北京燕京啤酒股份有限公司 2018 年第三季度报告正文 公司负责人赵晓东、主管会计工作负责人肖国锋及会计机构负责人(会计主 管人员)赵建江声明：保证季度报告中财务报表的真实、准确、完整。 1 北京燕京啤酒股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 证券代码：000729 证券简称：燕京啤酒 公告编号：2018-22 北京燕京啤酒股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 □ 是 √ 否 2 北京燕京啤酒股份有限公司 2018 年第三季度报告正文 | | | 对公司根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义界定的非经常性损益项目，以及把《公 开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应 说明原因 □ 适用 √ ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 6,374,728,800.86, representing a 0.57% increase compared to the same period last year[18]. - The net profit attributable to shareholders was CNY 506,663,333.55, an increase of 3.06% year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 487,721,660.30, reflecting a significant increase of 30.98% compared to the previous year[18]. - The company reported a decrease of 20.63% in net cash flow from operating activities, totaling CNY 1,080,723,976.12[18]. - The company’s operating costs decreased by 2.45% to CNY 3,670.42 million, contributing to improved profitability[36]. - The company’s financial expenses dropped significantly by 98.54% to CNY 73.23 million due to reduced interest expenses[36]. - The company reported a total profit for the first half of 2018 of CNY 708,060,040.28, slightly higher than CNY 700,611,972.23 from the previous year, reflecting a growth of about 0.64%[112]. - The company's earnings per share (EPS) for the first half of 2018 was CNY 0.180, compared to CNY 0.174 in the previous year, marking a growth of about 3.45%[112]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 18,986,835,605.61, up 4.91% from the end of the previous year[18]. - The net assets attributable to shareholders increased to CNY 13,356,556,455.25, a rise of 3.94% compared to the previous year[18]. - Total liabilities increased to CNY 4,755,491,015.80 from CNY 4,422,004,627.27, representing a growth of approximately 7.5%[109]. - Current liabilities totaled CNY 4,737,804,752.40, up from CNY 4,403,741,221.71, indicating an increase of about 7.6%[109]. - The company's total current assets amounted to 6,280,805,554.65 RMB, a decrease from 7,413,648,919.60 RMB at the beginning of the period[108]. Cash Flow - The net cash flow from operating activities for the first half of 2018 was CNY 1,080,723,976.12, a decrease of 20.6% compared to CNY 1,361,622,174.46 in the same period last year[115]. - The net cash flow from investing activities was -CNY 497,474,509.25, an improvement from -CNY 806,935,603.34 year-over-year[115]. - Cash and cash equivalents at the end of the period increased to CNY 2,408,618,586.62, compared to CNY 1,899,973,585.26 at the end of the previous period, representing a growth of 26.7%[115]. Dividends and Shareholder Information - The company plans to not distribute cash dividends or issue bonus shares for the first half of the year[6]. - As of June 29, 2018, the total number of shares is 2,818,539,341, with 89.03% being unrestricted shares[92]. - The number of limited shares before the recent change was 309,093,142, which remains unchanged after a minor adjustment[92]. - The company’s management holds 75% of their shares in a locked state, indicating a commitment to long-term investment[92]. Environmental and Social Responsibility - The company and its subsidiaries are classified as key pollutant discharge units by environmental protection authorities[74]. - The company reported that BOD5 levels for wastewater treatment were 39.2 tons/year, significantly exceeding the standard limit of 5.51 tons/year[79]. - The company has implemented environmental protection measures in line with national laws and industry standards, achieving GB/T24001—2016 environmental management system certification[84]. - The company has received the highest honor of "National Environment-Friendly Enterprise" from the National Environmental Protection Agency, highlighting its commitment to environmental protection and green economy[85]. Research and Development - The company invested CNY 107.56 million in R&D, marking a 26.96% increase compared to the previous year, indicating a strong commitment to product innovation[36]. - The company continues to focus on product quality improvement and optimization of product structure through active new product development[26]. Market Position and Brand Value - The company ranked 41st in the 2018 China 500 Most Valuable Brands report, with a brand value of CNY 110.67 billion, up 12.9% from the previous year[33]. - The company maintained a market share of over 85% in the Guangxi market through its subsidiary Yanjing Beer (Guilin Lijiang) Co., Ltd.[46]. Related Party Transactions - The company reported a related party transaction of 2,732.14 million CNY for the use of the "Yanjing" trademark, which accounted for 100% of similar transactions[56]. - The total amount of related party transactions during the reporting period was CNY 12,188.75 million[59]. Financial Reporting and Compliance - The semi-annual report was not audited, indicating a lack of external verification for the financial data presented[53]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[137].

Financial Performance - The company's operating revenue for Q1 2018 was ¥3,279,867,570.44, representing a 3.35% increase compared to ¥3,173,460,013.37 in the same period last year[6] - The net profit attributable to shareholders was ¥54,153,804.19, a slight increase of 0.83% from ¥53,710,104.63 year-on-year[6] - The net profit after deducting non-recurring gains and losses surged by 43.90% to ¥48,588,231.42, compared to ¥33,765,060.45 in the previous year[6] - The company achieved beer sales of 1.1427 million hectoliters during the quarter, with revenue of 3.27987 billion yuan, representing a year-on-year growth of 3.35%[13] - Net profit attributable to shareholders of the listed company was 54.15 million yuan, an increase of 0.82% year-on-year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 48.5882 million yuan, showing a significant year-on-year growth of 43.90%[13] Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 56.36% to ¥164,197,491.14, down from ¥376,227,310.44 in the same period last year[6] - Total assets at the end of the reporting period were ¥18,174,142,444.63, reflecting a 0.42% increase from ¥18,097,786,610.03 at the end of the previous year[6] - The net assets attributable to shareholders increased by 0.42% to ¥12,904,046,925.89 from ¥12,849,893,121.70 at the end of the last year[6] - Accounts receivable increased by 18,715% to 56.45 million yuan due to an increase in receivables during the reporting period[13] - Other current assets rose by 210% to 463.18 million yuan, primarily due to the purchase of financial products by a subsidiary[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,221[9] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., holds 57.40% of the shares, totaling 1,617,727,568 shares[9] Expenses and Investments - The company reported a 76% decrease in financial expenses to 1.03 million yuan, mainly due to reduced interest expenses[13] - Investment income increased by 289% to 1.69 million yuan, attributed to gains from financial products purchased by a subsidiary[13] - Cash flow from investment income received was 1.69 million yuan, reflecting a 289% increase compared to the previous period[13] Construction and Prepayments - The company’s construction in progress increased by 76% to 212.10 million yuan, indicating ongoing expansion efforts[13] - Prepayments increased by 43% to 231.68 million yuan, primarily due to higher advance payments for raw materials[13] Other Information - The company reported a basic earnings per share of ¥0.019, unchanged from the previous year[6] - The company did not engage in any repurchase transactions during the reporting period[10]

Dividend Policy - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, based on a total of 2,818,539,341 shares [5]. - The cash dividend for 2016 was CNY 0.36 per 10 shares, amounting to CNY 101,467,416.28, which represented 32.51% of the net profit attributable to shareholders [88]. - In 2015, the cash dividend was CNY 0.70 per 10 shares, totaling CNY 197,297,753.87, accounting for 33.57% of the net profit attributable to shareholders [86]. - The company has not made any adjustments or changes to its cash dividend policy during the reporting period [85]. - The cash dividend distribution plan for 2017 has been approved by the shareholders' meeting and implemented, ensuring the protection of minority shareholders' rights [84]. - The company's cash dividends over the past three years have been consistent, with clear standards and procedures in place for distribution [85]. - The total distributable profit for the fiscal year 2017 is CNY 537,665,998.94, with cash dividends accounting for 100% of the profit distribution [89]. - The company has not proposed any capital reserve transfer to increase share capital for the fiscal year 2017 [89]. - The company emphasizes the importance of providing reasonable returns to shareholders and has established a clear cash dividend management system [84]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy [85]. Financial Performance - In 2017, the company reported a revenue of ¥11,195,581,459.11, a decrease of 3.26% compared to ¥11,573,195,544.49 in 2016 [18]. - The net profit attributable to shareholders was ¥161,348,235.04, down 48.30% from ¥312,084,522.95 in the previous year [18]. - The company experienced a significant decline in net profit after deducting non-recurring gains and losses, reporting a loss of ¥37,166,456.45 compared to a profit of ¥179,673,327.92 in 2016, marking a 120.69% decrease [18]. - The operating cash flow increased by 11.42% to ¥1,387,482,124.32 from ¥1,245,263,758.85 in 2016 [18]. - The company's total revenue for 2017 was approximately ¥11.20 billion, a decrease of 3.26% compared to ¥11.57 billion in 2016 [45]. - Beer sales accounted for 93.28% of total revenue, amounting to approximately ¥10.44 billion, which represents a 3.91% decline from ¥10.87 billion in the previous year [45]. - The company maintained a weighted average return on equity of 1.26%, down from 2.45% in 2016 [18]. - The company’s total assets at the end of 2017 were ¥18,097,786,610.03, a decrease of 0.86% from ¥18,255,190,644.48 at the end of 2016 [18]. - The company’s net assets attributable to shareholders increased by 0.47% to ¥12,849,893,121.70 from ¥12,790,012,302.94 in 2016 [18]. - The company reported non-recurring gains totaling ¥198,514,691.49, which included government subsidies and asset disposal gains [24]. Market and Product Strategy - The company’s main business includes the manufacturing and sales of beer, mineral water, and related products, with a focus on expanding its product range [16]. - The company has maintained a consistent operational scope, including the production of various beverages and packaging materials [16]. - The company faced challenges due to intense market competition and rising labor costs, prompting a focus on product and market upgrades [34]. - The company optimized its product structure, focusing on refreshing beers, mid-range fresh beers, and high-end pure beers to tap into consumer potential [36]. - The company is actively expanding into emerging markets while solidifying its base markets, particularly in Beijing and Guangxi [38]. - The company has implemented a "1+3" brand strategy, achieving a brand concentration of 92% [39]. - The sales volume of Yanjing White Beer increased by 37.8% year-on-year [37]. - The brand value of Yanjing reached ¥98.02 billion, reflecting an 11.04% increase from the previous year [39]. - The company is exploring potential acquisitions to enhance its market presence, targeting a 15% market share increase in the next two years [176]. - A strategic partnership was formed with a local beverage company, expected to generate an additional 100 million RMB in revenue [175]. Corporate Governance - The company has a well-defined governance structure, complying with relevant laws and regulations to protect shareholder interests [186]. - The company has an independent financial accounting department and a separate accounting system, ensuring financial autonomy [193]. - The company maintains independence in business, personnel, assets, institutions, and finance from its controlling shareholder [187]. - The company is committed to maintaining high standards in corporate governance, as evidenced by the appointment of independent directors with relevant expertise [170]. - Independent directors actively participated in board meetings and shareholder meetings, with attendance rates reflecting their engagement in corporate governance [197]. - Independent directors did not raise any objections to company matters during the reporting period, indicating a consensus on decision-making [198]. - The independent directors contributed significantly to the decision-making process regarding major investments and related transactions, ensuring the protection of the company's and shareholders' interests [200]. Environmental Responsibility - The company is classified as a key pollutant discharge unit, with all emissions meeting the required standards [135]. - The company has been recognized as a "National Environmentally Friendly Enterprise" and a pilot enterprise for circular economy in Beijing, adhering strictly to environmental protection regulations [137]. - The company has implemented an environmental management system certified by GB/T 24001-2004/ISO14001:2004, focusing on comprehensive environmental protection measures [137]. - The company invested in pollution control equipment and facilities, with all monitoring data for wastewater and emissions meeting standards [140]. - The company has established an environmental protection department to oversee compliance and coordinate efforts across various departments [137]. - The company has committed to regular third-party monitoring of wastewater and emissions, with automatic monitoring systems installed at discharge points [140]. - The company reported a significant investment in environmental protection initiatives, balancing economic benefits with social and environmental responsibilities [138]. - The company has publicly disclosed its environmental monitoring results through various platforms, enhancing transparency [140]. Shareholder Information - The company reported a total share count of 2,818,539,341 shares, with 2,509,339,569 shares being unrestricted, representing 89.03% of total shares [147]. - The company experienced a reduction of 106,630 restricted shares due to the departure of certain executives, while simultaneously increasing unrestricted shares by the same amount [147]. - The number of shareholders holding more than 5% of shares or among the top 10 shareholders was not disclosed in the report [152]. - The company reported a total of 67,552 ordinary shareholders at the end of the reporting period [152]. - The top ten shareholders include Beijing Yanjing Beer Investment Co., Ltd. with 1,617,727,568 shares and a 57.40% stake [154]. - The company has not reported any changes in its controlling shareholder during the reporting period [155]. - The actual controller of the company is Beijing Holdings Limited, which has indirect holdings in several other listed companies [157]. - The company has no preferred shares outstanding during the reporting period [160]. - The total shares held by directors, supervisors, and senior management at the end of the reporting period amounted to 386,100 shares, unchanged from the beginning of the period [162]. Management and Workforce - The total number of employees in the company is 37,003, with 20,638 in production and 8,435 in sales [180]. - The company has 432 employees with a master's degree or above, and 2,351 with a bachelor's degree [181]. - The total compensation for the board and senior management during the reporting period amounts to 1,591.42 million [179]. - The company has a total of 4,134 technical personnel, reflecting its commitment to maintaining a skilled workforce [181]. - The company has a strong emphasis on internal promotions, with many current executives having long tenures within the organization [168]. - The company plans to enhance training efforts and improve talent development mechanisms to support its growth [183]. - The company has no retired employees requiring financial support, indicating a focus on current workforce management [180]. Risk Management - The company is aware of risks such as market fluctuations and raw material price volatility, and is taking steps to enhance internal management and risk resilience [79]. - The company has adhered to the board's approval procedures for all related party transactions, ensuring compliance with regulatory standards [115]. - The company has not reported any significant changes in its debt or equity structure during the reporting period [119]. - The company has not engaged in any major contracts during the reporting period [132]. Subsidiaries and Acquisitions - The company established two new subsidiaries during the reporting period, expanding its operational scope [52]. - The company acquired a 38.148% stake in Huichuan Brewery, committing to avoid competition and ensure independent operations for Huichuan Brewery [93]. - The company has established clear market segmentation to prevent overlap with Huichuan Brewery's sales network, particularly in Fujian Province [94]. - The company plans to initiate the acquisition of Yanjing San Kong after achieving stable profitability for three consecutive years or a net profit of 10 million yuan, with a commitment to complete the acquisition within 12 months after initiation [194].

Financial Performance - Net profit attributable to shareholders decreased by 28.60% to CNY 118.77 million for the current period[8] - Operating revenue decreased by 5.48% to CNY 3.85 billion for the current period[8] - Cash flow from operating activities decreased by 10.07% to CNY 1.74 billion year-to-date[8] - The company reported operating revenue of ¥1,019,264.98 million and a net profit attributable to shareholders of ¥61,037.99 million for the period[18] Assets and Investments - Total assets increased by 2.59% to CNY 18.73 billion compared to the end of the previous year[8] - Cash and cash equivalents increased by 31.80% to CNY 2.21 billion due to increased sales collections[16] - Long-term equity investments increased by 39.90% to CNY 245.32 million due to new external investments[16] - Short-term borrowings decreased by 41.20% to CNY 500 million due to reduced loans[16] - Other current assets increased by 447.40% to CNY 428.24 million due to increased bank wealth management purchases by a subsidiary[16] - Investment income for the period reached ¥7,229,119.20, an increase of 43.29% compared to the previous period, driven by increased bank wealth management income from the subsidiary Fujian Yanjing Huichuan Co., Ltd.[17] - Net cash flow from investing activities was -¥829,468,682.07, a decrease of 72.64% compared to the previous period, mainly due to the subsidiary Fujian Yanjing Huichuan Co., Ltd. purchasing wealth management products[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 66,677[12] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., holds 57.40% of the shares[12] Financial Expenses and Income - Financial expenses for the period amounted to ¥4,071,235.04, a decrease of 82.85% compared to the previous period, primarily due to reduced borrowing and interest expenses[17] - Asset impairment losses for the period were -¥1,197,675.19, a decrease of 596.67% compared to the previous period, mainly due to the reversal of bad debts from prior years[17] - Non-operating income for the period was ¥185,596,809.796, an increase of 186.10% compared to the previous period, primarily due to gains from the disposal of non-current assets[17] Market and Operational Insights - During the reporting period, the company achieved beer sales of 3.9464 million kiloliters, with the Yanjing main brand accounting for 2.9458 million kiloliters[18] - The beer industry is experiencing stabilization in consumption, with increasing consumer demand for high-quality products, despite facing pressures from rising costs and intensified competition[18] - The company is focusing on enhancing technological innovation and product quality while implementing green production concepts and adjusting its product, brand, and market structures[18] Commitments and Liabilities - There are no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[20]

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 6,338,434,348.64, representing a 0.71% increase compared to CNY 6,293,679,812.67 in the same period last year[19]. - The net profit attributable to shareholders was CNY 491,611,485.38, an increase of 8.78% from CNY 451,921,214.29 year-on-year[19]. - The net cash flow from operating activities increased by 19.73% to CNY 1,361,622,174.46, compared to CNY 1,137,255,476.86 in the previous year[19]. - The total assets at the end of the reporting period were CNY 19,015,221,229.64, up 4.16% from CNY 18,255,190,644.48 at the end of the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 372,370,386.23, a decrease of 9.88% from CNY 413,185,694.83 in the previous year[19]. - The company reported a total profit for the first half of 2017 of CNY 700,611,972.23, an increase of 8.26% compared to CNY 646,997,691.75 in the previous year[122]. - The company's tax expenses were CNY 171,979,681.62, up from CNY 163,055,093.26, reflecting an increase of 5.93%[122]. - The company's retained earnings grew to CNY 4,036,608,616.37 from CNY 3,544,997,130.99, marking an increase of 13.9%[118]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company distributed cash dividends totaling CNY 101,467,416.276, based on a dividend of CNY 0.36 per 10 shares, with a total share capital of 2,818,539,341 shares as of December 31, 2016[93]. - The total number of ordinary shareholders at the end of the reporting period was 66,351[102]. - The controlling shareholder, Beijing Yanjing Beer Investment Co., Ltd., held 57.40% of the shares, amounting to 1,617,727,568 shares[102]. - The company has a total of 2,818,539,341 shares, with 89.03% being unrestricted shares[100]. Market and Sales Performance - In the first half of 2017, the company achieved beer sales of 2.7286 million kiloliters, a year-on-year increase of 2.19%, with the main brand sales reaching 2.0002 million kiloliters, up 4.72%[31]. - The company's operating revenue for the beer segment reached ¥5,872,293,084.51, with a slight increase of 0.08% compared to the previous year[43]. - The gross profit margin for the beer segment was 42.38%, which decreased by 3.17% year-on-year[43]. Asset and Liability Management - The company's fixed assets amounted to ¥9,813,511,637.60, representing 51.61% of total assets, down from 55.90% in the previous year[46]. - Total liabilities increased to CNY 4,811,597,185.85, up from CNY 4,574,783,824.36, representing a growth of 5.2%[118]. - Current assets rose to CNY 7,581,538,576.18, compared to CNY 6,730,716,033.04, reflecting an increase of 12.6%[119]. - The company's cash and cash equivalents increased to CNY 1,487,112,459.31 from CNY 1,098,242,282.02, a growth of 35.4%[119]. Environmental and Social Responsibility - The company invested CNY 57.89 million in environmental protection during the first half of 2017, achieving energy-saving and emission-reduction results valued at CNY 11.10 million[39]. - The company has been recognized as a "National Environmentally Friendly Enterprise" and a pilot enterprise for circular economy in Beijing[90]. - The company has implemented an environmental management system certified by GB/T 24001-2004/ISO14001:2004[91]. Corporate Governance and Compliance - The company has committed to further improve its corporate governance structure through management incentives, pending regulatory approval[60]. - The company has not engaged in any significant contracts during the reporting period[86]. - The financial report for the first half of 2017 was not audited[114]. - The company has no major related party transactions during the reporting period[67]. Financial Instruments and Accounting Policies - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and transparency[147]. - The company’s accounting policies include specific guidelines for fixed asset depreciation and revenue recognition, tailored to its operational characteristics[149]. - Financial instruments are recognized when the company becomes a party to the financial instrument contract, and they are classified into categories for measurement purposes[170][173].

Financial Performance - The company's operating revenue for Q1 2017 was ¥3,173,460,013.37, representing a 2.12% increase compared to ¥3,107,628,791.37 in the same period last year[8] - Net profit attributable to shareholders was ¥53,710,104.63, up 13.85% from ¥47,174,371.12 year-on-year[8] - The net cash flow from operating activities increased significantly by 165.69%, reaching ¥376,227,310.44 compared to ¥141,605,147.90 in the previous year[8] - Basic earnings per share rose to ¥0.019, an increase of 11.76% from ¥0.017 in the same period last year[8] - Total assets at the end of the reporting period were ¥18,348,597,867.68, a 0.51% increase from ¥18,255,190,644.48 at the end of the previous year[8] - The net assets attributable to shareholders increased to ¥12,843,722,407.57, up 0.42% from ¥12,790,012,302.94 at the end of the last year[8] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 60,127[12] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., held 57.40% of the shares, amounting to 1,617,727,568 shares[12] Operational Highlights - The company achieved beer sales of 1.1763 million hectoliters in the first quarter, generating revenue of 3.17346 billion yuan and a net profit attributable to shareholders of 53.71 million yuan[16] - The main brand sales reached 836,000 hectoliters, while the "1+3" brand sales totaled 1.0421 million hectoliters[16] Financial Management - Other current assets increased by 468.96% to 445.11 million yuan due to the purchase of financial products by subsidiaries during the reporting period[16] - Financial expenses decreased by 45.64% to 4.35 million yuan, primarily due to a reduction in loans[16] - Investment income decreased by 45.96% to 435,506.85 yuan, as the financial products purchased by subsidiaries had not yet matured for settlement[16] - The cash inflow from investment activities totaled 2.98 million yuan, a 244.83% increase due to the disposal of long-term assets[16] - The cash outflow from investment activities rose by 267.39% to 566.11 million yuan, mainly due to increased purchases of financial products by subsidiaries[16] - The company received tax refunds of 5.14 million yuan, a significant increase of 1125.54% compared to the previous period[16] Strategic Plans - The company plans to continue expanding its market presence, particularly in the southeastern region, through strategic management and potential acquisitions[18] - The company aims to achieve a net asset return rate of over 6% within three years following the implementation of the equity incentive plan[19] - The company plans to submit the incentive proposal to relevant departments for approval within three years[19] - The company is actively preparing for the implementation of the incentive plan and will disclose progress in a timely manner[19] - The company has not yet met the conditions to implement the management incentive plan due to various subjective and objective factors[19] Competition and Market Position - The company has committed to avoiding competition with Huichuan Beer by clearly defining market areas and product tiers, ensuring no overlap in sales networks[20] - The company has established a commitment to maintain Huichuan Beer’s independent production and sales system to ensure its stable and healthy development[20] - The company will retain and strengthen Huichuan Beer’s existing sales team and marketing network after becoming its controlling shareholder[20] - The company has made a commitment to avoid engaging in similar business activities as its subsidiaries to prevent competition[20] - The company is in discussions regarding the acquisition of Yanjing Laizhou's equity, with plans to complete the acquisition within three years after profitability[20] - The company has committed to normal performance of its non-competition agreements established during previous financing rounds[20] - The company is committed to transferring its equity in Yanjing Beer (Laizhou) and Yanjing Beer (Qufu Sankong) to Yanjing Beer after they achieve stable profitability[21] - The company has made a commitment to avoid any competition with its subsidiaries and will take measures such as leasing or management to prevent conflicts[22] Investor Relations - The company has engaged with investors through 11 inquiries via the Shenzhen Stock Exchange and 10 responses through email and the company website[26] - The company anticipates a potential significant change in net profit compared to the same period last year for the first half of 2017[23] - The company reported no non-operating fund occupation by controlling shareholders and their affiliates during the reporting period[28] Miscellaneous - The company did not engage in any repurchase transactions during the reporting period[13] - The company has no securities or derivative investments during the reporting period[24][25]

Dividend Distribution - The company plans to distribute a cash dividend of 0.36 RMB per 10 shares to all shareholders, based on a total of 2,818,539,341 shares[5] - The profit distribution plan for 2016 includes a cash dividend of 0.36 RMB per 10 shares, based on a total share capital of 2,818,539,341 shares[83] - The company has maintained a clear and stable cash dividend policy, ensuring the protection of minority shareholders' rights and interests[82] - The total cash dividend distributed was CNY 101,467,416.28, which accounted for 100% of the total profit distribution[86] - In 2016, the net profit attributable to ordinary shareholders was CNY 312,084,522.95, representing a profit distribution ratio of 32.51%[86] Financial Performance - The company's operating revenue for 2016 was ¥11,573,195,544.49, a decrease of 7.70% compared to 2015[19] - The net profit attributable to shareholders was ¥312,084,522.95, down 46.90% from the previous year[19] - The net profit after deducting non-recurring gains and losses was ¥179,673,327.92, a decline of 52.23% year-on-year[19] - The net cash flow from operating activities was ¥1,245,263,758.85, representing a decrease of 23.27% compared to 2015[19] - The total assets at the end of 2016 were ¥18,255,190,644.48, showing a slight increase of 0.07% from the previous year[19] - The company's total revenue for 2016 was approximately ¥11.57 billion, a decrease of 7.70% compared to ¥12.54 billion in 2015[45] - Beer sales accounted for 93.91% of total revenue, amounting to approximately ¥10.87 billion, down 7.96% from ¥11.81 billion in the previous year[45] Market and Product Strategy - The company has a diversified product line that includes beer, mineral water, and other beverages, reflecting its market expansion strategy[17] - The company aims to enhance product quality and develop new products to meet the increasing demand for personalized products, with a focus on expanding the market and improving brand loyalty[72] - The company will continue to implement its strategy of focusing on canned beer and aims to increase sales of mid-to-high-end products, striving to enter the top six global beer companies[72] - The company expanded its market presence in emerging regions, maintaining a stable development in markets like Sichuan and Guangxi despite competitive pressures[38] Risk Management and Transparency - The company acknowledges potential risks in its future operations, which are detailed in the report[5] - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4] - The company has a commitment to transparency and has made its financial disclosures available on public platforms[16] - The company recognizes the need for continuous management improvement and risk prevention strategies to address market risks and raw material price fluctuations[77] Environmental and Social Responsibility - The company invested ¥92.47 million in environmental protection initiatives in 2016, achieving energy-saving and emission reduction results valued at ¥34.27 million[42] - The company is recognized as a "National Environmentally Friendly Enterprise" and a pilot enterprise for circular economy in Beijing[135] - The company reported a total COD (Chemical Oxygen Demand) discharge of 63.5 tons, which was within the standard limits[134] - The company allocated CNY 15.58 million for employee training and skill enhancement[136] - The company's social welfare donations amounted to CNY 3.3 million[136] Corporate Governance - The company adheres to legal regulations to maintain a sound governance structure and protect shareholder interests[180] - The company has no significant discrepancies with the governance norms set by the China Securities Regulatory Commission[181] - The audit committee held four meetings in 2016 to review financial reports and ensure compliance with internal control systems[190] - The company’s independent directors actively participated in decision-making and provided objective opinions on major matters, enhancing corporate governance[188] Internal Control and Audit - The audit committee reviewed the 2016 annual audit work plan and confirmed the arrangements with the accounting firm, ensuring the financial statements accurately reflect the company's financial status[191] - The internal control audit report was disclosed on April 26, 2017, with a standard unqualified opinion from the accounting firm[200] - The company maintained effective internal control over financial reporting as of December 31, 2016, in accordance with relevant regulations[199] Human Resources and Management - The company’s human resource management was enhanced through the establishment of a postdoctoral workstation and optimization of job configurations[41] - The company emphasizes a comprehensive salary system based on actual operating performance, linking bonuses to departmental and overall company performance[175] - The total compensation for directors and senior management during the reporting period amounts to 1,614.26 thousand[173] - The company plans to enhance training efforts and improve the rotation mechanism to elevate team quality[177] Shareholder Structure - The total number of shares outstanding is 2,818,539,341, with 89.03% being unrestricted shares[144] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., holds 57.40% of the shares, totaling 1,617,727,568 shares[147] - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[151][154] - The company’s independent directors reviewed and approved the related party transactions before submission to the board[139]

Financial Performance - Total revenue for the third quarter reached approximately RMB 19.00 billion, an increase of 4.16% compared to the same period last year[6] - Net profit attributable to shareholders was approximately RMB 166.35 million, a decrease of 35.90% year-on-year[6] - The company reported a significant increase in net profit for the third quarter of 2016, with a total of 1,000 million CNY, marking a year-on-year growth of 15%[33] - Total revenue for the period reached CNY 10.37 billion, a decrease of 9.4% compared to CNY 11.45 billion in the same period last year[47] - Operating profit was CNY 783.10 million, down 26.0% from CNY 1.06 billion year-on-year[47] - Net profit attributable to shareholders was CNY 618.27 million, a decline of 27.9% from CNY 857.39 million in the previous year[47] - The company reported a total profit of CNY 832.42 million, down 27.0% from CNY 1.14 billion year-on-year[47] Cash Flow and Liquidity - The company's cash and cash equivalents at the end of the period increased by 59.27% to RMB 277.76 million, primarily due to increased sales collections[15] - The net cash flow from operating activities for the current period is ¥1,932,401,174.63, a decrease of 20.3% compared to ¥2,424,936,139.59 in the previous period[50] - Total cash inflow from operating activities decreased to ¥12,770,409,762.12 from ¥13,033,071,113.36, reflecting a decline of approximately 2%[50] - Cash outflow from operating activities increased to ¥10,838,008,587.49 from ¥10,608,134,973.77, representing an increase of about 2.2%[50] - The ending cash and cash equivalents balance increased to ¥2,777,643,496.45 from ¥2,350,312,153.95, reflecting a growth of approximately 18.2%[50] Investment and Expenses - Investment income for the period was RMB 5.05 million, down 77.77% year-on-year, mainly due to reduced external investments[18] - The company reported an investment income of CNY 2,249,484.92, an increase from CNY 2,013,068.48 in the previous year[45] - The company's total operating costs were CNY 3,900,822,823.20, a reduction of 5.3% from CNY 4,116,965,639.97 in the previous year[45] - Sales expenses were CNY 511,191,776.16, a slight decrease from CNY 540,750,616.09 year-over-year[45] - Management expenses decreased to CNY 435,181,363.39 from CNY 469,193,174.03, reflecting a reduction of 7.3%[45] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 59,345[11] - The largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., held 57.40% of the shares, totaling approximately 1.62 billion shares[11] - The company has committed to a share buyback program, aiming to repurchase up to 2% of its total shares within the next 12 months[34] - The company has adhered to its commitments regarding stock holdings, with no sales of shares planned until March 2017[34] Market and Product Development - In the first nine months of 2016, the company achieved beer sales of 3.9833 million kiloliters, with the Yanjing main brand sales at 2.8148 million kiloliters, and "1+3" brand sales at 3.5251 million kiloliters[27] - The company aims to enhance market expansion and product development strategies in the upcoming quarters[48] - New product development includes the launch of a premium beer line, expected to contribute an additional 5% to overall sales in the next fiscal year[34] - The proportion of canned beer sales increased by 2.94% year-on-year, while the proportion of fresh beer sales increased by 3.73% year-on-year[27] Corporate Governance and Compliance - The company did not classify any non-recurring gains or losses as recurring during the reporting period[9] - There are no reported non-operating fund occupations by controlling shareholders during the reporting period[38] - The company has implemented strict measures to ensure compliance with related party transaction regulations, maintaining transparency and fairness in its dealings[33] - Yanjing Beer has established a commitment to ensure that related transactions do not harm the interests of shareholders[32]

Financial Performance - The company's operating revenue for the first half of 2016 was RMB 6,293,679,812.67, a decrease of 10.57% compared to RMB 7,037,807,319.88 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was RMB 451,921,214.29, down 24.41% from RMB 597,880,281.14 in the previous year[22]. - The net cash flow from operating activities was RMB 1,137,255,476.86, representing a decline of 39.62% compared to RMB 1,883,557,507.32 in the same period last year[22]. - Basic earnings per share decreased by 24.53% to RMB 0.160 from RMB 0.212 in the previous year[22]. - The company reported a total revenue of 3,338,228,010.73 CNY for the first nine months of 2016, reflecting a year-on-year increase of 2.5%[53]. - The net profit attributable to shareholders for the same period was 1,731,941,253.96 CNY, representing a growth of 3.8% compared to the previous year[53]. - The company reported a significant related party transaction involving the use of the "Yanjing" trademark, with a transaction amount of 2,901.33 million RMB, representing 100% of similar transactions[65]. - The company incurred a service fee of 853.35 million RMB for comprehensive services provided by the parent company, also representing 100% of similar transactions[65]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,165,519,143.10, an increase of 5.06% from RMB 18,242,777,380.02 at the end of the previous year[22]. - The total assets of the company as of September 30, 2016, were reported at 4,000,000,000 CNY, indicating a stable financial position[53]. - The company's total liabilities were RMB 4.99 billion, compared to RMB 4.55 billion at the beginning of the period, reflecting an increase of about 9.7%[116]. - The total actual guarantee amount accounted for 0.00% of the company's net assets[81]. - The company's total assets increased to CNY 17,646,355,242.98 from CNY 16,153,441,091.73, representing a growth of 9.23%[119]. Dividends and Shareholder Returns - The company plans not to distribute cash dividends or bonus shares for the first half of the year[6]. - The company declared a cash dividend of 0.7 CNY per share, with a total distribution amounting to 197,297,753.87 CNY, which was executed on July 21, 2016[55]. - The company has a clear and compliant cash dividend policy, ensuring protection of minority shareholders' rights[56]. - The company implemented a cash dividend distribution plan for 2015, distributing 0.7 CNY per 10 shares, with a total cash dividend of approximately 197.3 million CNY (including tax) based on a total share capital of 2,818,539,341 shares[96]. Market Strategy and Product Development - The company plans to expand its market presence by increasing production capacity by 15% in the next fiscal year[54]. - The company is investing in new product development, focusing on innovative beer flavors to attract younger consumers[54]. - The company actively promoted new products such as raw beer and white beer, contributing to the overall sales growth[32]. - The company has enhanced its market management and layout, particularly in the southwestern region, to mitigate the impact of adverse weather conditions[33]. - The company has implemented a differentiated competition strategy, maintaining a stable pricing system to strengthen market competitiveness[32]. Corporate Governance and Compliance - The company has not implemented any stock incentive plans during the reporting period but plans to prepare a proposal within three years[63]. - The company has not made any adjustments to its cash dividend policy during the reporting period, maintaining transparency in its decision-making process[56]. - The company has established clear market area divisions to prevent conflicts with Huichuan Beer[86]. - The company is committed to normal performance of its equity incentive commitments[85]. - The company has promised to adhere to fair and transparent principles in related party transactions to protect shareholder interests[87]. Financial Management and Investments - The company has allocated 60 million CNY for financial investment products to optimize its asset management strategy[50]. - The company reported a loan amount of RMB 200 million and a deposit amount of RMB 50 million with Beijing Holdings Group Financial Company as of June 30, 2016[71]. - The financial service agreement with Beijing Holdings Group Financial Company includes a maximum daily loan balance of RMB 500 million and a maximum daily deposit balance of RMB 130 million[71]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[54]. Environmental and Social Responsibility - The company invested 63.28 million yuan in environmental protection, achieving energy-saving and emission-reduction results valued at 58.71 million yuan during the reporting period[37]. - The company aims to achieve sustainable development through management and technological innovations, aligning with national environmental policies[37]. Share Capital and Structure - The registered capital of the company changed to RMB 2,818,539,341 during the reporting period[19]. - The total number of ordinary shareholders at the end of the reporting period was 68,753[103]. - Beijing Yanjing Beer Investment Co. holds 57.39% of the shares, amounting to approximately 1.62 billion shares[104]. - The company completed a public offering of up to 52,000.00 million shares, concluding on May 29, 2013, with a total issuance of 284,768,676.00 shares[137]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance[141]. - The financial report reflects the company's consolidated financial position, operating results, and cash flows accurately and completely[145]. - Minority interests are separately listed in the consolidated balance sheet, reflecting the portion of net loss attributable to minority shareholders[157]. - The company recognizes investment income from the disposal of equity investments when control over a subsidiary is lost, adjusting goodwill accordingly[158].