青岛啤酒股份(00168) - 2025 - 中期业绩

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