth[95] - The consolidated net cash position improved to RMB 5,396 million in 2021, compared to RMB 4,614 million in 2020[95] - The total equity as of December 31, 2021, was RMB 24,489 million, compared to RMB 21,274 million in 2020, reflecting a 10.4% increase[95] - The company declared a total dividend per share of RMB 0.566 for 2021, up from RMB 0.259 in 2020, representing a 118.5% increase[94] - The Group's consolidated turnover in 2021 was RMB33,387,000,000, representing a year-on-year increase of 6.2%[106] - Consolidated profit attributable to shareholders increased by 119.1% to RMB4,587,000,000, and earnings before interest and taxation rose by 94.6% to RMB5,991,000,000[106] Sales and Market Performance - Sales volume of sub-premium beer segment and above rose by 27.8%[47] - Beer sales volume totaled 11.06 million KL[47] - Overall beer sales volume decreased by 0.4% year-on-year to approximately 11,056,000 kilolitres, indicating a recovery from the pandemic's impact[106] - Sales volume of premium and above beer segments reached approximately 1,866,000 kilolitres, an increase of 27.8% compared to 2020[106] - The overall average selling price increased by 6.6% compared to 2020, contributing to a gross profit margin increase of 0.8 percentage points to 39.2%[106] Production and Capacity - Annual production capacity reached 18.20 million KL, reflecting an increase of 118.5%[47] - The Group ceased operations of 5 breweries, operating 65 breweries with an annual production capacity of approximately 18,200,000 kilolitres by the end of 2021[109] - The Group's annual production capacity as of December 31, 2021, was 18,200,000 kiloliters, excluding ceased operations[119] Strategic Initiatives and Partnerships - A strategic partnership with Heineken Group was initiated in 2019, enhancing market positioning[44] - The Group launched the "Snow Road" initiative to upgrade beer production management and aim for leadership in the "new world" of beer production[55] - The Group established the "CRSB Technology Research Institute" to enhance beer research and innovation[54] - The Group's diversified brand portfolio continues to expand with the introduction of international brands like "Amstel" and "Edelweiss" in 2021[56][57] Awards and Recognition - The Group was recognized as the Most Outstanding Company in Hong Kong for the Consumer Staples Sector in the Asia's Outstanding Companies Poll 2021[89] - The Group received multiple awards at the HKIRA 7th Investor Relations Awards, including Best ESG (E), (S), and (G) for Large Cap[87] - The Group's Snow Draft Beer was awarded as a Star Product in the Golden Goblet Awards of China Liquor Industry 2021[86] - The Group's annual report won honors in various categories at the International ARC Awards, including Gold for Interior Design in Beer/Wine/Spirits[86] - The Group's CEO and CFO were recognized as Asia's Best in Investor Relations at the Asian Excellence Recognition Awards 2021[89] Corporate Governance and Investor Relations - The Company received multiple awards for its corporate governance and investor relations management, including "Best CEO (first place)" and "Best Investor Relations Team (first place)" in the consumer staples sector in Asia[127] - The Group is committed to enhancing long-term value and aims to distribute annual dividends of no less than 20% of profit attributable to shareholders under normal circumstances[128] - The Company has maintained a high level of transparency and corporate governance to keep capital markets informed about its latest developments and future plans[125] - The Group's proactive engagement with shareholders and investors aims to create more business development opportunities and improve operating performance[125] Risk Management - The Group's management has adopted various strategies for risk management, including risk reduction, transfer, and avoidance, to ensure timely detection of major risk events[158] - The risk management structure is based on a "three lines of defense" model, clarifying roles and responsibilities across business units and functional departments[161] - The first line of defense consists of business units responsible for daily risk management and risk assessment[161] - The second line of defense is the risk management function, which organizes and monitors major and potential risks[161] - The third line of defense is the internal audit function, responsible for supervision and assessment of internal risk management systems[161] - The Group's risk management process is designed to identify, analyze, and mitigate various risks efficiently[159] - The Group's risk assessment is conducted annually through a top-down and bottom-up process, incorporating various dimensions such as strategy, marketing, operations, and human resources[163] Sustainability and Social Responsibility - The Group aims to maintain downward trends in carbon emissions and improve biogas recycling efficiency as part of its sustainability commitment[172] - The Group achieved a year-on-year decrease of over 35% in sulfur dioxide (SO2) emissions and over 20% in nitrogen oxide (NOX) emissions in 2021, primarily by phasing out coal-fired boilers and reducing fossil fuel consumption[183] - The Group's external donations exceeded RMB800,000 in 2021, including specific donations for poverty alleviation and support for pandemic relief efforts valued at over RMB200,000[175] - The Group tracked over 380 social responsibility key indicators, with more than 20 focused on community care initiatives[173] - The Group organized promotional events for energy conservation and environmental protection, enhancing community engagement[194] Employee Engagement and Development - The Group employed approximately 25,000 staff as of December 31, 2021, with total employee costs around RMB 5,692,000,000 for the year[118] - The Group organized multi-level training programs for premium beer business talent development, yielding fruitful results[83] - The Group implemented a long-term salary increment mechanism based on performance evaluation and market adjustment ratios[200] Future Outlook - The Group plans to launch several new products in 2022, including "Snow Draft Pure Malt Beer" and "Heineken® 0.0" to enhance product diversity[113] - The Group will actively explore the expansion of its bistro business and develop new marketing channels for beer products in response to competition[113] - The Group will continue to monitor raw material prices and implement staggered peak procurement to mitigate rising costs[113]

Financial Performance - For the six months ended June 30, 2021, the turnover was RMB 19,634 million, representing a 12.8% increase from RMB 17,408 million in the same period of 2020[9]. - Profit attributable to shareholders for the same period was RMB 4,291 million, up from RMB 2,079 million, marking a significant increase[9]. - Basic earnings per share increased to RMB 1.32 from RMB 0.64, reflecting strong financial performance[9]. - The interim dividend per share was RMB 0.264, compared to RMB 0.128 in the previous year, indicating a positive outlook for shareholders[9]. - The total equity attributable to shareholders rose to RMB 25,087 million from RMB 21,217 million, showing robust growth in shareholder value[9]. - The consolidated net cash position improved significantly to RMB 11,815 million from RMB 4,614 million, indicating strong liquidity[9]. - Earnings before interest and taxation for the Eastern region surged by 181.2% to RMB 3,231 million, highlighting strong regional performance[13]. - The Central region's earnings before interest and taxation increased by 69.1% to RMB 1,370 million, demonstrating effective market strategies[13]. - The Southern region also saw a 50.4% increase in earnings before interest and taxation, reaching RMB 1,345 million, contributing to overall growth[13]. - Overall beer sales volume increased by 4.9% to approximately 6,337,000 kilolitres compared to the same period last year[15]. - Sales volume of sub-premium and above beer reached 1,000,000 kilolitres, representing a 50.9% increase year-on-year[15]. - Average selling price increased by 7.5% compared to the same period last year, contributing to an overall gross profit increase of 18.1% to RMB 8,305,000,000[15]. - Gross profit for the same period was RMB 8,305 million, up from RMB 7,030 million, indicating a significant improvement in profitability[31]. - Profit before taxation increased to RMB 5,991 million, compared to RMB 2,831 million in the previous year, reflecting a growth of 111.5%[31]. - The Group's profit for the period was RMB 4,296 million, more than doubling from RMB 2,084 million in the prior year[31]. Cash Flow and Liquidity - As of June 30, 2021, the Group had cash and bank deposits of RMB 11,815,000,000 with no borrowings[18]. - Net cash from operating activities for the six months ended June 30, 2021, was RMB 6,350 million, slightly down from RMB 6,525 million in the same period of 2020[37]. - Cash and cash equivalents increased to RMB 11,723 million as of June 30, 2021, up from RMB 8,597 million as of June 30, 2020[37]. - The Group's current liabilities were RMB 21,937 million, with a current ratio of 0.86, indicating a stable liquidity position[22]. - The Group anticipates no significant net cash outflow from current liabilities due to offsets from trade receivables and future sales discounts[22]. - The Group's bank deposits pledged for notes payable increased to RMB 92 million as of June 30, 2021, from RMB 76 million at the end of 2020[25]. Strategic Initiatives - The company has established a strategic partnership with Heineken Group, enhancing its market position and operational capabilities[4]. - The Group plans to continue focusing on premiumization and innovation while exploring opportunities in non-beer alcoholic beverages to enhance business diversification[17]. - The Group plans to enhance its competitive position by focusing on premium market segments and improving innovation and R&D efforts[19]. - The Group launched several new brands, including super premium product "Li" and premium product "Löwen Fruit Beer," to enhance its product portfolio[16]. Corporate Governance and Compliance - The Company has implemented its own corporate governance standards and objectives since November 2003, ensuring compliance with the Corporate Governance Code[153]. - All directors confirmed compliance with the required standards set out in the Model Code during the six months ended 30 June 2021[159]. - The Company adopted a Code of Ethics on 8 April 2005, which has been amended multiple times, with the latest revision on 7 December 2015[159]. - The position of the Chairman has been vacant since the annual general meeting on 18 May 2021 and remains unfilled as of the report date[158]. Sustainability and Corporate Social Responsibility - The Group emphasizes sustainability and has implemented policies for environmental protection and energy conservation[105]. - The Group's independent "Environmental, Social and Governance Report" outlines its performance and commitments in sustainability[105]. - The Group actively donated approximately RMB250,000 to a local charity federation in April 2021, demonstrating its commitment to corporate social responsibility[105]. - The Group's Xiaoshan factory in Zhejiang Province participated in a volunteer drive, donating school supplies to left-behind children in May 2021[105]. - In the first half of 2021, the Group launched or was in the process of launching 12 environmental protection, energy conservation, and emission reduction projects with a total investment of approximately RMB 22 million[106]. - The Group achieved a year-on-year decrease in sulfur dioxide (SO2) emissions by over 35% and nitrogen oxide (NOX) emissions by more than 15% during the review period[106]. - Cumulative gasoline consumption decreased by over 45% year-on-year, while diesel consumption decreased by more than 25% year-on-year, and natural gas consumption decreased by over 15% year-on-year[107]. - The Group's Chemical Oxygen Demand (COD) emissions and nitrogen emissions both dropped by more than 20% year-on-year[107]. - The recycle rate of dry distiller's grains and dry waste yeast remained at 100% in the first half of 2021[107]. Employee and Training Initiatives - In the first half of 2021, the Group's total staff training hours reached nearly 136,000 hours, with a full-time employee training coverage rate of 100%[111]. - The Group invested over RMB 30 million in dedicated project funds for work safety in the first half of 2021[111]. - The Group's recruitment practices strictly comply with the "Labour Law" and "Labour Contract Law," prohibiting the hiring of individuals under the age of 18[109]. - The Group's remuneration and welfare system was optimized in 2020, unifying remuneration items and structures across the country[109]. Risk Management - The Group has established a robust internal control and risk management system, with no significant concerns identified affecting operational and financial reporting[102]. - Corporate risk management is prioritized across all business segments to protect shareholder value and ensure sustainable growth[102]. - The existing risk management and internal control systems remain effective and adequate as of June 30, 2021[102]. Market Performance and Recognition - In the first half of 2021, the Group held approximately 135 meetings with over 2,800 fund managers and analysts to strengthen market confidence[103]. - The Company's stock price slightly decreased during the period, closing at HK$69.75 on June 30, 2021, with a total market capitalization impacted by the COVID-19 pandemic[103]. - The Group received eight prestigious awards in the consumer staples sector in Asia, including "Most Honored Company" and "Best CEO (first place)"[103]. - The Group's financial reports have been recognized for their high quality, receiving the "MERCURY Excellence Awards 2020/2021" from MerComm, Inc.[103].

Sales Performance - The Group achieved a beer sales volume of 11.10 million kiloliters in 2020, with a gross profit margin of 11.1%[57] - The sales volume of sub-premium beer segment and above accounted for 59.6% of total sales, indicating a strong focus on premium products[57] - Overall beer sales volume decreased by 2.9% compared to 2019, outperforming the industry average[88] - Sales volume of sub-premium beer and above reached 1,460,000 kiloliters, an increase of 11.1% year-on-year[88] Financial Performance - For the year ended December 31, 2020, the turnover was RMB 31,448 million, a decrease of 5.2% from RMB 33,190 million in 2019[73] - Profit attributable to shareholders increased to RMB 2,094 million in 2020, up from RMB 1,312 million in 2019, representing a growth of 59.5%[73] - Basic earnings per share rose to RMB 0.65 in 2020, compared to RMB 0.40 in 2019, marking a 62.5% increase[73] - The total equity attributable to shareholders increased to RMB 21,217 million as of December 31, 2020, from RMB 19,670 million in 2019, reflecting an increase of 7.9%[77] - The consolidated net cash position improved significantly to RMB 4,614 million in 2020, compared to RMB 1,897 million in 2019[77] - The Group's consolidated turnover in 2020 was RMB 31,448,000,000, a decrease of 5.2% compared to 2019[88] - The consolidated profit attributable to the Company's shareholders increased by 59.6% to RMB 2,094,000,000, and earnings before interest and taxation rose by 42.3% to RMB 3,079,000,000[88] Operational Efficiency - The Group's gross profit margin improved by 1.6 percentage points compared to the previous year, reflecting operational efficiency[57] - Administrative and other expenses decreased by 12.4% year-on-year, attributed to a reduction in fixed asset impairment and employee compensation expenses[90] - The Group established a capacity planning task force to enhance capacity deployment and provide a decision-making basis for the next five-year capacity plan[59] - The Group launched a three-year talent planning project focusing on rejuvenation, specialization, marketization, and internationalization[59] Strategic Initiatives - A "3+3" blueprint for future operational changes was formulated to develop a world-class supply chain for China Resources Snow Breweries[58] - The Group launched the "Five-point-one-line" methodology to guide the implementation of its premiumization strategy, focusing on sales teams, brand portfolio, and channel sales[69] - The Group held a national channel partner convention to empower partners in achieving success in premiumization strategies[69] - The Group plans to enhance competitiveness through initiatives such as expanding the brand portfolio and promoting premiumization strategy[93] Corporate Governance and Compliance - The Group has a strong governance structure with multiple directors holding key positions across subsidiaries and related companies[118] - The Group is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[122] - The Group's commitment to governance integrity is reflected in its adherence to the stringent processes of CRH[200] - The Group has established various internal regulations to prevent corruption and ensure compliance, including the Measures for Employee Violation of Regulations and Discipline[200] Environmental Responsibility - The Group has increased its investment in environmental protection and upgraded pollutant treatment facilities to ensure compliance with regulations[154] - The Group's coal consumption decreased from over 230,000 tons in 2015 to approximately 2,000 tons in 2020, a reduction of 99%[163] - The Group's sulfur dioxide (SO2) emissions dropped by more than 70% year-on-year, while nitrogen oxides (NOx) decreased by over 40% year-on-year[163] - The Group's carbon dioxide (CO2) emissions decreased by more than 10% year-on-year, with coal usage down over 70%, natural gas consumption down over 15%, gasoline consumption down over 40%, and diesel consumption down over 25%[168] Employee Welfare and Development - The Group's average training hours per employee increased to 35.8 hours in 2020, up from 2019, primarily due to a significant rise in online training during the COVID-19 pandemic[176] - The training coverage rate for full-time employees remained at 100%[176] - The Group established a three-tiered health protection system for employees, including basic medical insurance, supplementary commercial insurance, and annual health check-ups[172] - The Group's commitment to employee welfare included enhanced medical and health protections for middle-level employees[172] Risk Management - The Group emphasizes a robust and prudent operational strategy, believing that achieving strategic and business objectives involves moderate risks that must be effectively managed[143] - The risk management structure is based on a "three lines of defense" model, clarifying roles and responsibilities across business units and management[145] - The Group's management has adopted strategies for risk reduction, transfer, and avoidance, ensuring timely detection of major risk events[143] - The Group conducts regular reviews and updates of its risk management processes to mitigate potential risks[142] Community Engagement - The Group donated RMB15 million to charities in Wuhan for emergency medical supplies during the COVID-19 pandemic[67] - The Group proposed over 380 corporate social responsibility key indicators, with more than 20 focused on community care[155] - The Group donated approximately RMB1 million in local pandemic-related materials to health departments across several provinces[159]

Financial Performance - For the six months ended June 30, 2020, the turnover was RMB 17,408 million, a decrease of 7.5% compared to RMB 18,825 million in 2019[9] - Profit attributable to shareholders for the same period was RMB 2,079 million, an increase of 11.1% from RMB 1,871 million in 2019[9] - Basic earnings per share increased to RMB 0.64 from RMB 0.58, while the interim dividend per share rose to RMB 0.128 from RMB 0.12[9] - Equity attributable to shareholders increased to RMB 21,612 million from RMB 19,670 million, reflecting a growth of 9.6%[9] - The total equity as of June 30, 2020, was RMB 21,673 million, up from RMB 19,727 million in 2019[9] - The consolidated net cash position was RMB 8,663 million, compared to RMB 1,897 million in 2019, indicating a significant improvement[9] - Earnings before interest and taxation increased by 6.0% to RMB 2,790,000,000, while profit attributable to shareholders rose by 11.1% to RMB 2,079,000,000[16] - Gross profit for the first half of 2020 decreased by 1.3% year-on-year to RMB 7,030,000,000[20] - The total comprehensive income for the period was RMB 2,088 million, reflecting the company's profitability during the first half of 2020[39] - The profit for the period increased to RMB 2,084,000,000, up 11.3% from RMB 1,872,000,000 in 2019[34] Regional Performance - The Eastern region's turnover decreased by 7.7% to RMB 8,980 million, while the Southern region's turnover decreased by 2.6% to RMB 4,435 million[13] - Earnings before interest and taxation for the Southern region increased by 56.3% to RMB 894 million, while the Eastern region's earnings decreased by 16.6% to RMB 1,149 million[14] - The total turnover for the six months ended 30 June 2020 was RMB 17,408 million, with external sales of RMB 8,621 million in the Eastern region, RMB 4,453 million in the Central region, and RMB 4,334 million in the Southern region[57] - The segment result for the six months ended 30 June 2020 was RMB 2,853 million, with the Eastern region contributing RMB 1,149 million, the Central region RMB 810 million, and the Southern region RMB 894 million[57] Liquidity and Cash Flow - The company reported a current ratio of 0.70, improving from 0.49 in the previous year, indicating better liquidity[9] - As of June 30, 2020, the Group's consolidated cash and bank deposits amounted to RMB 8,663,000,000, maintaining a net cash position[24] - Net cash from operating activities for the six months ended June 30, 2020, was RMB 6,525 million, up from RMB 5,864 million in the same period of 2019, reflecting an increase of about 11.2%[37] - Cash and cash equivalents as of June 30, 2020, reached RMB 8,597 million, significantly higher than RMB 4,061 million as of June 30, 2019, indicating a year-over-year increase of approximately 112.4%[37] - The net cash used in investing activities for the first half of 2020 was RMB 473 million, a significant improvement compared to a net cash outflow of RMB 4,113 million in the same period of 2019[37] Operational Highlights - The Group recognized impairment loss on fixed assets of RMB 263,000,000 and ceased operations at 2 breweries during the review period[22] - As of June 30, 2020, the Group operated 72 breweries across 25 provinces in Mainland China, with an annual production capacity of approximately 19,600,000 kiloliters[22] - The overall average selling price decreased by 2.4% compared to the same period last year, while the overall cost of sales declined by 11.3%[20] - The overall beer sales volume decreased by 5.3% year-on-year to approximately 6,039,000 kiloliters, outperforming the industry[18] - The sales volume of mid-to-high-end beer decreased by 6.2%, but sub-high-end and above beer sales increased by 2.9% year-on-year[20] Strategic Initiatives - The company completed a strategic partnership with Heineken Group in 2019, enhancing its market position[2] - The Group plans to enhance its competitiveness in the high-end market through strategic cooperation with Heineken and the launch of international brands[23] - The Group aims to implement various high-quality growth measures and explore new sales channels for high-end products[23] - The Group has launched several sales programs to enhance competitiveness and prepare for rapid growth post-pandemic[50] Corporate Governance and Compliance - The Company has implemented its own corporate governance standards since November 2003, with the Corporate Governance Manual revised multiple times, most recently on 21 November 2018[151] - The Company has complied with the Code Provisions of the Corporate Governance Code during the period, except for the vacancy of the Chairman position since 11 July 2019[152] - The Group has not faced any litigation or major breaches related to corruption, bribery, extortion, fraud, or money laundering during the review period[128] - Directors confirmed compliance with the required standards set out in the Model Code during the six months ended 30 June 2020[152] Social Responsibility and Environmental Initiatives - The company donated RMB15 million to Wuhan City for emergency medical supplies during the COVID-19 pandemic[103] - The group has established a management organization for energy conservation and environmental protection at three levels: headquarters, regional companies, and local breweries[103] - The company strictly adheres to environmental protection laws and has implemented internal control standards that exceed national pollutant discharge standards[103] - The Group launched or was in the process of launching 12 environmental protection, energy conservation, and emission reduction projects with a total investment of RMB 31 million[107] - Coal consumption and nitrogen oxide (NOX) emissions decreased by more than 40% year-on-year, while sulfur dioxide (SO2) emissions dropped by over 70% year-on-year[107] Employee Development and Training - The total online training hours of staff increased significantly from nearly 30,000 hours in the first half of 2019 to more than 550,000 hours in the first half of 2020[116] - The Group's total staff training hours reached 570,000 hours in the first half of 2020, with an average training hours per person reaching 20 hours[116] - The Group launched key training programs targeting management personnel and core business staff to enhance employees' knowledge and skills for job competency[115] - The Group has adopted a development strategy of "building a strong enterprise through talents" to provide diverse training and development opportunities[115] Quality Control and Safety Management - In the first half of 2020, the Group achieved a 100% pass rate in ex-factory quality tests, with 193 batches inspected by the National Safety Supervision and Inspection also achieving a 100% pass rate[120] - The Group's quality and food safety management system integrates international advanced management system requirements to achieve excellent performance[122] - The Group emphasized safety education and training, with approximately 270,000 training hours on safety education and over 320 emergency drills conducted in the first half of 2020[120] - The Group's safety management system is continuously improved to enhance the level of safety management[120]