ANNUAL REPORT 2024
Company Code: 600132 Abbreviation of the Company: Chongqing Brewery
CHONGQING BREWERY CO. LTD.ANNUAL REPORT 2024This document is a translation of the original Chinese 2024 Annual Report of Chongqing Brewery Co. Ltd. (《重庆啤酒股份有限公司 2024 年年度报告》). In the event of any discrepancy between the Chinese and English versions the
Chinese version shall prevail.
1 / 252ANNUAL REPORT 2024
Important Notice
I. The Board of Directors the Board of Supervisors and the directors supervisors and senior management
of the Company guarantee that the information of the Annual Report is true accurate and complete and
there are no false representations misleading statements or material omissions and assume individual and
joint liabilities to the information contained herein.II. All Directors of the Company attended the Board meeting.III. Pan-China Certified Public Accountants LLP (Special General Partnership) has issued an auditor’s
report with an unqualified opinion to the Company.IV. Jo?o Miguel Ventura Rego Abecasis the person-in-charge of the Company Chin Wee Hua the person-
in-charge of accounting work and Liu Liping the person-in-charge of the accounting department (head of
the accounting department) hereby declare their guarantees for the authenticity accuracy and completeness
of the financial report in the Annual Report.V. Plans on profit distribution or conversion of capital reserve to increase share capital in the current
reporting period deliberated and approved by the Board of Directors
The Company intends to distribute cash dividends to all shareholders based on the total share capital as of the equity
registration date for the 2024 annual profit distribution. Cash dividends of 0.90 yuan (tax inclusive) per share will
be distributed. As of December 31 2024 the Company’s total share capital was 483971198 shares and a total of
cash dividend of 435574078.20 yuan (tax inclusive) will be distributed on such basis. Previously for the 2024
interim period the Company distributed a cash dividend of 1.50 yuan (tax inclusive) per share to all shareholders
totaling 725956797.00 yuan (tax inclusive). Accordingly the total cash dividend for 2024 is 1161530875.20
yuan (tax inclusive) accounting for 104.21% of the net profit attributable to shareholders of the Company in 2024.If there is any change in the Company’s total share capital before the equity registration date for the 2024 annual
profit distribution the distribution ratio per share will remain unchanged with corresponding adjustments to the
total distribution amount. The above profit distribution plan is subject to approval by the Company’s shareholders’
meeting before implementation.VI. Risk statement with respect to forward-looking statements
√ Applicable □ Not applicable
Forward-looking statements including future plans contained in this report do not constitute actual commitments
made by the Company to investors. Investors should be aware of investment risks.VII. Is there any fund occupied by the controlling shareholder and its related parties for nonoperational
purposes
No
VIII. Is there any external guarantee made in violation of required decision-making procedures
No
2 / 252ANNUAL REPORT 2024
IX. Are there more than half of the directors who cannot guarantee the authenticity accuracy and
completeness of the annual report disclosed by the Company
No
X. Notice of material risksThe Company has described relevant potential risks in this report. For details please refer to “VI. Discussion andAnalysis on the Future Development of the Company” under Section III of this Report.XI. Others
□ Applicable √ Not applicable
3 / 252ANNUAL REPORT 2024
CONTENTS
SECTION I DEFINITIONS ............................... 5
SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL... 5
SECTION III MANAGEMENT DISCUSSION AND ANALYSIS ..... 10
SECTION IV CORPORATE GOVERNANCE .................... 35
SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY... 57
SECTION VI IMPORTANT MATTERS ....................... 66
SECTION VII CHANGES IN SHARES AND PARTICULARS OF S.. 89
SECTION VIII INFORMATION ON PREFERRED SHARES ....... 95
SECTION IX PARTICULARS OF BONDS .................... 95
SECTION X FINANCIAL REPORT ......................... 96
Financial statements signed and sealed by the person-in-charge of the Company the person
in-charge of accounting work and the person-in-charge of the accounting department of the
Company;
Documents
Original copy of the audit report bearing the seal of the accounting firm as well as the
Available for
signatures and seals of the certified public accountants;
Inspection
Original copies of all the documents of the Company as well as the original scripts of its
announcements disclosed on the newspaper designated by the CSRC during the reporting
period.
4 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
SECTION I DEFINITIONS
I. Definitions
In this Report unless the context otherwise requires the following words shall have the following meanings:
CSRC China Securities Regulatory Commission
SSE Shanghai Stock Exchange
Company the Company the Chongqing Brewery Co. Ltd.listed company
Carlsberg Foundation Carlsberg Foundation
Carlsberg Carlsberg A/S
Carlsberg Breweries Carlsberg Breweries A/S
Carlsberg HK Carlsberg Brewery Hong Kong Limited
Carlsberg Chongqing Carlsberg Chongqing Limited
Carlsberg Investment Guangzhou Carlsberg Investment Co. Ltd. formerly known as Guangzhou
Carlsberg Consultancy Carlsberg Consultancy and Management Services Co. Ltd.Carlsberg Chongqing Carlsberg Chongqing Brewery Co. Ltd. formerly known as Chongqing
Brewery Chongqing Jianiang Jianiang Brewery Co. Ltd.Major asset restructuring this The major asset purchase of Chongqing Brewery Co. Ltd. and joint capital
restructuring increase in the joint venture as well as related-party transactions
Pack A assets The collective name of 100% equity interest in Carlsberg (China) Breweries and
Trading Company Limited 100% equity interest in Carlsberg Beer Enterprise
Management (Chongqing) Company Limited 99% equity interest in Carlsberg
Brewery (Guangdong) Company Limited and 100% equity interest in Kunming
Huashi Brewery Company Limited which all held by Carlsberg Investment.Pack B assets The collective name of 100% equity interest in Xinjiang Wusu Breweries Co.Ltd. and 70% equity interest in Ningxia Xixia Jianiang Brewery Co. Ltd. both
held by Carlsberg Breweries.SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL
INDICATORS
I. Corporate Information
Chinese name 重庆啤酒股份有限公司
Abbreviated Chinese name 重庆啤酒
English name Chongqing Brewery Co. Ltd.Abbreviated English name CBC
Legal representative Jo?o Miguel Ventura Rego Abecasis
II. Contact Persons and Contact Information
Secretary to the Board Securities Affairs Representative
Name Deng Wei Li Xiaoyu
Address Floor 13 Kingold Century No.62 Jinsui Floor 13 Kingold Century No.62 Jinsui
Road Tianhe District Guangzhou City Road Tianhe District Guangzhou City
Guangdong Province Guangdong Province
Telephone 4001600132 4001600132
5 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Fax 020-28016518 020-28016518
E-mail CBCSMIR@carlsberg.asia CBCSMIR@carlsberg.asia
III. Basic Information
Registered address No. 9 Hengshan East Road Dazhulin Sub-district
High-tech Industrial Park New North Zone Chongqing
Business address Floor 13 Kingold Century Finance Center No. 62
Jinsui Road Tianhe District Guangzhou City
Guangdong Province
Postal code of business address 510623
Website www.carlsbergchina.com.cn
Email CBCSMIR@carlsberg.asia
IV. Place of Information Disclosure and Document Inspection
Names and websites of media for annual report China Securities Journal Shanghai Securities News
disclosure Securities Times Securities Daily
Website of the stock exchange for annual report www.sse.com.cn
disclosure
Annual reports available at Board Office of the Company
V. Stock Listing
Stock Information
Stock Exchange for Previous Stock
Share Class Stock Abbreviation Stock Code
Listing Abbreviation
Shanghai Stock
A share Chongqing Brewery 600132 N/A
Exchange
VI. Other Relevant Information
Name Pan-China Certified Public Accountants LLP
Domestic accounting firm Block B China Resources Building 1366
Office address
engaged by the Company Qianjiang Rd. Hangzhou 310020 China
Signed CPAs Zhao Xingming Xiang Qing
VII. Key Accounting Data and Financial Indicators for the Past Three Years
(I) Key accounting data
Monetary unit: RMB
YoY 2022
Items 2024 2023 growth
After adjustment Before adjustment
rate (%)
Operating
14644597842.4614814836410.26-1.1514039040539.4514039040539.45
revenue
Net profit 1114593043.58 1336597321.13 -16.61 1263619606.46 1263604930.09
6 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
attributable to
shareholders of
the Company
Net profit
attributable to
shareholders of
the Company 1221624723.92 1313987214.02 -7.03 1234352860.32 1234338183.95
after deducting
non-recurring
profit or loss
Net cash flows
from operating 2542046725.49 3096948816.62 -17.92 3752648258.54 3752648258.54
activities
YoY 2022
December 31 December 31
growth
2024 2023 After adjustment Before adjustment
rate (%)
Net profit
attributable to
1185220264.012140200619.57-44.622056176499.912056155782.63
shareholders of
the Company
Total assets 10968339719.39 12386911593.95 -11.45 12497582459.14 12497542168.83
(II) Key financial indicators
2022
YoY growth rate
Items 2024 2023
(%) After Before
adjustment adjustment
Basic EPS (yuan/share) 2.30 2.76 -16.61 2.61 2.61
Diluted EPS (yuan/share) 2.30 2.76 -16.61 2.61 2.61
Basic EPS after deducting non-
recurring profit or loss 2.52 2.72 -7.03 2.55 2.55
(yuan/share)
Weighted average ROE (%) 60.17 67.05 -6.88 69.25 69.25
Weighted average ROE after
deducting non-recurring profit or 65.95 65.92 +0.03 67.65 67.65
loss (%)
7 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Remarks on key accounting data and financial indicators in the past three years
√ Applicable □ Not Applicable
The Ministry of Finance issued the “Interpretation of China Accounting Standards for Business Enterprises No. 16”
(Cai Kuai [2022] No. 31) (the “Interpretation No. 16”) on November 30 2022 in which the regulations about
accounting for deferred tax related to assets and liabilities arising from a single transaction to which the initial
recognition exemption does not apply take effect since January 1 2023. For taxable and deductible temporary
differences associated with lease liabilities and right-of-use assets arising from such single transactions and
presented at the beginning of the earliest comparative period the cumulative effect of initially applying the
Interpretation No. 16 and “CASBE 18 – Enterprise Income Tax” shall be adjusted into retained earnings or other
related items at the beginning of the earliest comparative period presented.VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards
(I) Differences in net profit and net assets attributable to shareholders of the listed company in the financial
reports disclosed simultaneously in accordance with international accounting standards and Chinese
accounting standards
□ Applicable √ Not applicable
(II) Differences in net profit and net assets attributable to shareholders of the listed company in the financial
reports disclosed simultaneously in accordance with foreign accounting standards and Chinese
accounting standards
□ Applicable √ Not applicable
(III) Explanation on the differences between domestic and foreign accounting standards:
□ Applicable √ Not applicable
IX. Key Quarterly Financial Data in 2024
Monetary unit: RMB
First quarter Second quarter Third quarter Fourth quarter
Items
(January-March) (April-June) (July-September) (October-December)
Operating revenue 4292542727.03 4568145803.31 4202308225.00 1581601087.12
Net profit attributable
to shareholders of the 451938986.11 449351315.12 430678422.06 -217375679.71
Company
Net profit attributable
to shareholders of the
Company after 445935567.05 441637973.60 417990356.67 -83939173.40
deducting non-
recurring profit or loss
Net cash flows from
1080755377.221472822425.64908219714.20-919750791.57
operating activities
Remarks on differences between quarterly data and data disclosed in periodic report
□ Applicable √ Not Applicable
X. Non-Recurring Profit or Loss
√ Applicable □ Not applicable
8 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Monetary unit: RMB
Note No. (if
Items Year 2024 Year 2023 Year 2022
applicable)
Gains or losses on disposal of non-
current assets including write-off of -4696864.39 -6223012.64 -2686096.87
provision for impairment
Government grants included in profit
or loss (excluding those closely
related to operating activities of the
Company satisfying government
59382565.1457034039.9656173947.41
policies and regulations enjoyed
based on certain standards and
continuously affecting gains or losses
of the Company)
Gains or losses on changes in fair
value of financial assets and liabilities
held by non-financial enterprises and
gains or losses on disposal of financial 14261941.65 4138674.52 11322859.61
assets and liabilities excluding those
arising from hedging business related
to operating activities
Losses on assets incurred due to force
-22928871.60
majeure such as natural disasters
The reversed provision for impairment
of receivables based on impairment 728718.32 368172.05
testing on an individual basis
Contingent gains on non-operating
-254029189.86
activities
Other non-operating revenue or
-4675929.6126866634.404495553.47
expenditures
Other profit or loss satisfying the
definition of non-recurring profit or 344606.28 1802741.69
loss
Less: Enterprise income tax affected 17432030.06 14721391.00 15007349.22
Non-controlling interest affected
-100157826.7922629291.1327203082.00
(after tax)
Total -107031680.34 22610107.11 29266746.14Remarks on defining items not listed in “Interpretation Pronouncement on Information Disclosure Criteria for PublicCompanies No. 1—Non-Recurring Profit or Loss” as non-recurring profit or loss with significant amount andremarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on InformationDisclosure Criteria for Public Companies No. 1—Non-Recurring Profit or Loss” as recurring profit or loss
□ Applicable √ Not applicable
XI. Items Measured at Fair Value
√ Applicable □ Not applicable
9 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Monetary unit: RMB
Effect on current
Items Opening balance Closing balance Increase/Decrease
profit before tax
Held-for-trading
360202000.00-360202000.0014261941.65
financial assets
Other equity
instrument 16625962.83 17825955.91 1199993.08 287171.90
investments
Derivative financial
14392732.7822482125.728089392.9410659396.97
assets
Derivative financial
15408026.80897606.82-14510419.98-21946552.41
liabilities
Total 406628722.41 41205688.45 -365423033.96 3261958.11
XII. Others
□ Applicable √ Not applicable
SECTION III MANAGEMENT DISCUSSION AND ANALYSIS
I. Discussion and Analysis on Operations
In 2024 guided by the “Accelerate SAIL” strategy the Company proactively responded to the opportunities and
challenges arising from the evolving macro environment. By continuously optimizing its product portfolio the
Company maintained industry-leading performance in gross margin revenue per hectoliter and return on equity.Its beer business achieved steady growth.I. Market
Carlsberg: In 2024 Carlsberg continued its “Artist Edition” campaign by introducing a special “Wood DragonGreets Spring Lunar New Year limited-edition can series accompanied by the interactive social media challenge
“Pass the Dragon’s Luck for a Year of Prosperity”. In brand marketing Carlsberg partnered with Liverpool FC to
launch the “Pursue good football drink Carlsberg” campaign driving sales growth and brand visibility through
advertising player livestreams limited-edition cans and promotions. In channel marketing the brand successfully
boosted NEO channel sales by hosting the “Multiverse” EDM festival. Its distribution across both on-trade and off-
trade channels continued to expand.Tuborg: Tuborg further championed the “Tilt The World WHY NOT” philosophy by collaborating with rappers GAI
and ASEN to launch a new brand campaign film and limited-edition cans while reinforcing its distinctive brand
attitude through multiple social media activities. In music marketing Tuborg reinforced the powerful “Music + Beer”connection by sponsoring The Rap of China 2024 and Rap Star Dream Maker launching “New Blood Brew theVibe” initiative with an attitude-driven single while maintaining partnerships with music festivals.Kronenbourg 1664: K1664 signed a high-profile brand ambassador to reinforce its premium positioning andenhance consumer recognition. The brand garnered high-quality media exposure through the “1664 Blue HourEditor’s Dinner 1664” co-hosted with GQ magazine. Leveraging major sporting events 1664 created origin vlog
from France to showcase authentic French lifestyle reinforcing its international image. Limited-edition packaging
was launched on e-commerce platforms to boost off-trade channel growth.
10 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Somersby: Somersby drove cider awareness creating a new drinking occasion—“The First Sip After Work”. Its
four flavors won four awards at the 2024 World Cider Awards while innovative packaging formats including mini
and slim cans were introduced to the market. Through an integrated mix of IP collaborations KOL seeding celebrity
fandom engagement UTC and on-site tastings the brand built a premium youthful image. Focused off-trade and
e-commerce execution delivered steady growth of the brand.Wusu: Wusu strengthened its differentiation strategy through reverse marketing and targeted media placement
amplifying its “hard core” image. Leveraging Xinjiang’s tourism boom the brand launched integrated campaigns
combining online KOL matrix with offline activities such as branded highway tour and the “Wuzhong Bazaar”
showcasing its Xinjiang heritage while enhancing engagement with young consumers. The brand entrenched the
“Eat BBQ Drink Wusu” consumer occasion through engaging offline experiences reinforcing consumer awareness.Its product lineup expanded with new offerings including Wusu Secret Brew Wusu 1986 and a 40th Anniversary
Commemorative Edition. Supported by the Big City 2.0 program Wusu expanded its distribution network with
effective increases in distribution points to drive steady market development.Chongqing: The Chongqing brand achieved significant volume growth by launching its premium offerings like craft
white beer with Chongqing Pure Draft as its core. The brand amplified local pride and celebrated Chongqing
heritage by partnering with hometown Olympic champion as the face of the brand hosting the “Pride in Victory”symphony concert and introducing limited-edition cans. It cemented its connection to hot pot occasion with “EatHot Pot Drink CQ Beer” supported by the “Ode to Hot Pot” marketing and offline campaigns like the Chongqing
Hot Pot Festival to strengthen consumer experience.Wind Flower Snow Moon: Wind Flower Snow Moon achieved high-speed growth by integrating with Yunnan’s
local culture and tourism boom. Its low-alcohol brews gained nationwide popularity among young consumers.Through its partnership with folk duo Landlord’s Cat it created folk music livestreams and “Folk Tavern” roadshow
events linking the brand with travel and outdoor leisure occasions. Leveraging its differentiated product portfolio
and integrated off-trade channel marketing Wind Flower Snow Moon achieved accelerated development.Dali: The Dali brand continued to cultivate the Yunnan market building the brand image through its V8 Extra Malt
with brand ambassador Jike Junyi. It reinforced its local ties by integrating with multi-ethnic cultural festivals such
as the March Street Festival and Torch Festival. Cross-brand partnerships with KFC and Shuanghui consolidated its
market presence while new channels like O2O accelerated its growth. The launch of Dali Cang’er soft drinks further
diversified its product portfolio.Craft Beer Brands: Craft beer brands continued to drive trial and purchases by simultaneously “expanding casualbeer drinkers” while “engaging and converting craft beer geeks and beer lovers”. Jing-A strengthened its distributionand consumer engagement through themed marketing campaigns while Brooklyn launched its “Bar Crawl BusProject” initiative partnering with bars to drive product trial and boost conversions. In 2024 the Company’s craftbeer brands participated in over 30 beer festivals and successfully hosted signature events including Jing-A’s “Jing-A 8×8 Collaborative Brewing Project” and the “Jing-A x Brooklyn International Collaborative Brewing &Brewmaster’s China Tour”. These efforts expanded the brands’ reach among beer lovers while boosting brand
prestige and influence.II. Sales
In 2024 the Company’s off-trade channel delivered market share growth by driving canned product offerings multi-
pack formats and new product launches. Traditional channels maintained stable share with strongholds continuing
11 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
growth. The Big City program improved route-to-market in non-core markets though certain regions presented
challenges. MOFT channels seized growth opportunities in small-format stores emerging channels and large-
format warehouse clubs. The Company focused key business formats and markets to enhance product mix
distribution canning ratio and multi-pack offerings while utilizing new marketing campaigns to drive sales growth.The on-trade channel faced impacts from sluggish consumption and changing consumer habits with intensified
competition in entertainment and dining channels putting pressure on product sell-through. Despite these challenges
several international and local brands achieved counter-cyclical growth.The Big City program maintained its role as the core engine delivering sound performance amid market challenges
through tiered management focused resource allocation and customized strategies.Digital innovation program empowered traditional and dinning channels by enhancing operational efficiencies
enabling integrated consumer promotions and driving channel sales.III. Supply Chain
In 2024 the Company further optimized its supply chain network. The new Foshan brewery officially began
production in August effectively addressing production capacity shortage in South China while reducing delivery
time to the region by 80% and significantly cutting logistics costs. The Foshan brewery employs numerous energy-
saving eco-friendly and sustainable technologies making it a model of green brewery. It is equipped with a 3000-
ton rainwater collection system embodying the “sponge brewery” design concept.To consistently enhance beer flavor profiles the Company has prioritized taste assessment capability building
through the ongoing “100 People Plan.” In collaboration with China Fermentation Research Institute and China
Alcoholic Drinks Association (CADA) it successfully trained and certified more than 100 professional beer tasters
significantly enhancing the team’s taste assessment capabilities. At CADA’s China International Beer Challenge
the Company’s products received 15 awards maintaining its position as the most awarded brewery for three
consecutive years. Notably multiple products of the Company received four- or three-star honors including Wusu
Loulan Secret Brew Carlsberg Smooth Carlsberg Special Brew Somersby Elderflower Cider Jing-A Dongbei IPA
and Jing-A Triple Berry Nectar. These accolades further demonstrate the Company’s outstanding performance in
product quality.IV. ESG
In 2024 Chongqing Brewery further advanced its “Together Towards Zero and Beyond (TTZAB)” ESG program
strengthening communication with stakeholders and achieving significant progress across all program targets. In
the latest ESG ratings by MSCI—a leading international rating agency Chongqing Brewery rose from A to AA
making it one of only two highest-rated companies among China’s 120+ A-share listed food and beverage firms.The Company gained numerous prestigious awards including: “2024 ESG Demonstration Enterprise” by China
Alcoholic Drinks Association “2024 Best Sustainability Practice Case for Listed Companies” by China Association
for Public Companies “2024 ESG Influence List” by Fortune China “2024 ESG Competitive Enterprise” by
Southern Weekly “ESG Sustainability Excellence Model” by Guangzhou Daily “2024 Corporate SocialResponsibility Case” by People’s Daily Online “Annual Sustainability Benchmark” by Caijing.com and “ESGGolden Bull Award Top 100” by China Securities Journal.The Company’s subsidiaries received multiple sustainability honors: Carlsberg Brewery Industry and Trade Co.Ltd. was recognized as “Yunnan Provincial Water Conservation Benchmark Enterprise 2024”. Both Korla Brewery
12 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
and Wusu Brewery were awarded the title of “Autonomous Region-Level Green Factory”. Hunan Chongqing
Brewery Grandmen Co. Ltd. was honored with the “2024 Hunan Provincial Green Factory” title.ZERO Carbon Footprint: The Company has achieved 100% renewable electricity with the electrification rate of its
forklift fleet reached 82%. Its breweries reduced production-related carbon emissions by 2531 tons throughout the
year representing a 70% reduction from the 2015 baseline. Carbon emissions per hectoliter of beer decreased by
4.5% (vs 2023) and 76.7% (vs 2015). The newly completed Foshan Brewery has become Carlsberg Group’s global
benchmark for sustainable smart brewing.ZERO Farming Footprint: The Company attaches great importance to the recycling of brewing by-products
achieving 100% recycling of 1.67 million tons of spent yeast liquor and 307000 tons of spent grains in 2024 all
repurposed for agricultural and livestock applications to advance circular economy. Meanwhile the Company
enhanced sustainable and localized raw material procurement prioritizing suppliers within proximity to breweries
establishing long-term contracts with the suppliers to encourage local cultivation and actively developing local
hops farming. Currently the Company has achieved 100% local procurement of key adjuncts with 50% of hops
and 30% of malt products being sourced locally.ZERO Packaging Waste: The Company uses glass bottles containing 60% recycled content with Carlsberg and
others adopting eco-friendly inks and PVC-free labels. In 2024 the Company increased its bottle return rate by 3.6%
compared to 2022 levels. Meanwhile the Company prioritized the recycling of glass cullet generated during
packaging operations achieving an annual recovery volume of 31346 tons (equivalent to 125 million 330ml beer
bottles) and reducing carbon emissions by over 25000 tons. In addition by implementing bag-free transportation
for raw material procurement the Company reduced the use of 5 million plastic woven bags and cut carbon
emissions by approximately 1500 tons annually.ZERO Water Waste: In 2024 the Company’s breweries achieved an average water consumption of 2.09 HL/HL
representing a 45.7% decrease from 2015. The Foshan Brewery which was put into operation in 2024 features four
rainwater collection tanks to recycle rainwater making it the first “sponge brewery” of Carlsberg in the world.ZERO Irresponsible Drinking: In response to the call of the International Alliance for Responsible Drinking the
Company implemented warning labels on all its alcohol packaging such as “Not for Pregnant Women” “UnderageDrinking Prohibited” and “Do Not Drink and Drive” enhancing consumer awareness of responsible drinking.Additionally the Company actively participated in the National Responsible Drinking Awareness Week and
embedded responsible drinking education into brand events such as the Dali Beer Festival. In 2024 11 brand
ambassadors including Zhao Lusi Yu Shi Tian Liang GAI and Jike Junyi jointly advocated for responsible
drinking amplifying this message to over 6.2 million consumers.ZERO Accidents Culture: The Company has conducted All-Staff Safety Day for 11 consecutive years continuously
enhancing employee competency and safety awareness. Its five breweries have maintained Loss Time Accident
(LTA)-free operations for over a decade. Compared to 2018 LTA rates for both employees and contractors have
decreased by 92%.V. Talent Development
In 2024 the Company actively advanced its corporate culture development.On one hand it has fully implemented an up-to-date growth culture organizing senior managers to participate in
dedicated workshops where business leaders explained cultural principles. Parallel to this the HR team designed
13 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
creative activities to help employees apply growth culture in their daily work. Guided by this growth culture the
Company launched a comprehensive efficiency and productivity optimization program achieving significant
improvements in cross-functional collaboration through process and reporting streamlining system functionality
upgrades dedicated communication platforms etc.On the other hand the Company has been actively fostering a culture of diversity equality and inclusion (DE&I).Leveraging International Women’s Day it launched the “Women’s Special Brew” public welfare project where a
team of female brewers crafted limited-edition brews to celebrate female power. The project not only strengthened
employees’ sense of belonging and social responsibility through internal activities but also allocated special funds
to the Women’s Federation of Quannan County Jiangxi Province for the “Mother’s Health Express” prgoram to
support women’s health development. Additionally the representation of women in mid-to-senior management rolesincreased by nearly 3% compared to 2023. In 2024 The Company was again honored with the “2024 DEI EmployerAward” and “Best DEI Project Award” by the Employer Branding Institute. The 2024 “My Voice” survey covered
over 6300 employees achieving a remarkable 99% participation rate. Building on the survey results the Company
proactively addressed employee feedback by developing and implementing targeted action plans to further enhance
employee engagement.Employer Brand Building: Chongqing Brewery driven by its purpose of “Brewing for a Better Today andTomorrow” has deeply integrated diversity equality and inclusion (DE&I) principles into its operations. Through
innovative initiatives like “Women’s Recruitment Month” and the “Her Era Livestreaming” the Company has
successfully attracted a significant number of female talents further strengthening its employer brand appeal among
women professionals. Meanwhile Chongqing Brewery strengthened its university partnerships by partnering with
renowned academic institutions to co-develop courses. These courses provide students with cutting-edge business
and management perspectives empowering their career development while preparing a pipeline of high-caliber
talent for the Company. Additionally Chongqing Brewery has optimized its recruitment process and enhanced its
corporate culture experience further boosting its employer brand appeal. By integrating beer culture communication
with employer branding and showcasing brand vitality the Company has been recognized as a model employer in
the industry successfully attracting and retaining talent thereby injecting new momentum for its sustainable
development.Talent Development Strategy: Chongqing Brewery is committed to building a multi-tiered comprehensive talent
development system focusing on optimizing and promoting development programs for young professionals
frontline leaders and mid-to-senior managers. Through this structured talent cultivation mechanism Chongqing
Brewery has not only strengthened its talent pipeline but also significantly improved the stability and
competitiveness of its key positions achieving a 70% internal fill rate for mid-to-senior management positions.Employee Development: Chongqing Brewery offers extensive and in-depth learning opportunities to all employees
through a combination of online and offline learning methods supporting the growth of both individuals and the
organization. In terms of offline training the Company delivered over 250000 total training hours nationwide in
2024 with an average learning time per capita reaching 37 hours. Regarding online resource support the Company
comprehensively upgraded the Carlsberg E-learning platform to cover all functional colleges creating a one-stop
multi-functional online learning solution that enhances employees’ learning experience.VI. Investor Relations Management
In 2024 the Company demonstrated strong initiative and innovation in investor relations management. Through
diversified multi-dimensional and scenario-based communication strategies it effectively built a bridge of trust
with the capital markets. In addition to routine communication activities such as domestic and international
14 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
brokerage strategy meetings and reverse roadshows the Company hosted brewery tours for investors to witness
product manufacturing process firsthand enhancing their understanding of the Company’s production efficiency
and supply chain management strength. The “Wusu Big Big Q” tasting event allowed investors to directly
experienced how the brand’s “Eat BBQ Drink Wusu” positioning deeply integrates to barbecue dining occasions.The 2023 Annual Shareholders Meeting at Jing-A Taproom created a unique brand experience for shareholders and
investors. Furthermore throughout the reporting period the Company consistently conducted high-standard
distinctive earnings presentations to promptly communicate corporate updates to the market and investors while
fully safeguarding shareholders’ right to information.During the reporting period the Company gained widespread recognition for its excellence in investor relations
management receiving prestigious honors including: eight awards under Institutional Investor’s Asia’s Best
Management Team 2024 five awards under Corporate Governance Asia’s 14th Asian Corporate Excellence Award
(2024) Securities Times’ Tianma Award for Investor Relations Management of Chinese Listed Companies
(Shareholder Returns) and Top 100 Valuable Mainboard Listed Companies under the China Listed Company ValueAward. For the second consecutive year the Company was awarded the title “Best Practice in Annual ResultsPresentation” by the China Association for Public Companies (CAPCO) a testament to its standardized operations
and innovative approaches in investor relations management.II. Description of the Industry Where the Company Operated During the Reporting Period
According to the National Bureau of Statistics of China the cumulative beer production by beer enterprises above
the designated size in China totaled 35.213million kiloliters in 2024 down 0.6% year-on-year.III. Business of the Company During the Reporting Period
The Company mainly engages in manufacturing and sale of beer products.Business model: The Company implements management by region.Procurement: The Company adopts an approach of centralized procurement and decentralized ordering.Supply: The Company organizes production and inventory in the principle of “production based on sales”.Sales: The Company adopts a sales model that focuses primarily on wholesale agency supplemented by direct
selling.IV. Analysis on Core Competitiveness During the Reporting Period
√ Applicable □ Not applicable
The Company is the operation platform of Carlsberg Group in China. Carlsberg Group headquartered in Denmark
is one of the world’s three largest beer companies. China is the largest market for Carlsberg Group globally. In the
Group’s SAIL’ 27 strategy for 2027 Keep Winning in China has been identified as a strategic priority with the goal
of becoming a successful professional and attractive brewer in the country.Market channels: The Company has an extensive sales network reaching provinces autonomous regions and cities
nationwide. In its key markets the Company possesses high-quality customer resources strong brand advantages
and stable sales channels.Brand portfolio: Through its powerful “Local Power Brands + International Premium Brands” brand portfolio the
Company attains high-quality growth by fulfilling consumers’ diversified demand for quality beer. IPBs include
Carlsberg Tuborg K1664 Brooklyn and Somersby while LBPs are Wusu Chongqing Shancheng Xixia Dali
15 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Wind Flower Snow Moon and Jing-A.Supply network: The Company owns 27 breweries which enable extensive cross-regional coordination in
procurement production and logistics creating synergies and ensuring efficient operations.Marketing: Through integrated operations and complementary brand strategies the Company achieves enhanced
marketing efficiency via heightened brand distinctiveness and diversified marketing approaches.V. Main Business Operation During the Reporting Period
In 2024 the Company sold 2.9749 million kiloliters of beer with operating revenue of 14.645 billion yuan and
operating profit of 3.185 billion yuan.(I) Analysis of principal business
1. Analysis on changes in related items in income statement and cash flow statement
Monetary unit: RMB
Current period Preceding period Percentage of
Items
cumulative comparative change (%)
Operating revenue 14644597842.46 14814836410.26 -1.15
Operation cost 7531376822.28 7533975786.02 -0.03
Selling expenses 2512653717.31 2532621832.78 -0.79
Administrative expenses 516942153.92 494670737.76 4.50
Financial expenses -27966273.40 -60313396.63 -53.63
R&D expenses 22666046.16 26232056.27 -13.59
Net cash flows from operating
2542046725.493096948816.62-17.92
activities
Net cash flows from investing
-633430356.26-1050978857.03-39.73
activities
Net cash flows from financing
-3527746522.01-2742702994.6928.62
activities
Remarks:
Changes in financial expenses are mainly due to the increase of structured deposits purchased using idle funds and
the decrease in seven-day call deposits during the current period leading to a decrease in interest income from bank
deposits compared to the preceding period.Changes in net cash flows from investing activities are mainly due to the increase in withdrawal of investment in
structured deposits.Explanation of significant changes in business type profit composition or profit sources in the current period.□ Applicable √ Not Applicable
2. Revenue and cost analysis
16 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
√ Applicable □ Not applicable
(1) . Analysis of principal business by industry product region and sales model
Monetary unit: RMB
Principal Business by Industry
YoY
Gross growth in YoY growth YoY growth
Industry Operating revenue Operating cost margin operating in operating in gross
(%) revenue cost (%) margin (%)
(%)
Beer 14169778204.59 7126652193.94 49.71 -1.88 -1.80 -0.44 pp
Principal Business by Product
YoY
Gross growth in YoY growth YoY growth
Product Operating revenue Operating cost margin operating in operating in gross
(%) revenue cost (%) margin (%)
(%)
International
5308020005.46 2478831147.17 53.30 0.58 3.67 -1.39 pp
brands
Local
8861758199.13 4647821046.77 47.55 -3.30 -4.49 0.66 pp
brands
Principal Business by Region
YoY
Gross growth in YoY growth YoY growth
Region Operating revenue Operating cost margin operating in operating in gross
(%) revenue cost (%) margin (%)
(%)
Northwest 3884327266.29 1964544294.94 49.42 -3.46 -12.78 5.40 pp
Central 5969134755.51 3367173175.95 43.59 -1.88 1.32 -1.78 pp
South 4316316182.79 1794934723.05 58.42 -0.42 6.72 -2.78 pp
Principal Business by Sales Model
YoY
Gross growth in YoY growth YoY growth
Sales model Operating revenue Operating cost margin operating in operating in gross
(%) revenue cost (%) margin (%)
(%)
Wholesale
14136378684.37 7107227340.73 49.72 -1.88 -1.81 -0.04 pp
agency
Explanation of principal business by segment product region and sales model:
Not applicable.
(2). Analysis on production and sales volume
√ Applicable □ Not applicable
Main Inventory YoY YoY YoY
Unit Production Sales volume
products volume growth in growth in growth in
17 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
production sales inventory
(%) volume volume
(%)(%)
International
kl 864636.56 872375.65 90153.22 9.95 4.41 28.44
brands
Local brands kl 2019569.99 2102562.09 193116.85 -0.94 -2.75 6.04
Explanation of production and sales volume:
Not applicable.
(3). Performance of major purchase and sales contracts
□ Applicable √ Not applicable
(4). Cost analysis
Monetary unit: RMB
By Industry
% of total % of total
cost in the cost in the YoY
Amount in the Amount in the
Industry Cost item current prior period growth Explanation
current period prior period
period (%)
(%)(%)
Alcohol
beverage and
Raw material 4618304937.7 4826855183.7
refined tea 64.81 66.51 -4.32
costs 0 3
manufacturing
industry
Alcohol
beverage and
refined tea Labor costs 547669016.80 7.68 573758514.11 7.91 -4.55
manufacturing
industry
Alcohol
beverage and
Manufacturing
refined tea 875475996.65 12.28 675114347.72 9.30 29.68
costs
manufacturing
industry
Alcohol
beverage and
1085202242.71181672249.9
refined tea Others 15.23 16.28 -8.16
92
manufacturing
industry
Alcohol
beverage and
7126652193.97257400295.4
refined tea Total 100.00 100.00 -1.80
48
manufacturing
industry
By Product
18 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
% of total % of total
YoY
Amount in the cost in the Amount in the cost in the
Product Cost item growth Explanation
current period current prior period prior period
(%)
period (%) (%)
Raw material 4618304937.7 64.81 4826855183.7 66.51 -4.32
Beer
costs 0 3
Beer Labor costs 547669016.80 7.68 573758514.11 7.91 -4.55
Manufacturing 875475996.65 12.28 675114347.72 9.30 29.68
Beer
costs
1085202242.715.231181672249.916.28-8.16
Beer Others
92
7126652193.9100.007257400295.4100.00-1.80
Beer Total
48
Other information relating to cost analysis:
None.
(5). Changes in the consolidation scope due to equity changes in major subsidiaries during the reporting
period
□ Applicable √ Not applicable
(6). Significant changes or adjustments in the Company’s business products or services during the
reporting period
□ Applicable √ Not applicable
(7). Information on major customers and suppliers
A. Major customers of the Company
√ Applicable □ Not applicable
Sales to the top five customers amounted to RMB 663.5704 million accounting for 4.53% of the total annual sales.Of the aforementioned amount sales to related parties was RMB 0 accounting for 0% of the total annual sales.During the Reporting Period the proportion of sales to a single customer exceeded 50% of the total there were new
customers in the top five customers or the Company was heavily dependent on a few customers.□ Applicable √ Not applicable
B. Major suppliers of the Company
√ Applicable □ Not applicable
Purchase from the top five suppliers amounted to RMB 873.59 million accounting for 12.63 % of the total annual
purchase. Of the aforementioned amount purchase from related parties was RMB 0 accounting for 0% of the total
annual purchase.During the Reporting Period the proportion of the purchase amount from a single supplier exceeded 50% of the
total there were new suppliers in the top five suppliers or the Company was heavily dependent on a few suppliers.□ Applicable √ Not applicable
Other remarks:
None.
19 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
3. Expenses
√ Applicable □ Not applicable
The decrease in financial expenses is mainly due to the increase of structured deposits purchased using idle funds
and the decrease in seven-day call deposits during the current period leading to a decrease in interest income from
bank deposits compared to the prior period.
4. R&D input
(1). Details on R&D input
√ Applicable □ Not applicable
Monetary unit: RMB
Amount expensed in the current period 22666046.16
Amount capitalized in the current period 0.00
Total R&D input 22666046.16
% to total operating revenue 0.15
Proportion of R&D input capitalized (%) 0.00
(2). R&D personnel
√ Applicable □ Not applicable
Number of R&D personnel 1058
Proportion of R&D personnel to total employees (%) 15.42%
Educational background of R&D personnel
Education level Number of personnel
Master’s degree 19
Bachelor’s degree 202
Associate degree 284
High school diploma and below 553
Age distribution of R&D personnel
Age group Number of personnel
Below 30 (exclusive) 139
30-40 (inclusive of 30 exclusive of 40) 308
40-50 (inclusive of 40 exclusive of 50) 298
50-60 (inclusive of 50 exclusive of 60) 296
60 and above 17
(3). Remarks
□ Applicable √ Not applicable
(4). Reasons for significant changes in the composition of R&D personnel and the impact on the future
development of the Company
□ Applicable √ Not applicable
20 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
5. Cash flows
√ Applicable □ Not applicable
Decrease in net cash inflows from operating activities of RMB 554.9021 million was mainly due to the cash outflows
from purchase of goods and receiving of services as well as payments for advertising and marketing expenses and
employee benefits in the current period.Decrease in net cash outflows from investing activities of RMB 417.5485 million was mainly due to the increase in
withdrawal of investment in structured deposits.Increase in net cash outflows from financing activities of RMB 785.0435 million was mainly due to the increase in
cash dividend in the current period.(II) Remarks on significant changes in profit caused by non-operating activities
√ Applicable □ Not applicable
In March 2025 the Company received a copy of the Civil Judgment (2023) Yu 05 Min Chu No. 232 issued by the
Chongqing Fifth Intermediate People’s Court which rendered a first-instance judgment ordering the Company to
compensate Chongqing Jiawei Beer Co. Ltd. for losses of RMB 353063502.24. Based on the principle of prudence
in accounting in 2024 Carlsberg Chongqing Brewery Co. Ltd. a subsidiary of the Company that implemented the
exclusive sales accrued provisions of RMB 254029189.86.(III) Analysis of assets and liabilities
√ Applicable □ Not applicable
1. Assets and liabilities
Monetary unit: RMB
% to % to Percentage of
Items Closing balance December 31 2023 Reasons for changes
total total change (%)
Mainly due to the implementation
Cash and bank
1081659074.07 9.86 2712720235.65 21.90 -60.13 of cash dividend distribution for
balances
the interim period of 2024
Held-for-trading Mainly due to the redemption of
360202000.002.91-100.00
financial assets structured deposits upon maturity
Mainly due to the changes in fair
Derivative
22482125.72 0.20 14392732.78 0.12 56.20 value of aluminum hedging
financial assets
business
Mainly due to the decrease in
Advances paid 28012999.57 0.26 41831987.46 0.34 -33.03
prepaid insurance premiums
Mainly due to the increase in
Other current
270038356.51 2.46 146488217.09 1.18 84.34 input VAT to be credited and
assets
prepaid taxes
Mainly due to the transfer of
Construction in
159772560.73 1.46 783503734.86 6.33 -79.61 construction in progress to fixed
progress
assets in Foshan Factory Project
Other non-current <0.0 Mainly due to the transfer of
479496.0898818865.150.80-99.51
assets 1 construction in progress to fixed
21 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
assets in Foshan Factory Project
Mainly due to the changes in fair
Derivative
897606.82 0.01 15408026.80 0.12 -94.17 value of aluminum hedging
financial liabilities
business
Mainly due to the increase in
Provisions 279945417.62 2.55 25219093.79 0.20 1010.05 accrued provisions related to the
exclusive sales lawsuits
Other remarks:
None.
2. Overseas assets
□ Applicable √ Not applicable
3. Restriction on major assets as of the end of the Reporting Period
√ Applicable □ Not applicable
Monetary unit: RMB
Closing book Closing carrying Type of
Items Reasons
balance amount restrictions
Cash and bank balances 713020.81 713020.81
Deposits are
Including: Other deposits 76048.59 76048.59 Frozen
frozen.Accrued interest on Interest Interest
636972.22636972.22
seven-day call deposits receivable receivable
Total 713020.81 713020.81
4. Other remarks
□ Applicable √ Not applicable
(IV) Analysis of operating information in the liquor production industry
√ Applicable □ Not applicable
For details please refers to the analysis of the operating information in the liquor production industry.
22 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Analysis on Operating Information of Liquor Production Industry
1. Industry profile
√ Applicable □ Not applicable
For details please refer to “VI. Discussion and Analysis on the Future Development of the Company” under
Section III.
2. Production capacity
Existing capacity
√ Applicable □ Not applicable
Unit: 10000 kl
Name of main factories Design capacity Actual capacity
Carlsberg (China) Brewery Industry and Trade Limited 65 43
Carlsberg Brewery Foshan Co. Ltd. 50 36
Carlsberg Chongqing Brewery Co. Ltd. 40 36
Chongqing Brewery Yibin Co. Ltd. 35 32
Ningxia Xixia Jianiang Brewery Co. Ltd. 30 27
Jiulongpo Branch of Carlsberg Chongqing Brewery Co. Ltd. 28 21
Xinjiang Wusu Brewery Co. Ltd. 28 23
Carlsberg Tianmu Lake Brewery (Jiangsu) Co. Ltd. 26 23
Xinjiang Wusu Brewery (Wusu) Co. Ltd. 25 21
Kunming Huashi Brewery Co. Ltd. 25 24
Capacity under construction
√ Applicable □ Not applicable
Monetary unit: RMB10000
Name of capacity under Planned investment Amount invested in this Accumulated
construction amount reporting period investment amount
Foshan new capacity construction
14919361719146420
project
Xichang new finished goods
364133833607
warehouse project
Production capacity calculation standards
√ Applicable □ Not applicable
The capacity is calculated according to the time requirements of the beer production process and the allocation of
the brewery’s fixed assets.
3. Inventory at the end of the Reporting Period
√ Applicable □ Not applicable
Unit: kiloliter
Finished beer Semi-finished beer (including base beer)
283270.17139984.46
Inventory impairment risk warning
□ Applicable √ Not applicable
23 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
4. Product profile
√ Applicable □ Not applicable
Monetary unit: RMB 10000
Production-
Change Sales Change Main
Product sales Sales Change
Production (kl) YoY volume YoY representing
segment ratio revenue YoY (%)
(%) (kl) (%) brand
(%)
Carlsberg
Tuborg
Premium 1443971.90 6.69 1457218.13 1.37 100.92 859209.97 -2.97
1664 Wusu
Red others
Chongqing
Wusu Dali
Mainstream 1326677.72 -3.34 1406010.47 -3.81 105.98 524301.78 -1.02
Shancheng
Xixia others
Shancheng
Economy 113556.92 14.53 111709.14 13.49 98.37 33466.07 15.56
Xixia others
Product grading standards
√ Applicable □ Not applicable
The Company classifies its products into three segments based on consumption price i.e premium (priced at RMB
8 yuan and above) mainstream (priced between RMB 4-8 yuan excluding 8 yuan) and economy (priced below
RMB 4 yuan)
Changes in product structure and business strategy
√ Applicable □ Not applicable
In proactive response to intensifying market competition guided by the “Accelerate SAIL” strategy the Company
has consistently advanced the Big City program focusing on new growth opportunities. Through continuous brand
portfolio diversification and product mix optimization the premium beer sales proportion still achieved an increase
during the year. The accelerated expansion of off-trade channels and increased canning ratio effectively
compensated for the sluggish recovery of on-trade consumption scenarios.
5. Raw material purchase
(1). Purchase model
√ Applicable □ Not applicable
The Company adopts an approach of centralized procurement and decentralized ordering for raw material purchase.
(2). Purchase amount
√ Applicable □ Not applicable
Monetary unit: RMB 10000
as % in total
Type of raw Purchase amount in Purchase amount in
purchase amount in the current period
materials the current period the prior period
(%)
Beer brewing raw
160223.62162056.7931.18
materials
Packaging
324237.33325659.3663.11
materials
Energy 29325.66 29408.89 5.71
24 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Total 513786.61 517125.04 100.00
6. Sales
(1). Sales model
√ Applicable □ Not applicable
The Company adopts a sales model that focuses primarily on wholesale agency channels supplemented by direct
selling.
(2). Sales channel
√ Applicable □ Not applicable
Monetary unit: RMB 10000
Sales revenue in the Sales revenue in the Sales volume in the Sales volume in the
Channel type
current period prior period current period (kl) prior period (kl)
Wholesale agency 1413637.87 1440757.54 2969820.80 2992674.57
(3). Region
√ Applicable □ Not applicable
Monetary unit: RMB 10000
Sales revenue in Sales revenue as % in the Sales volume Sales volume in
as % in the
Region the current in the prior total in the current the prior period
total volume
period period amount period (kl) (kl)
Northwest 388432.73 402340.91 27.41 776012.59 816786.07 26.09
Central 596913.48 608362.97 42.13 1368297.75 1379177.81 45.99
South 431631.62 433445.93 30.46 830627.40 801585.17 27.92
Region division standards
√ Applicable □ Not applicable
The company divides its management region into three i.e. Northwest Central and South.
(4). Information on distributors
√ Applicable □ Not applicable
Unit: Nr.Number of distributors by
Number of distributors increased Number of distributors decreased
Region the end of the reporting
in the reporting period in the reporting period
period
Northwest 993 326 450
Central 1400 290 281
South 673 264 152
Remarks
□ Applicable √ Not applicable
Management of distributors
√ Applicable □ Not applicable
The Company places significant importance on ongoing distributor capability enhancement with a particular focus
on the competency development of key accounts. Through a hierarchical grading system distributors are assessed
based on their abilities and provided with corresponding management support and empowerment. With a particular
25 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
focus on key accounts the Company established a pilot committee system granting empowerment and benefits
aligned with the mutually beneficial objectives of both parties. Additionally the Company developed a channel
model suitable for local conditions and distributor capability profile taking into account various market stages and
competitive environments. This enables the systematic and strategic planning of sales areas and channel divisions.Through strategic cooperation daily operational system and capacity development initiatives the Company
progressively enhances its channel planning expands its channel coverage and strengthens control over its sales
terminals. These efforts aim to bolster the capabilities of distributors and augment their overall operational
proficiency.
(5). Information relating to online sales
□ Applicable √ Not applicable
Future online business strategy
√ Applicable □ Not applicable
The Company will intensify investments in innovative and differentiated products enhancing consumer experience
to achieve resilient growth in traditional e-commerce Simultaneously we will maintain robust social e-commerce
growth by investing in social media engagement and deepening collaborations with KOLs. For broader market
penetration we will deepen the integration of EB2B and national community group-buying platform with the Big
City program to extend coverage into non-core regions. Additionally we will focus on developing RKA and tapping
into business opportunities in lower-tier cities.Meanwhile we remain committed to the full-scale development of O2O models including home delivery and in-
store services. This will be achieved through strengthened partnerships with Meituan in supermarket-to-home
delivery food delivery in-store experiences and integrated marketing. Further we will sustain high-speed growth
with Ele.me through precision operations.
7. Analysis of the Company’s revenue and costs
(1). Disclosure of the compositions of the Company’s principal business by class
√ Applicable □ Not applicable
Monetary unit: RMB
Class Operating revenue YoY (%) Operating cost YoY (%) Gross margin (%) YoY (%)
By product segment
Premium 8592099702.11 -2.97 4107564460.67 3.10 52.19 -2.81
Mainstream 5243017764.43 -1.02 2764032461.24 -8.52 47.28 4.32
Economy 334660738.05 15.56 255055272.03 1.14 23.79 10.87
Total 14169778204.59 -1.88 7126652193.94 -1.80 49.71 -0.04
By sales channel
Wholesale
14136378684.37-1.887107227340.73-1.8149.72-0.04
agency
By region
Northwest 3884327266.29 -3.46 1964544294.94 -12.78 49.42 5.40
Central 5969134755.51 -1.88 3367173175.95 1.32 43.59 -1.78
South 4316316182.79 -0.42 1794934723.05 6.72 58.42 -2.78
Total 14169778204.59 -1.88 7126652193.94 -1.80 49.71 -0.04
Remarks
26 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
√ Applicable □ Not applicable
The Company classifies its products into three segments based on consumption price i.e premium (priced at RMB
8 yuan and above) mainstream (priced between RMB 4-8 yuan excluding 8 yuan) and economy (priced below
RMB 4 yuan).
(2). Information on cost
√ Applicable □ Not applicable
Monetary unit: RMB
As % of total cost in the current YoY
Cost item Amount in the current period Amount in the prior period
period (%) (%)
Raw material 4618304937.70 4826855183.73 64.81 -4.32
costs
Labor costs 547669016.80 573758514.11 7.68 -4.55
Manufacturing 875475996.65 675114347.72 12.28 29.68
costs
Others 1085202242.79 1181672249.92 15.23 -8.16
Total 7126652193.94 7257400295.48 100.00 -1.80
Remarks
□ Applicable √ Not applicable
8. Other explanations
□ Applicable √ Not applicable
(V) Investment analysis
General analysis of external equity investment
□ Applicable √ Not applicable
1. Significant equity investment
□ Applicable √ Not applicable
2. Significant non-equity investment
□ Applicable √ Not applicable
3. Financial assets measured at fair value
√ Applicable □ Not applicable
27 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Monetary unit: RMB
Cumulative Provision
Gains on
changes in fair for Amount Amount sold/ Other
Categories Opening balance changes in fair Closing balance
value included in impairmen purchased redeemed changes
value
equity t
Held-for-trading
360202000.0014261941.653100000000.00-3474463941.65
financial assets [Note]
Derivative financial
-1015294.023488768.2912455246.946655797.6921584518.90
instruments
Other equity
instrument 16625962.83 1199993.08 17825955.91
investments
Total 375812668.81 14261941.65 4688761.37 3112455246.94 -3467808143.96 39410474.81
Note: Please refer to item XIII (III) of Section VI for details.Financial assets measured at fair value mainly include held-for-trading financial assets derivative financial instruments (derivative financial assets and liabilities) and equity
investment instruments of the Company. Please refer to item VII 2 3 18 and 34 of section X for details.Securities investment
□ Applicable √ Not applicable
Private equity investment
□ Applicable √ Not applicable
Derivative investment
√ Applicable □ Not applicable
28 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(1). Derivative investments for hedging purposes during the reporting period
√ Applicable □ Not applicable
Monetary unit: RMB
Proportion to
Initial Opening Gains on Cumulative changes Amount Amount sold in
Closing carrying the total closing
Categories of derivative investments investment carrying changes in in fair value purchased in the the reporting
amount balance of net
amount amount fair value included in equity reporting period period
assets (%)
Aluminum swaps - Cash flow hedges -1015294.02 3488768.29 12455246.94 6655797.69 21584518.90 1.82
Total -1015294.02 3488768.29 12455246.94 6655797.69 21584518.90 1.82
Accounting policies and specific
accounting principles for hedging business
during the reporting period and remarks on
None.whether there are any material changes
compared with that of the previous
reporting period
Remarks on actual profit and loss during Amount affected due to the transfer from other comprehensive income to profit or loss for hedging settlement was -11287155.44 yuan; considering the
the reporting period hedged items profit or loss was affected by 0.00 yuan.Under the premise of ensuring normal production and operation the Company carries out hedging business which is conducive to effectively avoiding
Remarks on the effect of hedging market risks hedging the impact of raw material prices on its production and operation and achieving its long-term and steady development. The
Company’s commodity swaps are expected to fully hedge the price risk of future purchase transactions. Therefore the hedge is effective.Sources of funds for derivative investments Self-owned funds
I. Risk analysis
The Company’s hedging business is mainly to lock in prices of raw materials in advance and stabilize the production cost but there are certain risks:
Risk analysis and control measures of 1. market risk: aluminum prices fluctuate wildly and its price trend may be unfavorable to the Company;
derivative positions during the reporting 2. Policy risks: if there are major changes in relevant laws regulations and policies of the derivatives market there may be risks of drastic fluctuations
period (including but not limited to market or inability to trade in the derivatives market;
risk liquidity risk credit risk operational 3. Performance risk: in the event of large adverse fluctuations in the price of financial derivatives the counterparty may violate the contract and cause
losses to the Company;
risk legal risk etc.)
4. Technical risk: there may be uncontrollable or unpredictable system network communication failures resulting in failure in the normal operation of
the trading system which lead to delay interruption data error or other problems in trading orders.
29 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
5. Foreign exchange risk: hedging involves foreign currency settlement and exchange rate may change due to changes in the foreign exchange market
resulting in the risk of loss.II. Risk control
To carry out hedging business the Company will carefully choose financial institutions with financial derivatives business qualifications to conduct
transactions. Priority is given to financial institutions with excellent credit ratings strong strength and outstanding service capabilities.The Company formulated the “Hedging Business Management System (April 2022)” improved the relevant internal control system and set up an internal
hedging investment committee which is specifically responsible for matters related to the Company’s hedging business and the risk control and internal
audit department regularly or irregularly inspects the hedging business supervises the hedging business personnel to implement risk management policies
and procedures and prevents operational risks in the business in a timely manner. When the market price fluctuates greatly or abnormal fluctuations
occur such as when the market value loss of the trading contract approaches or breaks the stop loss limit the hedging investment committee immediately
convenes a meeting to make a decision and reduce the Company’s losses as much as possible.Changes in the market price or fair value of
the invested derivatives during the reporting
period (the specific methods used and the
The amount in the statements provided by financial institutions is used as the basis for determination.setting of relevant assumptions and
parameters should be disclosed in the
analysis of the fair value of derivatives)
Whether involved in litigations (if
N/A
applicable)Date of disclosing the announcement of the Please refer to the “Announcement on the Resolution of the Fifteenth Meeting of the Tenth Session of the Board of Directors of Chongqing Brewery Co.Board of Directors on approval for Ltd.” and the “Announcement of Chongqing Brewery Co. Ltd. on Continuing to Carry Out Aluminum Hedging Business” disclosed on the website of
derivative investment (if any) Shanghai Stock Exchange on March 30 2024 for details.Date of disclosing announcement of the
shareholders’ meeting on approval for Not applicable.derivative investment (if any)
30 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(2). Derivative investments for speculative purposes during the reporting period
□ Applicable √ Not applicable
Other remarks:
None.
4. Progress of major asset restructuring during the reporting period
□ Applicable √ Not applicable
(VI) Sales of major assets and equity interests
□ Applicable √ Not applicable
(VII) Analysis on major controlled subsidiaries and investee companies
√ Applicable □ Not applicable
Monetary unit: RMB
Name of Registered Business Operating Operating
Place of Business Holding
Type Net profit
registration nature proportion
subsidiary capital Scope revenue profit
Carlsberg
Holding Beer Production and
Chongqing Chongqing 850000000.00 51.42% 14644597842.46 3239439141.46 2305544305.02
subsidiary industry sales of beer
Brewery Co. Ltd.(VIII) Structured entities controlled by the Company
□ Applicable √ Not applicable
VI. Discussion and Analysis on the Future Development of the Company
(I) Landscape and trend of the industry
√ Applicable □ Not applicable
After reaching peak production in 2013 China’s beer industry has shown consistent decline. The sector’s total
output dropped by 30.1% in 2024 compared to 2013. The Chinese beer market has therefore entered a mature market
phase characterized by:
1. Continued competition: The five largest beer companies in China now hold a combined market share exceeding
90%. While they continue to develop business in their respective strongholds these major players face fierce
competition in localized markets. Niche brands and imported beers also directly compete with the five major players
in specific market niches.
2. Rising costs: Various cost factors including raw materials packaging energy and labor may fluctuate due to
climate change geopolitics and supply-demand dynamics imposing higher requirements on operational efficiency
for beer enterprises.
3. Diversification: Consumer demand has expanded beyond traditional mainstream beers leading to a greater
emphasis on diversified products. Craft beer specialty beer cider alcohol-free and low-alcohol beer are gaining
increasing attention from major beer companies.
4. High-quality development: Despite the significant decline in industry output major players have achieved high-
quality development demonstrating the resilience of China’s beer industry.Regarding industry trends the Company’s management remains steadfast in their belief that achieving high-quality
development is both the objective and the path forward for China’s beer industry. Embracing high-quality
development is crucial for beer companies to navigate steadily amid the new normal of economy.
31 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Development strategy of the Company
√ Applicable □ Not applicable
As a member of Carlsberg Group the Company conducts business in alignment with the group’s overall strategy
aiming to become a successful professional and attractive brewing company in its respective market.In February 2024 Carlsberg Group announced a refresh of the SAIL’27 strategy: Accelerate SAIL. Building on
the strategic framework SAIL’27 Accelerate SAIL sets higher growth ambitions by increasing investments in and
support for selected growth drivers within portfolio geographies and capabilities improving supply chain efficiency
developing a growth culture and continuing the well-embedded cost focus.Accelerate SAIL focuses on five strategic levers:
1. Product portfolio: boosting premium growth; accelerating the Beyond Beer category.
2. Geographic focuses: driving growth in emerging markets; promoting profitable growth in stronghold markets.
3. Excellent execution: stepping up capacity building; promoting digital transformation.
4. Winning culture: building a growth culture; dedicated to Together Towards ZERO and Beyond.
5. Funding the journey: enhancing supply chain efficiency.
(III) Business plan
√ Applicable □ Not applicable
As of the date of disclosure of this report the Company maintains a cautiously optimistic outlook on the macro
economy and the beer industry in 2025. The Chinese beer industry is expected to benefit from a more favorable
environment as the macro environment gradually improves and policies for stabilizing growth continue to be rolled
out in 2025. However challenges remain due to uncertainties such as intensified competition cost fluctuations and
slower-than-anticipated consumption recovery.In 2025 the Company will continue to strengthen and expand strategic projects under Accelerate SAIL drivingproduct mix optimization and ongoing sales model innovation through its “International Premium Brands + LocalPower Brands” portfolio. The Company will focus on the following areas:
(i) Market
In 2025 Carlsberg continued its “Artist Edition” with the theme “Auspicious Snake Heralds Spring Every Step inBloom” collaborating with an acclaimed artist to launch a limited-edition Lunar New Year packaging reinforcing
its premium positioning. Leveraging traditional Spring Festival customs Carlsberg partners with KOLs to
strengthen regional cultural resonance driving home the campaign message “Pursue good football drink Carlsberg.”
It will further advance its football-themed campaigns supported by a new celebrity-endorsed advertising
commercial. Additionally the brand will enhance party experiences in entertainment channels keep investing in
both on-trade and off-trade channels to accelerate market expansion.Tuborg has strengthened the “Tilt The World WHY NOT ” brand strategy curating a powerful team of Chinese rap
ambassadors and launching an all-new campaign film. It will intensify hip-hop marketing via sponsoring music
variety shows and further engaging in large music festivals to reinforce its edgy-cool image. It will amplify Tuborg
Pure Draft messaging enhancing brand sophistication to drive expansion in the premium market segment.Kronenbourg1664 continues to deepen its presence in fashion and design reinforcing its French heritage and
32 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
internal appeal. For the Lunar New Year the brand staged a “French Circus”-themed omni-channel campaign
sparking a festive sales growth. A fresh celebrity endorsement has further elevated its premium positioning. The
brand will continue collaborating with top-tier media to amplify its visibility and influence while ramping up
product narrative and seeding to cultivate and deepen its signature “Blue Hour” drinking occasion.Somersby will focus on e-commerce and modern channels highlighting classic flavours. It will deepen distribution
through marketing campaigns such as IP crossovers KOL seeding in-store tastings and live-streaming.Wusu will unveil an all-new brand film to cement its “hardcore” image deepen connection with young consumersand sustainably elevate brand popularity. It will advance nationwide tour events to strengthen the “Eat BBQ DrinkWusu” consumer occasion. The brand will also focus on the launch of a series of new products to drive product
differentiation. Additionally it will strategically target channel segments to support sales growth.In early 2025 to ring in the Lunar New Year Chongqing Beer tapped actor Wang Yaoqing to star its campaign film
“Chongqing Beer: Celebrate the Good Year!”The brand further boosted visibility by partnering with famous actor
Chen Xiaochun rolling out a new commercial to reinforce its “Jianghu”(a bold brotherhood spirit) brand ethos.Beyond strengthening its ties with Chongqing hotpot through channel and offline campaigns the brand expands its
drinking occasions to other fiery cuisines forging a deeper connection between the brand and the spicy bold spirit
of camaraderie.Wind Flower Snow Moon will develop a broader range of differentiated low-alcohol products while boosting brand
visibility through collaboration with renowned celebrities.The Dali brand will continue to deepen its presence in the Yunnan market by developing a portfolio of local specialty
products. Leveraging the influence of Chinese Singer Jike Junyi it will reinforce cultural connections and establish
Dali Beer as one of Yunnan’s iconic labels. Additionally the brand will expand the distribution of Dali Cang’er soft
drinks adopting “Beer + Soft Drink” product portfolio to enhance channel promotion.Jing-A will further invest in off-trade channels launching new canned products and collaborating with key accounts
for joint promotion. It will also intensify investment in key markets boosting brand visibility through initiatives
like beer gardens and scenic spot partnerships. Brooklyn will focus on product seeding and key market investments
to drive consumer trial and repeat purchases.(ii) Sales
Off-trade channels:
For MOFT channel the Company will further optimize the product mix in large-format retail to strengthen price
competitiveness and boost single-purchase volume. In the fast-growing convenience store channel efforts will focus
on canned product expansion and new product launches to secure steady growth contributions in 2025. Resource
reallocation and targeted investments will be conducted to accelerate MOFT channel growth. For traditional channel
the Company will prioritize high-potential markets through expanded distribution while leveraging digital
innovation to boost consumer engagement—such as “open-cap reward” promotions and BC-integrated marketing—
to encourage purchases and strengthen endpoint binding. Additionally selected mid-to-high-end products will be
rolled out to maximize sales potential.On-trade channel: The Company will further refine endpoint operations and implement diversified marketing
campaigns to address the diverse needs across sub-channels and consumer tiers.
33 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
The Big City program: In 2025 The Company will elevate endpoint execution optimize product portfolio reinforce
distributor networks and leverage digital tools for targeted resource allocation and precision execution to drive
business growth.(iii) Supply Chain
The Company will vigorously promote liquor certification to enable proximity-based product supply and enhance
logistics and transportation efficiency.In response to evolving consumer purchasing habits we will increase investment in flexible supply chain design to
achieve flexible supply operations meet consumer demand and keep costs optimal.In terms of safety we will advance ZERO Accident culture by focusing on safety awareness enhancement and caring
leadership in 2025 to achieve zero-accident target.The Company will consistently enhance its taste assessment capabilities by nominating staff members for national
judge training and certification programs on flavor evaluation enhancing taste assessment expertise across its
breweries.We will launch pilot zero-carbon brewery projects implementing a range of technologies concerning energy storage
solar power electric boilers heat pumps and biomass boilers to advance the zero-carbon emission process.We will continue to advance the Carlsberg Excellence process to cover the end-to-end value chain.(iv) ESG
In 2025 we will continue to drive company-wide implementation of our “Together Towards ZERO and Beyond”
ESG program to achieve a series of ambitions including net-zero emissions across the value chain by 2040 and
fulfill our corporate purpose of “Brewing for A Better Today and Tomorrow.”
(v) Talent Development
In 2025 the Company will focus on building a more inclusive and visionary employer brand while refining talent
acquisition mechanism to establish a robust talent foundation for business innovation and sustainable growth. We
will integrate growth culture into our performance management mechanism and recognition systems inspiring
leaders and employees to embody these values and serve as role models of growth culture. Furthermore we will
advance our talent development programs to nurture high-potential individuals for our “Accelerate SAIL” strategy
driving the Company towards new horizons.(vi) Investor Relations Management
In 2025 the Company will maintain open fair timely effective and transparent communication with investors
through a variety of means including holding regular earnings briefings participating in brokerage strategy
meetings conducting reverse roadshows and organizing brewery visits.(IV) Possible risks exposure
√ Applicable □ Not applicable
1. The consumer market is still in a recovery phase and faces uncertainties.
2. Rising costs: Operating costs including raw materials packaging materials energy and labor may experience
significant fluctuations due to climate change geopolitical tensions supply and demand dynamics etc.
34 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
3. In the Company’s market areas increased investment by some national beer enterprises is intensifying market
competition. Meanwhile emerging niche beer brands may accelerate their penetration and expansion making the
mid-to-high-end beer market even more competitive.(V) Others
□ Applicable √ Not applicable
VII. Explanation for the Company’s failure to disclose as per guidelines due to inapplicable guidelines state
or business secrets or other special reasons
□ Applicable √ Not applicable
SECTION IV CORPORATE GOVERNANCE
I. Information on Corporate Governance
√ Applicable □ Not applicable
In strict accordance with the Company Law the Securities Law the Code of Corporate Governance for Listed
Companies the Administrative Measures for Independent Directors of Listed Companies the Regulatory
Guidelines for Listed Companies No. 3—Cash Dividend Distribution by Listed Companies the Guidelines for
Articles of Association of Listed Companies the Rules for Listing of Stocks on Shanghai Stock Exchange and other
applicable laws and regulations the Company amended its Articles of Association and other internal governance
documents twice improved the corporate governance structure established sound internal management and control
systems consistently conducted corporate governance initiatives and promoted standardized operation to improve
its corporate governance during the reporting period.
1. About shareholders and the General Meeting of Shareholders
During the reporting period the Company convened one annual general meeting of shareholders and three
extraordinary general meetings of shareholders. In strict accordance with the Articles of Association and the Rules
of Procedure for the General Meeting of Shareholders the Company adjusted and standardized the organizational
conduct of the General Meeting of Shareholders and enhanced the efficiency of the meetings to ensure that all
shareholders minority shareholders in particular could fully exercise their own rights.
2. About the directors and the Board
During the reporting period the Company convened six meetings of the Board six meetings of the Audit Committee
one meeting of the Strategy and Development Committee three meetings of the Remuneration and Appraisal
Committee and five specialized meetings of independent directors . The Board of Directors carried out necessary
deliberation and decision-making procedures for significant matters within the scope of its authority and carefully
implemented all resolutions passed at the General Meeting of Shareholders in strict accordance with the Articles of
Association the Rules of Procedure for the Board of Directors and the Independent Director System. Each special
committee with clear responsibilities has effectively facilitated the standard operation and informed decision-
making of the Board of Directors fully leveraging the role of independent directors within these committees.Specialized meetings of independent directors reviewed and granted pre-approval of the Company’s before
submitting to the Board of deliberation and maintained continuous attention to and follow-up on these matters
significantly enhancing the effectiveness of independent directors’ performance of duties. The members of the Board
of Directors possess extensive expertise in the beer industry along with knowledge in areas such as accounting
finance and law. Their diverse backgrounds enable them to offer professional and constructive advice for significant
35 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
decisions of the Company. Moreover they have diligently fulfilled their responsibilities to safeguard the interestsof the Company and all shareholders. During the reporting period the Company was awarded the “OutstandingBoard Practice Case of Listed Companies” by China Association for Public Companies reflecting strong capital
market recognition for its standardized governance compliance and value creation.
3. About the supervisors and the Board of Supervisors
During the reporting period the Company convened five meetings of the Board of Supervisors. All supervisors in
strict accordance with of the Articles of Association and the Rules of Procedure for the Board of Supervisors
actively performed their supervisory duty on the Company’s financial position related-party transactions periodic
reports and the performance of directors and senior management safeguarding the interests of the Company and
all shareholders.
4. About relationship between the controlling shareholder and the listed company:
Throughout the reporting period there were no instances of non-operating fund occupation by the controlling
shareholder of the Company nor did the listed company provide any external guarantees to the controlling
shareholder.
5. About stakeholders
The Company fully respected and safeguarded the legitimate rights and interests of the stakeholders including
banks and other creditors employees consumers and suppliers. It actively engaged in cooperative efforts while
ensuring a balance among the stakeholders in the principle of mutual benefit honesty and good faith so as to jointly
promote the sustainable sound and harmonious development of the Company.
6. About related party transactions
During the reporting period the Company in strict compliance with applicable laws regulations and regulatory
documents improved its internal control system standardized related-party transactions and urged the controlling
shareholder and actual controller to honor their commitments. The Company followed necessary decision-making
procedures for its related-party transactions. These transactions were reviewed and pre-approved by the independent
directors before being submitted to the Board for deliberation. The equity and fairness of related party transactions
were ensured with no damage to the interests of investors minority investors in particular.
7. About information disclosure and transparency
During the reporting period the Company actively strengthened communication with CSRC and the stock exchange
and disclosed its periodic reports and interim announcements in a true accurate complete and timely manner in
strict accordance with the requirements of CSRC and SSE and the Management System for Information Disclosure
of the Company ensuring that all shareholders minority shareholders in particular could equally and timely access
the information of the Company and assess risks. The Company received an A-rating for its information disclosure
from Shanghai Stock Exchange for the year 2023/2024.
8. About management of investor relations
During the reporting period the Company maintained an open communication channel with investors by addressing
investor hotline hosting investor research visits and attending investor conference calls brokerage strategy
meetings and reverse roadshows so that investors can have accurate and timely access to the Company’s
information and can exercise their legal rights. The Company established a regular practice of holding performance
briefings. Throughout the year four performance briefings were held regarding periodic reports which greatly
enhanced the communication with investors. The Company’s 2023 Annual Results Presentation was recognized as
the “Best Practice of 2023 Annual Results Presentations of Listed Companies” by China Association of Public
36 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Companies.
9. About sustainable development
During the reporting period the Company disclosed its latest ESG report. Since launching its ESG program—
“Together Towards ZERO and Beyond” in 2022 the Company has consistently delivered remarkable results in
carbon reduction water conservation responsible drinking and community engagement. These efforts have
contributed to a steady progression towards high-quality and sustainable development during the reporting period.Notably MSCI a leading international rating agency upgraded the Company’s ESG rating to AA.
10. About management of inside information
The Company implemented the registration and filing of insiders with inside information in strict accordance with
the requirements of CSRC and SSE and its Registration and Management of Insiders with Access to Inside
Information and Rules for Internal Reporting of Key Information. In addition the Company conducted relevant
training to effectively prevent insider trading and other securities violations.Where there is any material difference between the requirements of the Company’s governance and laws
administrative regulations and CSRC requirements on the governance of listed companies the reasons for such
difference shall be provided.□ Applicable √ Not applicable
II. Specific measures by the controlling shareholder and actual controller of the Company to ensure the
independence of the Company’s assets personnel finance organization and business as well as the
solutions work progress and follow-up work plans adopted where the Company’s independence is
affected
□ Applicable √ Not applicable
Same or similar business conducted by controlling shareholder actual controller and other entities under their
control as conducted by the Company as well as the impact of intra-industry competition or major changes in intra-
industry competition on the Company the measures adopted the progress of the resolution and the follow-up plans
√ Applicable □ Not applicable
The Company completed the major asset restructuring at the end of 2020. All beer assets and businesses in Mainland
China (excluding the listed company and the subsidiaries controlled by the listed company) previously controlled
by Carlsberg was injected into the listed company. Carlsberg no longer retains control over any beer assets or
businesses (excluding the listed company and the subsidiaries controlled by the listed company) in Mainland Chinad
nor does it directly or indirectly engage in businesses that compete with the listed company through entities under
its control.During the restructuring Carlsberg and Carlsberg Breweries had respectively made commitments to prevent intra-
industry competition: (I) They have reaffirmed their obligations to avoid inter-industry competition as the actual
controller and controlling shareholder of the listed company. (II) To comprehensively prevent potential future inter-
industry competition Carlsberg and Carlsberg Breweries have voluntarily made additional arrangements concerning
the equity interests of non-controlling subsidiaries of Carlsberg that were not included in the restructuring and areinvolved in beer assets and businesses in Mainland China. For details please refer to “(I) Commitments by relevantparties such as actual controllers shareholders related parties acquirers and the Company during or subsisting tothe reporting period” under Section VI.
37 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
III. Summary of the General Meeting of Shareholders
Disclosure
Search index of
date
website designated
Date of of the
Meeting session for Meeting resolutions
meeting publication
publishing the
of the
resolutions
resolutions
2024 First 6 February www.sse.com.cn 7 February For details please refer to the
Extraordinary 2024 2024 Announcement on the Resolutions of
General Meeting of the 2024 First Extraordinary General
Shareholders Meeting of Shareholders of
Chongqing Brewery Co. Ltd.(announcement
number: 2024-005).
2023 Annual 31 May www.sse.com.cn 1 June 2024 For details please refer to the
General 2024 Announcement on the Resolutions of
Meeting of the 2023 Annual General Meeting of
Shareholders Shareholders of Chongqing Brewery
Co. Ltd. (announcement
number: 2024-017).
2024 Second 30 August www.sse.com.cn 31 August For details please refer to the
Extraordinary 2024 2024 Announcement on the Resolutions of
General Meeting of the 2024 Second Extraordinary
Shareholders General Meeting of Shareholders of
Chongqing Brewery Co. Ltd.(announcement
number: 2024-024).
2024 Third 2 www.sse.com.cn 3 December For details please refer to the
Extraordinary December 2023 Announcement on the Resolutions of
General Meeting of 2023 the 2024 Third Extraordinary General
Shareholders Meeting of Shareholders of
Chongqing Brewery Co. Ltd.(announcement
number: 2024-033).Holders of preferred shares with restored voting rights request the convening of an Extraordinary General Meeting
of Shareholders
□ Applicable √ Not applicable
Description of the General Meeting of Shareholders
□ Applicable √ Not applicable
38 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
IV. Particulars of Directors Supervisors and Senior Management
(I) Changes in shareholding of directors supervisors and senior management in office and resigned during the reporting period and their remuneration
√ Applicable □ Not applicable
Unit: Share
Total pre-tax
remuneration
Number Number obtained Receiving
Change
of shares of from the remuneration
of
Termination held at shares Reason Company from
Commencement date of shares
Name Position Gender Age date of term the held at for during the related
term within
beginning the end change reporting parties of the
the
of the of the
year period (in Company
year year RMB
10000)
Jo?o Miguel Chairman of Male 53 December 2 2022 May 25 0 0 0 Yes
Ventura Rego the Board of 2025 0
Abecasis Directors
Gavin Stuart Director Male 63 March 14 2022 May 25 0 0 0 Yes
0
Brockett 2025
Andrew Douglas Director Male 46 July 13 2022 May 25 0 0 0 Yes
0
Emslie 2025
Lee Chee Kong Director Male 53 Director: January 23 May 25 0 0 0 767.03 No
President 2019 2025
President: January 1
2021
Chin Wee Hua Director Vice Male 53 Director: March 9 2017 May 25 0 0 0 376.17 No
President Vice President: January 2025
12021
Lv Yandong Director Male 49 May 6 2016 May 25 0 0 0 307.15 No
39 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
2025
Yuan Yinghong Independent Female 59 May 25 2022 May 25 0 0 0 18.00 No
Director 2025
Sheng Xuejun Independent Male 55 May 25 2022 May 25 0 0 0 18.00 No
Director 2025
Zhu Qianyu Independent Female 49 May 25 2022 May 25 0 0 0 18.00 No
Director 2025
Kuang Qi Chairman of Male 47 May 18 2021 May 25 0 0 0 156.40 No
the Board of 2025
Supervisors
Huang Minlin Supervisor Male 45 May 4 2018 May 25 0 0 0 187.46 No
2025
Xie Yi Employee Male 45 November 30 2023 May 25 100 100 0 144.76 No
Representative 2025
Supervisor
Deng Wei Board Male 52 August 22 2006 May 25 0 0 0 No
130.47
Secretary 2025
Total / / / / / 100 100 0 / 2123.44 /
Name Major work experiences
Jo?o Miguel Ventura 53 years old. Portuguese. Jo?o obtained Business Management Degree from Universidade Católica Portuguesa in 1995. He has been with Carlsberg since 2011 as CCO
Rego Abecasis and later CEO of Super Bock in Portugal and then in 2016 as VP for Challenger Markets in the Western Europe region. In 2017 he became Managing Director of French
business Kronenbourg and in 2019 he became Group Chief Commercial Officer and a member of Executive Committee. Before joining Carlsberg Jo?o held a range of
sales and marketing roles at Unilever. He has been serving as EVP Asia in Carlsberg Group since September 2022. He is currently the Chairman of the Company.Gavin Stuart Brockett 63 years old. South African. He obtained the Bachelor’s Degree in Commerce and Bachelor’s Degree in Accounting from the University of the Witwatersrand (South
Africa) respectively in 1983 and 1985 and qualified as a chartered accountant in 1988. He joined SABMiller in 1991 and successively held several senior financial leadership
positions in South Africa and Europe including the chief financial officer in Plzensky Pradroj (Czech Republic) and Birra Peroni (Italy). From 2010 to 2012 he held the
VP Finance Asia role in Carlsberg a period in the wine industry as the chief financial officer of Accolade Wines followed and then a return to Carlsberg as the Chief
Operating Officer of Carlsberg China in 2014. Most recently for Levi Strauss & Co he was the CFO of the Asia region from 2016 to 2017 and thereafter he served as the
Senior Vice President and Global Controller for Levi Strauss & Co. in the United States until 2021. In January 2022 he rejoined Carlsberg to act as the VP Finance of Asia.He currently serves as a director of the Company.Andrew Douglas Emslie 46 years old. British. He obtained a BA (Hons) degree in Accounting & Law from the University of Manchester England in 2001. He completed the Legal Practice Course
from the College of Law in Chester England in 2002 and qualified as a Solicitor in England and Wales in 2004. Andrew has since worked for a number of leading
40 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
international law firms in the UK Australia and Asia with a focus on cross-border mergers & acquisitions and joint ventures. During his career Andrew has held senior
leadership positions as in-house counsel based in Asia with listed multinational companies including Ensco Maersk and Olam. Before Carlsberg Andrew was Vice
President of Legal at Olam International from June 2016 to July 2019. In August 2019 he joined Carlsberg and currently serves as Vice President and Asia Head of Legal
& Compliance. He currently serves as a director of the Company.Lee Chee Kong 53 years old. Malaysian. He graduated from University Utara Malaysia in Marketing. Before joining Carlsberg he served as the President of Asia Region and Managing
Director of China at HILDING ANDERS (SLUMBERLAND). Before that he also worked as Managing Director of HEINZ China and served managing roles in China
and Asia Pacific Division at COLGATE-PALMOLIVE for a long time. Currently he serves as a director of the Company and President of the Company/Carlsberg China.Chin Wee Hua 53 years old. Malaysian. He graduated from the University of Western Australia with Bachelor of Commerce degree majoring in Accounting and Finance and also obtained
the MBA degree from University of Leicester UK. He is a registered Australian Certified Public Accountant. From 2001 to 2008 he served as Finance Director in Alstom
Asia Pacific (Malaysia) Sdn Bhd. From 2009 to 2014 he held position as Finance Director of Wuhan Boiler Company Limited. From 2015 to 2016 he was Asia Finance
Director in GE Grid Solutions Pte Ltd. Currently he serves as a director of the Company and VP Finance of the Company / Carlsberg China.Lv Yandong 49 years old. Chinese. He obtained a master’s degree of Mechanical and Electronic Engineering from Harbin Institute of Technology. He served as the Director of Supply
Chain in Carlsberg Huizhou and the Deputy General Manager of CBC successively. Before joining Carlsberg he had engaged in technical and management in Harbin
Electronic and Machinery Co. Ltd. Guangzhou P & G and Pepsi successively. He served as the Director of Supply Chain in Carlsberg Huizhou and the Deputy General
Manager of CBC successively. He is currently serving as the VP Supply Chain of Carlsberg China. Now he is VP Supply Chain of Carlsberg China and a director of the
Company.Yuan Yinghong 59 years old. Chinese. She obtained a Bachelor’s degree in Management majoring in Economics and Management South China Normal University. She is a Certified
Public Accountant and Certified Internal Auditor and holds the titles of Accountant and Auditor. She has over 30 years of experience in the field of auditing and accounting.Currently she is the deputy secretary-general of the Guangzhou Institute of Certified Public Accountants and the secretary of the Industry Discipline Inspection Commission
within the Institute. Additionally she is recognized as an expert in the evaluation expert pool of the State-owned Assets Supervision and Administration Commission of
Guangdong Provincial Government. Currently she serves as an independent director of the Company.Sheng Xuejun 55 years old. Chinese. He holds the position of Professor and Doctoral Supervisor at the Southwest University of Political Science and Law and serves as a legislative
consulting expert to the Standing Committee of the Chongqing Municipal People’s Congress and a consulting expert to the Shenzhen Intermediate People’s Court and
Chongqing No.5 Intermediate People’s Court. Currently he serves an independent director of the Company.Zhu Qianyu 49 years old. Chinese. She holds a Ph.D. from the School of Economics Huazhong University of Science and Technology and is a Postdoctoral Fellow from the Department
of Finance at Guanghua School of Management of Peking University. She currently serves as an associate professor and master’s supervisor at the School of Agriculture
and Rural Development of Renmin University of China. Additionally she is a researcher at the Rural Economic and Finance Institute the National Academy of Development
and Strategy the Dual Carbon Research Institute and the China Rural Revitalization Research Institute all affiliated with Renmin University of China. She also acts as an
expert for project training and evaluation for the World Bank and the National Rural Revitalization Administration as well as a project assessment expert for the National
Natural Science Foundation of China. Currently she is an independent director of the Company.Kuang Qi 47 years old. Chinese. He graduated from Jinan University in 2000 with double bachelor’s degree in Economics and Laws and obtained the Chinese legal profession
qualification certificate. His previous work experiences include the Deputy Director of legal affairs of Amway (China) Daily-Use Commodity Co. Ltd. and legal consultant
of Heinz (China) Investment Company Co. Ltd. Before joining Carlsberg he acted as the senior legal consultant of Mead Johnson Nutrition (China) Co. Ltd. He is the
Senior Legal Director and Chairman of the Board of Supervisors of the Company now.Huang Minlin 45 years old. Chinese. He graduated from The Hong Kong University of Science and Technology with a Bachelor’s Degree in Accounting and is a member of the Hong
Kong Institute of Certified Public Accountants. He worked in KPMG Hong Kong as the Audit Manager from 2004 to 2010. He joined Carlsberg in 2010 and has successively
served as the Regional Supply Chain Financial Director Regional Financial Director and Senior Financial Director of Carlsberg China. In January 2025 he was appointed
as the Head of Global Process for the Strategic Finance Team at Carlsberg Group. He currently serves as a Supervisor of the Company.Xie Yi 45 years old. Chinese. He holds a Master’s degree in International Development from the University of Edinburgh UK. He previously served as the Director of the News
Office at Chongqing Daily News Group and the Director of the Current Affairs News Department at Chongqing Morning Post. Additionally he worked at the former
Foreign Trade and Economy Commission of Chongqing Municipality. He joined Carlsberg in 2014 and has since held positions of Senior Manager Deputy Director and
Director of Corporate Affairs. Currently he serves as Vice President of Corporate Affairs of Carlsberg China and Employee Representative Supervisor of the Company.Deng Wei 52 years old. Chinese. He holds a MBA degree from the School of Business Administration at Chongqing University. He is a member of New Fortune’s Hall of Fame for
Board Secretaries. In October 2000 he joined Chongqing Brewery (Group) Co. Ltd. serving in the Asset Management Department. There he was responsible for mergers
41 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
and acquisitions as well as the integration of merged and acquired companies alongside the team. Since 2006 he has been serving as the Board Secretary of the Company.Other remarks
□ Applicable √ Not applicable
42 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Positions of directors supervisors and senior management in office and resigned during the reporting
period
1. Positions in shareholder’s entity
√ Applicable □ Not applicable
Name of Name of shareholder’s entity Position in Commencement Termination
person in Shareholder’s entity date of term date of
office term
Jo?o Miguel Carlsberg Brewery Malaysia Berhad Director 2022-10
Ventura Rego
Abecasis
Jo?o Miguel Carlsberg Brewery Malaysia Berhad Director 2022-10
Ventura Rego
Abecasis
Jo?o Miguel Lao Brewery Co. Ltd. Director 2022-10 2025-10
Ventura Rego
Abecasis
Jo?o Miguel Cambrew Ltd. Chairman/Shareholder 2024-03
Ventura Rego representative
Abecasis
Jo?o Miguel Carlsberg Brewery Hong Kong Director 2022-11
Ventura Rego Limited
Abecasis
Jo?o Miguel Caretech Ltd. Director 2022-11
Ventura Rego
Abecasis
Jo?o Miguel Carlsberg Vietnam Breweries Ltd. Chairman 2023-01 2027-04
Ventura Rego
Abecasis
Jo?o Miguel Carlsberg Supply Company Asia Director 2023-01
Ventura Rego Limited
Abecasis
Jo?o Miguel Carlsberg Asia Pte. Ltd. Director 2023-09
Ventura Rego
Abecasis
Jo?o Miguel Angkor Beverage Company Chairman/Shareholder 2024-06
Ventura Rego Representative
Abecasis
Gavin Stuart Myanmar Carlsberg Co. Ltd. Director 2022-01 2025-03
Brockett
Gavin Stuart Carlsberg Brewery Malaysia Berhad Director 2022-02
Brockett
Gavin Stuart Lao Brewery Co. Ltd. Director 2022-04
Brockett
Gavin Stuart Carlsberg Brewery Hong Kong Director 2022-01
Brockett Limited
43 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Gavin Stuart Caretech Ltd. Director 2022-01
Brockett
Gavin Stuart HK Yau Ltd. Director 2022-01
Brockett
Gavin Stuart Cambrew Ltd. Director 2023-04
Brockett
Gavin Stuart Angkor Beverage Company Chairman 2022-12
Brockett
Gavin Stuart Cambrew 1 Ltd. Director/Shareholder 2023-09
Brockett Representative
Gavin Stuart Cambrew Property Limited Director/Shareholder 2023-09
Brockett Representative
Gavin Stuart Cambrew Success Company Limited Director/Shareholder 2023-09
Brockett Representative
Andrew CB Distribution Co. Ltd. Director 2020-07
Douglas
Emslie
Andrew Carlsberg Indochina Ltd. Director 2020-07
Douglas
Emslie
Andrew Myanmar Carlsberg Co. Ltd. Director 2020-11
Douglas
Emslie
Andrew Paduak Holding Pte. Ltd. Director 2020-12
Douglas
Emslie
Andrew Carlsberg Asia Pte. Ltd. Director 2020-12
Douglas
Emslie
Andrew Lao Brewery Co. Ltd. Director 2021-03
Douglas
Emslie
Andrew Carlsberg Vietnam Breweries Director 2021-04
Douglas Limited
Emslie
Andrew Cambrew Ltd. Director 2022-01
Douglas
Emslie
Andrew Angkor Beverage Company Director 2023-06
Douglas
Emslie
Lee Chee Lanzhou Huanghe Jianiang Brewery Vice Chairman 2019-07
Kong Co. Ltd.Lee Chee Jiuquan West Brewery Co. Ltd. Vice Chairman 2019-07
Kong
44 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Lee Chee Qinghai Huanghe Jianiang Brewery Vice Chairman 2019-07
Kong Co. Ltd.Lee Chee Tianshui Huanghe Jianiang Brewery Vice Chairman 2019-07
Kong Co. Ltd.Lee Chee Capital Brewing Company Limited Director 2019-02
Kong
Lee Chee G-Shell Asia Pacific Limited Director 2019-02
Kong
Lee Chee Jing-A Brewing Company Limited Director 2019-02
Kong
Chin Wee Lanzhou Huanghe Jianiang Brewery Director 2017-06
Hua Co. Ltd.Chin Wee Jiuquan West Brewery Co. Ltd. Director 2017-03
Hua
Chin Wee Qinghai Huanghe Jianiang Brewery Director 2017-06
Hua Co. Ltd.Chin Wee Tianshui Huanghe Jianiang Brewery Director 2017-04
Hua Co. Ltd.Lv Yandong Guangzhou Carlsberg Investment Chairman 2020-12
Co. Ltd.Kuang Qi Guangzhou Carlsberg Investment Supervisor 2021-12
Co. Ltd.
2. Positions in other entities
√ Applicable □ Not applicable
Name of Termination
Position in other Commencement
person in Name of other entities date of
entities date of term
office term
Yuan Guangzhou Institute of Certified Deputy Secretary 2001-08
Yinghong Public Accountants General
Secretary of
Industry Discipline
Inspection
Commission
Yuan Guangzhu Holike Creative Home Independent 2022-01 2026-08
Yinghong Co. Ltd. Director
Yuan Guangzhou Hengyun Enterprises Independent 2021-01 2027-05
Yinghong Holding Ltd. Director
Sheng Xuejun Southwest University of Political Professor Doctoral 2010-01
Science & Law Supervisor
Sheng Xuejun Chongqing Iron & Steel Company Independent 2021-08 2027-06
Limited Director
Sheng Xuejun Chongqing Zaisheng Technology Independent 2023-05 2026-05
Co. Ltd. Director
45 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Sheng Xuejun Guilin Tourism Corporation Independent 2023-03 2024-03
Limited Director
Sheng Xuejun Chongqing Department Store Co. Independent 2020-10 2024-05
Ltd. Director
Zhu Qianyu Renmin University of China Associate professor 2010-03
and master
supervisor;
Researcher of Rural
Economic and
Finance Institute;
Researcher of
National Academy
of Development
and Strategy
Zhu Qianyu CSG Holding Co. Ltd. Independent 2019-04
Director
Zhu Qianyu BANK OF GUIYANG CO. LTD. Independent 2024-02 2027-07
Director
(III) Remuneration of directors supervisors and senior management
√ Applicable □ Not applicable
Decision-making procedures for the During the reporting period the allowances of independent directors
remuneration of directors supervisors shall be implemented in accordance with the Independent Director
and senior management System of Chongqing Brewery Co. Ltd. approved by the General
Meeting of Shareholders; Directors’ allowances shall be subject to the
approval by the general meeting of shareholders after the
Remuneration and Appraisal Committee of the Board of Directors
proposes a plan and submits it to the Board of Directors for review and
approval and supervisors’ allowances shall be subject to the approval
by the general meeting of shareholders after review and approval by
the Board of Supervisors of the Company. The remuneration of senior
executives shall be implemented in accordance with the
Administrative Measures for the Remuneration and Performance
Appraisal of Senior Executives proposed by the Remuneration and
Appraisal Committee subject to review and approval by the
Company’s Board of Directors.Whether directors recuse themselves Yes
from discussions and decisions
regarding their own remuneration
matters
Particulars of recommendations issued The allowances of independent directors shall be subject to the
by the Remuneration and Evaluation approval by the General Meeting of Shareholders. Except for
Committee or the Specialized Meeting independent directors the other directors and supervisors are not paid
of Independent Directors on matters for their positions as directors and supervisors in the Company. The
relating to the remuneration of directors remuneration of senior executives shall be determined based on a plan
46 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
supervisors and senior management proposed by the Remuneration and Appraisal Committee subject to
review and approval by the Company’s Board of Directors.Basis for the determination of During the reporting period the allowances for independent directors
remuneration of directors supervisors shall be implemented in accordance with the provisions of the
and senior management Independent Director System of Chongqing Brewery Co. Ltd.deliberated and approved by the General Meeting of Shareholders;
Except for independent directors the other directors and supervisors
are not paid for their positions as directors and supervisors in the
Company. The remuneration of senior executives is based on the
Administrative Measures for the Remuneration and Performance
Appraisal of Senior Executives approved by the Board of Directors as
well as the operating performance of the current year confirmed in the
Audit Report issued by the accounting firm which shall be assessed
and confirmed by the Remuneration and Appraisal Committee and the
Board of Directors.Actual remuneration paid to directors During the reporting period the allowances for independent directors
supervisors and senior management shall be paid by the Company monthly; the basic remuneration of
senior executives shall be paid by the Company monthly. The
performance remuneration shall be paid by the Company after the
appraisal by the Remuneration and Appraisal Committee and the
Board of Directors.Total actual remuneration received by RMB 21.2344 million
all directors supervisors and senior
management as at the end of the
reporting period
(IV) Changes of directors supervisors and senior management of the Company
□ Applicable √ Not applicable
(V) Explanation on penalties by securities regulators in the past three years
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
V. Information about the Board Meetings Convened during the Reporting Period
Meeting session Date of Meeting resolutions
meeting
Fourteenth Meeting of the 19 January For details please refer to Announcement “L2024-001”
Tenth 2024 disclosed by the Company on the website of Shanghai Stock
of the Board of Directors Exchange (www.sse.com.cn) on 20 January 2024.Fifteenth Meeting of the 28 March 2024 For details please refer to Announcement “L2024-008”
Tenth disclosed by the Company on the website of Shanghai Stock
of the Board of Directors Exchange (www.sse.com.cn) on 30 March 2024.Sixteenth Meeting of the 26 April 2024 For details please refer to Announcement “L2024-014”
Tenth disclosed by the Company on the website of Shanghai Stock
47 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
of the Board of Directors Exchange (www.sse.com.cn) on 30 April 2024.Seventeenth Meeting of the 14 August For details please refer to Announcement “L2024-022”
Tenth of the Board of 2024 disclosed by the Company on the website of Shanghai Stock
Directors Exchange (www.sse.com.cn) on 15 August 2024.Eighteenth Meeting of the 30 October For details please refer to “Chongqing Brewery Co. Ltd. Q3Tenth of the Board of 2023 2024 Report” disclosed by the Company on the website of
Directors Shanghai Stock Exchange (www.sse.com.cn) on 31 October
2024.
Nineteenth Meeting of the 12 November For details please refer to Announcement “L2024-027”
Tenth of the Board of 2024 disclosed by the Company on the website of Shanghai Stock
Directors Exchange (www.sse.com.cn) on 13 November 2024.VI. Performance of Duties by Directors
(I) Attendance of Board meetings and General Meetings of Shareholders by directors
Attendance
at
Information on attendance at the Board Meeting General
Meetings of
Shareholders
Number
Name of Independent Failed to
of Board Number of
director director attend
meetings attendance
Attended in
required Attended via Attended by at
in Absence person
to be communication representative General
person at two
attended Meetings of
meetings
during Shareholders
in a row
the year
Jo?o Miguel No 6 6 4 0 0 No 4
Ventura Rego
Abecasis
Gavin Stuart No 6 6 5 0 0 No 4
Brockett
Andrew No 6 6 6 0 0 No 4
Douglas Emslie
Lee Chee Kong No 6 6 0 0 0 No 4
Chin Wee Hua No 6 6 0 0 0 No 4
Lv Yandong No 6 6 2 0 0 No 3
Yuan Yinghong Yes 6 6 2 0 0 No 4
Sheng Xuejun Yes 6 6 4 0 0 No 4
Zhu Qianyu Yes 6 6 3 0 0 No 4
Explanation on failure to attend in person at two Board meetings in a row
□ Applicable √ Not applicable
Number of Board meetings convened during the year 6
Including: Number of meetings convened on site 0
Number of meetings convened via communication 0
Number of meetings convened on site with 6
communication
48 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Objections raised by directors on relevant matters of the Company
□ Applicable √ Not applicable
(III) Others
□ Applicable √ Not applicable
VII. Special Committees under the Board of Directors
√ Applicable □ Not applicable
(1). Members of special committees under the Board of Directors
Type of special committee Name of members
Audit Committee Yuan Yinghong (Chairman of the Committee) Sheng Xuejun Zhu Qianyu
Gavin Stuart Brockett Chin Wee Hua
Nomination Committee Sheng Xuejun (Chairman of the Committee) Zhu Qianyu Andrew Douglas
Emslie
Remuneration and Appraisal Zhu Qianyu (Chairman of the Committee) Yuan Yinghong Jo?o Miguel
Committee Ventura Rego Abecasis
Strategy and Development Lee Chee Kong (Chairman of the Committee) Chin Wee Hua Lv Yandong
Committee Yuan Yinghong Jo?o Miguel Ventura Rego Abecasis
(2). Six meetings convened by the Audit Committee during the reporting period
Date of Important opinions and
Other performance of duties
meeting Content of meeting suggestions
2024-03- PAN-CHINA Certified Public The Audit Committee
01 Accountants LLP reported and demonstrated a detailed
communicated major issues of understanding and effective
concern and findings in the pre- communication regarding
audit phase of 2023 financial audit key audit matters other
and internal control audit. significant considerations
and internal control audits.
2024-03- Summary Reports on Financial The Audit Committee agreed The Audit Committee
28 Statements Audit and Internal to submit the proposals to the listened to the 2023 Work
Control Audit Performed by Pan- Board of Directors for Report and 2024 Audit Plan
China Public Accountants (Special deliberation. of the Company’s Internal
General Partnership) for the Year Audit Department.
2023
CBC 2023 Annual Report and
Executive Summary
CBC 2023 Final Account Report
Evaluation Report on the
Company’s Internal Control for the
Year of 2023
Annual Performance Report of the
Audit Committee of the 10th Board
of Directors of the Company for
the Year of 2023
Report of the Audit Committee on
49 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
the Performance of Supervisory
Duties over the Accounting Firm
and the Proposal on the
Engagement of Pan-China
Certified Public Accountants
(Special General Partnership) as
the Auditor of the Company’s
Financial Report and Internal
Control for the Year of 2024 were
approved.
2024-04- CBC Q1 2024 Report was The Audit Committee agreed The Audit Committee
25 approved. to submit the proposal to the listened to the CBC Internal
Board of Directors for Audit Summary Report fro
deliberation. 2024 Q1 and CBC Risk
Management Report.
2024-08- CBC H1 2024 Report was The Audit Committee agreed The Audit Committee
13 approved. to submit the proposal to the listened to the CBC Internal
Board of Directors for Audit Summary Report fro
deliberation. 2024 H1 and CBC Risk
Management Report.
2024-10- CBC Q3 2024 Report was The Audit Committee agreed The Audit Committee
30 approved. to submit the proposal to the listened to the CBC Internal
Board of Directors for Audit Summary Report fro
deliberation. 2024 Q3 and CBC Risk
Management Report.
2024-11- PAN-CHINA Certified Public The Audit Committee
12 Accountants LLP reported on 2024 maintained close attention to
annual financial audit and internal and follow-up on audit time
control audit. schedule key audit matters
risks etc.
(3). Three meetings convened by the Remuneration and Appraisal Committee during the reporting period
Date of Important opinions and
Other performance of duties
meeting Content of meeting suggestions
2024-03- The Proposal on the Annual The Remuneration and
28 Evaluation of the Performance Appraisal Committee
and Remuneration of the Senior concluded that the 2023
Management for the Year of 2023 remuneration assessment of
was approved. the Company’s senior
executives aligned with
that the Remuneration and
Performance Appraisal
Plan for Senior
Management and agreed to
submit the proposal to the
50 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Board of Directors for
deliberation.
2024-04- The Proposal on Adjustment of The Remuneration and
25 Independent Directors’ Appraisal Committee
Remuneration was submitted agreed to submit the
directly to the Board of Directors proposal to the Board of
for deliberation Directors for deliberation.
2024-08- The Proposal on the Amendment With non-associated
13 of Remuneration and Performance directors constituting less
Appraisal Plan for Senior than half of the committee a
Management was approved. valid resolution could not be
reached. The proposal was
therefore submitted directly
to the Board for decision.
(4). One meeting convened by the Strategy and Development Committee during the reporting period
Date of Important opinions and
Other performance of duties
meeting Content of meeting suggestions
2024-03- The Proposal on the CBC The Strategy and
28 Financial Budget for the Year Development Committee
2024 was approved. agreed on this proposal.
(5). Particulars of objections
□ Applicable √ Not applicable
VIII. Explanation on the Risks of the Company Found by the Board of Supervisors
□ Applicable √ Not applicable
The Board of Supervisors had no objections to the matters subject to supervision during the reporting period.IX. Employees of the Parent Company and Major Subsidiaries as at the End of the Reporting Period
(I) Employees
Number of existing employees of the parent company 27
Number of existing employees of major subsidiaries 6834
Total number of existing employees 6861
Number of resigned and retired employees whose 4310
expenses shall be undertaken by the parent company
and major subsidiaries
Specialization composition
Category of specialization Headcount of specialization
Production personnel 1883
Sales personnel 3066
Technicians 1403
51 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Finance personnel 229
Administrative personnel 68
Others 212
Total 6861
Educational background
Educational level Headcount
Postgraduates 205
Undergraduates 1856
Junior college graduates 2349
High school graduates and below 2451
Total 6861
(II) Remuneration policy
√ Applicable □ Not applicable
During the reporting period the Company’s employee remuneration policy shall determined the salary growth ratio
of all employees based on the Company’s economic benefits and business performance as well as the completion
of the annual beer production sales and profits and considering the salary situation in the market. Management
personnel of middle level and above shall be subject to the year-end incentive assessment linked to the Company’s
performance and production workshops shall be subject to the KPI assessment which is combined with product
quality various consumption indicators and production efficiency. The salary of employees of the Company is
composed of fixed salary performance appraisal salary and year-end bonus.(III) Training programs
√ Applicable □ Not applicable
In 2024 the Company upholding its commitment to employees’ holistic development implemented diverse and
varied training programs designed to enhance employee professional competencies managerial skills and safety
awareness thereby building a robust talent foundation for its sustainable growth.
(1) For professional competency development the Company has implemented position-specific training programs
tailored to diverse role requirements. A prime example is the “FIT” initiative for the sales team which has
significantly improved product knowledge and selling techniques among new sales personnel strengthening the
Company’s market competitiveness. The production department staff received various training courses on quality
control equipment safety protocols regulatory compliance (Red Line regulations) CarlEX sharing and awareness
enhancement. These courses enhanced their professional capabilities in production operations equipment
maintenance and quality control providing a strong guarantee for the stability of product quality. Meanwhile to
bolster technological proficiency the Company conducted courses such as “Power Bi Training” and “Excel DataProcessing and Application” enhancing employees’ data processing and analytical capabilities and facilitating their
adaptation to evolving digital workplace requirements.
(2) Management capability training also yielded remarkable outcomes. The “Qinglan Program” for frontline
managers which encompasses modules such as “Management Meetings” “Management Performance” and
“Effective Interview” has achieved over 1000 participant attendances significantly enhancing their team
management and leadership competencies. Other programs including the Management Fundamentals Program
(MFP) and Core Supervisor Capability Training have provided robust development support for both high-potential
talents and supervisory personnel further enhancing the Company’s talent pipeline.
52 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(3) Safety training is a crucial component of the Company’s training system. In 2024 the Company conducted
various programs including “EHS Safety Training” “Safety Training” “Confined Space Entry Training” and
“Chemical Management Requirements and Safety Training” achieving complete employee coverage with over
10000 participant attendances. These programs have enhanced employee safety consciousness and emergency
response capabilities effectively reducing production risks while reinforcing safeguards for stable business
operation.
(4) Additionally the Company implemented specialized courses aligned with evolving business development needs.
For instance the series of courses on Calsberg E-learning Platform helps employees understand key points of
channel execution and business processes. “New Employee Orientation” and “New Employee Learning Map” assistnew hires in quickly integrating into the Company’s culture and work environment. Courses such as “WorkplaceRoles and Mindset Transition” “Team Collaboration” and “Communication” focus on soft skills to promote
personal growth and teamwork among employees.In 2024 the Company established a comprehensive and in-depth training system that effectively served employees
at all levels and addressed diverse competency development needs. Looking ahead we will continue to refine our
training content and delivery methods keeping pace with both industry evolution and employee growth
requirements. Through consistently providing high-quality training resources we are committed to fostering mutual
growth for both the Company and its employees enabling collective progress to new heights.(IV) Labor outsourcing
√ Applicable □ Not applicable
Total working hours of outsourced labor 1437770 hours
Total remuneration paid for outsourced labor (in RMB 4722.80
10000)
X. Proposal on Profit Distribution or Conversion of Capital Reserve into Capital Stock
(I) Formulation implementation or adjustment of cash dividend policy
√ Applicable □ Not applicable
In accordance with the provisions of the Company Law of the People’s Republic of China the China Accounting
Standards for Business Enterprises and the Articles of Association and considering the needs of business
development and the interests of shareholders the following distribution plan is proposed:
The Company intends to distribute cash dividends to all shareholders based on the total share capital as of the equity
registration date for the 2024 annual profit distribution. Cash dividends of 0.90 yuan (tax inclusive) per share will
be distributed. As of December 31 2024 the Company’s total share capital was 483971198 shares and a total of
cash dividend of 435574078.20 yuan (tax inclusive) will be distributed on such basis. Previously for the 2024
interim period the Company distributed a cash dividend of 1.50 yuan (tax inclusive) per share to all shareholders
totaling 725956797.00 yuan (tax inclusive). Accordingly the total cash dividend for 2024 is 1161530875.20
yuan (tax inclusive) accounting for 104.21% of the net profit attributable to shareholders of the Company in 2024.If there is any change in the Company’s total share capital before the equity registration date for the 2024 annual
profit distribution the distribution ratio per share will remain unchanged with corresponding adjustments to the
total distribution amount. The above profit distribution plan is subject to approval by the Company’s shareholders’
meeting before implementation.
53 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Special description on cash dividend policy
√ Applicable □ Not applicable
Whether it complies with the provisions of the Articles of √Yes □ No
Association or the requirements stated in the resolutions approved at
the General Meeting of Shareholders
Whether the standards and proportion of dividend distribution are √Yes □ No
clear
Whether the relevant decision-making procedures and mechanisms √Yes □ No
are complete
Whether independent directors perform their duties and play their √Yes □ No
due role
Whether minority shareholders have the opportunity to fully express √Yes □ No
their opinions and appeals and whether their legitimate interests
have been adequately protected
(III) Where the parent company has a positive profit available for distribution to shareholders with no cash
profit distribution plan proposed during the reporting period the Company shall disclose the reasons
therefor and the purpose and utilization plan of such undistributed profit in detail
□ Applicable √ Not applicable
(IV) Plans on profit distribution or conversion of capital reserve to increase share capital in the current
reporting period
√ Applicable □ Not applicable
Monetary unit: RMB
Bonus share distributed for every 10 shares (share) 0
Dividend distributed for every 10 shares (yuan) (tax
24.00
inclusive)
Cash dividend distributed (tax inclusive) 1161530875.20
Net profit attributable to ordinary shareholders in the
1114593043.58
consolidated financial statements
Proportion of cash dividend to net profit attributable to
ordinary shareholders in the consolidated financial 104.21
statements (%)
Total cash dividend distributed (tax inclusive) 1161530875.20
Proportion of total cash dividend distributed to net profit
attributable to ordinary shareholders in the consolidated 104.21
financial statements (%)
(V) Cash dividend distribution in the last three accounting years
√ Applicable □ Not applicable
Monetary unit: RMB
54 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Total cash dividends distributed in the last three accounting
3774975344.40
years (tax inclusive) (1)
Total shares repurchased and canceled in the last three
accounting years (2)
Total cash dividends distributed and share repurchased and
3774975344.40
canceled in the last three accounting years (3) = (1) + (2)
Average annual net profit in the last three accounting years
1238269990.39
(4)
Cash dividend ratio in the last three accounting years (%) (5)
304.86
=(3)/(4)
Net profit attributable to ordinary shareholders in the
consolidated financial statements (%) for the last accounting 1114593043.58
year
Undistributed profits at the end of the last accounting year in
995551815.53
the parent company financial statements
XI. The Company’s Equity Incentive Scheme Employee Stock Ownership Plan or Other Employee
Incentive Measures and Their Impact
(I) Relevant incentive matters disclosed in interim announcements without progress or change in
subsequent implementation
□ Applicable √ Not applicable
(II) Incentives not disclosed in interim announcements or with subsequent development
Equity incentives
□ Applicable √ Not applicable
Other remarks
□ Applicable √ Not applicable
Employee stock ownership plan
□ Applicable √ Not applicable
Other incentive measures
□ Applicable √ Not applicable
(III) Equity incentives granted to directors and senior management during the reporting period
□ Applicable √ Not applicable
(IV) Establishment and implementation of evaluation mechanism and incentive mechanism for senior
management during the reporting period
√ Applicable □ Not applicable
According to the needs of establishing a modern enterprise system the Company implements the appointment
system for senior executives and has established a fair and transparent performance evaluation and incentive
mechanism for directors supervisors and senior executives urging management personnel to fulfill their obligations
of integrity and diligence clarifying their rights and responsibilities and giving full play to the enthusiasm and
55 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
creativity of senior executives. The management of the Company supervises the daily performance of senior
executives in accordance with the President’s Work Rules and the Financial Management System of the Company
and the Company conducts year-end evaluation of senior executives and gives rewards or punishments to senior
executives according to the business objectives set at the beginning of the year and the remuneration system for
senior executives reviewed and approved by the Board of Directors.XII. Development and Implementation of Internal Control Systems during the Reporting Period
√ Applicable □ Not applicable
The Company evaluated and revised its business related control processes during the current year. During the
reporting period the Company provided training on risk and internal control policies to its internal control staff.The internal audit department conducted specialized audits on various processes including sales management
purchase management human resource management record-to-report management logistics management and
contract management.Description of significant defects in the internal control during the reporting period
□ Applicable √ Not applicable
XIII. Management and Control of Subsidiaries During the Reporting Period
√ Applicable □ Not applicable
The Company consistently performed self-assessment of the internal control effectiveness within its subsidiaries in
accordance with the corporate internal control system. Additionally the Company ensured internal control oversight
of its subsidiaries by conducting specialized process audits.In 2024 the Company integrated and optimized the key processes of Beijing Capital Brewing Company Limited
and G-Shell Asia Pacific (Beijing) Food Co. Ltd. two subsidiaries acquired in Q4 2023 and included them in the
internal control and self-assessment scope for supervision and management.XIV. Explanation on the Audit Report on Internal Control
√ Applicable □ Not applicable
Pan-China Certified Public Accountants LLP (Special General Partnership) the accounting firm engaged by the
Company has conducted an audit on the effectiveness of internal control related to the Company’s financial report
and issued an unqualified audit report. For details of the Company’s 2024 Internal Control Audit Report please
refers to the SSE website.Disclosure of internal control audit report: Yes.Type of opinion: Unqualified opinion.XV. Rectification of Issues Found in Self-Inspections as per the Special Campaign on Governance of
Listed Companies
□ Applicable √ Not applicable
XVI. Others
□ Applicable √ Not applicable
56 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
I. Environmental Information
Any environmental protection mechanism established Yes
Funds invested for environmental protection during the 3167.9
reporting period (in RMB 10000)
(I) Explanation on environmental protection of the Company and its subsidiaries falling into the category
of key pollution discharging units listed by the environmental protection authorities
√ Applicable □ Not applicable
1. Pollution discharge information
√ Applicable □ Not applicable
Company Major Method of Number Distribution Discharge Pollutant discharge Total Total Discharge
name pollutants discharge of of discharge concentration standards discharge discharge exceeding
discharge outlet implemented approved standards
outlet
Wanzhou Wastewater Discharged 1 Northwest of COD: Pretreatment COD: 2.3588 COD: No
Branch of into urban the factory 53.844mg/L standards set out in ton 143 ton
Carlsberg pipeline Ammonia Discharge Ammonia Ammonia
Chongqing network Nitrogen: Standard of Nitrogen: Nitrogen:
Brewery after 1.094mg/L Pollutants for Beer 0.0873 ton 12.88 ton
Co. Ltd. treatment Industry
(GB19821-2005)
Carlsberg Wastewater Discharged 1 Northeast COD: Pretreatment COD: COD: No
Chongqing into urban corner within 179.902mg/L standards set out in 19.018 ton 376.782
Brewery pipeline the factory Ammonia Discharge Ammonia ton
Co. Ltd. network Nitrogen: Standard of Nitrogen: Ammonia
(Mawang after 15.689mg/L Pollutants for Beer 1.431 ton Nitrogen:
Township treatment Industry 33.91 ton
Factory) (GB19821-2005)
Carlsberg Wastewater Discharged 1 North side COD: Pretreatment COD: COD: No
Chongqing into urban within the 128.353mg/L standards set out in 15.561 ton 116.33 ton
Brewery pipeline factory Ammonia Discharge Ammonia Ammonia
Co. Ltd. network Nitrogen: Standard of Nitrogen: Nitrogen:
(Dazhulin after 1.813mg/L Pollutants for Beer 0.202 ton 21.81 ton
Factory) treatment Industry
(GB19821-
2005);Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB/T31962-
2015); Integrated
Wastewater
Discharge
Standard.(GB8978-1996 )
Hechuan Wastewater Discharged 1 North gate COD: Pretreatment COD: COD: No
Branch of into urban within the 209.87mg/L standards set out in 11.839 ton 158.306
Carlsberg pipeline factory Ammonia Discharge Ammonia ton
Chongqing network Nitrogen:9.1 Standard of Nitrogen: Ammonia
Brewery after 7mg/L Pollutants for Beer 0.49 ton Nitrogen:
Co. Ltd. treatment Industry 14.248 ton
(GB19821-2005);
Wastewater
Quality Standards
for Discharge to
57 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Municipal Sewers
(GB/T31962-
2015)
Liangping Wastewater Discharged 1 Outside the COD: Pretreatment COD: COD: No
Branch of into urban factory gate 146mg/L standards set out in 12.15 ton 429.45 ton
Carlsberg pipeline Ammonia Discharge Ammonia Ammonia
Chongqing network Nitrogen: 3.5 Standard of Nitrogen: Nitrogen:
Brewery after mg/L Pollutants for Beer 0.307 ton 38.65 ton
Co. Ltd. treatment Industry
(GB19821-2005)
Peiling Wastewater Discharged 1 Northwest of COD: Negotiation COD: COD: No
Branch of into the the factory 2661.53mg/L standard set out in 45.05 ton 175 ton
Carlsberg downstrea Ammonia Discharge Ammonia Ammonia
Chongqing m Nitrogen: Standard of Nitrogen: Nitrogen:
Brewery municipal 36.27mg/L Pollutants for Beer 0.63 ton 15.75 ton
Co. Ltd. water Industry
treatment (GB19821-2005)
plant and amendment sheet
subsequentl
y released
following
appropriate
treatment
by the
treatment
plant.Shizhu Wastewater Discharged 1 Northwest COD: Discharge COD: COD: No
Branch of into corner within 116mg/L Standard of 4.3 ton 143.18 ton
Carlsberg pipeline the factory Ammonia Pollutants for Beer Ammonia Ammonia
Chongqing network of Nitrogen: Industry Nitrogen: Nitrogen:
Brewery the park 1.37mg/L (GB19821-2005) 0.05 ton 12.88 ton
Co. Ltd. after
treatment
Chongqing Wastewater Discharged 1 South side of COD: Pretreatment COD: COD: No
Brewery into water the factory 121.813mg/L standards set out in 19.908 ton 147.65 ton
Yibin Co. treatment area Ammonia Discharge Ammonia Ammonia
Ltd. plant of the Nitrogen: Standard of Nitrogen: Nitrogen:
park after 1.551 mg/L Pollutants for Beer 0.273 ton 30.80 ton
treatment Industry
(GB19821-2005)
Chongqing Wastewater Discharged 1 South of the COD: Negotiation COD: COD: No
Brewery after pre- factory area 50mg/L standard set out in 4.01 ton 94.47 ton
Xichang Co. treatment Ammonia Discharge Ammonia Ammonia
Ltd. Nitrogen: Standard of Nitrogen: Nitrogen:
5mg/L Pollutants for Beer 0.40 1ton 4.18 ton
Industry
(GB19821-2005)
amendment sheet
Chongqing Wastewater Discharged 1 West side COD: Negotiation COD: 42.07 COD: No
Beer into urban within the 1201.56mg/L standard set out in ton 286.36 ton
Panzhihua pipeline factory Ammonia Discharge Ammonia Ammonia
Co. Ltd. network Nitrogen: Standard of Nitrogen: Nitrogen:
after 27.22 mg/L Pollutants for Beer 1.121 ton 25.77 ton
treatment Industry
(GB19821-2005)
amendment sheet
Hunan Wastewater Discharged 1 Outside the COD: Pretreatment COD: COD: No
Chongqing into urban factory 170.57mg/L standards set out in 12.129 ton 55 ton
Brewery pipeline entrance Ammonia Discharge Ammonia Ammonia
Grandmen network Nitrogen: Standard of Nitrogen: Nitrogen:
Co. Ltd. after 5.56mg/L Pollutants for Beer 0.395 ton 21 ton
treatment Industry
(GB19821-2005)
as well as the feed-
water quality
58 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
requirements of
Lixian Domestic
Sewage Treatment
Plant
Yongzhou Wastewater Discharged 1 South of the COD: Negotiation COD: COD: No
Branch of into urban factory area 2066mg/L standard set out in 11.16 ton 39 ton
Hunan pipe Ammonia Discharge Ammonia Ammonia
Chongqing network Nitrogen: Standard of Nitrogen: Nitrogen:
Brewery after 25mg/L Pollutants for Beer 0.01873 ton 8 ton
Grandmen pretreatmen Industry
Co. Ltd. t and (GB19821-2005)
subsequentl amendment sheet
y
discharged
into
municipal
water
treatment
plan
Chongqing Wastewater Discharged 1 East of the COD: Pretreatment COD: COD:356. No
Brewery into urban factory area 183 mg/L standards set out in 12.35 ton 3 ton
Group pipeline Ammonia Discharge Ammonia Ammonia
Chengdu network Nitrogen: 2.8 Standard of Nitrogen: Nitrogen:
Bock Beer after mg/L Pollutants for Beer 0.52 ton 32.07 ton
Co. Ltd. treatment Industry
(GB19821-2005)
Kunming Wastewater Discharged 1 Southwest of COD: Pretreatment COD: COD:158. No
Huashi after the factory 156.934mg/L standards set out in 15.87 ton 37 ton
Brewery treatment Ammonia Discharge Ammonia Ammonia
Co. Ltd. Nitrogen: Standard of Nitrogen: Nitrogen:
12.23mg/L Pollutants for Beer 1.23696 ton 11.875 ton
Industry
(GB19821-
2005);Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB/T31962-
2015)
Carlsberg Wastewater Discharged 1 Northwest of COD: Pretreatment COD: COD:312. No
(China) after the factory 52.07mg/L standards set out in 13.245 ton 59 ton
Brewery treatment Ammonia Discharge Ammonia Ammonia
Industry and Nitrogen: Standard of Nitrogen: Nitrogen:
Trade 4.33mg/L Pollutants for Beer 1.122 ton 29.23 ton
Limited Industry
(GB19821-2005)
Carlsberg Wastewater Discharged 1 Southwest of COD: Negotiation COD: COD: No
Tianmu into the the factory 933.35mg/L standard set out in 256.259 ton 1348.7 ton
Lake town Ammonia Discharge Ammonia Ammonia
Brewery sewage Nitrogen: Standard of Nitrogen: Nitrogen:
(Jiangsu) treatment 12.46mg/L Pollutants for Beer 3.421 ton 26.21 ton
Co. Ltd. plant Industry
(GB19821-2005)
amendment sheet
Carlsberg Wastewater Discharged 1 North side of COD: Discharge COD: COD: No
Brewery into urban the factory 66.8 mg/L Standard of 18.5 ton 54.2 ton
(Anhui) Co. pipeline Ammonia Pollutants for Beer Ammonia Ammonia
Ltd. network Nitrogen: Industry Nitrogen: Nitrogen:
after 2.67 mg/L (GB19821-2005) 0.682 ton 3.45 ton
treatment
Carlsberg Wastewater Discharged 1 South side of COD: Discharge COD: COD: No
Brewery into urban the factory 70.94mg/L Standard of 7 ton 118.82 ton
(Jiangsu) pipeline Ammonia Pollutants for Beer Ammonia Ammonia
Co. Ltd. network Nitrogen: Industry Nitrogen: Nitrogen:
after 6.54 mg/L (GB19821-2005) 0.68 ton 15.36 ton
59 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
treatment
Carlsberg Wastewater Discharged 1 Northwest COD: Guangdong Water COD: COD: No
Brewery into the corner within 31.24mg/L Pollutant 4.70 ton 75 ton
(Guangdong town the factory Ammonia Discharge Limits Ammonia Ammonia
) Co. Ltd. sewage Nitrogen: 1.6 Standard Nitrogen: Nitrogen:
treatment mg/L (DB44/26-2001) 0.08 ton 5 ton
plant after Discharge
being Standard of
treated Pollutants for Beer
Industry
(GB19821-2005)
and Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB31962-2015)
Carlsberg Wastewater Discharged West of the COD: The stricter limit COD: No total
Brewery into urban factory area 89.82mg/L value between the 15.85 ton volume
(Foshan) pipeline Ammonia Phase II Level III Ammonia requireme
Co. Ltd. network Nitrogen: standard in Nitrogen: nt
after 13.2mg/L Guangdong Water 2.33 ton
treatment Pollutant
Discharge Limits
(DB44/26-2001)
and the Class B
standard in
Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB/T 31962-
2015)
Xinjiang Wastewater Discharged 1 Northwest COD: Pretreatment COD: COD: No
Wusu Beer after corner of the 111.847mg/L standards set out in 3.275 ton 700 ton
Co. Ltd. treatment factory Ammonia Discharge Ammonia Ammonia
Nitrogen: Standard of Nitrogen: Nitrogen:
4.286mg/L Pollutants for Beer 0.097 ton 63 ton
Industry
(GB19821-2005)
Xinjiang Wastewater Discharged 1 Northwest COD: Pretreatment COD: COD:23.4 No
Wusu Beer into the corner in the 46mg/L standards set out in 5.01296 ton 9 ton
(Wusu) Co. town factory area Discharge
Ltd. sewage Standard of
treatment Pollutants for Beer
plant after Industry
being (GB19821-2005)
treated
Xinjiang Wastewater Discharged 1 Southeast of COD: Discharge COD: COD: No
Wusu Beer after the factory 95.25mg/L Standard of 2.35 ton 18 ton
(Yining) Co. treatment Ammonia Pollutants for Beer Ammonia Ammonia
Ltd. Nitrogen: Industry Nitrogen: Nitrogen:
2.71mg/L (GB19821-2005); 0.341 ton 15.75 ton
Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB31962-2015)
Xinjiang Wastewater The 1 Southwest of COD: Negotiation Total No No
Wusu Beer subordinate the factory 2000mg/L standard set out in discharge requireme
(Kuerle) Co. sewage Ammonia Discharge amount not nt on total
Ltd. treatment Nitrogen: Standard of calculated discharge
plant 45mg/L Pollutants for Beer amount
discharges Industry
the (GB19821-2005)
wastewater. amendment sheet
60 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Xinjiang Wastewater Discharged 1 West side of COD: Discharge COD: COD: No
Wusu Beer after the factory 152mg/L Standard of 8.54 ton 12.5 ton
(Akesu) Co. treatment Ammonia Pollutants for Beer Ammonia Ammonia
Ltd. Nitrogen: Industry Nitrogen: Nitrogen:
5.67mg/L (GB19821-2005); 0.25 ton 1.25 ton
Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB31962-2015)
Ningxia Wastewater Discharge 1 Southwest of COD: Pretreatment COD: COD: No
Xixia after the factory 68mg/L standards set out in 13.33ton 73.7 ton
Jianiang treatment Ammonia Discharge Ammonia Ammonia
Brewery Nitrogen: Standard of Nitrogen: Nitrogen:
Co. Ltd. 0.99mg/L Pollutants for Beer 0.19 ton 2.46 ton
Industry
(GB19821-
2005);Wastewater
Quality Standards
for Discharge to
Municipal Sewers
(GB31962-2015)
2. Construction and operation of pollution prevention facilities
√ Applicable □ Not applicable
In 2024 the Company’s pollution control facilities operated reliably ensuring that pollutants were discharged in
compliance with relevant standards. Furthermore the Company successfully passed environmental protection
inspections conducted by relevant authorities at all levels.
3. Environmental impact assessment of construction projects and other administrative approval on
environmental protection
□ Applicable √ Not applicable
4. Contingency plans for environmental emergencies
√ Applicable □ Not applicable
The Company attaches great importance to environmental emergency warning risk prevention and control and
has established comprehensive measures for environmental risk prevention and control. Each of its breweries has
formulated Environmental Emergency Response Plan and Environmental Risk Assessment Report and these
documents have been filed them with relevant environmental protection departments. The Company is able to
effectively cope with local or regional environmental pollution incidents caused by sudden environmental pollution
and ecological damage and ensure that incidents can be addressed quickly and efficiently on site to protect the
brewery and surrounding environment as well as the life and property of the people in residential areas preventing
unforeseen environmental pollution incidents.
5. Environmental self-monitoring plan
√ Applicable □ Not applicable
Each brewery of the Company has formulated its self-monitoring plan for environmental protection to effectively
monitor various pollutant factors. The Company implements Discharge Standard of Pollutants for Beer Industry
(GB19821-2005) ISO14001 Environmental Management System and internal SHAPE system (environmental
health and safety excellence evaluation system).
6. Administrative penalties for environmental issues during the reporting period
□ Applicable √ Not applicable
61 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
7. Other environmental information that shall be disclosed
□ Applicable √ Not applicable
(II) Environmental protection of companies other than key pollutant discharging units
□ Applicable √ Not applicable
(III) Relevant information conducive to ecological protection pollution prevention and control and
fulfillment of environmental responsibilities
√ Applicable □ Not applicable
The company continuously enhances its environmental management system by actively investing in comprehensive
emission reduction facilities including waste gas wastewater and solid waste treatment systems to control the
impact of waste emissions and noise. All of its breweries are ISO 14001 certified.Wastewater discharge: The Company implements strict control throughout the entire wastewater treatment process.We have established reclaimed water reuse project utilizing deep technology to further remove COD odors and
suspended solids in wastewater thereby reducing pollutants in the discharged water.Waste discharge: The Company has established ledgers for the generation transfer and disposal of hazardous waste
to ensure effective tracking and management of waste disposal. For general waste the Company strictly implements
garbage classification with waste collection at designated intervals and locations full recycling of reusable
resources. For hazardous waste the Company has comprehensively reviewed the collection scope of hazardous
waste cleaning storing and transferring the waste according to categories. Hazardous waste is stored in a dedicated
warehouse and when a certain volume is reached is entrusted to qualified third parties for unified disposal. In 2024
the Urumqi Brewery was awarded the title of “Zero-Waste Enterprise.”
Packaging waste reduction: The Company proactively fosters innovative partnerships to advance sustainable
packaging design promoting the adoption of eco-friendly packaging materials and lightweight packaging. Through
these concerted efforts we are effectively reducing packaging waste and environmental pollution. Meanwhile the
Company continues to implement multiple bottle return projects to mitigate environmental impacts from packaging
and waste. In 2024 the Company’s overall bottle return rate increased to 74.7%. Furthermore the Company
implements packaging-free transportation for agricultural raw material sourcing significantly cutting environmental
pollution caused by packaging materials.Energy conservation: For specific measures please refer to “(IV) Measures taken to reduce carbon emissions duringthe reporting period and related effects.”
Water resource management: The Company has achieved sustained reduction in unit water consumption by
implementing a series of water conservation measures including water-saving renovation of bottle washers
packaging water recycling programs water-saving vacuum pumps and reclaimed water reuse projects. Its water
efficiency has improved from 3.87 HL/HL in 2015 to 2.1 HL/HL in 2024 far outperforming China’s beer industry
average of 3.2 HL/HL.The Company recognizes the impact of business development on biodiversity and has implemented various
initiatives to protect wildlife and ecosystems. In 2024 in collaboration with World Wide Fund For Nature (WWF)
we launched a water replenishment project in the Yangtze River Basin. Notably the Kunming Wetland project we
supported provided improved habitat conditions for a population of over 80 black-necked cranes which are a
62 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
national first-class protected species and classified as Near Threatened on the IUCN (International Union for
Conservation of Nature) Red List. Other wetland projects we supported also played a role in addressing agricultural
non-point source pollution and enhancing the well-being of local communities.(IV) Measures taken to reduce carbon emissions during the reporting period and related effects
Any carbon reduction measures taken Yes
CO2 equivalents of reduced emission (unit: ton) 2531
Types of carbon reduction measures Please refer to the following “Specific description”.(such as using clean energy for power
generation using carbon reduction
technology in the production process developing and
producing new products
that support carbon reduction etc.)
Specific description
√ Applicable □ Not applicable
The Company is committed to achieving net-zero emission across the full value chain by 2040 and its carbon
reduction actions cover raw material cultivation production packaging logistics transportation and distribution
and cooling and storage.Cultivation & Processing: The Company enhanced equipment efficiency to reduce raw material loss and improve
yield rates. By recycling by-products like spent grains and yeast it has reduced demand for feeds and fertilizers
while lowering greenhouse gas emissions effectively cutting the agricultural carbon footprint.Production: The Company proactively explored clean energy alternatives to optimize its energy mix. In 2024 100%
of its electricity was sourced from green energy totaling 169004 MWh. In addition it actively advanced integrated
utilization projects for thermal energy sources such as biogas and steam reducing thermal consumption and carbon
emission by recycling and reusing biogas and steam from wort kettle. In 2024 the Company achieved a carbon
reduction of 2531 tons with carbon emissions per hectoliter of beer decreasing by 4.5% year-on-year.Use of packaging materials: The Company collaborates with suppliers to implement carbon reduction initiatives
including supporting suppliers in obtaining ISO 14001 Environmental Management System certification and the
National Green Factory certification as well as facilitating their adoption of photovoltaic solutions. Additionally
100% of waste materials generated during brewery productionsuch as discarded cardboard boxes pallets plastic
crates woven bags and adhesive drums are recycled by certified local third-party processors effectively reducing
carbon emissions.Packaging: The Company collaborates with suppliers to implement carbon reduction measures supporting their
certification to ISO 14001 and National Green Factory while facilitating their adoption of photovoltaic solutions.In 2024 the Company recycled 31346 tons of glass cullet and zero-carbon emission target was achieved in the
manufacturing process for corrugated boxes and other primary facing materials.Transportation: The Company has continued to advance the electrification of its logistics fleet increasing the
proportion of electric forklifts from 79% to 82% in 2024. Additionally we have partnered with logistics providers
to closely monitor fuel consumption and provide energy-efficient driving training to drivers enhancing suppliers’
energy conservation awareness and environmental performance.
63 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Cooling and storage: The Company has implemented the energy-saving freezer project since 2021 purchasing
freon-free refrigerants and energy-saving freezers cutting terminal energy consumption by 10% per year and
effectively reducing greenhouse gas emissions generated by refrigerants.II. Work on Social Responsibility
(I) Disclosure of the social responsibility report sustainable development report or ESG report separately
√ Applicable □ Not applicable
For details please refer to the 2024 ESG Report of Chongqing Brewery Co. Ltd. disclosed by the Company on the
website of Shanghai Stock Exchange (www.sse.com.cn) on the very day.(II) Specific work on social responsibility
√ Applicable □ Not applicable
Item of external donation and public welfare Quantity / Content Description
Total input (in RMB 10000) 34.8 For details please refer to the following
“Specific description.”
Including: Funds (in RMB 10000) 34.8
Amount equivalent to goods
and materials (in RMB 10000)
Number of beneficiaries (Person)
Specific description
√ Applicable □ Not applicable
In March 2024 Chongqing Brewery donated RMB 138000 to the Red Cross Society of Quannan County Ganzhou
City Jiangxi Province for the “Mother’s Health Express” project enhancing the health of women and children in
Quannan County and supporting rural revitalisation.In April 2024 the Company donated RMB 10000 to the Dali Bai Autonomous Prefecture Disabled Persons’
Federation in support of the Dali Sitting Volleyball Qualifier for the 2024 Paris Paralympics making a tangible
contribution to the development of parasports.In September 2024 the 21st “Chongqing Brewery” Scholarship Granting Ceremony was jointly held by the Yibin
Municipal Committee of the Communist Youth League and Chongqing Brewery Yibin Co. Ltd. A total of RMB
200000 in scholarships was awarded to 40 college freshmen at the event.
Led by Carlsberg Group’s partnership with WWF Chongqing Brewery has implemented water replenishment
programs across three regions in China—Chongqing Jiangsu and Yunnan. These programs focus on wetland
ecosystem conservation to replenish natural water resources while improving local communities’ living
environments and water access conditions. Wetlands act as natural water treatment systems capable of removing
pollutants and excess nutrients from water through plants microorganisms and physical filtration processes. This
helps to purify water quality replenish groundwater sources and achieve water replenishment.III. Specific Work on Consolidating and Expanding the Achievements of Poverty Alleviation
and Rural Revitalization
64 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
√ Applicable □ Not applicable
Item of poverty alleviation and rural Quantity / Content Description
revitalization
Total input (in RMB 10000) 33.8 For details please refer to the following
“Specific description.”
Including: Funds (in RMB 10000) 33.8
Amount equivalent to
goods and materials (in RMB
10000)
Number of beneficiaries (Person)
Forms of assistance (such as poverty Healthcare for women/children
alleviation through industries education and poverty reduction
employment education etc.)
Specific description
√ Applicable □ Not applicable
In March 2024 Chongqing Brewery donated RMB 138000 to the Red Cross Society of Quannan County Ganzhou
City Jiangxi Province for the “Mother’s Health Express” project enhancing the health of women and children in
Quannan County and supporting rural revitalisation.In September 2024 the 21th “Chongqing Beer” Scholarship Granting Ceremony was jointly held by the Yibin
Municipal Party Committee of the Communist Youth League and Chongqing Brewery Yibin Co. Ltd and a total of
RMB 200000 in scholarships was granted to 40 university freshmen on site.
65 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
SECTION VI IMPORTANT MATTERS
I. Performance of Commitments
(I) Commitments by relevant parties such as actual controllers shareholders related parties acquirers and the Company during or subsisting to the reporting
period
√ Applicable □ Not applicable
Background Type of Party of Content of commitment Time of Any Term of Timely and Reasons for failure of timely Forthcoming
of commitment commitment commitment requirement commitment strict performance plans in view
commitment on performance of no timely
performance performance
period
1. Carlsberg will ensure to maintain the
independence of the listed company from
Carlsberg and its affiliates in terms of business
assets finance personnel and institutions will
strictly abide by relevant regulations of CSRC on
the independence of listed companies and will not
use the control of the listed company to violate the
Commitments
standard operating procedures of the listed
related to
Others Carlsberg company interfere in the business decisions of the 2020 No Long-term Yes
major asset
listed company or damage the legitimate rights
restructuring
and interests of the listed company and other
shareholders;
2. The restructuring is conducive to improving the
governance mechanism of the listed company
improving the integrity of the assets of the listed
company enhancing the independence of the
listed company and helping the listed company
66 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
maintain independence in terms of personnel
procurement production sales and intellectual
property rights which is in line with the interests
of the listed company and all its shareholders.After the completion of the restructuring
Carlsberg will give full play to the active role of a
controlling shareholder and assist the listed
company to further strengthen and improve the
governance structure of the listed company.Carlsberg commits that if it violates the above
commitments and thus causes losses to the listed
company it will bear corresponding
compensations according to law.
1. Carlsberg Breweries will ensure to maintain the
independence of the listed company from
Carlsberg Breweries and its affiliates in terms of
business assets finance personnel and
institutions will strictly abide by relevant
regulations of CSRC on the independence of listed
companies and will not use the control of the
Carlsberg listed company to violate the standard operating
Others 2020 No Long-term Yes
Breweries procedures of the listed company interfere in the
business decisions of the listed company or
damage the legitimate rights and interests of the
listed company and other shareholders;
2. The restructuring is conducive to improving the
governance mechanism of the listed company
improving the integrity of the assets of the listed
company enhancing the independence of the
67 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
listed company and helping the listed company
maintain independence in terms of personnel
procurement production sales and intellectual
property rights which is in line with the interests
of the listed company and all its shareholders.After the completion of the restructuring
Carlsberg Breweries will give full play to the
active role of a controlling shareholder and assist
the listed company to further strengthen and
improve the governance structure of the listed
company.Carlsberg Breweries also commits to urge
Carlsberg Hong Kong and Carlsberg Chongqing
to abide by and implement the above
commitments to avoid harming the interests of the
listed company and other shareholders.Carlsberg Breweries commits that if it violates
the above commitments and thus causes losses to
the listed company it will bear corresponding
compensations according to law.During the period when the Carlsberg Foundation
and Carlsberg Breweries control the listed
company:
Resolution of Carlsberg and 1. After the completion of the restructuring
related-party Carlsberg Carlsberg and Carlsberg Breweries will minimize 2020 No Long-term Yes
transactions Breweries and regulate related-party transactions between
Carlsberg Carlsberg Breweries and their affiliates
and the listed company and enterprises controlled
by the listed company in accordance with relevant
68 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
laws and regulations;
2. For unavoidable or reasonable related-party
transactions Carlsberg and Carlsberg Breweries
commit to follow the principles of fairness
impartiality and openness of the market sign
agreements according to law perform legal
procedures ensure the legality of the decision-
making procedures of related-party transactions as
well as the fairness and reasonableness of
transaction prices and conditions and other terms
of agreements and not to harm the legitimate
rights and interests of the listed company and
other shareholders through related-party
transactions.Carlsberg and Carlsberg Breweries commit that if
they violate the above commitments and thus
cause losses to the listed company they will bear
corresponding compensations according to law.It is confirmed that Xinjiang plants intended to be
shut down have completely ceased operations and
Carlsberg Consultancy commits that such
Xinjiang plants will not directly or indirectly
Resolution of engage in businesses competing with Chongqing
Carlsberg
intra-industry Brewery Co. Ltd. (the listed company) and 2020 No Long-term Yes
Consultancy
competition subsidiaries controlled by the listed company in
China in the future. Carlsberg Consultancy
commits that if it violates the above commitments
and thus causes losses to the listed company it
will bear corresponding compensations according
69 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
to law.During the period when the Carlsberg Foundation
controls the listed company or when Carlsberg
Breweries is the controlling shareholder of the
listed company:
1. From the date of completion of the
restructuring Carlsberg Carlsberg Breweries and
other enterprises controlled by them other than the
listed company and subsidiaries controlled by the
listed company shall not directly or indirectly
engage in businesses competing with the listed
company and subsidiaries controlled by it in
mainland China.
2. For equities of subsidiaries not controlled by
Resolution of Carlsberg and
Carlsberg and Carlsberg Breweries which are not
intra-industry Carlsberg 2020 No Long-term Yes
included in the scope of the restructuring and
competition Breweries
involve beer assets and businesses in mainland
China Carlsberg and Carlsberg Breweries commit
as follows:
(1) For companies not controlled by Carlsberg and
Carlsberg Breweries which are defined as Sino-
foreign joint ventures as of the date of this letter
(including Qinghai Huanghe Jianiang Beer Co.Ltd. Tianshui Huanghe Jianiang Beer Co. Ltd.Lanzhou Huanghe Jianiang Beer Co. Ltd. Jiuquan
West Brewery Co. Ltd. and Tibet Lhasa Beer Co.Ltd.) a) if relevant joint venture parties agree in
the future to acquire all or part of the equities
directly and/or indirectly held by Carlsberg and
70 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Carlsberg Breweries in such companies on fair
and reasonable terms Carlsberg and Carlsberg
Breweries commit to sell all or part of the equities
held in such companies to the joint venture parties
and not to increase their shareholding in such
companies in the future except as described in
item c) below; b) if relevant joint venture parties
agree in the future to sell all or part of the equities
held by them in such companies to the listed
company and the business performance and asset
quality of relevant companies are qualified for the
injection into the listed company Carlsberg and
Carlsberg Breweries commit to sell all the equities
held by them to the listed company on the same
terms or inject the equities into the listed company
in other feasible ways at the same time as the joint
venture parties sell all or part of the equities held
by them in such companies to the listed company;
c) if relevant joint venture parties agree in the
future to sell all or part of the equities held by them
but do not agree to sell such equities to the listed
company and the business performance and asset
quality of relevant companies are qualified for the
injection into the listed company Carlsberg and
Carlsberg Breweries commit to exercise the pre-
emptive right in respect of the above-mentioned
equities intended to be sold as instructed by the
listed company and sell the equities of relevant
companies (including the above-mentioned
71 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
equities acquired through the exercise of the pre-
emptive right and the equities originally held by
Carlsberg and Carlsberg Breweries) to the listed
company on the same terms (if relevant joint
venture parties still hold part of the equities at that
time Carlsberg and Carlsberg Breweries will be
subject to relevant joint venture parties’ waiver of
the exercise of the pre-emptive right and the
procedures stipulated in the Articles of
Association) or inject the equities into the listed
company in other feasible ways upon completion
of the purchase; d) Except as described in item c)
above Carlsberg and Carlsberg Breweries commit
not to seek control of such companies in any way.
(2) For the company not controlled by Carlsberg
and Carlsberg Breweries which is defined as a
wholly foreign-owned enterprise as of the date of
this letter (i.e. Jing-A Brewing Co. Ltd.) if
Carlsberg and Carlsberg Breweries acquire direct
and/or indirect control of the company in the
future and the company’s business performance
and asset quality are qualified for the injection into
the listed company Carlsberg and Carlsberg
Breweries commit to sell the equities directly
and/or indirectly held by them in the company to
the listed company or inject the equities into the
listed company in other feasible ways; if the listed
company decides to waive the purchase according
to its business development needs and through the
72 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
internal decision-making process Carlsberg and
Carlsberg Breweries commit to sell the equities
directly and/or indirectly held by them in the
company to an unrelated third party.The fulfillment of the above commitments shall be
subject to the national laws regulations and
industry policies the requirements of
administrative approval and the internal decision-
making procedures of the listed company.
3. If after the completion of the restructuring
Carlsberg and Carlsberg Breweries (including
wholly-owned enterprises enterprises controlled
by them and branches at all levels) obtain
investment opportunities directly competing with
the main businesses or main products of the listed
company in mainland China which the listed
company intends to participate in and has the
ability to operate and relevant third parties agree
to provide to the listed company on reasonable
terms Carlsberg and Carlsberg Breweries commit
to prompt the third party to negotiate in good faith
with the listed company so as to enable the listed
company to implement such investment
opportunities.If the aforesaid future investment opportunities in
mainland China do not directly compete with the
main businesses or main products of the listed
company or the listed company does not intend to
or temporarily does not have the ability to operate
73 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
such investment opportunities or a third party
refuses to provide such opportunities to the listed
company Carlsberg and Carlsberg Breweries may
make investment or acquisition under the premise
of complying with the contents described in item
1 of this commitment letter.
Carlsberg and Carlsberg Breweries also commit to
urge Carlsberg Brewery Hong Kong Limited and
Carlsberg Chongqing Ltd. to abide by and
implement the above commitments so as to avoid
harming the interests of the listed company and
other shareholders.Carlsberg and Carlsberg Breweries commit that if
they violate the above commitments and thus
cause losses to the listed company they will bear
corresponding compensations according to law.In case of defects in the ownership or related
procedures of any buildings structures land use
rights construction projects and production lines
owned or rented by companies of Pack B and/or
Resolution of subsidiaries controlled by them before the
defects of completion of the restructuring resulting in the
Carlsberg
land and other failure of normal use of the above-mentioned 2020 No Long-term Yes
Breweries
property buildings structures land construction projects
rights or production lines by companies of Pack B and/or
subsidiaries controlled by them or causing
litigations/arbitrations/disputes between
companies of Pack B and/or subsidiaries
controlled by them and other third parties as well
74 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
as administrative penalties imposed by relevant
competent authorities Carlsberg Breweries
commits to bear all losses damages and expenses
incurred to Chongqing Jianiang Beer Co. Ltd. and
the listed company according to law including but
not limited to all losses and expenses incurred due
to litigations or arbitrations fines suspension of
production or business searching for alternative
venues and relocation.In case of defects in the ownership or related
procedures of any buildings structures land use
rights construction projects and production lines
owned or rented by companies of Pack A and/or
subsidiaries controlled by them before the
completion of the restructuring resulting in the
failure of normal use of the above-mentioned
buildings structures land construction projects
Resolution of
or production lines by companies of Pack A and/or
defects of
Carlsberg subsidiaries controlled by them or causing
land and other 2020 No Long-term Yes
Consultancy litigations/arbitrations/disputes between
property
companies of Pack A and/or subsidiaries
rights
controlled by them and other third parties as well
as administrative penalties imposed by relevant
competent authorities Carlsberg Consultancy
commits to bear all losses damages and expenses
incurred to Chongqing Jianiang Beer Co. Ltd. and
the listed company according to law including but
not limited to all losses and expenses incurred due
to litigations or arbitrations fines suspension of
75 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
production or business searching for alternative
venues and relocation.In case of defects in the payment of five social
insurances and the housing fund made by
companies of Pack B and/or subsidiaries
controlled by them before the completion of the
restructuring resulting in recovery or
supplementary payment required by relevant
Carlsberg
Others government departments or penalties imposed by 2020 No Long-term Yes
Breweries
relevant government departments or requirement
of bearing any form of legal liability thereby
causing any losses damages and expenses to
Chongqing Jianiang Beer Co. Ltd. and the listed
company Carlsberg Breweries commits to bear
the above losses and expenses according to law.In case of defects in the payment of five social
insurances and the housing fund made by
companies of Pack A and/or subsidiaries
controlled by them before the completion of the
restructuring resulting in recovery or
supplementary payment required by relevant
Carlsberg
Others government departments or penalties imposed by 2020 No Long-term Yes
Consultancy
relevant government departments or requirement
of bearing any form of legal liability thereby
causing any losses damages and expenses to
Chongqing Jianiang Beer Co. Ltd. and the listed
company Carlsberg Consultancy commits to bear
the above losses and expenses according to law.
76 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Explanation of whether the Company has fulfilled its original profit forecast in relation to assets or
projects where there is a profit forecast for such assets or projects of the Company and the reporting period
falls within the profit forecast period and the reasons thereof
□ Fulfilled □ Not Fulfilled √ Not Applicable
(III) Fulfillment of performance commitment and its impact on goodwill impairment test
□ Applicable √ Not applicable
II. Funds Occupied by Controlling Shareholder and Other Related Parties for Nonoperational Purposes
During the Reporting Period
□ Applicable √ Not applicable
III. Guarantees in Violation of Laws and Regulations
□ Applicable √ Not applicable
IV. Explanation of the Board of the Company on the “Non-standard Audit Report” Prepared by the
Accounting Firm
□ Applicable √ Not applicable
V. Analysis and Explanation of the Company on the Reasons and Impacts of Changes in Accounting Policies
and Estimates or Correction of Material Accounting Errors
(I) Analysis and explanation of the Company on the reasons and impacts of changes in accounting policies
and estimates
√ Applicable □ Not applicable
For details please refer to “V. Significant accounting policies and accounting estimates 40” under Section X
Financial Report of this report.(II) Analysis and explanation of the Company on the reasons and impacts of correction of material accounting
errors
□ Applicable √ Not applicable
(III) Communication with previous accounting firm
□ Applicable √ Not applicable
(IV) Approval procedures and other information
□ Applicable √ Not applicable
VI. Engagement and Dismissal of Accounting Firm
Monetary unit: RMB 10000
Current engagement
Name of domestic accounting firm Pan-China Certified Public Accountants LLP
Remuneration 190
Audit service period 12
Certified Public Accountants Zhao Xingming Xiang Qing
Certified Public Accountants’ cumulative years for
5 years 1 year
audit services
77 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Name Remuneration
Accounting firm of internal control Pan-China Certified Public
130
audit Accountants LLP
Remarks on engagement and dismissal of accounting firms
√ Applicable □ Not applicablePursuant to the “Proposal on Engaging Pan-China Certified Public Accountants LLP as the Company’s Auditor for
2023 Annual Audit and Internal Control Audit” deliberated and approved by the Company’s shareholders’ meeting
of 2023 the Company intends to pay remuneration of RMB 1.90 million for annual audit and remuneration of RMB
1.30 million for internal control audit totaling RMB 3.20 million to Pan-China Certified Public Accountants LLP.
Explanation on the change in accounting firms during the audit period
□ Applicable √ Not applicable
Explanation on the decrease in audit fees by more than 20% (inclusive) compared with the prior period
□ Applicable √ Not Applicable
VII. Risk of Delisting
(I) Causes of warning of delisting
□ Applicable √ Not applicable
(II) Corresponding measures intended by the Company
□ Applicable √ Not applicable
(III) Circumstances and reasons for termination of listing
□ Applicable √ Not applicable
VIII. Matters Relating to Bankruptcy and Restructuring
□ Applicable √ Not applicable
IX. Material Litigation and Arbitration
√ The Company had material litigation and arbitration during the year. □ The Company did not have material
litigation and arbitration during the year.(I) Litigation and arbitration disclosed in interim announcements without subsequent development
√ Applicable □ Not applicable
Summary and type of the matter Search indexCarlsberg Chongqing Brewery a subsidiary controlled For details please refer to the announcements “L2021-by the listed company filed a lawsuit with Chongqing 008” “L2023-028” “L2023-032” “L2024-034” and
No. 5 Intermediate People’s Court against Chongqing “L2024-036” disclosed by the Company on the website
Yuxin Industrial Group Co. Ltd. (“Yuxin Group”) on of Shanghai Stock Exchange (www.sse.com.cn) on 16
the ground that Yuxin Group has caused damage to the March 2021 18 November 2023 28 December 2023
interests of Chongqing Jiawei Beer Co. Ltd. 11 December 2024 and 21 December 2024
(“Chongqing Jiawei”) requesting Yuxin Group to respectively.return the funds misappropriated and pay interest on
78 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
the funds misappropriated to Chongqing Jiawei. The
Chongqing High People’s Court has issued a final
judgment and Yuxin Group has fully enforced the
ruling.
79 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(II) Litigation and arbitration not disclosed in interim announcements or with subsequent development
√ Applicable □ Not applicable
Monetary unit: RMB 10000
During the reporting period:
Whether the
Party litigation Information on
Amount
jointly Type of (arbitration) Results of the execution of
Plaintiff Defendant Basic information of the litigation involved in Information on litigation (arbitration)
and litigation forms the litigation (arbitration) adjudication of
(applicant) (respondent) (arbitration) the litigation progress
severally (arbitration) expected and impacts the litigation
(arbitration)
liable liabilities and (arbitration)
amounts
Chongqing Chongqing Contract On October 11 2023 Chongqing 63168 Yes On March 13 2025 the Company For details please
Jiawei Beer Brewery Co. dispute Jiawei a subsidiary held by the 25402.92 received the first-instance judgment refer to the
Co. Ltd. Ltd. Company filed a lawsuit with rendered by the Fifth Intermediate Announcement of
Chongqing No. 5 Intermediate People’s Court of Chongqing Chongqing Brewery
People’s Court against the Municipality. For details please refer Co. Ltd. on Progress
Company for contract breaching to the Announcement of Chongqing of Litigation Involving
requiring the Company to pay a Brewery Co. Ltd. on Progress of the Company
tentative total of RMB 631.68 Litigation Involving the Company disclosed on March
million for losses and interests. For (Announcement No.: L2025-002) 15 2025 by the
details please refer to the disclosed on March 15 2025. The Company
Announcement of Chongqing Company has since lodged an appeal (Announcement No.:
Brewery Co. Ltd. on the with the Chongqing Higher People’s L2025-002)
Involvement of the Company in a Court.Litigation (Announcement No:
L2023-031) disclosed by the
Company on December 7 2023.Chongqing Chongqing Contract On February 5 2024 the Company 2268 No The first-instance judgment was As the sales expenses The Company
Jiawei Beer Brewery Co. dispute received a subpoena and a copy of rendered on July 1 2024 ordering the in question are part of has duly
Co. Ltd. Ltd. the complaint from the People’s Company to refund an offset payment the amounts payable complied with
Court of Dadukou District of RMB 1.74 million to Jiawei Beer by Chongqing Jiawei the final
Chongqing. Chongqing Jiawei a Co. Ltd. within 10 days after the to the Company this judgment.subsidiary held by the Company judgment took effect and to pay litigation is not
filed a lawsuit on the grounds that compensation of RMB 1.4 million expected to result in
the Company was not entitled to while dismissing the other claims filed material adverse
deduct the undue sales expenses by Jiawei. The Company dissatisfied impact on the
from the beer underwriting with the judgment filed an appeal with Company.payments. The claims were as the Fifth Intermediate People’s Court
follows: of Chongqing Municipality. On
80 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
I. Order that confirms that the October 28 2024 the Court issued the
Company’s act from January 2021 Civil Judgment No. (2024) Yu 05 Min
to offset the Company’s debt of the Zhong 7412 rejecting the appeal and
beer underwriting payments to affirming the original ruling.Chongqing Jiawei from Chongqing
Jiawei’s undue debt of the beer
sales expenses to the Company has
no legal effect and the Company
shall return to Chongqing Jiawei
the undue sales expenses
tentatively being RMB 20.85
million as of the effective date of
the order;
II. Order that demands the
Company to continue to fulfill theagreement of “settling salesexpenses once every six months
and delaying payments for half ayear” and not to offset the
Company’s debt of the beer
underwriting payments to
Chongqing Jiawei from Chongqing
Jiawei’s undue debt of the beer
sales expenses to the Company
without authorization;
III. Order that demands the
Company to compensate
Chongqing Jiawei for the losses
caused due to the violation of theagreement of “settling salesexpenses once every six months
and delaying payments for half ayear” tentatively RMB 1.83
million.IV. The Company shall bear all the
litigation costs in this case.Chongqing Chongqing Contract Chongqing Jiawei an equity- 3058 No The case was heard in court on The Company expects
81 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Jiawei Beer Brewery Co. dispute invested subsidiary of the February 14 2025 but the court has that the litigation in the
Company filed a lawsuit with the Co. Ltd. Ltd. not yet rendered a judgment. announcement will not
Dadukou District People’s Court
in Chongqing on August 8 2024. have a material
During January 2021 the adverse impact on the
Company required Chongqing
Company’s current
Jiawei to suspend production and
implement corrective measures and future profits;
due to identified food safety however given that
compliance deficiencies at the
the case has not yet
production facility of Chongqing
Jiawei. The combined production been tried in court the
suspension and rectification period
Company is unable to
totaled 19 days. Chongqing Jiawei
alleges that the Company failed to accurately judge the
perform its obligations under the specific impact for the
Exclusive Distribution Agreement
time being.during this 19-day period resulting
in alleged damages for which it
claims compensation plus interest.For details please refer to the
"Announcement of Chongqing
Brewery Co. Ltd.on Litigation
Involving the Company"
(Announcement No.: L2024-025)
disclosed by the Company on
September 13 2024.
82 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(III) Other remarks
□ Applicable √ Not applicable
X. Suspected Violation of Laws and Regulations Punishment and Rectification of the Listed Company and
its Directors Supervisors Senior Management Controlling Shareholder and Actual Controller
□ Applicable √ Not applicable
XI. Explanation on the Credibility of the Company and its Controlling Shareholder and Actual Controller
During the Reporting Period
□ Applicable √ Not applicable
XII. Material Related Transactions
(I) Related transactions in relation to daily operations
1. Matters disclosed in interim announcements without progress or changes in subsequent implementation
√ Applicable □ Not applicable
Overview Index
Pursuant to the Proposal on Estimated Amount of Daily Please refer to the announcements of “2023-030”
Related-Party Transactions of the Company in 2024 disclosed by the Company on the website of Shanghai
deliberated and approved by the Company’s second Stock Exchange (www.sse.com.cn) on December 6
extraordinary shareholders’ meeting of 2023 dated 2023 for details.December 5 2023 the amount of daily related party
transactions in 2024 is expected to not exceed RMB
439.4473 million.
In 2024 the Company’s actual amount of daily related-
party transactions with its controlling shareholder and
its related parties was RMB 343.4894 million which
did not exceed the approved limit.
2. Matters disclosed in interim announcements with development or changes in subsequent
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in interim announcements
□ Applicable √ Not applicable
(II) Related transactions in relation to the acquisition and disposal of assets or equity
1. Matters disclosed in interim announcements without progress or changes in subsequent implementation
□ Applicable √ Not applicable
2. Matters disclosed in interim announcements with development or changes in subsequent
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in interim announcements
□ Applicable √ Not applicable
83 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
4. Where an agreement on performance is involved the performance achievements during the reporting
period shall be disclosed
□ Applicable √ Not applicable
(III) Material related-party transactions in relation to joint external investment
1. Matters disclosed in interim announcements without progress or changes in subsequent implementation
□ Applicable √ Not applicable
2. Matters disclosed in interim announcements with development or changes in subsequent
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in interim announcements
□ Applicable √ Not applicable
(IV) Balances due to or from related parties
1. Matters disclosed in interim announcements without progress or changes in subsequent implementation
□ Applicable √ Not applicable
2. Matters disclosed in interim announcements with development or changes in subsequent
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in interim announcements
□ Applicable √ Not applicable
(V) Financial business between the Company and related financial institutions the Company’s controlled
financial institutions or related parties
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
XIII. Material Contracts and the Performance thereof
(I) Custody contracting and leasing
1. Custody
□ Applicable √ Not applicable
2. Contracting
□ Applicable √ Not applicable
3. Leasing
□ Applicable √ Not applicable
(II) Guarantee
□ Applicable √ Not applicable
84 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(III) Entrusted management of cash assets
1. Entrusted financial management
(1) Overview of entrusted financial management
√ Applicable □ Not applicable
Monetary unit: RMB
Type Source of fund Amount incurred Undue balance Overdue unrecovered
amount
Bank Financial Self-owned funds 1250000000.00 0.00 0.00
Product
Others
□ Applicable √ Not applicable
(2) Entrusted financial management on an individual basis
√ Applicable □ Not applicable
85 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Monetary unit: RMB
Whether there are
Overdue but Provision for
Type of entrusted financial Commencement Source of Whether Annualized Expected profit Actual profit or Undue Whether approved by future plans for
Trustee Amount Maturity date Use of funds Remuneration method unrecovered impairment
management date funds restricted yield (if any) loss amount legal procedures entrusted financial
amount made (if any)
management
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
150000000 12/15/2023 3/15/2024 No of principal and 2.40% 910000.00 910000.00 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
210000000 12/28/2023 3/28/2024 No of principal and 2.40% 1274000.00 1274000.00 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 1/19/2024 4/19/2024 No of principal and 2.45% 1527054.79 1527054.79 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
290000000 3/15/2024 6/14/2024 No of principal and 2.25% 1649375.00 1649375.00 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
Societe Generale EUR/USD spot rate 150000000 3/22/2024 6/21/2024 Operating Bank financial No Lump-sum receipt 2.35% 878835.62 878835.62 Yes Yes
86 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
(China) Limited range accrual revenue management of principal and
structured deposit interest at maturity
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
210000000 3/28/2024 6/28/2024 No of principal and 2.25% 1207500.00 1207500.00 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 4/19/2024 7/19/2024 No of principal and 2.35% 1464726.03 1464726.03 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
290000000 6/14/2024 9/13/2024 No of principal and 2.30% 1686027.78 1686027.78 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
Australia and Capital-protected
New Zealand RMB non-callable
Lump-sum receipt
Bank (China) Hong Kong Interbank Operating Bank financial
210000000 6/28/2024 9/27/2024 No of principal and 2.30% 1220916.67 1220916.67 Yes Yes
Company Offered Rate (HIBOR) revenue management
interest at maturity
Limited daily range accrual
Shanghai Branch structured investment
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 200000000 6/28/2024 8/2/2024 No of principal and 2.27% 435342.47 435342.47 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 7/19/2024 10/18/2024 No of principal and 2.30% 1433561.64 1433561.64 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
87 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 9/23/2024 10/23/2024 No of principal and 1.93% 410958.90 396575.34 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 10/18/2024 11/18/2024 No of principal and 1.94% 414041.10 411806.06 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 10/23/2024 11/25/2024 No of principal and 1.93% 440753.42 435371.82 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
EUR/USD spot rate Lump-sum receipt
Societe Generale Operating Bank financial
range accrual 250000000 11/18/2024 12/18/2024 No of principal and 1.95% 400684.93 400684.93 Yes Yes
(China) Limited revenue management
structured deposit interest at maturity
88 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Others
□ Applicable √ Not applicable
(3) Provision for impairment of entrusted financial management
□ Applicable √ Not applicable
2. Entrusted loans
(1) Overview of entrusted loans
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
(2) Entrusted loans on an individual basis
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
(3) Provision for impairment of entrusted loans
□ Applicable √ Not applicable
3. Others
□ Applicable √ Not applicable
(IV) Other material contracts
□ Applicable √ Not applicable
XIV. Description of the Usage of the Funds Raised
□ Applicable √ Not applicable
XV. Description of Other Significant Matters with a Material Impact on the Value Judgments and
Investment Decisions by Investors
□ Applicable √ Not applicable
SECTION VII CHANGES IN SHARES AND PARTICULARS OF
SHAREHOLDERS
I. Changes in Share Capital
(I) Table of changes in shares
1. Table of changes in shares
There was no charge in the total number of shares and share capital structure of the Company during the
reporting period.
89 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
2. Description of changes in shares
□ Applicable √ Not applicable
3. Impact of changes in shares on financial indicators such as earnings per share and net assets
per share for the latest year and the latest period (if any)
□ Applicable √ Not applicable
4. Other information deemed necessary for disclosure by the Company or required so by
securities regulators
□ Applicable √ Not applicable
(II) Changes in shares subject to trading restrictions
□ Applicable √ Not applicable
II. Issuance and Listing of Securities
(I) Issuance of securities during the reporting period
□ Applicable √ Not applicable
Description of the issuance of securities during the reporting period (please specify the respective bonds
with different interest rates in the duration):
□ Applicable √ Not applicable
(II) Changes in the total number of shares shareholding structure and the structure of assets and
liabilities of the Company
□ Applicable √ Not applicable
(III) Existing internal employee shares
□ Applicable √ Not applicable
III. Shareholders and Actual Controller
(I) Total number of shareholders
Total number of ordinary shareholders as at the 47856
end of the reporting period (number of accounts)
Total number of ordinary shareholders as at the 53629
end of last month prior to the date of disclosure of
the annual report (number of accounts)
(II) Table of shareholding of top ten shareholders and top ten holders of outstanding shares (or
shareholders not subject to trading restrictions) as at the end of the reporting period
Unit: Share
Shareholding of top ten shareholders (excluding share lending and refinancing)
Number of Number of Shares pledged
Increase/decrease
shares held at Percentag shares held marked or frozen Nature of
Full name of shareholder during the
the end of the e (%) subject to trading Share Num shareholders
reporting period
period restrictions status ber
Carlsberg Brewery Hong 0 205882718 42.54 0 None Overseas legal
Kong Limited person
90 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
CARLSBERG 0 84500000 17.46 0 None Overseas legal
CHONGQING LIMITED person
Hong Kong Securities 7482959 37093191 7.66 0 Unkno Overseas legal
Clearing Company wn person
Limited
New China Life Insurance 5319122 6225015 1.29 0 Unkno Others
Company Ltd. - Dividend- wn
Individual Dividend -
018L - FH002 Hu
New China Life Insurance 5820556 5820636 1.20 0 Unkno Others
Company Ltd. - wn
Traditional - Ordinary
Insurance Product - 018L -
CT001 Hu
China Construction Bank 1552312 4509614 0.93 0 Unkno Others
Corporation - Penghua wn
CSI Alcohol ETF Fund
Zhang Lin 4193500 4193500 0.87 0 Unkno Domestic
wn natural person
Agricultural Bank of 3411568 3411568 0.70 0 Unkno Others
China Limited - CSI 500 wn
Exchange Traded Fund
National Social Security 832400 3241838 0.67 0 Unkno Others
Fund - Portfolio 0 wn
China Construction Bank 3132938 3132938 0.65 0 Unkno Others
Corporation - Yinhua wn
Prosperity Theme Hybrid
Fund
Shareholding of top ten shareholders not subject to trading restrictions
Number of outstanding shares held not Type and number of shares
Full name of shareholder
subject to trading restrictions Type Number
Carlsberg Brewery Hong Kong Limited 205882718 Ordinary shares 205882718
denominated in
RMB
CARLSBERG CHONGQING LIMITED 84500000 Ordinary shares 84500000
denominated in
RMB
Hong Kong Securities Clearing Company 37093191 Ordinary shares 37093191
Limited denominated in
RMB
New China Life Insurance Company Ltd. - 6225015 Ordinary shares 6225015
Dividend- Individual Dividend - 018L - FH002 denominated in
Hu RMB
New China Life Insurance Company Ltd. - 5820636 Ordinary shares 5820636
Traditional - Ordinary Insurance Product - 018L denominated in
- CT001 Hu RMB
China Construction Bank Corporation - Penghua 4509614 Ordinary shares 4509614
CSI Alcohol ETF Fund denominated in
RMB
Zhang Lin 4193500 Ordinary shares 4193500
denominated in
RMB
Agricultural Bank of China Limited - CSI 500 3411568 Ordinary shares 3411568
Exchange Traded Fund denominated in
RMB
National Social Security Fund - Portfolio 0 3241838 Ordinary shares 3241838
denominated in
RMB
China Construction Bank Corporation - Yinhua 3132938 Ordinary shares 3132938
Prosperity Theme Hybrid Fund denominated in
RMB
91 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Among the top ten shareholders not subject to trading restrictionsCARLSBERG
Description of connected relationship or acting
CHONGQING LIMITED and Carlsberg Brewery HongKong Limited are both controlled
in concert among the aforementioned
by Carlsberg Breweries. The Company is not aware of any connected relationship among
shareholders
the other shareholders or whether they act in concert.Shareholders with shareholding of over 5% top ten shareholders and top ten shareholders not subject to
trading restrictions participating in share lending and refinancing
√ Applicable □ Not applicable
Unit: Share
Top ten shareholders participating in share lending and refinancing
Beginning number of shares Beginning number of Ending number of shares Ending number of shares
held by ordinary accounts shares refinanced and lent held by ordinary accounts refinanced and lent and yet
Full name of
and credit accounts and yet to be returned and credit accounts to be returned
shareholder
Total Percentage Total Percentage Percentage Total Percentage
Total number
number (%) number (%) (%) number (%)
China Construction
Bank Corporation
29573020.616214000.1345096140.9300
– Penghua CSI
Alcohol ETF Fund
Changes in top ten shareholders and top ten shareholders not subject to trading restrictions due to securities
lending/return compared to the previous period
□ Applicable √ Not applicable
Number of shares held by top ten shareholders subject to trading restrictions and the trading restrictions
□ Applicable √ Not applicable
(III) Strategic investors or ordinary legal persons who became top ten shareholders due to placing
of new shares
□ Applicable √ Not applicable
IV. Controlling Shareholder and Actual Controller
(I) Controlling shareholder
1. Legal person
√ Applicable □ Not applicable
Name Carlsberg Breweries A/S
Person in charge or legal representative Henrik Poulsen
Date of establishment June 29 2000
Principal business Brewing producing and selling beer in Denmark
and in overseas markets providing process and
technical services of the beer industry and
operating or participating in beer-related sectors.
2. Natural person
□ Applicable √ Not applicable
3. Special explanation on the absence of controlling shareholders in the Company
□ Applicable √ Not applicable
92 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
4. Explanation on the changes in controlling shareholders during the reporting period
□ Applicable √ Not applicable
5. Block diagram of ownership and control relationship between the Company and its controlling
shareholder
√ Applicable □ Not applicable
(II) Actual controller
1 Legal person
√ Applicable □ Not applicable
Name Carlsberg Foundation
Person in charge or legal representative N/A
Date of establishment September 25 1876
Principal business Nurturing and supporting natural sciences
mathematics philosophy anthropology and
sociology and providing funding support.
2 Natural person
□ Applicable √ Not applicable
3 Special explanation on the absence of actual shareholders in the Company
□ Applicable √ Not applicable
4 Explanation on the changes in control of the Company during the reporting period
□ Applicable √ Not applicable
5 Block diagram of ownership and control relationship between the Company and its actual
controller
√ Applicable □ Not applicable
93 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
30% shares 70% shares
77% voting rights
Carlsberg Asia Pte Ltd.Registration place: Singapore
Carlsberg Breweries Hong Kong
Limited
Registration place: Hong Kong
6. Control over the Company by actual controller by way of trust or other means of asset
management
□ Applicable √ Not applicable
(III) Other description of controlling shareholder and actual controller
□ Applicable √ Not applicable
V. Number of Shares Pledged by the Company’s Controlling Shareholder or Largest Shareholder
and its Persons Acting in Concert Exceeding 80% of their Shareholding in the Company
□ Applicable √ Not applicable
VI. Other Corporate Shareholders with Shareholding of Over 10%
√ Applicable □ Not applicable
Principal
Name of Person in
Date of Organization Registered business or
corporate charge or legal
establishment code capital management
shareholder representative
activity
CARLSBERG N/A June 12 1995 N/A GBP 1 Holding and
CHONGQING developing the
LIMITED shares and
businesses held
by
CARLSBERG
CHONGQING
LIMITED in
the Asia-Pacific
region
94 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
VII. Description of Restrictions on Shareholding Reduction
□ Applicable √ Not applicable
VIII. Implementation of Share Repurchase During the Reporting Period
□ Applicable √ Not applicable
SECTION VIII INFORMATION ON PREFERRED SHARES
□ Applicable √ Not applicable
SECTION IX PARTICULARS OF BONDS
I. Corporate Bonds (Including Enterprise Bonds) and Debt Financing Instruments for Non-
financial Enterprises
□ Applicable √ Not applicable
II. Convertible Bonds of the Company
□ Applicable √ Not applicable
95 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
SECTION X FINANCIAL REPORT
I. Auditor’s Report
√ Applicable □ Not Applicable
Auditor’s Report
PCCPAAR [2025] No. 8-100
To the Shareholders of Chongqing Brewery Co. Ltd.:
I. Audit Opinion
We have audited the financial statements of Chongqing Brewery Co. Ltd. (the “Company”)
which comprise the consolidated and parent company balance sheets as at December 31
2024 the consolidated and parent company income statements consolidated and parent
company cash flow statements and consolidated and parent company statements of changes
in equity for the year then ended as well as notes to financial statements.In our opinion the accompanying financial statements present fairly in all material respects
the financial position of the Company as at December 31 2024 and its financial performance
and its cash flows for the year then ended in accordance with China Accounting Standards
for Business Enterprises.II. Basis for Audit Opinion
We conducted our audit in accordance with China Standards on Auditing. Our responsibilities
under those standards are further described in the Certified Public Accountant’s
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the China Code of Ethics for Certified
Public Accountants and we have fulfilled other ethical responsibilities. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.III. Key Audit Matters
Key audit matters are those matters that in our professional judgment were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole and in forming
our opinion thereon and we do not express a separate opinion on these matters.(I) Revenue recognition
96 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
1. Key audit matters
Please refer to item V 34 and VII 61 of this section for details. The Company’s operating
revenue is mainly from beer business. In 2024 the operating revenue of the Company
amounted to 14644597842.46 yuan of which 14169778204.59 yuan was from beer
business accounting for 96.76% of operating revenue. As operating revenue is one of the
key performance indicators of the Company there might be inherent risks that the Company’s
management (the “Management”) adopts inappropriate revenue recognition to achieve
specific goals or expectations we have identified revenue recognition as a key audit matter.
2. Responsive audit procedures
Our main audit procedures for revenue recognition are as follows:
(1) We obtained understandings of key internal controls related to revenue recognition and
sales rebate assessed the design of these controls determined whether they had been
executed and tested the effectiveness of the operation;
(2) We checked sales contracts by sampling method identified terms related to the point in
time when the customer obtained the control over relevant goods and assessed whether the
revenue recognition policy was in compliance with regulations of China Accounting
Standards for Business Enterprises;
(3) We performed analysis procedure on operating revenue and gross margin so as to identify
whether there are significant or abnormal fluctuations and find out the reason of fluctuations;
(4) We selected items to check supporting documents related to revenue recognition
including sales contracts orders delivery lists discount record and approval sheets sales
invoices client acceptance records etc.;
(5) We selected items and performed confirmation procedures on current sales amount in
combination with confirmation procedure of accounts receivable and contract liabilities;
(6) We performed cut-off tests on the revenue recognized around the balance sheet date and
checked whether the revenue was recognized in the appropriate period; and
(7) We checked whether information related to operating revenue had been presented
appropriately in the financial statements.(II) Impairment of goodwill
1. Key audit matters
Please refer to item V 27 and VII 27 of this section for details. As of December 31 2024 the
97 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
cost of goodwill amounted to 718230066.13 yuan with provision for impairment of
19037610.07 yuan and the carrying amount amounted to 699192456.06 yuan.
For asset group or asset group portfolio related to goodwill the Management performs
impairment test on goodwill together with related asset group or asset group portfolio and
the recoverable amount of related asset group or asset group portfolio is determined based
on the present value of estimated future cash flows. As the amount of goodwill is significant
and impairment test involves significant judgment of the Management we have identified
impairment of goodwill as a key audit matter.
2. Responsive audit procedures
Our main audit procedures for impairment of goodwill are as follows:
(1) We obtained understandings of key internal controls related to impairment of goodwill
assessed the design of these controls determined whether they had been executed and tested
the effectiveness of the operation;
(2) We reviewed the outcome of the Management’s previous estimates on the present value
of future cash flows or their subsequent re-estimations;
(3) We assessed the competency professional quality and objectivity of external appraisers
engaged by the Management;
(4) We assessed the appropriateness and consistency of impairment test method adopted by
the Management;
(5) We assessed the appropriateness of significant assumptions used in impairment test and
reviewed whether relevant assumptions were consistent with overall economy environment
industry condition management situation historical experience operation plan assumptions
used in approved budget and related assumptions used in other areas of business activities;
(6) We assessed the appropriateness relevance and reliability of data used by the
Management in the impairment test and reviewed the consistency of related information in
the impairment test;
(7) We tested whether the Management’s calculation of present value of estimated future cash
flows was accurate; and
(8) We checked whether information related to impairment of goodwill had been presented
appropriately in the financial statements.
98 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
IV. Other Information
The Management is responsible for the other information. The other information comprises
the information included in the Company’s annual report but does not include the financial
statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement
of the other information we are required to report that fact. We have nothing to report in this
regard.V. Responsibilities of the Management and Those Charged with Governance for the
Financial Statements
The Management is responsible for preparing and presenting fairly the financial statements
in accordance with China Accounting Standards for Business Enterprises as well as
designing implementing and maintaining internal control relevant to the preparation of
financial statements that are free from material misstatement whether due to fraud or error.In preparing the financial statements the Management is responsible for assessing the
Company’s ability to continue as a going concern disclosing as applicable matters related
to going concern and using the going concern basis of accounting unless the Management
either intends to liquidate the Company or to cease operations or has no realistic alternative
but to do so.Those charged with governance are responsible for overseeing the Company’s financial
reporting process.VI. Certified Public Accountant’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement whether due to fraud or error and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance
99 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
but is not a guarantee that an audit conducted in accordance with China Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if individually or in the aggregate they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.We exercise professional judgment and maintain professional skepticism throughout the
audit performed in accordance with China Standards on Auditing. We also:
(I) Identify and assess the risks of material misstatement of the financial statements whether
due to fraud or error design and perform audit procedures responsive to those risks and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control.(II) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.(III) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management.(IV) Conclude on the appropriateness of the Management’s use of the going concern basis of
accounting and based on the audit evidence obtained whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements
or if such disclosures are inadequate to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However future events or
conditions may cause the Company to cease to continue as a going concern.(V) Evaluate the overall presentation structure and content of the financial statements and
whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of
the entities or business activities within the Company to express an opinion on the financial
statements. We are responsible for the direction supervision and performance of the group
audit. We remain sole responsibility for our audit opinion.
100 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
We communicate with those charged with governance regarding the planned audit scope
time schedule and significant audit findings including any deficiencies in internal control of
concern that we identify during our audit.We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence
and where applicable related safeguards.From the matters communicated with those charged with governance we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when in
extremely rare circumstances we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant: Zhao Xingming
(Engagement Partner)
Hangzhou · China Chinese Certified Public Accountant: Xiang Qing
Date of Report: April 1 2025
101 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
II. Financial Statements
Consolidated balance sheet
As at December 31 2024
Prepared by: Chongqing Brewery Co. Ltd.Monetary unit: RMB Yuan
Items Note No. December 31 2024 December 31 2023
Current assets:
Cash and bank balances 1 1081659074.07 2712720235.65
Settlement funds
Loans to other banks
Held-for-trading financial
2360202000.00
assets
Derivative financial assets 3 22482125.72 14392732.78
Notes receivable
Accounts receivable 5 63423634.85 64628136.06
Receivables financing
Advances paid 8 28012999.57 41831987.46
Premiums receivable
Reinsurance accounts
receivable
Reinsurance reserve
receivable
Other receivables 9 27585675.00 23987973.67
Including: Interest receivable
Dividend receivable
Financial assets under reverse
repo
Inventories 10 2185835620.72 2100354952.29
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within
one year
Other current assets 13 270038356.51 146488217.09
Total current assets 3679037486.44 5464606235.00
Non-current assets:
Loans and advances
Debt investments
102 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Other debt investments
Long-term receivables
Long-term equity investments 17 142861296.29 140608195.59
Other equity instrument
1817825955.9116625962.83
investments
Other non-current financial
19
assets
Investment property
Fixed assets 21 4755026247.47 3673993109.60
Construction in progress 22 159772560.73 783503734.86
Productive biological assets
Oil & gas assets
Right-of-use assets 25 160044048.75 153497044.09
Intangible assets 26 650634797.63 677053982.74
Including: Data resources
Development expenditures
Including: Data resources
Goodwill 27 699192456.06 699192456.06
Long-term prepayments
Deferred tax assets 29 703465374.03 679012008.03
Other non-current assets 30 479496.08 98818865.15
Total non-current assets 7289302232.95 6922305358.95
Total assets 10968339719.39 12386911593.95
Current liabilities:
Short-term borrowings
Central bank loans
Loans from other banks
Held-for-trading financial
liabilities
Derivative financial liabilities 34 897606.82 15408026.80
Notes payable
Accounts payable 36 2464568207.31 2607629899.17
Advances received
Contract liabilities 38 1779557566.67 1666791670.83
Financial liabilities under repo
Absorbing deposit and interbank
deposit
Deposits for agency security
transaction
Deposits for agency security
underwriting
Employee benefits payable 39 364552366.42 409937660.39
103 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Taxes and rates payable 40 105740056.40 86479764.60
Other payables 41 2943112335.02 3326996153.10
Including: Interest payable
Dividend payable
Handling fees and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due
4349642933.5142382811.96
within one year
Other current liabilities 44 31238861.91 26113341.32
Total current liabilities 7739309934.06 8181739328.17
Non-current liabilities:
Insurance policy reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 47 122624097.45 121370635.09
Long-term payables
Long-term employee benefits
49144565389.34150981389.59
payable
Provisions 50 279945417.62 25219093.79
Deferred income 51 221731621.94 247646473.34
Deferred tax liabilities 29 6505153.54 7806126.04
Other non-current liabilities
Total non-current liabilities 775371679.89 553023717.85
Total liabilities 8514681613.95 8734763046.02
Equity:
Share capital 53 483971198.00 483971198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 55 24278991.00 16022535.00
Less: Treasury shares
Other comprehensive income 57 -12839145.94 -16085442.20
Special reserve
Surplus reserve 59 241985599.00 241985599.00
General risk reserve
Undistributed profit 60 447823621.95 1414306729.77
104 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Total equity attributable to the
1185220264.012140200619.57
parent company
Non-controlling interest 1268437841.43 1511947928.36
Total equity 2453658105.44 3652148547.93
Total liabilities & equity 10968339719.39 12386911593.95
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company balance sheet
As at December 31 2024
Prepared by: Chongqing Brewery Co. Ltd.Monetary unit: RMB Yuan
Items Note No. December 31 2024 December 31 2023
Current assets:
Cash and bank balances 138123173.04 857098959.37
Held-for-trading financial
assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing
Advances paid
Other receivables 2 12838508.69 4028306.41
Including: Interest receivable
Dividend receivable
Inventories
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within
one year
Other current assets 303714.96 519529.83
Total current assets 151265396.69 861646795.61
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
31695066358.711695066358.71
investments
Other equity instrument
investments
Other non-current financial
assets
105 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Investment property
Fixed assets 315602.81 468687.34
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets 3154214.98 3541244.29
Intangible assets
Including: Data resources
Development expenditures
Including: Data resources
Goodwill
Long-term prepayments
Deferred tax assets
Other non-current assets
Total non-current assets 1698536176.50 1699076290.34
Total assets 1849801573.19 2560723085.95
Current liabilities:
Short-term borrowings
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable
Accounts payable 122954.61 929605.49
Advances received
Contract liabilities
Employee benefits payable 12535212.17 16607704.29
Taxes and rates payable 910453.54 1113199.54
Other payables 31730699.46 30261666.28
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due
532728.32560768.59
within one year
Other current liabilities
Total current liabilities 45832048.10 49472944.19
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
106 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Perpetual bonds
Lease liabilities 3002090.21 3289499.59
Long-term payables
Long-term employee
55842512.3857528374.45
benefits payable
Provisions
Deferred income
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 58844602.59 60817874.04
Total liabilities 104676650.69 110290818.23
Equity:
Share capital 483971198.00 483971198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 45824309.97 37567853.97
Less: Treasury shares
Other comprehensive
-22208000.00-19590000.00
income
Special reserve
Surplus reserve 241985599.00 241985599.00
Undistributed profit 995551815.53 1706497616.75
Total equity 1745124922.50 2450432267.72
Total liabilities & equity 1849801573.19 2560723085.95
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Consolidated income statement
For the year ended December 31 2024
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Total operating revenue 14644597842.46 14814836410.26
Including: Operating revenue 61 14644597842.46 14814836410.26
Interest income
Premiums earned
Revenue from handling fees and
commissions
II. Total operating cost 11507418989.92 11484736246.22
Including: Operating cost 61 7531376822.28 7533975786.02
Interest expenses
107 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Handling fees and commissions
Surrender value
Net payment of insurance claims
Net provision of insurance policy
reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 62 951746523.65 957549230.02
Selling expenses 63 2512653717.31 2532621832.78
Administrative expenses 64 516942153.92 494670737.76
R&D expenses 65 22666046.16 26232056.27
Financial expenses 66 -27966273.40 -60313396.63
Including: Interest expenses 7672861.33 5921669.09
Interest income 41044772.00 71308016.27
Add: Other income 67 61030811.67 60711348.64
Investment income (or less: losses) 68 80199285.18 66575415.81
Including: Investment income from
65650171.6362294135.01
associates and joint ventures
Gains from derecognition of
financial assets at amortized cost
Gains on foreign exchange (or less:
losses)
Gains on net exposure to hedging risk
(or less: losses)
Gains on changes in fair value (or less:
70202000.00
losses)
Credit impairment loss 71 -3037528.86 -1706340.65
Assets impairment loss 72 -92041824.53 -100835657.08
Gains on asset disposal (or less: losses) 73 1184670.85 -2252522.60
III. Operating profit (or less: losses) 3184514266.85 3352794408.16
Add: Non-operating revenue 74 15904212.80 28772834.64
Less: Non-operating expenditures 75 280490867.51 5876690.28
IV. Profit before tax (or less: total loss) 2919927612.14 3375690552.52
Less: Income tax expenses 76 670547119.78 664121997.33
V. Net profit (or less: net loss) 2249380492.36 2711568555.19
(I) Categorized by the continuity of operations
1. Net profit from continuing operations
2249382500.872711562077.01
(or less: net loss)
2. Net profit from discontinued
-2008.516478.18
operations (or less: net loss)
(II) Categorized by the portion of equity ownership
1. Net profit attributable to owners of
1114593043.581336597321.13
parent company (or less: net loss)
2. Net profit attributable to non-
1134787448.781374971234.06
controlling shareholders (or less: net
108 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
loss)
VI. Other comprehensive income after tax 77 9058207.97 -4015073.10
(I) Items attributable to the owners of the
773246296.26-2542521.67
parent company
1. Not to be reclassified subsequently to
77-5503355.00-1791434.05
profit or loss
(1) Remeasurements of the net defined
77-5966132.33-2687156.73
benefit plan
(2) Items under equity method that will
not be reclassified to profit or loss
(3) Changes in fair value of other equity
77462777.33895722.68
instrument investments
(4) Changes in fair value of own credit
risk
2. To be reclassified subsequently to profit or
778749651.26-751087.62
loss
(1) Items under equity method that may
be reclassified to profit or loss
(2) Changes in fair value of other debt
investments
(3) Profit or loss from reclassification of
financial assets into other
comprehensive income
(4) Provision for credit impairment of
other debt investments
(5) Cash flow hedging reserve 77 8749651.26 -751087.62
(6) Translation reserve
(7) Others
(II) Items attributable to non-controlling
775811911.71-1472551.43
shareholders
VII. Total comprehensive income 2258438700.33 2707553482.09
(I) Items attributable to the owners of the
1117839339.841334054799.46
parent company
(II) Items attributable to non-controlling
1140599360.491373498682.63
shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 2.30 2.76
(II) Diluted EPS (yuan per share) 2.30 2.76
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company income statement
For the year ended December 31 2024
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Operating revenue
Less: Operating cost
Taxes and surcharges 354777.37 578846.16
109 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Selling expenses
Administrative expenses 57072187.15 66594601.47
R&D expenses
Financial expenses -1411832.74 4309251.12
Including: Interest expenses 4699144.05 10158944.40
Interest income 8433802.17 8031967.25
Add: Other income 875010.86 506819.43
Investment income (or less: losses) 5 1427933400.00 1475239800.00
Including: Investment income from
associates and joint ventures
Gains from derecognition of financial
assets at amortized cost
Gains on net exposure to hedging risk (or
less: losses)
Gains on changes in fair value (or less:
losses)
Credit impairment loss -1399205.13 -216239.90
Assets impairment loss
Gains on asset disposal (or less: losses) -24785.72
II. Operating profit (or less: losses) 1371369288.23 1404047680.78
Add: Non-operating revenue
Less: Non-operating expenditures 1238938.05 221086.76
III. Profit before tax (or less: total loss) 1370130350.18 1403826594.02
Less: Income tax expenses 162989.32
IV. Net profit (or less: net loss) 1370130350.18 1403663604.70
(I) Net profit from continuing operations (or
1370132358.691403657126.52
less: net loss)
(II) Net profit from discontinued operations
-2008.516478.18
(or less: net loss)
V. Other comprehensive income after tax -2618000.00 -1013000.00
(I) Not to be reclassified subsequently to
-2618000.00-1013000.00
profit or loss
1. Remeasurements of the net defined
-2618000.00-1013000.00
benefit plan
2. Items under equity method that will not
be reclassified to profit or loss
3. Changes in fair value of other equity
instrument investments
4. Changes in fair value of own credit risk
(II) To be reclassified subsequently to profit or
loss
1. Items under equity method that may be
reclassified to profit or loss
2. Changes in fair value of other debt
investments
3. Profit or loss from reclassification of
financial assets into other comprehensive
income
110 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
4. Provision for credit impairment of
other debt investments
5. Cash flow hedging reserve
6. Translation reserve
7. Others
VI. Total comprehensive income 1367512350.18 1402650604.70
VII. Earnings per share (EPS):
(I) Basic EPS (yuan per share)
(II) Diluted EPS (yuan per share)
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Consolidated cash flow statement
For the year ended December 31 2024
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Cash flows from operating activities:
Cash receipts from sale of goods or
15709933564.8815686302742.66
rendering of services
Net increase of client deposit and
interbank deposit
Net increase of central bank loans
Net increase of loans from other financial
institutions
Cash receipts from original insurance
contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit and
investment
Cash receipts from interest handling fees
and commissions
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security
transaction
Receipts of tax refund 36911400.40 106754896.21
Other cash receipts related to operating
78(1)955830799.961103448815.71
activities
Subtotal of cash inflows from
16702675765.2416896506454.58
operating activities
Cash payments for goods purchased and
7846585681.737614227605.32
services received
Net increase of loans and advances to
clients
Net increase of central bank deposit and
interbank deposit
Cash payments for insurance indemnities
111 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
of original insurance contracts
Net increase of loans to others
Cash payments for interest handling fees
and commissions
Cash payments for policy bonus
Cash paid to and on behalf of employees 1690148731.48 1579412334.84
Cash payments for taxes and rates 2628685554.68 2817018376.20
Other cash payments related to operating
78(1)1995209071.861788899321.60
activities
Subtotal of cash outflows from
14160629039.7513799557637.96
operating activities
Net cash flows from operating
79(1)2542046725.493096948816.62
activities
II. Cash flows from investing activities:
Cash receipts from withdrawal of
78(2)1364463941.653936674.52
investments
Cash receipts from investment income 63684242.83 218630426.75
Net cash receipts from the disposal of
fixed assets intangible assets and other 1669625.58 3339962.23
long-term assets
Net cash receipts from the disposal of
subsidiaries & other business units
Other cash receipts related to investing
78(2)2518499.55
activities
Subtotal of cash inflows from
1429817810.06228425563.05
investing activities
Cash payments for the acquisition of
fixed assets intangible assets and other 1073248166.32 919404420.08
long-term assets
Cash payments for investments 78 (2) 990000000.00 360000000.00
Net increase of pledged borrowings
Net cash payments for the acquisition of
subsidiaries & other business units
Other cash payments related to investing
activities
Subtotal of cash outflows from
2063248166.321279404420.08
investing activities
Net cash flows from investing
-633430356.26-1050978857.03
activities
III. Cash flows from financing activities:
Cash receipts from absorbing
investments
Including: Cash received by subsidiaries
from non-controlling shareholders
as investments
Cash receipts from borrowings
Other cash receipts related to financing
activities
Subtotal of cash inflows from
financing activities
Cash payments for the repayment of
112 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
borrowings
Cash payments for distribution of
dividends or profits and for interest 3465185598.82 2686762438.60
expenses
Including: Cash paid by subsidiaries to
non-controlling shareholders as dividend 1384109447.42 1428437323.80
or profit
Other cash payments related to financing
78(3)62560923.1955940556.09
activities
Subtotal of cash outflows from
3527746522.012742702994.69
financing activities
Net cash flows from financing
-3527746522.01-2742702994.69
activities
IV. Effect of foreign exchange rate
changes on cash and cash equivalents
V. Net increase in cash and cash
79(1)-1619130152.78-696733035.10
equivalents
Add: Opening balance of cash and cash
79(1)2700076206.043396809241.14
equivalents
VI. Closing balance of cash and cash
79(1)1080946053.262700076206.04
equivalents
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company cash flow statement
For the year ended December 31 2024
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Cash flows from operating activities:
Cash receipts from sale of goods and
rendering of services
Receipts of tax refund 800820.22 547095.43
Other cash receipts related to operating
10069549.149139809.33
activities
Subtotal of cash inflows from operating
10870369.369686904.76
activities
Cash payments for goods purchased and
services received
Cash paid to and on behalf of employees 46881313.72 46130438.47
Cash payments for taxes and rates 347919.69 792344.45
Other cash payments related to operating
23488014.5117512829.53
activities
Subtotal of cash outflows from operating
70717247.9264435612.45
activities
Net cash flows from operating activities -59846878.56 -54748707.69
II. Cash flows from investing activities:
Cash receipts from withdrawal of
investments
Cash receipts from investment income 1427933400.00 1475239800.00
113 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Note Current period Preceding period
Items
No. cumulative comparative
Net cash receipts from the disposal of fixed
assets intangible assets and other long-term 5300.00
assets
Net cash receipts from the disposal of
subsidiaries & other business units
Other cash receipts related to investing
activities
Subtotal of cash inflows from investing
1427938700.001475239800.00
activities
Cash payments for the acquisition of fixed
assets intangible assets and other long-term 403718.49
assets
Cash payments for investments
Net cash payments for the acquisition of
subsidiaries & other business units
Other cash payments related to investing
activities
Subtotal of cash outflows from investing
403718.49
activities
Net cash flows from investing activities 1427938700.00 1474836081.51
III. Cash flows from financing activities:
Cash receipts from absorbing investments
Cash receipts from borrowings
Other cash receipts related to financing
activities
Subtotal of cash inflows from financing
activities
Cash payments for the repayment of
borrowings
Cash payments for distribution of dividends
2085602894.501268302476.25
or profits and for interest expenses
Other cash payments related to financing
703977.16495373.97
activities
Subtotal of cash outflows from financing
2086306871.661268797850.22
activities
Net cash flows from financing activities -2086306871.66 -1268797850.22
IV. Effect of foreign exchange rate changes
on cash and cash equivalents
V. Net increase in cash and cash
-718215050.22151289523.60
equivalents
Add: Opening balance of cash and cash
855890695.49704601171.89
equivalents
VI. Closing balance of cash and cash
137675645.27855890695.49
equivalents
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
114 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
Consolidated statement of changes in equity
For the year ended December 31 2024
Monetary unit: RMB Yuan
Current period cumulative
Equity attributable to parent company
Items Other equity instruments Less: Other General Non-controlling
Special Surplus Undistributed Total equity
Share capital Preferred Perpetual Capital reserve Treasury comprehensive risk Others Subtotal interest
Others reserve reserve profit
shares bonds shares income reserve
I. Balance at the end of prior
483971198.0016022535.00-16085442.20241985599.001414306729.772140200619.571511947928.363652148547.93
year
Add: Cumulative changes of
accounting policies
Error correction of prior
period
Others
II. Balance at the beginning
483971198.0016022535.00-16085442.20241985599.001414306729.772140200619.571511947928.363652148547.93
of current year
III. Current period increase
8256456.003246296.26-966483107.82-954980355.56-243510086.93-1198490442.49
(or less: decrease)
(I) Total comprehensive
3246296.261114593043.581117839339.841140599360.492258438700.33
income
(II) Capital contributed or
8256456.008256456.008256456.00
withdrawn by owners
1. Ordinary shares
contributed by owners
2. Capital contributed by
holders of other equity
instruments
3. Amount of share-based
8256456.008256456.008256456.00
payment included in equity
4. Others
(III) Profit distribution -2081076151.40 -2081076151.40 -1384109447.42 -3465185598.82
1. Appropriation of surplus
reserve
2. Appropriation of general
risk reserve
3. Appropriation of profit to
-2081076151.40-2081076151.40-1384109447.42-3465185598.82
owners
4. Others
(IV) Internal carry-over
within equity
1. Transfer of capital reserve
to capital
2. Transfer of surplus reserve
to capital
3. Surplus reserve to cover
losses
4. Changes in defined benefit
plan carried over to retained
earnings
115 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
5. Other comprehensive
income carried over to
retained earnings
6. Others
(V) Special reserve
1. Current period
appropriation
2. Current period use
(VI) Others
IV. Balance at the end of
483971198.0024278991.00-12839145.94241985599.00447823621.951185220264.011268437841.432453658105.44
current period
Preceding period comparative
Equity attributable to parent company
Items Other equity instruments Less: Other General Non-controlling
Special Surplus Undistributed Total equity
Share capital Preferred Perpetual Capital reserve Treasury comprehensive risk Others Subtotal interest
Others reserve reserve profit
shares bonds shares income reserve
I. Balance at the end of prior
483971198.007728100.00-13542920.53241985599.001336034523.442056176499.911566886569.533623063069.44
year
Add: Cumulative changes
of accounting policies
Error correction of
prior period
Others
II. Balance at the
483971198.007728100.00-13542920.53241985599.001336034523.442056176499.911566886569.533623063069.44
beginning of current year
III. Current period increase
8294435.00-2542521.6778272206.3384024119.66-54938641.1729085478.49
(or less: decrease)
(I) Total comprehensive
-2542521.671336597321.131334054799.461373498682.632707553482.09
income
(II) Capital contributed or
8294435.008294435.008294435.00
withdrawn by owners
1. Ordinary shares
contributed by owners
2. Capital contributed by
holders of other equity
instruments
3. Amount of share-based
8294435.008294435.008294435.00
payment included in equity
4. Others
(III) Profit distribution -1258325114.80 -1258325114.80 -1428437323.80 -2686762438.60
1. Appropriation of surplus
reserve
2. Appropriation of general
risk reserve
3. Appropriation of profit
-1258325114.80-1258325114.80-1428437323.80-2686762438.60
to owners
4. Others
(IV) Internal carry-over
within equity
1. Transfer of capital
reserve to capital
2. Transfer of surplus
reserve to capital
3. Surplus reserve to cover
116 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
losses
4. Changes in defined
benefit plan carried over to
retained earnings
5. Other comprehensive
income carried over to
retained earnings
6. Others
(V) Special reserve
1. Current period
appropriation
2. Current period use
(VI) Others
IV. Balance at the end of
483971198.0016022535.00-16085442.20241985599.001414306729.772140200619.571511947928.363652148547.93
current period
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company statement of changes in equity
For the year ended December 31 2024
Monetary unit: RMB Yuan
Current period cumulative
Other equity instruments Less: Other
Items Capital Special Undistributed
Share capital Preferred Perpetual Treasury comprehensive Surplus reserve Total equity
Others reserve reserve profit
shares bonds shares income
I. Balance at the end of prior year 483971198.00 37567853.97 -19590000.00 241985599.00 1706497616.75 2450432267.72
Add: Cumulative changes of
accounting policies
Error correction of prior period
Others
II. Balance at the beginning of
483971198.0037567853.97-19590000.00241985599.001706497616.752450432267.72
current year
III. Current period increase (or less:
8256456.00-2618000.00-710945801.22-705307345.22
decrease)
(I) Total comprehensive income -2618000.00 1370130350.18 1367512350.18
(II) Capital contributed or withdrawn
8256456.008256456.00
by owners
1. Ordinary shares contributed by
owners
2. Capital contributed by holders of
other equity instruments
3. Amount of share-based payment
8256456.008256456.00
included in equity
4. Others
(III) Profit distribution -2081076151.40 -2081076151.40
1. Appropriation of surplus reserve
2. Appropriation of profit to owners -2081076151.40 -2081076151.40
117 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
3. Others
(IV) Internal carry-over within equity
1. Transfer of capital reserve to capital
2. Transfer of surplus reserve to capital
3. Surplus reserve to cover losses
4. Changes in defined benefit plan
carried over to retained earnings
5. Other comprehensive income
carried over to retained earnings
6. Others
(V) Special reserve
1. Current period appropriation
2. Current period use
(VI) Others
IV. Balance at the end of current
483971198.0045824309.97-22208000.00241985599.00995551815.531745124922.50
period
Preceding period comparative
Other equity instruments Less: Other
Items Capital Special Undistributed
Share capital Preferred Perpetual Treasury comprehensive Surplus reserve Total equity
Others reserve reserve profit
shares bonds shares income
I. Balance at the end of prior year 483971198.00 29273418.97 -18577000.00 241985599.00 1561159126.85 2297812342.82
Add: Cumulative changes of
accounting policies
Error correction of prior period
Others
II. Balance at the beginning of
483971198.0029273418.97-18577000.00241985599.001561159126.852297812342.82
current year
III. Current period increase (or less:
8294435.00-1013000.00145338489.90152619924.90
decrease)
(I) Total comprehensive income -1013000.00 1403663604.70 1402650604.70
(II) Capital contributed or
8294435.008294435.00
withdrawn by owners
1. Ordinary shares contributed by
owners
2. Capital contributed by holders of
other equity instruments
3. Amount of share-based payment
8294435.008294435.00
included in equity
4. Others
(III) Profit distribution -1258325114.80 -1258325114.80
1. Appropriation of surplus reserve
2. Appropriation of profit to owners -1258325114.80 -1258325114.80
3. Others
(IV) Internal carry-over within
equity
1. Transfer of capital reserve to
capital
118 / 2522024 Annual Report of Chongqing Brewery Co. Ltd
2. Transfer of surplus reserve to
capital
3. Surplus reserve to cover losses
4. Changes in defined benefit plan
carried over to retained earnings
5. Other comprehensive income
carried over to retained earnings
6. Others
(V) Special reserve
1. Current period appropriation
2. Current period use
(VI) Others
IV. Balance at the end of current
483971198.0037567853.97-19590000.00241985599.001706497616.752450432267.72
period
Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
119 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
III. Company profile
1. Overview
√ Applicable □ Not Applicable
Chongqing Brewery Co. Ltd. (the “Company”) was a limited liability company by shares transformed
from Chongqing Brewery Plant and established by the sole initiator Chongqing Beer (Group) Co. Ltd.through private placement under the approval of Chongqing Economic System Reform Commission. The
Company currently holds a business license with unified social credit code of 915000002028235667 with
registered capital of 483.97 million yuan total share of 483.97 million shares (each with par value of one
yuan) all of which are unrestricted outstanding shares. The Company’s shares were listed on the Shanghai
Stock Exchange in October 1997.The Company belongs to the wine beverage and refined tea manufacturing industry and is mainly engaged
in production and sales of beer.The financial statements were approved and authorized for issue by the 20th meeting of the 10th session of
the Board of Directors dated April 1 2025.IV. Preparation basis of the financial statements
1. Preparation basis
The financial statements have been prepared on the basis of going concern.
2. Going concern
√ Applicable □ Not Applicable
The Company has no events or conditions that may cast significant doubts upon the Company’s ability to
continue as a going concern within the 12 months after the balance sheet date.V. Significant accounting policies and estimates
Notes to specific accounting policies and estimates:
√ Applicable □ Not Applicable
Important note: The Company has set up accounting policies and estimates on transactions or events such
as impairment of financial instruments inventories depreciation of fixed assets construction in progress
depreciation of right-of-use assets intangible assets revenue recognition etc. based on the Company’s
actual production and operation features.
1. Statement of compliance
The financial statements have been prepared in accordance with the requirements of China Accounting
Standards for Business Enterprises (CASBEs) and present truly and completely the financial position
financial performance changes in equity and cash flows of the Company.
120 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
2. Accounting period
The accounting year of the Company runs from January 1 to December 31 under the Gregorian calendar.
3. Operating cycle
√ Applicable □ Not Applicable
The Company has a relatively short operating cycle for its business an asset or a liability is classified as
current if it is expected to be realized or due within 12 months.
4. Functional currency
The Company’s functional currency is Renminbi (RMB) Yuan.
5. Determination method and basis for selection of materiality
√ Applicable □ Not Applicable
Items Materiality
Significant accounts receivable with Accounts receivable with single amount in excess of
provision for bad debts made on an 0.3% of total assets are identified as significant accounts
individual basis receivable.Provisions for bad debts of accounts receivable collected
Significant provisions for bad debts of or reversed with single amount in excess of 0.3% of total
accounts receivable collected or reversed assets are identified as significant provisions for bad
debts of accounts receivable collected or reversed.Accounts receivable written off with single amount in
Significant accounts receivable written off excess of 0.3% of total assets are identified as significant
accounts receivable written off.Other receivables with single amount in excess of 0.3%
Significant other receivables with provision
of total assets are identified as significant other
for bad debts made on an individual basis
receivables.Provisions for bad debts of other receivables collected
Significant provisions for bad debts of other or reversed with single amount in excess of 0.3% of total
receivables collected or reversed assets are identified as significant provisions for bad
debts of other receivables collected or reversed.Other receivables written off with single amount in
Significant other receivables written off excess of 0.3% of total assets are identified as significant
other receivables written off.Significant advances paid with age over one Advances paid with single amount in excess of 0.3% of
year total assets are identified as significant advances paid.Accounts payable with single amount in excess of 0.3%
Significant accounts payable with age over
of total assets are identified as significant accounts
one year
payable.Contract liabilities with single amount in excess of 0.3%
Significant contract liabilities with age over
of total assets are identified as significant contract
one year
liabilities.Significant other payables with age over one Other payables with single amount in excess of 0.3% of
year total assets are identified as significant other payables.Construction in progress with single amount of changes
Significant construction in progress or balance in excess of 0.3% of total assets are identified
as significant construction in progress.Significant cash flows from investing Investing activities with cash flows in excess of 5% of
activities total assets are identified as significant investing
121 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Materiality
activities.Subsidiaries with total revenue/profit before tax in
Significant subsidiaries not wholly-owned excess of 5% of the group’s total revenue/profit before
subsidiaries tax are identified as significant subsidiaries/significant
not wholly-owned subsidiaries.Associates with single amount of long-term equity
Significant associates investment in excess of 0.3% of total assets are
identified as significant associates.Contracts signed but not yet fulfilled with single amount
Significant commitments in excess of 5% of total assets or commitments of a
special nature are identified as significant commitments.Contingencies with claim amount in excess of 5% of
Significant contingencies profit before tax or contingencies of a special nature are
identified as significant contingencies.Events with amount of impacts in excess of 5% of total
Significant events subsequent to the balance
assets or events of a special nature are identified as
sheet date
significant events subsequent to the balance sheet date.
6. Accounting treatments of business combination under and not under common control
√ Applicable □ Not Applicable
1. Accounting treatment of business combination under common control
Assets and liabilities arising from business combination are measured at carrying amount of the combined
party included in the consolidated financial statements of the ultimate controlling party at the combination
date. Difference between carrying amount of the equity of the combined party included in the consolidated
financial statements of the ultimate controlling party and that of the combination consideration or total par
value of shares issued is adjusted to capital reserve if the balance of capital reserve is insufficient to offset
any excess is adjusted to retained earnings.
2. Accounting treatment of business combination not under common control
When combination cost is in excess of the fair value of identifiable net assets obtained from the acquiree
at the acquisition date the excess is recognized as goodwill; otherwise the fair value of identifiable assets
liabilities and contingent liabilities and the measurement of the combination cost are reviewed then the
difference is recognized in profit or loss.
7. Judgement criteria for control and compilation method of consolidated financial statements
√ Applicable □ Not Applicable
(1) Judgement of control
An investor controls an investee if and only if the investor has all the following: 1) power over the investee;
2) exposure or rights to variable returns from its involvement with the investee; and 3) the ability to use
its power over the investee to affect the amount of the investor’s returns.
(2) Compilation method of consolidated financial statements
The parent company brings all its controlled subsidiaries into the consolidation scope. The consolidatedfinancial statements are compiled by the parent company according to “CASBE 33 – Consolidated
122 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.Financial Statements” based on relevant information and the financial statements of the parent company
and its subsidiaries.
8. Classification of joint arrangements and accounting treatment of joint operations
□ Applicable √ Not Applicable
9. Recognition criteria of cash and cash equivalents
Cash as presented in cash flow statement refers to cash on hand and deposit on demand for payment. Cash
equivalents refer to short-term highly liquid investments that can be readily converted to cash and that are
subject to an insignificant risk of changes in value.
10. Foreign currency translation
√ Applicable □ Not Applicable
Transactions denominated in foreign currency are translated into RMB yuan at the spot exchange rate at
the transaction date at initial recognition. At the balance sheet date monetary items denominated in foreign
currency are translated at the spot exchange rate at the balance sheet date with difference except for those
arising from the principal and interest of exclusive borrowings eligible for capitalization included in profit
or loss; non-cash items carried at historical costs are translated at the spot exchange rate at the transaction
date with the RMB amounts unchanged; non-cash items carried at fair value in foreign currency are
translated at the spot exchange rate at the date when the fair value was determined with difference
included in profit or loss or other comprehensive income.
11. Financial instruments
√ Applicable □ Not Applicable
1. Classification of financial assets and financial liabilities
Financial assets are classified into the following three categories when initially recognized: (1) financial
assets at amortized cost; (2) financial assets at fair value through other comprehensive income; (3)
financial assets at fair value through profit or loss.Financial liabilities are classified into the following four categories when initially recognized: (1) financial
liabilities at fair value through profit or loss; (2) financial liabilities that arise when a transfer of a financial
asset does not qualify for derecognition or when the continuing involvement approach applies; (3)
financial guarantee contracts not fall within the above categories (1) and (2) and commitments to provide
a loan at a below-market interest rate which do not fall within the above category (1); (4) financial
liabilities at amortized cost.
2. Recognition criteria measurement method and derecognition of financial assets and financial liabilities
(1) Recognition criteria and measurement method of financial assets and financial liabilities
When the Company becomes a party to a financial instrument it is recognized as a financial asset or
123 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
financial liability. The financial assets and financial liabilities initially recognized by the Company are
measured at fair value; for the financial assets and liabilities at fair value through profit or loss the
transaction expenses thereof are directly included in profit or loss; for other categories of financial assets
and financial liabilities the transaction expenses thereof are included into the initially recognized amount.However at initial recognition for accounts receivable that do not contain a significant financing
component or in circumstances where the Company does not consider the financing components incontracts within one year they are measured at the transaction price in accordance with “CASBE 14 –Revenues”.
(2) Subsequent measurement of financial assets
1) Financial assets measured at amortized cost
The Company measures its financial assets at the amortized costs using effective interest method. Gains
or losses on financial assets that are measured at amortized cost and are not part of hedging relationships
shall be included into profit or loss when the financial assets are derecognized reclassified amortized
using effective interest method or recognized with impairment loss.
2) Debt instrument investments at fair value through other comprehensive income
The Company measures its debt instrument investments at fair value. Interests impairment gains or losses
and gains and losses on foreign exchange that calculated using effective interest method shall be included
into profit or loss while other gains or losses are included into other comprehensive income. Accumulated
gains or losses that initially recognized as other comprehensive income should be transferred out into
profit or loss when the financial assets are derecognized.
3) Equity instrument investments at fair value through other comprehensive income
The Company measures its equity instrument investments at fair value. Dividends obtained (other than
those as part of investment cost recovery) shall be included into profit or loss while other gains or losses
are included into other comprehensive income. Accumulated gains or losses that initially recognized as
other comprehensive income should be transferred out into retained earnings when the financial assets are
derecognized.
4) Financial assets at fair value through profit or loss
The Company measures its financial assets at fair value. Gains or losses arising from changes in fair value
(including interests and dividends) shall be included into profit or loss except for financial assets that are
part of hedging relationships.
(3) Subsequent measurement of financial liabilities
1) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities
(including derivatives that are liabilities) and financial liabilities designated as at fair value through profit
or loss. The Company measures such kind of liabilities at fair value. The amount of changes in the fair
value of the financial liabilities that are attributable to changes in the Company’s own credit risk shall be
124 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
included into other comprehensive income unless such treatment would create or enlarge accounting
mismatches in profit or loss. Other gains or losses on those financial liabilities (including interests changes
in fair value that are attributable to reasons other than changes in the Company’s own credit risk) shall be
included into profit or loss except for financial liabilities that are part of hedging relationships.Accumulated gains or losses that originally recognized as other comprehensive income should be
transferred out into retained earnings when the financial liabilities are derecognized.
2) Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or
when the continuing involvement approach appliesThe Company measures its financial liabilities in accordance with “CASBE 23 – Transfer of FinancialAssets”.
3) Financial guarantee contracts not fall within the above categories 1) and 2) and commitments to provide
a loan at a below-market interest rate which do not fall within the above category 1)
The Company measures its financial liabilities at the higher of: a. the amount of loss allowances in
accordance with impairment requirements of financial instruments; b. the amount initially recognized less
the amount of accumulated amortization recognized in accordance with “CASBE 14 – Revenues”.
4) Financial liabilities at amortized cost
The Company measures its financial liabilities at amortized cost using effective interest method. Gains or
losses on financial liabilities that are measured at amortized cost and are not part of hedging relationships
shall be included into profit or loss when the financial liabilities are derecognized and amortized using
effective interest method.
(4) Derecognition of financial assets and financial liabilities
1) Financial assets are derecognized when:
a. the contractual rights to the cash flows from the financial assets expire; or
b. the financial assets have been transferred and the transfer qualifies for derecognition in accordance with
“CASBE 23 – Transfer of Financial Assets”.
2) Only when the underlying present obligations of a financial liability are relieved totally or partly may
the financial liability be derecognized accordingly.
3. Recognition criteria and measurement method of financial assets transfer
Where the Company has transferred substantially all of the risks and rewards related to the ownership of
the financial asset it derecognizes the financial asset and any right or liability arising from such transfer
is recognized independently as an asset or a liability. If it retained substantially all of the risks and rewards
related to the ownership of the financial asset it continues recognizing the financial asset. Where the
Company does not transfer or retain substantially all of the risks and rewards related to the ownership of
a financial asset it is dealt with according to the circumstances as follows respectively: (1) if the Company
does not retain its control over the financial asset it derecognizes the financial asset and any right or
liability arising from such transfer is recognized independently as an asset or a liability; (2) if the Company
125 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
retains its control over the financial asset according to the extent of its continuing involvement in the
transferred financial asset it recognizes the related financial asset and recognizes the relevant liability
accordingly.If the transfer of an entire financial asset satisfies the conditions for derecognition the difference between
the amounts of the following two items is included in profit or loss: (1) the carrying amount of the
transferred financial asset as of the date of derecognition; (2) the sum of consideration received from the
transfer of the financial asset and the accumulative amount of the changes of the fair value originally
included in other comprehensive income proportionate to the transferred financial asset (financial assets
transferred refer to debt instrument investments at fair value through other comprehensive income). If the
transfer of financial asset partially satisfies the conditions for derecognition the entire carrying amount of
the transferred financial asset is between the portion which is derecognized and the portion which is not
apportioned according to their respective relative fair value and the difference between the amounts of
the following two items is included into profit or loss: (1) the carrying amount of the portion which is
derecognized; (2) the sum of consideration of the portion which is derecognized and the portion of the
accumulative amount of the changes in the fair value originally included in other comprehensive income
which is corresponding to the portion which is derecognized (financial assets transferred refer to debt
instrument investments at fair value through other comprehensive income).
4. Fair value determination method of financial assets and liabilities
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data and information are available to measure fair value. The inputs to valuation techniques used to
measure fair value are arranged in the following hierarchy and used accordingly:
(1) Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the
Company can access at the measurement date;
(2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the
asset or liability either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or
liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are
not active; inputs other than quoted prices that are observable for the asset or liability for example interest
rates and yield curves observable at commonly quoted intervals; market-corroborated inputs;
(3) Level 3 inputs are unobservable inputs for the asset or liability. Level 3 inputs include interest rate that
is not observable and cannot be corroborated by observable market data at commonly quoted intervals
historical volatility future cash flows to be paid to fulfill the disposal obligation assumed in business
combination financial forecast developed using the Company’s own data etc.
5. Impairment of financial instruments
The Company on the basis of expected credit loss recognizes loss allowances of financial assets at
amortized cost debt instrument investments at fair value through other comprehensive income leases
receivable loan commitments other than financial liabilities at fair value through profit or loss financial
126 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
guarantee contracts not belong to financial liabilities at fair value through profit or loss or financial
liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the
continuing involvement approach applies.Expected credit losses refer to the weighted average of credit losses with the respective risks of a default
occurring as the weights. Credit loss refers to the difference between all contractual cash flows that are
due to the Company in accordance with the contract and all the cash flows that the Company expects to
receive (i.e. all cash shortfalls) discounted at the original effective interest rate. Among which purchased
or originated credit-impaired financial assets are discounted at the credit-adjusted effective interest rate.At the balance sheet date the Company shall only recognize the cumulative changes in the lifetime
expected credit losses since initial recognition as a loss allowance for purchased or originated credit-
impaired financial assets.For accounts receivable and contract assets resulting from transactions regulated in “CASBE 14 –Revenues” the Company chooses simplified approach to measure the loss allowance at an amount equal
to lifetime expected credit losses.For financial assets other than the above on each balance sheet date the Company shall assess whether
the credit risk on the financial instrument has increased significantly since initial recognition. The
Company shall measure the loss allowance for the financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial instrument has increased significantly since initial
recognition; otherwise the Company shall measure the loss allowance for that financial instrument at an
amount equal to 12-month expected credit loss.Considering reasonable and supportable forward-looking information the Company compares the risk of
a default occurring on the financial instrument as at the balance sheet date with the risk of a default
occurring on the financial instrument as at the date of initial recognition so as to assess whether the credit
risk on the financial instrument has increased significantly since initial recognition.The Company may assume that the credit risk on a financial instrument has not increased significantly
since initial recognition if the financial instrument is determined to have relatively low credit risk at the
balance sheet date.The Company shall estimate expected credit risk and measure expected credit losses on an individual or a
collective basis. When the Company adopts the collective basis financial instruments are grouped with
similar credit risk features.The Company shall remeasure expected credit loss on each balance sheet date and increased or reversed
amounts of loss allowance arising therefrom shall be included into profit or loss as impairment losses or
gains. For a financial asset measured at amortized cost the loss allowance reduces the carrying amount of
such financial asset presented in the balance sheet; for a debt investment measured at fair value through
other comprehensive income the loss allowance shall be recognized in other comprehensive income and
127 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
shall not reduce the carrying amount of such financial asset.
6. Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet and are not offset.However the Company offsets a financial asset and a financial liability and presents the net amount in the
balance sheet when and only when the Company: (1) currently has a legally enforceable right to set off
the recognized amounts; and (2) intends either to settle on a net basis or to realize the asset and settle the
liability simultaneously.For a transfer of a financial asset that does not qualify for derecognition the Company does not offset the
transferred asset and the associated liability.
12. Notes receivable
□ Applicable √ Not Applicable
13. Accounts receivable
√ Applicable □ Not Applicable
Categories and determination basis of portfolios with provision for bad debts made on a collective
basis using similar credit risk features
√ Applicable □ Not Applicable
Basis for determination of Method for measuring expected
Categories
portfolio credit loss
Based on historical credit loss
experience the current situation and
the forecast of future economic
Accounts receivable – Portfolio conditions the Company prepares the
Ages
grouped with ages comparison table of ages and lifetime
expected credit loss rate of accounts
receivable so as to calculate expected
credit loss.Based on historical credit loss
experience the current situation and
Accounts receivable – Portfolio
the forecast of future economic
grouped with balances due Related parties brought into
conditions the Company calculates
from related parties within the the consolidation scope
expected credit loss through exposure
consolidation scope
at default and lifetime expected credit
loss rate.Based on historical credit loss
experience the current situation and
the forecast of future economic
Other receivables – Portfolio conditions the Company prepares the
Ages
grouped with ages comparison table of ages and lifetime
expected credit loss rate of other
receivables so as to calculate expected
credit loss.Other receivables – Portfolio Based on historical credit loss
Related parties brought into
grouped with balances due experience the current situation and
the consolidation scope
from related parties within the the forecast of future economic
128 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Basis for determination of Method for measuring expected
Categories
portfolio credit loss
consolidation scope conditions the Company calculates
expected credit loss through exposure
at default and 12-month or lifetime
expected credit loss rate.Portfolios grouped with similar credit risk features using age analysis method
√ Applicable □ Not Applicable
Expected credit loss rate of accounts Expected credit loss rate of other
Ages
receivable (%) receivables (%)
Within 1 year (inclusive the
5.005.00
same hereinafter)
1-2 years 10.00 10.00
2-3 years 30.00 30.00
3-4 years 50.00 50.00
4-5 years 80.00 80.00
Over 5 years 100.00 100.00
Ages of accounts receivable/other receivables are calculated from the month when such receivables are
accrued.Judgement basis for receivables with provision for bad debts made on an individual basis
√ Applicable □ Not Applicable
For receivables whose credit risk is significantly different from that of portfolios the Company accrues
expected credit losses on an individual basis.
14. Receivables financing
□ Applicable √ Not Applicable
15. Other receivables
√ Applicable □ Not Applicable
Categories and determination basis of portfolios with provision for bad debts made on a collective
basis using similar credit risk features
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.Portfolios grouped with similar credit risk features using age analysis method
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.Judgement basis for receivables with provision for bad debts made on an individual basis
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.
129 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
16. Inventories
√ Applicable □ Not Applicable
Classification accounting method for dispatched inventories inventory system amortization
method of low-value consumables and packages
√ Applicable □ Not Applicable
1. Classification of inventories
Inventories include finished goods or goods held for sale in the ordinary course of business work in
process in the process of production materials supplies etc. to be consumed in the production process or
in the rendering of services.
2. Accounting method for dispatched inventories
Inventories dispatched from storage are accounted for with weighted average method at the end of each
month.
3. Inventory system
Perpetual inventory method is adopted.
4. Amortization method of packages
The recyclable wine bottles are included in the cost when losses incurred and the turnover boxes and
pallets are amortized over the expected useful life after deducting expected net residual value.
5. Accounting method of packages lent out
The Company recognizes deposits for packages lent out as other payables.At the balance sheet date based on the number of packages lent out in the current period the number of
irrecoverable packages is calculated at the current loss rate which is estimated based on the market
conditions and the historical recycling records. Provision for inventory write-down shall be made at the
cost of irrecoverable packages and allowances for other payables shall be accrued at the after-tax amount
of non-refundable deposits with the difference recognized as assets impairment loss through profit and
loss.The packages lent out will be accounted for as a sale when there is objective evidence indicating that the
packages are irrecoverable and the carrying amount (cost less provisions for write-down) and
corresponding deposits payable (cost less allowances) will be carried forward.Recognition criteria and accrual method of provision for inventory write-down
√ Applicable □ Not Applicable
At the balance sheet date inventories (excluding packages lent out that expect to be irrecoverable. Please
refer to item V 16.5 of this section for details on the accrual method of provisions for inventory write-
down on these packages) are measured at the lower of cost and net realizable value; provisions for
inventory write-down are made on the excess of its cost over the net realizable value. The net realizable
130 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
value of inventories held for sale is determined based on the amount of the estimated selling price less the
estimated selling expenses and relevant taxes and surcharges in the ordinary course of business; the net
realizable value of inventories to be processed is determined based on the amount of the estimated selling
price less the estimated costs of completion selling expenses and relevant taxes and surcharges in the
ordinary course of business; at the balance sheet date when only part of the same item of inventories have
agreed price their net realizable value are determined separately and are compared with their costs to set
the provision for inventory write-down to be made or reversed.Categories of portfolios with provision for inventory write-down made on a collective basis and
determination basis determination basis of net realizable value
□ Applicable √ Not Applicable
Calculation method and determination basis for net realizable value under portfolio grouped with
ages
□ Applicable √ Not Applicable
17. Contract assets
□ Applicable √ Not Applicable
18. Non-current assets or disposal groups held for sale
□ Applicable √ Not Applicable
Recognition criteria and accounting treatment of non-current assets or disposal groups held for sale
□ Applicable √ Not Applicable
Recognition criteria and presentation method of discontinued operations
√ Applicable □ Not Applicable
1. Recognition criteria of discontinued operations
A component of the Company that has been disposed of or is classified as held for sale and can be clearly
distinguished is recognized as a discontinued operation when it fulfills any of the following conditions:
(1) it represents a separate major line of business or a separate geographical area of operations;
(2) it is part of a related plan to dispose of a separate major line of business or a separate geographical area
of operations; or
(3) it is a subsidiary acquired exclusively with a review to resale.
2. Presentation method of discontinued operations
The Company presents gains or losses from continuing operations and gains or losses from discontinued
operations separately in the income statement. Operating gains or losses including impairment loss of
discontinued operations and its reversal amount and gains or losses on disposal are presented as gains or
losses from discontinued operations. For discontinued operations presented in the current period the
information previously presented as gains or losses from continuing operations is reclassified as gains or
131 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
losses from discontinued operations for the comparative period in the current financial statements. For
discontinued operations that no longer meet criteria for held for sale the information previously presented
as gains or losses from discontinued operations is reclassified as gains or losses from continuing operations
for the comparative period in the current financial statements.
19. Long-term equity investments
√ Applicable □ Not Applicable
1. Judgment of joint control and significant influence
Joint control is the contractually agreed sharing of control of an arrangement which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.Significant influence is the power to participate in the financial and operating policy decisions of the
investee but is not control or joint control of these policies.
2. Determination of investment cost
(1) For business combination under common control if the consideration of the combining party is that it
makes payment in cash transfers non-cash assets assumes its liabilities or issues equity securities on the
date of combination it regards the share of the carrying amount of the equity of the combined party
included in the consolidated financial statements of the ultimate controlling party as the initial cost of the
investment. The difference between the initial cost of the long-term equity investments and the carrying
amount of the combination consideration paid or the par value of shares issued offsets capital reserve; if
the balance of capital reserve is insufficient to offset any excess is adjusted to retained earnings.When long-term equity investments are obtained through business combination under common control
achieved in stages the Company determines whether it is a “bundled transaction”. If it is a “bundledtransaction” stages as a whole are considered as one transaction in accounting treatment. If it is not a
“bundled transaction” on the date of combination investment cost is initially recognized at the share of
the carrying amount of net assets of the combined party included the consolidated financial statements of
the ultimate controlling party. The difference between the initial investment cost of long-term equity
investments at the acquisition date and the carrying amount of the previously held long-term equity
investments plus the carrying amount of the consideration paid for the newly acquired equity is adjusted
to capital reserve; if the balance of capital reserve is insufficient to offset any excess is adjusted to retained
earnings.
(2) For business combination not under common control investment cost is initially recognized at the
acquisition-date fair value of considerations paid.When long-term equity investments are obtained through business combination not under common control
achieved in stages the Company determined whether they are stand-alone financial statements or
consolidated financial statements in accounting treatment:
1) In the case of stand-alone financial statements investment cost is initially recognized at the carrying
132 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
amount of the previously held long-term equity investments plus the carrying amount of the consideration
paid for the newly acquired equity.
2) In the case of consolidated financial statements the Company determines whether it is a “bundledtransaction”. If it is a “bundled transaction” stages as a whole are considered as one transaction in
accounting treatment. If it is not a “bundled transaction” the carrying amount of the acquirer’s previously
held equity interest in the acquiree is remeasured at the acquisition-date fair value and the difference
between the fair value and the carrying amount is recognized in investment income; when the acquirer’s
previously held equity interest in the acquiree involves other comprehensive income under equity method
the related other comprehensive income is reclassified as income for the acquisition period excluding
other comprehensive income arising from changes in net liabilities or assets from remeasurement of
defined benefit plan of the acquiree.
(3) Long-term equity investments obtained through ways other than business combination: the initial cost
of a long-term equity investment obtained by making payment in cash is the purchase cost which is
actually paid; that obtained on the basis of issuing equity securities is the fair value of the equity securitiesissued; that obtained through debt restructuring is determined according to “CASBE 12 – DebtRestructuring”; and that obtained through non-cash assets exchange is determined according to “CASBE
7 – Non-cash Assets Exchange”.
3. Subsequent measurement and recognition method of profit or loss
For a long-term equity investment with control relationship it is accounted for with cost method; for a
long-term equity investment with joint control or significant influence relationship it is accounted for with
equity method.
4. Disposal of a subsidiary in stages resulting in the Company’s loss of control
(1) Judgement principles of “bundled transaction”
For disposal of a subsidiary in stages resulting in the Company’s loss of control the Company determines
whether it is a “bundled transaction” based on the agreement terms for each stage disposal consideration
obtained separately object of the equity sold disposal method disposal time point etc. If the terms
conditions and economic effect of each transaction meet one or more of the following conditions these
transactions are usually considered as a “bundled transaction”:
1) these transactions are entered into at the same time or in contemplation of each other;
2) these transactions form a single transaction designed to achieve an overall commercial effect;
3) the occurrence of one transaction is dependent on the occurrence of at least one other transaction; and
4) one transaction considered on its own is not economically justified but it is economically justified when
considered together with other transactions.
(2) Accounting treatments of non-bundled transactions
1) Stand-alone financial statements
133 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
The difference between the carrying amount of the disposed equity and the consideration obtained thereof
is recognized in profit or loss. If the disposal does not result in the Company’s loss of significant influence
or joint control the remained equity is accounted for with equity method; however if the disposal results
in the Company’s loss of control joint control or significant influence the remained equity is accounted
for according to “CASBE 22 – Financial Instruments: Recognition and Measurement”.
2) Consolidated financial statements
Before the Company’s loss of control the difference between the disposal consideration and the
proportionate share of net assets in the disposed subsidiary from acquisition date or combination date to
the disposal date is adjusted to capital reserve (capital premium) if the balance of capital reserve is
insufficient to offset any excess is adjusted to retained earnings.When the Company loses control the remained equity is remeasured at the loss-of-control-date fair value.The aggregated value of disposal consideration and the fair value of the remained equity less the share of
net assets in the disposed subsidiary held before the disposal from the acquisition date or combination date
to the disposal date is recognized in investment income in the period when the Company loses control
over such subsidiary and meanwhile goodwill is offset correspondingly. Other comprehensive income
related to equity investments in former subsidiary is reclassified as investment income upon the
Company’s loss of control.
(3) Accounting treatment of bundled transaction
1) Stand-alone financial statements
Stages as a whole are considered as one transaction resulting in loss of control in accounting treatment.However before the Company loses control over a subsidiary the difference between the disposal
consideration at each stage and the carrying amount of long-term equity investments corresponding to the
disposed investments is recognized as other comprehensive income at the stand-alone financial statements
and reclassified as profit or loss in the period when the Company loses control over such subsidiary.
2) Consolidated financial statements
Stages as a whole are considered as one transaction resulting in loss of control in accounting treatment.However before the Company loses control over a subsidiary the difference between the disposal
consideration at each stage and the proportionate share of net assets in the disposed subsidiary is
recognized as other comprehensive income at the consolidated financial statements and reclassified as
profit or loss in the period when the Company loses control over such subsidiary.
20. Investment property
□ Applicable √ Not Applicable
21. Fixed assets
(1) Recognition principles
√ Applicable □ Not Applicable
134 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Fixed assets are tangible assets held for use in the production of goods or rendering of services for rental
to others or for administrative purposes and expected to be used during more than one accounting year.Fixed assets are recognized if and only if it is probable that future economic benefits associated with the
assets will flow to the Company and the cost of the assets can be measured reliably.
(2) Depreciation method
√ Applicable □ Not Applicable
Useful life Residual value Annual
Categories Depreciation method
(years) proportion depreciation rate
Buildings and
Straight-line method 20-40 0%-10% 2.25%-5.00%
structures
Machinery Straight-line method 5-15 0%-10% 6.00%-20.00%
Transport
Straight-line method 5-10 0%-10% 9.00%-20.00%
facilities
Other equipment Straight-line method 3-12 0%-10% 7.50%-33.33%
22. Construction in progress
√ Applicable □ Not Applicable
1. Construction in progress is recognized if and only if it is probable that future economic benefits
associated with the item will flow to the Company and the cost of the item can be measured reliably.Construction in progress is measured at the actual cost incurred to reach its designed usable conditions.
2. Construction in progress is transferred into fixed assets at its actual cost when it reaches the designed
usable conditions. When the auditing of the construction in progress was not finished while reaching the
designed usable conditions it is transferred to fixed assets using estimated value first and then adjusted
accordingly when the actual cost is settled but the accumulated depreciation is not to be adjusted
retrospectively.Standards and time point of transferring construction
Categories
in progress to fixed assets
Reaching its usable conditions after self-construction
Buildings and structures
or outsourcing construction is completed
Reaching its designed usable conditions after
Machinery
installation and commissioning
Reaching its designed usable conditions after
Other equipment
installation and commissioning
23. Borrowing costs
√ Applicable □ Not Applicable
1. Recognition principle of borrowing costs capitalization
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and
construction or production of assets eligible for capitalization it is capitalized and included in the costs of
relevant assets; other borrowing costs are recognized as expenses on the basis of the actual amount
incurred and are included in profit or loss.
135 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
2. Borrowing costs capitalization period
(1) The borrowing costs are not capitalized unless the following requirements are all met: 1) the asset
disbursements have already incurred; 2) the borrowing costs have already incurred; and 3) the acquisition
and construction or production activities which are necessary to prepare the asset for its intended use or
sale have already started.
(2) Suspension of capitalization: where the acquisition and construction or production of a qualified asset
is interrupted abnormally and the interruption period lasts for more than 3 months the capitalization of
the borrowing costs is suspended; the borrowing costs incurred during such period are recognized as
expenses and are included in profit or loss till the acquisition and construction or production of the asset
restarts.
(3) Ceasing of capitalization: when the qualified asset under acquisition and construction or production is
ready for the intended use or sale the capitalization of the borrowing costs is ceased.
3. Capitalization rate and capitalized amount of borrowing costs
For borrowings exclusively for the acquisition and construction or production of assets eligible for
capitalization the to-be-capitalized amount of interests is determined in light of the actual interest
expenses incurred (including amortization of premium or discount based on effective interest method) of
the special borrowings in the current period less the interest income on the unused borrowings as a deposit
in the bank or as a temporary investment; where a general borrowing is used for the acquisition and
construction or production of assets eligible for capitalization the Company calculates and determines the
to-be-capitalized amount of interests on the general borrowing by multiplying the weighted average asset
disbursement of the excess of the accumulative capital disbursements over the special borrowings by the
capitalization rate of the general borrowing used.
24. Biological assets
□ Applicable √ Not Applicable
25. Oil & gas assets
□ Applicable √ Not Applicable
26. Intangible assets
(1) Useful life and its determination basis estimation amortization method or review procedure
√ Applicable □ Not Applicable
1. Intangible assets include land use right trademark software etc. The initial measurement of intangible
assets is based on its cost.
2. For intangible assets with finite useful lives their amortization amounts are amortized within their
useful lives systematically and reasonably if it is unable to determine the expected realization pattern
reliably intangible assets are amortized by the straight-line method with details as follows:
136 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Useful life and determination basis Amortization method
30-50 years; property registration
Land use right Straight-line method
period
10 years 28.33 years 30 years;
Trademark Straight-line method
expected useful life
software 3-10 years; expected useful life Straight-line method
Intangible assets with indefinite useful lives are not amortized but their useful life is reviewed annually.Judgment basis for indefinite useful life is as follows:
Items Judgment basis
The life cycle of the product corresponding to the trademark cannot be
Trademark
determined and the validity period of trademark is more likely to be extended
(2) Permitted scope of R&D costs and relevant accounting treatments
√ Applicable □ Not Applicable
(1) Personnel costs
Personnel costs include wages and salaries basic endowment insurance premiums basic medical
insurance premiums unemployment insurance premiums occupational injuries premiums maternity
premiums and housing provident funds for the Company’s R&D personnel as well as labor costs for
external R&D personnel.If R&D personnel serve for multiple R&D projects at the same time personnel costs are recognized based
on their working hour records provided by the Company’s administrative department and proportionately
allocated among different R&D projects.If personnel directly engaged in R&D activities and external R&D personnel are engaged in non-R&D
activities at the same time the Company based on their working hour records at different positions
allocates personnel costs actually incurred between R&D expenses and production and operating expenses
using reasonable methods such as the ratio of actual working hours.
(2) Direct input costs
Direct input costs refer to relevant expenses actually incurred by the Company for R&D activities which
include: 1) materials fuel and power costs directly consumed by R&D activities; 2) operation and
maintenance adjustment inspection testing and repairing costs of instruments and equipment used for
R&D activities; and 3) rental fees of instruments and equipment leased under operating leases for R&D
activities.
(3) Depreciation
Depreciation refers to the depreciation of instruments and equipment used for R&D activities.For instruments and equipment both used for R&D activities and non-R&D activities necessary records
shall be kept on their usage and depreciation actually incurred is allocated between R&D expenses and
production and operating expenses in a reasonable manner based on the actual working hours etc.
(4) Amortization of intangible assets
137 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Amortization of intangible assets refer to the amortization of software used for R&D activities.For intangible assets both used for R&D activities and non-R&D activities necessary records shall be kept
on their usage and amortization actually incurred is allocated between R&D expenses and production and
operating expenses in a reasonable manner based on the actual working hours etc.
(5) Design expenses
Design expenses refer to expenses incurred for the conception development and manufacturing of new
products and techniques design of processes technical specifications process specification formulation
operational characteristics etc. including expenses incurred for creative design activities to obtain
innovative creative and breakthrough products.
(6) Other expenses
Other expenses refer to expenses other than those mentioned above that are directly related to R&D
activities including technical books and materials fees data translation fees expert consultation fees
high-tech R&D insurance premiums R&D outcomes search analysis review demonstration appraisal
evaluation assessment and acceptance fees intellectual property application registration and agency fees
business travelling fees conference fees etc.Expenditures on the research phase of an internal project are recognized as profit or loss when they are
incurred. An intangible asset arising from the development phase of an internal project is recognized if the
Company can demonstrate all of the followings: (1) the technical feasibility of completing the intangible
asset so that it will be available for use or sale; (2) its intention to complete the intangible asset and use or
sell it; (3) how the intangible asset will generate probable future economic benefits among other things
the Company can demonstrate the existence of a market for the output of the intangible asset or the
intangible asset itself or if it is to be used internally the usefulness of the intangible asset; (4) the
availability of adequate technical financial and other resources to complete the development and to use
or sell the intangible asset; and (5) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
27. Impairment of part of long-term assets
√ Applicable □ Not Applicable
For long-term assets such as long-term equity investments fixed assets construction in progress right-of-
use assets intangible assets with finite useful lives etc. if at the balance sheet date there is indication of
impairment the recoverable amount is to be estimated. For goodwill recognized in business combination
and intangible assets with indefinite useful lives no matter whether there is indication of impairment
impairment test is performed annually. Impairment test on goodwill is performed on related asset group
or asset group portfolio.When the recoverable amount of such long-term assets is lower than their carrying amount the difference
is recognized as provision for assets impairment through profit or loss.
138 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
28. Long-term prepayments
□ Applicable √ Not Applicable
29. Contract liabilities
√ Applicable □ Not Applicable
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance obligations and customers’ payments. Contract assets and contract liabilities
under the same contract shall offset each other and be presented on a net basis.The Company presents an unconditional right to consideration (i.e. only the passage of time is required
before the consideration is due) as a receivable and presents a right to consideration in exchange for goods
that it has transferred to a customer (which is conditional on something other than the passage of time) as
a contract asset.The Company presents an obligation to transfer goods to a customer for which the Company has received
consideration (or the amount is due) from the customer as a contract liability.
30. Employee benefits
Employee benefits include short-term employee benefits post-employment benefits termination benefits
and other long-term employee benefits.
(1) Accounting treatment of short-term employee benefits
√ Applicable □ Not Applicable
The Company recognizes in the accounting period in which an employee provides service short-term
employee benefits actually incurred as liabilities with a corresponding charge to profit or loss or the cost
of a relevant asset.
(2) Accounting treatment of post-employment benefits
√ Applicable □ Not Applicable
The Company classifies post-employment benefit plans as either defined contribution plans or defined
benefit plans.
(1) The Company recognizes in the accounting period in which an employee provides service the
contribution payable to a defined contribution plan as a liability with a corresponding charge to profit or
loss or the cost of a relevant asset.
(2) Accounting treatment by the Company for defined benefit plan usually involves the following steps:
1) In accordance with the projected unit credit method using unbiased and mutually compatible actuarial
assumptions to estimate related demographic variables and financial variables measure the obligations
under the defined benefit plan and determine the periods to which the obligations are attributed.Meanwhile the Company discounts obligations under the defined benefit plan to determine the present
139 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
value of the defined benefit plan obligations and the current service cost;
2) When a defined benefit plan has assets the Company recognizes the deficit or surplus by deducting the
fair value of defined benefit plan assets from the present value of the defined benefit plan obligation as a
net defined benefit plan liability or net defined benefit plan asset. When a defined benefit plan has a surplus
the Company measures the net defined benefit plan asset at the lower of the surplus in the defined benefit
plan and the asset ceiling;
3) At the end of the period the Company recognizes the following components of employee benefits cost
arising from defined benefit plan: a. service cost; b. net interest on the net defined benefit plan liability
(asset); and c. changes as a result of remeasurement of the net defined benefit liability (asset). Item a and
item b are recognized in profit or loss or the cost of a relevant asset. Item c is recognized in other
comprehensive income and is not to be reclassified subsequently to profit or loss. However the Company
may transfer those amounts recognized in other comprehensive income within equity.
(3) Accounting treatment of termination benefits
√ Applicable □ Not Applicable
Termination benefits provided to employees are recognized as an employee benefit liability for termination
benefits with a corresponding charge to profit or loss at the earlier of the following dates: (1) when the
Company cannot unilaterally withdraw the offer of termination benefits because of an employment
termination plan or a curtailment proposal; or (2) when the Company recognizes cost or expenses related
to a restructuring that involves the payment of termination benefits.
(4) Accounting treatment of other long-term employee benefits
√ Applicable □ Not Applicable
When other long-term employee benefits provided to the employees satisfied the conditions for classifying
as a defined contribution plan those benefits are accounted for in accordance with the requirements
relating to defined contribution plan while other benefits are accounted for in accordance with the
requirements relating to defined benefit plan. The Company recognizes the cost of employee benefits
arising from other long-term employee benefits as the followings: (1) service cost; (2) net interest on the
net liability or net assets of other long-term employee benefits; and (3) changes as a result of
remeasurement of the net liability or net assets of other long-term employee benefits. As a practical
expedient the net total of the aforesaid amounts is recognized in profit or loss or included in the cost of a
relevant asset.
31. Provisions
√ Applicable □ Not Applicable
1. Provisions are recognized when fulfilling the present obligations arising from contingencies such as
providing guarantee for other parties litigation products quality guarantee onerous contract etc. may
cause the outflow of the economic benefit and such obligations can be reliably measured.
140 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
2. The initial measurement of provisions is based on the best estimated expenditures required in fulfilling
the present obligations and its carrying amount is reviewed at the balance sheet date.
32. Share-based payment
√ Applicable □ Not Applicable
1. Types of share-based payment
Share-based payment consists of equity-settled share-based payment and cash-settled share-based
payment.
2. Accounting treatment for settlements modifications and cancellations of share-based payment plans
(1) Equity-settled share-based payment
For equity-settled share-based payment transaction with employees if the equity instruments granted vest
immediately the fair value of those equity instruments is measured at grant date and recognized as
transaction cost or expense with a corresponding adjustment in capital reserve; if the equity instruments
granted do not vest until the counterparty completes a specified period of service or fulfills certain
performance conditions at the balance sheet date within the vesting period the fair value of those equity
instruments measured at grant date based on the best estimate of the number of equity instruments expected
to vest is recognized as transaction cost or expense with a corresponding adjustment in capital reserve.For equity-settled share-based payment transaction with parties other than employees if the fair value of
the services received can be measured reliably the fair value is measured at the date the Company receives
the service; if the fair value of the services received cannot be measured reliably but that of equity
instruments can be measured reliably the fair value of the equity instruments granted measured at the date
the Company receives the service is referred to and recognized as transaction cost or expense with a
corresponding increase in equity.
(2) Cash-settled share-based payment
For cash-settled share-based payment transactions with employees if share appreciation rights vest
immediately the fair value of the liability incurred as the acquisition of services is measured at grant date
and recognized as transaction cost or expense with a corresponding increase in liabilities; if share
appreciation rights do not vest until the employees have completed a specified period of service or fulfills
certain performance conditions the liability is measured at each balance sheet date until settled at the fair
value of the share appreciation rights measured at grant date based on the best estimate of the number of
share appreciation right expected to vest.
(3) Modifications and cancellations of share-based payment plan
If the modification increases the fair value of the equity instruments granted the Company includes the
incremental fair value granted in the measurement of the amount recognized for services received as
consideration for the equity instruments granted; similarly if the modification increases the number of
equity instruments granted the Company includes the fair value of the additional equity instruments
granted in the measurement of the amount recognized for services received as consideration for the equity
141 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
instruments granted; if the Company modifies the vesting conditions in a manner that is beneficial to the
employee the Company takes the modified vesting conditions into account.If the modification reduces the fair value of the equity instruments granted the Company does not take
into account that decrease in fair value and continue to measure the amount recognized for services
received as consideration for the equity instruments based on the grant date fair value of the equity
instruments granted; if the modification reduces the number of equity instruments granted to an employee
that reduction is accounted for as a cancellation of that portion of the grant; if the Company modifies the
vesting conditions in a manner that is not beneficial to the employee the Company does not take the
modified vesting conditions into account.If the Company cancels or settles a grant of equity instruments during the vesting period (other than that
cancelled when the vesting conditions are not satisfied) the Company accounts for the cancellation or
settlement as an acceleration of vesting and therefore recognizes immediately the amount that otherwise
would have been recognized for services received over the remainder of the vesting period.
33. Other financial instruments such as preferred shares and perpetual bonds
□ Applicable √ Not Applicable
34. Revenue
(1) Accounting policies for revenue recognition and measurement of revenue disclosed by business
nature
√ Applicable □ Not Applicable
1. Revenue recognition principles
At contract inception the Company shall assess the contracts and shall identify each performance
obligation in the contracts and determine whether the performance obligation should be satisfied over
time or at a point in time.The Company satisfies a performance obligation over time if one of the following criteria is met otherwise
the performance obligation is satisfied at a point in time: (1) the customer simultaneously receives and
consumes the economic benefits provided by the Company’s performance as the Company performs; (2)
the customer can control goods as they are created by the Company’s performance; (3) goods created
during the Company’s performance have irreplaceable uses and the Company has an enforceable right to
the payments for performance completed to date during the whole contract period.For each performance obligation satisfied over time the Company shall recognize revenue over time by
measuring the progress towards complete satisfaction of that performance obligation. In the circumstance
that the progress cannot be measured reasonably but the costs incurred in satisfying the performance
obligation are expected to be recovered the Company shall recognize revenue only to the extent of the
costs incurred until it can reasonably measure the progress. For each performance obligation satisfied at a
point in time the Company shall recognize revenue at the time point that the customer obtains control of
142 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
relevant goods or services. To determine whether the customer has obtained control of goods the Company
shall consider the following indications: (1) the Company has a present right to payments for the goods
i.e. the customer is presently obliged to pay for the goods; (2) the Company has transferred the legal title
of the goods to the customer i.e. the customer has legal title to the goods; (3) the Company has transferred
physical possession of the goods to the customer i.e. the customer has physically possessed the goods;
(4) the Company has transferred significant risks and rewards of ownership of the goods to the customer
i.e. the customer has obtained significant risks and rewards of ownership of the goods; (5) the customer
has accepted the goods; (6) other evidence indicating the customer has obtained control over the goods.
2. Revenue measurement principle
(1) Revenue is measured at the amount of the transaction price that is allocated to each performance
obligation. The transaction price is the amount of consideration to which the Company expects to be
entitled in exchange for transferring goods or services to a customer excluding amounts collected on
behalf of third parties and those expected to be refunded to the customer.
(2) If the consideration promised in a contract includes a variable amount the Company shall confirm the
best estimate of variable consideration at expected value or the most likely amount. However the
transaction price that includes the amount of variable consideration only to the extent that it is high
probable that a significant reversal in the amount of cumulative revenue recognized will not occur when
the uncertainty associated with the variable consideration is subsequently resolved.
(3) In the circumstance that the contract contains a significant financing component the Company shall
determine the transaction price based on the price that a customer would have paid for if the customer had
paid cash for obtaining control over those goods or services. The difference between the transaction price
and the amount of promised consideration is amortized under effective interest method over contractual
period. The effects of a significant financing component shall not be considered if the Company expects
at the contract inception that the period between when the customer obtains control over goods or services
and when the customer pays consideration will be one year or less.
(4) For contracts containing two or more performance obligations the Company shall determine the stand-
alone selling price at contract inception of the distinct good underlying each performance obligation and
allocate the transaction price to each performance obligation on a relative stand-alone selling price basis.
3. Revenue recognition method
The Company is mainly engaged in production and distribution of beer products. Revenue is recognized
at the amount net of rebate after the distributor obtains the control over the products i.e. the Company
delivers the beer products to the distributor or its designated carrier based on contractual agreements.
(2) Different recognition method and measurement method of revenue from similar businesses
under different business models
□ Applicable √ Not Applicable
143 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
35. Contract costs
√ Applicable □ Not Applicable
Assets related to contract costs include costs of obtaining a contract and costs to fulfill a contract.The Company recognizes as an asset the incremental costs of obtaining a contract if those costs are
expected to be recovered. The costs of obtaining a contract shall be included into profit or loss when
incurred if the amortization period of the asset is one year or less.If the costs incurred in fulfilling a contract are not within the scope of standards related to inventories
fixed assets or intangible assets etc. the Company shall recognize the costs to fulfill a contract as an asset
if all the following criteria are satisfied:
1. The costs relate directly to a contract or to an anticipated contract including direct labor direct materials
manufacturing overhead cost (or similar cost) cost that are explicitly chargeable to the customer under
the contract and other costs that are only related to the contract;
2. The costs enhance resources of the Company that will be used in satisfying performance obligations in
the future; and
3. The costs are expected to be recovered.
An asset related to contract costs shall be amortized on a systematic basis that is consistent with related
goods or services with amortization included into profit or loss.The Company shall make provision for impairment and recognize an impairment loss to the extent that
the carrying amount of an asset related to contract costs exceeds the remaining amount of consideration
that the Company expects to receive in exchange for the goods or services to which the asset relates less
the costs expected to be incurred. The Company shall recognize a reversal of an impairment loss previously
recognized in profit or loss when the impairment conditions no longer exist or have improved. The carrying
amount of the asset after the reversal shall not exceed the amount that would have been determined on the
reversal date if no provision for impairment had been made previously.
36. Government grants
√ Applicable □ Not Applicable
1. Government grants shall be recognized if and only if the following conditions are all met: (1) the
Company will comply with the conditions attaching to the grants; (2) the grants will be received. Monetary
government grants are measured at the amount received or receivable. Non-monetary government grants
are measured at fair value and can be measured at nominal amount in the circumstance that fair value
cannot be assessed.
2. Government grants related to assets
Government grants related to assets are government grants with which the Company purchases constructs
or otherwise acquires long-term assets under requirements of government. In the circumstances that there
is no specific government requirement the Company shall determine based on the primary condition to
144 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
acquire the grants and government grants related to assets are government grants whose primary condition
is to construct or otherwise acquire long-term assets. They offset carrying amount of relevant assets or
they are recognized as deferred income. If recognized as deferred income they are included in profit or
loss on a systematic basis over the useful lives of the relevant assets. Those measured at notional amount
are directly included into profit or loss. For assets sold transferred disposed or damaged within the useful
lives balance of unamortized deferred income is transferred into profit or loss of the period in which the
disposal occurred.
3. Government grants related to income
Government grants related to income are government grants other than those related to assets. For
government grants that contain both parts related to assets and parts related to income in which those two
parts are blurred they are thus collectively classified as government grants related to income. For
government grants related to income used for compensating the related future cost expenses or losses
they are recognized as deferred income and included in profit or loss or used to offset relevant cost during
the period in which the relevant cost expenses or losses are recognized; for government grants related to
income used for compensating the related cost expenses or losses incurred to the Company they are
directly included in profit or loss or used to offset relevant cost.
4. Government grants related to the ordinary course of business shall be included into other income or
used to offset relevant cost based on business nature while those not related to the ordinary course of
business shall be included into non-operating revenue or expenditures.
5. Policy interest subvention
(1) In the circumstance that government appropriates interest subvention to lending bank who provides
loans for the Company with a policy subsidised interest rate borrowings are carried at the amount received
with relevant borrowings cost computed based on the principal and the policy subsidised interest rate.
(2) In the circumstance that government directly appropriates interest subvention to the Company the
subsidised interest shall offset relevant borrowing cost.
37. Deferred tax assets/Deferred tax liabilities
√ Applicable □ Not Applicable
1. Deferred tax assets or deferred tax liabilities are calculated and recognized based on the difference
between the carrying amount and tax base of assets and liabilities (and the difference of the carrying
amount and tax base of items not recognized as assets and liabilities but with their tax base being able to
be determined according to tax laws) and in accordance with the tax rate applicable to the period during
which the assets are expected to be recovered or the liabilities are expected to be settled.
2. A deferred tax asset is recognized to the extent of the amount of the taxable income which is most likely
to obtain and which can be deducted from the deductible temporary difference. At the balance sheet date
if there is any exact evidence indicating that it is probable that future taxable income will be available
145 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
against which deductible temporary differences can be utilized the deferred tax assets unrecognized in
prior periods are recognized.
3. At the balance sheet date the carrying amount of deferred tax assets is reviewed. The carrying amount
of a deferred tax asset is reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow the benefit of the deferred tax asset to be utilized. Such reduction is subsequently
reversed to the extent that it becomes probable that sufficient taxable income will be available.
4. The income tax and deferred tax for the period are treated as income tax expenses or income through
profit or loss excluding those arising from the following circumstances: (1) business combination; and (2)
the transactions or items directly recognized in equity.
5. Deferred tax assets and deferred tax liabilities shall offset each other and be presented on a net basis
when the following conditions are all met: (1) the Company has the legal right to settle off current tax
assets against current tax liabilities; (2) the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same tax authority on either: 1) the same taxable entity; or 2) different taxable
entities which intend either to settle current tax liabilities and assets on a net basis or to realize the assets
and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax
assets or liabilities are expected to be recovered or settled.
38. Leases
√ Applicable □ Not Applicable
Judgement basis and accounting treatment of short-term leases and leases of low-value assets with
simplified approach when the Company as lessee
√ Applicable □ Not Applicable
At the commencement date the Company recognizes a lease that has a lease term of 12 months or less as
a short-term lease which shall not contain a purchase option; the Company recognizes a lease as a lease
of a low-value asset if the underlying asset is of low value when it is new. If the Company subleases an
asset or expects to sublease an asset the head lease does not qualify as a lease of a low-value asset.For all short-term leases and leases of low-value assets lease payments are recognized as cost or profit or
loss with straight-line method over the lease term.Apart from the above-mentioned short-term leases and leases of low-value assets with simplified approach
the Company recognizes right-of-use assets and lease liabilities at the commencement date.
(1) Right-of-use assets
The right-of-use asset is measured at cost and the cost shall comprise: 1) the amount of the initial
measurement of the lease liabilities; 2) any lease payments made at or before the commencement date
less any lease incentives received; 3) any initial direct costs incurred by the lessee; and 4) an estimate of
costs to be incurred by the lessee in dismantling and removing the underlying asset restoring the site on
which it is located or restoring the underlying asset to the condition required by the terms and conditions
146 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
of the lease.The Company depreciates the right-of-use asset using the straight-line method. If it is reasonable to be
certain that the ownership of the underlying asset can be acquired by the end of the lease term the
Company depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise the Company depreciates the right-of-use asset from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
(2) Lease liabilities
At the commencement date the Company measures the lease liability at the present value of the lease
payments that are not paid at that date discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined the Company’s incremental borrowing rate shall be used. Unrecognized
financing expenses calculated at the difference between the lease payment and its present value are
recognized as interest expenses over the lease term using the discount rate which has been used to
determine the present value of lease payment and included in profit or loss. Variable lease payments not
included in the measurement of lease liabilities are included in profit or loss in the periods in which they
are incurred.After the commencement date if there is a change in the following items: 1) actual fixed payments; 2)
amounts expected to be payable under residual value guarantees; 3) an index or a rate used to determine
lease payments; 4) assessment result or exercise of purchase option extension option or termination option
the Company remeasures the lease liability based on the present value of lease payments after changes
and adjusts the carrying amount of the right-of-use asset accordingly. If the carrying amount of the right-
of-use asset is reduced to zero but there shall be a further reduction in the lease liability the remaining
amount shall be recognized into profit or loss.Classification criteria and accounting treatment of leases when the Company as lessor
√ Applicable □ Not Applicable
At the commencement date the Company classifies a lease as a finance lease if it transfers substantially
all the risks and rewards incidental to ownership of an underlying asset. Otherwise it is classified as an
operating lease.
(1) Operating lease
Lease receipts are recognized as lease income with straight-line method over the lease term. Initial direct
costs incurred shall be capitalized amortized on the same basis as the recognition of lease income and
included into profit or loss by installments. Variable lease payments related to operating lease which are
not included in the lease payment are charged as profit or loss in the periods in which they are incurred.
(2) Finance lease
At the commencement date the Company recognizes the finance lease payment receivable based on the
net investment in the lease (sum of the present value of unguaranteed residual value and lease receipts that
are not received at the commencement date discounted by the interest rate implicit in the lease) and
147 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
derecognizes assets held under the finance lease. The Company calculates and recognizes interest income
using the interest rate implicit in the lease over the lease term.Variable lease payments not included in the measurement of the net investment in the lease are charged as
profit or loss in the periods in which they are incurred.
39. Other significant accounting policies and estimates
√ Applicable □ Not Applicable
1. Segment reporting
Operating segments are determined based on the structure of the Company’s internal organization
management requirements and internal reporting system. An operating segment is a component of the
Company:
(1) that engages in business activities from which it may earn revenues and incur expenses;
(2) whose financial performance is regularly reviewed by the Management to make decisions about
resource to be allocated to the segment and to assess its performance; and
(3) for which accounting information regarding financial position financial performance and cash flows
is available through analysis.
2. Basis of the adoption of hedge accounting and its accounting treatment
(1) Hedge refers to cash flow hedge.
(2) A hedging relationship qualifies for hedge accounting if all of the following conditions are met: 1) the
hedging relationship consists only of eligible hedging instruments and eligible hedged instruments; 2) at
the inception of the hedge there is formal designation of hedging instruments and hedged item and
documentation of the hedging relationship and the Company’s risk management objective and strategy for
undertaking the hedge; 3) the hedging relationship meets the hedging effectiveness requirements.The Company recognizes that the hedging relationship meets effectiveness requirements if the all of the
followings are simultaneously satisfied: 1) there is an economic relationship between the hedged item and
the hedging instruments; 2) the effect of credit risk does not dominate the value changes that result from
that economic relationship between the hedged item and the hedging instruments; and 3) the hedge ratio
of the hedging relationship is the same as the ratio of the quantity of the hedged item that the Company
actually hedges and the number of hedging instruments that the Company actually uses to hedge that
quantity of hedged item but does not reflect an imbalance between the weightings of the hedged item and
the hedging instrument.The Company shall assess whether a hedging relationship meets the hedge effectiveness requirements at
inception and on an ongoing basis. If a hedging relationship ceases to meet the hedge effectiveness
requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same the hedging relationship shall be rebalanced.
148 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Hedge accounting
1) The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge
shall be recognized in other comprehensive income as cash flow hedge reserve while the ineffective
portion shall be recognized in profit or loss. The cash flow hedge reserve shall be recognized at the lower
of the following (in absolute amounts): a. the cumulative gain or loss on the hedging instrument from
inception of the hedge; and b. the cumulative change in present value of the expected future cash flows of
the hedged item from inception of the hedge.
2) If a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-
financial liability or a hedged forecast transaction for a non-financial asset or non-financial liability
becomes a firm commitment for which fair value hedge accounting is applied the Company shall transfer
out the amount of cash flow hedge reserve previously recognized in other comprehensive income and
include it in the initial cost of the asset or the liability.
3) For other cash flow hedges the amount of cash flow hedge reserve previously recognized in other
comprehensive income shall be transferred out into profit or loss in the same period the hedged forecast
sale affects profit or loss.
40. Significant changes in accounting policies and estimates
(1) Significant changes in accounting policies
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Financial statement items
Contents and reasons for the changes Amounts affected
significantly affectedPursuant to the “Interpretation of ChinaAccounting Standards for Business EnterprisesNo. 17” (Cai Kuai [2023] No. 21) (the
“Interpretation No. 17”) published by the
Ministry of Finance on October 25 2023 the
----
regulations about classification of liabilities as
current or non-current disclosure of supplier
finance arrangements and accounting treatment
of sale and leaseback transactions were
implemented since January 1 2024.Pursuant to the “Interpretation of ChinaAccounting Standards for Business EnterprisesNo. 18” (Cai Kuai [2024] No. 24) (the
“Interpretation No. 18”) published by the
Ministry of Finance on December 6 2024 the -- --
regulations about accounting treatment of the
assurance-type warranty not considered a
separate performance obligation were
implemented since December 6 2024.Other remarks
None.
149 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(2) Significant changes in accounting estimates
□ Applicable √ Not Applicable
(3) The adjustments on the financial statements of the beginning of the earliest period in which the
Company adopts the revised standards or interpretations since 2024
□ Applicable √ Not Applicable
41. Others
□ Applicable √ Not Applicable
VI. Taxes
1. Main taxes and tax rates
Details
√ Applicable □ Not Applicable
Taxes Tax bases Tax rates
Under general calculation method the output tax
calculated based on the revenue from sales of
goods or rendering of services in accordance
with the tax law net of the input tax that is 13% 9% 6% 5% (simplified
Value-added tax
allowed to be deducted in the current period; levy rate) 3% (simplified
(VAT)
under simplified calculation method VAT is levy rate)
calculated based on the revenue from sales of
goods or rendering of taxable services and the
simplified levy rate
Consumption tax is calculated based on a
220 yuan per ton 250 yuan
Consumption tax percentage of taxable sale income or a rate of
per ton or 10%
volume of sale
For housing property levied on the basis of price
housing property tax is levied at the rate of 1.2%
Housing property of the balance after deducting 20% or 30% of the
1.2%12%
tax cost; for housing property levied on the basis of
rent housing property tax is levied at the rate of
12% of lease income.
Land use tax is levied by multiplying the taxable
Land use tax land area actually occupied by the applicable tax 2.5-16 yuan per square meter
amount
Urban
Turnover tax actually paid plus exempt-credit
maintenance and 5% 7%
tax amount
construction tax
Education Turnover tax actually paid plus exempt-credit
3%
surcharge tax amount
Local education Turnover tax actually paid plus exempt-credit
2%
surcharge tax amount
Enterprise income
Taxable income 15% 25%
tax
Different enterprise income tax rates applicable to different taxpayers
√ Applicable □ Not Applicable
150 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Taxpayers Income tax rate (%)
Carlsberg (China) Breweries and Trading Co. Ltd.headquarters and its Chengdu Branch Xinjiang Branch and 15
Wusu Branch
Ningxia Xixia Jianiang Brewery Co. Ltd. 15
Xinjiang Wusu Brewery Co. Ltd. 15
Xinjiang Wusu Beer Trading Co. Ltd. 15
Xinjiang Wusu Beer (Kuerle) Co. Ltd. 15
Xinjiang Wusu Beer (Yining) Co. Ltd. 15
Xinjiang Wusu Beer (Akesu) Co. Ltd. 15
Xinjiang Wusu Beer (Wusu) Co. Ltd. 15
Kunming Huashi Brewery Co. Ltd. 15
Liangping Branch Hechuan Branch Fuling Branch Wanzhou
Branch and Shizhu Branch of Carlsberg Chongqing Brewery 15
Co. Ltd.Taxpayers other than the above-mentioned 25
2. Tax preferential policies
√ Applicable □ Not ApplicablePursuant to the “Announcement on Continuing the Enterprise Income Tax Policy for the WesternDevelopment” (Announcement of the Ministry of Finance the State Taxation Administration and the
National Development and Reform Commission [2020] No. 23) from January 1 2021 to December 31
2030 enterprises incorporated in western region belonging to encouraged industries are subject to a
reduced rate of 15% for enterprise income tax. The Company’s subsidiaries including Carlsberg (China)
Breweries and Trading Co. Ltd. headquarters and its Chengdu Branch Xinjiang Branch and Wusu Branch
Ningxia Xixia Jianiang Brewery Co. Ltd. Xinjiang Wusu Brewery Co. Ltd. Xinjiang Wusu Beer Trading
Co. Ltd. Xinjiang Wusu Beer (Kuerle) Co. Ltd. Xinjiang Wusu Beer (Yining) Co. Ltd. Xinjiang Wusu
Beer (Akesu) Co. Ltd. Xinjiang Wusu Beer (Wusu) Co. Ltd. Kunming Huashi Brewery Co. Ltd. and
Liangping Branch Hechuan Branch Fuling Branch Wanzhou Branch and Shizhu Branch of Carlsberg
Chongqing Brewery Co. Ltd. are entitled to enjoy such preferential policy and subject to a reduced rate
of 15%.
3. Others
□ Applicable √ Not Applicable
VII. Notes to items of consolidated financial statements
1. Cash and bank balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
151 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Cash on hand 1381.00 10176.00
Cash in bank 1080788093.53 2700027687.47
Accrued interest on seven-day
636972.2211823993.51
call deposits
Other cash and bank balances 232627.32 858378.67
Deposited in finance company
Total 1081659074.07 2712720235.65
Other remarks
(1) Centralized fund management
Pursuant to the agreement on centralized fund management and multi-party entrusted loans entered into
between the Company and BNP Paribas (China) Limited the Company’s parent account and primary
account were under the name of the subsidiary Carlsberg Chongqing Brewery Co. Ltd. and the Company
managed its funds and the funds of its affiliated entities in a centralized manner.
(2) Other remarks
Closing balance of interest accrued on seven-day call deposits of 636972.22 yuan and other deposits of
76048.59 yuan included in cash in bank were with use restrictions and not considered as cash and cash
equivalents which had been excluded from cash and cash equivalents.
2. Held-for-trading financial assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Financial assets measured at fair value
360202000.00
through profit or loss
Including:
Structured deposits 360202000.00
Financial assets designated as at fair
value through profit or loss
Including:
Total 360202000.00
Other remarks
□ Applicable √ Not Applicable
3. Derivative financial assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
152 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Floating gains or losses on hedging
22482125.7214392732.78
instruments
Total 22482125.72 14392732.78
Other remarks
Please refer to item XII 2 of this section for details on floating gains or losses on hedging instruments.
4. Notes receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Pledged notes at the balance sheet date
□ Applicable √ Not Applicable
(3) Endorsed or discounted but undue notes at the balance sheet date
□ Applicable √ Not Applicable
(4) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of notes receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(6) Notes receivable actually written off in the current period
□ Applicable √ Not Applicable
153 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Significant notes receivable written off
□ Applicable √ Not Applicable
Remarks on notes receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
5. Accounts receivable
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year
Including:
Within 1 year 66549268.70 67639636.41
Subtotal 66549268.70 67639636.41
1-2 years
2-3 years 1507671.90
3-4 years 1382071.90
4-5 years
Over 5 years
Total 67931340.60 69147308.31
(2) Details on categories of provision accrual methods
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Categories Book balance Provision for bad debts Book balance Provision for bad debts
Carrying Carrying
Provision Provision
% to amount % to amount
Amount Amount proportion Amount Amount proportion
total total
(%)(%)
Receivables with
provision made on 978412.63 1.44 978412.63 100.00 978412.63 1.41 978412.63 100.00
an individual basis
Including:
Receivables with
provision made on a 66952927.97 98.56 3529293.12 5.27 63423634.85 68168895.68 98.59 3540759.62 5.19 64628136.06
collective basis
Including:
Total 67931340.60 100.00 4507705.75 6.64 63423634.85 69147308.31 100.00 4519172.25 6.54 64628136.06
Accounts receivable with provision made on an individual basis
√ Applicable □ Not Applicable
154 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Monetary unit: RMB Yuan
Closing balance
Debtors Provision for Provision Reasons for
Book balance
bad debts proportion (%) provision made
There is significant
Peng Yongsheng from
978412.63 978412.63 100.00 uncertainty in
Qiaojia
recoverability.Total 978412.63 978412.63 100.00 /
Remarks on accounts receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Accounts receivable with provision made on a collective basis using age analysis method
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance
Items Provision proportion
Accounts receivable Provision for bad debts
(%)
Within 1 year 66549268.70 3327463.48 5.00
3-4 years 403659.27 201829.64 50.00
Total 66952927.97 3529293.12 5.27
Remarks on provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of accounts receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(3) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period movements
Opening Closing
Categories Transfer-
balance Recovery or Other balance
Accrual out/ Write-
reversal movements
off
Receivables with
provision made on an 978412.63 978412.63
individual basis
Receivables with
provision made on a 3540759.62 -11466.50 3529293.12
collective basis
155 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period movements
Opening Closing
Categories Transfer-
balance Recovery or Other balance
Accrual out/ Write-
reversal movements
off
Total 4519172.25 -11466.50 4507705.75
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(4) Accounts receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant accounts receivable written off
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
□ Applicable √ Not Applicable
(5) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to
Closing the total
Closing
Closing balance balance of balance of
balance of Provision for
Debtors of accounts accounts accounts
contract bad debts
receivable receivable and receivable and
assets
contract assets contract assets
(%)
Carlsberg Brewery
25653789.9525653789.9537.761282689.50
Hong Kong Limited
Yonghui Superstores
6355531.036355531.039.36317776.55
Co. Ltd. [Note]
Wal-Mart (China)
5291749.445291749.447.79264587.47
Investment Co. Ltd.Kunming
Qiangshengyuan 3208551.80 3208551.80 4.72 160427.59
Trading Co. Ltd.Chongqing Firm New
Century Department
2247930.312247930.313.31112396.52
Store Chain Operation
Co. Ltd.Total 42757552.53 42757552.53 62.94 2137877.63
Note: Including its subsidiaries within the group.Other remarks
None.Other remarks
156 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
□ Applicable √ Not Applicable
6. Contract assets
(1) Details
□ Applicable √ Not Applicable
(2) Reasons for significant changes in carrying amount of contract assets in the reporting period
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Contract assets with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on contract assets with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Contract assets with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of contract assets with changes in provision for bad debts
□ Applicable √ Not Applicable
(4) Details on provision for bad debts of contract assets in the current period
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(5) Details on contract assets actually written off in the current period
□ Applicable √ Not Applicable
Significant contract assets written off
□ Applicable √ Not Applicable
Remarks on contract assets written off
□ Applicable √ Not Applicable
157 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks
□ Applicable √ Not Applicable
7. Receivables financing
(1) Details on categories
□ Applicable √ Not Applicable
(2) Pledged receivables financing at the balance sheet date
□ Applicable √ Not Applicable
(3) Endorsed or discounted but undue receivables financing at the balance sheet date
□ Applicable √ Not Applicable
(4) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Receivables financing with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on receivables financing with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Receivables financing with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of receivable financing with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(6) Details on receivables financing actually written off in the current period
□ Applicable √ Not Applicable
158 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Significant receivables financing written off
□ Applicable √ Not Applicable
Remarks on receivables financing written off
□ Applicable √ Not Applicable
(7) Current period movements and changes in fair value of receivable financing
□ Applicable √ Not Applicable
(8) Other remarks
□ Applicable √ Not Applicable
8. Advances paid
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Ages
Amount % to total Amount % to total
Within 1 year 28012999.57 100.00 41831987.46 100.00
1-2 years
2-3 years
Over 3 years
Total 28012999.57 100.00 41831987.46 100.00
Reasons for unsettlement on advances paid with age over one year and significant amount
None.
(2) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the total balance
Debtors Closing balance
of advances paid (%)
Turpan Raner Glass Products
2616849.609.34
Co. Ltd.Xinjiang Gas Group Co. Ltd. 2231514.34 7.97
SoftwareOne (Shanghai)
1543360.925.51
Trading Co. Ltd.Yili Xinjie Natural Gas Co.
1110451.643.96
Ltd.Tianchang Natural Gas Co.
613154.602.19
Ltd.Total 8115331.10 28.97
Other remarks
None.
159 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks
□ Applicable √ Not Applicable
9. Other receivables
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 27585675.00 23987973.67
Total 27585675.00 23987973.67
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Interest receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on interest receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Interest receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(4) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of interest receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
160 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(5) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(6) Details on interest receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant interest receivable written off
□ Applicable √ Not Applicable
Remarks on interest receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Dividend receivables
(7) Dividend receivable
□ Applicable √ Not Applicable
(8) Significant dividend receivable with age over one year
□ Applicable √ Not Applicable
(9) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Dividend receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on dividend receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Dividend receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(10) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
161 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Remarks on significant changes in book balance of dividend receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(11) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(12) Details on dividend receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant dividend receivable written off
□ Applicable √ Not Applicable
Remarks on dividend receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Other receivables
(13) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year
Including:
Within 1 year 21447471.73 15029299.37
Subtotal 21447471.73 15029299.37
1-2 years 561243.62 8875230.06
2-3 years 8623727.56 1712911.98
3-4 years 1690204.49 1063330.24
4-5 years 1063330.24 399311.81
Over 5 years 4966690.54 4635888.03
Total 38352668.18 31715971.49
(14) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
162 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Nature of receivables Closing book balance Opening book balance
Deposits 14635762.66 14224577.90
Underwriting fees receivable and
11651444.971890741.43
advances paid on behalf of others
Scrap materials disposal fees
7566072.4110505245.71
receivable etc.Land disposal fees receivable 4300000.00 4300000.00
Petty cash 141872.24 310615.94
Others 57515.90 484790.51
Total 38352668.18 31715971.49
(15) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Stage 1 Stage 2 Stage 3
Provision for bad 12?month Lifetime expected Lifetime expected Total
debts expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Balances at
751464.97877730.396098802.467727997.82
January 1 2024
Balances at
January 1 2024 in
the current period
--Transferred to
-28062.1828062.18
stage 2
--Transferred to
-846343.83846343.83
stage 3
--Reversed to
stage 2
--Reversed to
stage 1
Provision made in
348970.796675.622695953.953051600.36
the current period
Provision
recovered in the 2605.00 2605.00
current period
Provision
reversed in the
current period
Provision written
off in the current -10000.00 -10000.00
period
Other changes
Balances at
1072373.5856124.369638495.2410766993.18
December 31 2024
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
163 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Remarks on significant changes in book balance of other receivables with changes in provision for bad
debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(16) Provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(17) Other receivables actually written off in the current period
√Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount written off
Other receivables actually written off 10000.00
Significant other receivables written off in the current period
□ Applicable √ Not Applicable
Remarks on other receivables written off
□ Applicable √ Not Applicable
(18) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the Closing
total balance of Nature of balance of
Debtors Closing balance Ages
other receivables receivables provision for
(%) bad debts
Chongqing Jiawei Underwriting
10209407.41 26.62 Within 1 year 510470.37
Beer Co. Ltd. fees receivable
Chongqing Hongye
Land disposal
Industry (Group) Co. 4300000.00 11.21 2-3 years 1290000.00
fees receivable
Ltd.Within 1 year
Kingold Group Co.
2437358.34 6.36 Deposits 1-2 years 2-3 730232.50
Ltd. [Note]
years
Qingdao Yijiali Scrap materials
Biotechnology Co. 1251187.32 3.26 disposal fees Within 1 year 62559.37
Ltd. receivable etc.Within 1 year
Beijing Jiaao Real
1-2 years 2-3
Estate Development 1083487.77 2.83 Deposits 803365.27
years 3-4
Co. Ltd.years 4-5
164 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Proportion to the Closing
total balance of Nature of balance of
Debtors Closing balance Ages
other receivables receivables provision for
(%) bad debts
years
Total 19281440.84 50.28 / / 3396627.51
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co. Ltd.
(19) Balances presented under other receivables due to the centralized fund management
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
10. Inventories
(1) Details on categories
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Provision for Provision for
Items inventory write- inventory write-
Book balance down/impairment Carrying amount Book balance down/impairment Carrying amount
of costs to fulfill a of costs to fulfill a
contract contract
Raw materials 319900789.25 18612313.53 301288475.72 339071155.68 16569391.24 322501764.44
Work in
87113811.1387113811.1385303874.5085303874.50
process
Goods on
685365797.123878477.15681487319.97583761600.201568076.71582193523.49
hand
Revolving
materials
Consumptive
biological
assets
Costs to fulfill
a contract
Packages 1590199657.83 474253643.93 1115946013.90 1638198867.85 527843077.99 1110355789.86
Total 2682580055.33 496744434.61 2185835620.72 2646335498.23 545980545.94 2100354952.29
(2) Data resources recognized as inventories
□ Applicable √ Not Applicable
(3) Provision for inventory write-down/impairment of costs to fulfill a contract
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Items Opening balance Closing balance
Reversal or
Accrual Others Others
transfer-out
Raw materials 16569391.24 3155638.05 1112715.76 18612313.53
Work in process
165 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Increase Decrease
Items Opening balance Closing balance
Reversal or
Accrual Others Others
transfer-out
Goods on hand 1568076.71 3869303.85 1558903.41 3878477.15
Revolving materials
Consumptive biological
assets
Costs to fulfill a contract
Idle packages 65319915.67 2026537.48 18166647.55 49179805.60
Packages lent out which
expected to be 462523162.32 174051629.54 211500953.53 425073838.33
irrecoverable [Note]
Total 545980545.94 183103108.92 232339220.25 496744434.61
Reasons for the reversal or transfer-out of provision for inventory write-down
√ Applicable □ Not Applicable
Note: For packages lent out which were expected to be irrecoverable the Company made provision for
inventory write-down of 174051629.54 yuan and accrued allowances for other payables at the after-tax
amount of non-refundable deposits of 97561357.34 yuan with the difference of 76490272.20 yuan
recognized as assets impairment loss; packages lent out are accounted for as a sale when there is objective
evidence indicating that the packages are irrecoverable and the Company transferred out provision for
inventory write-down of 211500953.53 yuan and transferred out allowances for other payables at the
after-tax amount of non-refundable deposits of 133579427.50 yuan with the difference of 77921526.03
yuan recognized as operating cost. Please refer to item VII 41 of this section for details on accrual and
transfer-out of allowances.Determination basis of net realizable value and reasons for the reversal or transfer-out of provision for
inventory write-down
Reasons for reversal or
Items Determination basis of net realizable value transfer-out of provision for
inventory write-down
Estimated selling price of raw materials less relevant
taxes and surcharges; estimated selling price of
Such inventories were used
Raw materials relevant finished goods less cost to be incurred upon
or sold.completion estimated selling expenses and relevant
taxes and surcharges
Estimated selling price of disposal waste less relevant Such inventories were sold
Idle packages
taxes and surcharges or scrapped.For packages lent out which expected to be
Packages lent irrecoverable the Company made provision for There is objective evidence
out which inventory write-down based on the carrying amount indicating that the packages
expected to be and accrued allowances for other payables at the after- lent out would not be
irrecoverable tax amount of non-refundable deposits with the returned.difference recognized as assets impairment loss
Estimated selling price less cost to be incurred upon
Work in Such inventories were used
completion estimated selling expenses and relevant
process or sold.taxes and surcharges
Estimated selling price less estimated selling
Goods on hand Such inventories were sold.expenses and relevant taxes and surcharges
166 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks
Monetary unit: RMB Yuan
Items Inventory age Closing book balance Provision for write-down
Finished liquor Within 1 year 685365797.12 3878477.15
Semi-finished liquor
Within 1 year 87113811.13
(including basic liquor)
Subtotal 772479608.25 3878477.15
Provision for inventory write-down made on a collective basis
□ Applicable √ Not Applicable
Determination basis of portfolios
□ Applicable √ Not Applicable
(4) Capitalized amount of borrowing costs and its measurement criteria and basis
□ Applicable √ Not Applicable
(5) Remarks on the amortization of costs to fulfill a contract
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
11. Assets held for sale
□ Applicable √ Not Applicable
12. Non-current assets due within one year
□ Applicable √ Not Applicable
Debt investments due within one year
□ Applicable √ Not Applicable
Other debt investments due within one year
□ Applicable √ Not Applicable
Other remarks on non-current assets due within one year
None.
13. Other current assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Cost to obtain a contract
167 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Cost of goods expected to be
returned
Input VAT to be credited and
270038356.51146488217.09
prepaid taxes
Total 270038356.51 146488217.09
Other remarks
None.
14. Debt investments
(1) Details
□ Applicable √ Not Applicable
Changes in provision for impairment of debt investments in the current period
□ Applicable √ Not Applicable
(2) Significant debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for impairment
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of debt investments with changes in provision for
impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Debt investments actually written off in the current period
□ Applicable √ Not Applicable
Significant debt investments written off in the current period
□ Applicable √ Not Applicable
Remarks on debt investments written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
168 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
15. Other debt investments
(1) Details
□ Applicable √ Not Applicable
Changes in provision for impairment of other debt investments in the current period
□ Applicable √ Not Applicable
(2) Significant other debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for impairment
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of other debt investments with changes in provision for
impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Other debt investments actually written off in the current period
□ Applicable √ Not Applicable
Significant other debt investments written off in the current period
□ Applicable √ Not Applicable
Remarks on other debt investments written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
16. Long-term receivables
(1) Details
□ Applicable √ Not Applicable
(2) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Long-term receivables with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
169 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Remarks on long-term receivables with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Long-term receivables with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(3) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of long-term receivables with changes in provision for
bad debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(5) Details on long-term receivables actually written off in the current period
□ Applicable √ Not Applicable
Significant long-term receivables written off
□ Applicable √ Not Applicable
Remarks on long-term receivables written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
17. Long-term equity investments
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
170 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Increase/Decrease
Closing
Investment
Opening Adjustment in Closing balance of
Investees income Changes Cash dividend/
balance Investments Investments other Provision for balance provision for
recognized in other Profit declared Others
increased decreased comprehensive impairment impairment
under equity equity for distribution
income
method
I. Joint ventures
Subtotal
II. Associates
Chongqing
Jiawei Beer 140608195.59 65650171.63 63397070.93 142861296.29
Co. Ltd.Subtotal 140608195.59 65650171.63 63397070.93 142861296.29
Total 140608195.59 65650171.63 63397070.93 142861296.29
(2) Impairment test of long-term equity investments
□ Applicable √ Not Applicable
Other remarks
None.
18. Other equity instrument investments
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase/Decrease Dividend Accumulated Accumulated
Reasons for being
income gains included losses included
designated as at fair value
Items Opening balance Gains included Losses included Closing balance recognized in into other into other
Investments Investments into other into other through other
Others the current comprehensive comprehensive
increased decreased comprehensive comprehensive comprehensive income period income income
income income
As the Company invested
in Bank of Guizhou Co.Ltd. not for trading such
Bank of
investment was
Guizhou 16625962.83 1199993.08 17825955.91 287171.90 16825955.91
designated as an equity
Co. Ltd.instrument investment at
fair value through other
comprehensive income
Total 16625962.83 1199993.08 17825955.91 287171.90 16825955.91
(2) Remarks on other equity instrument investment derecognized in the current period
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
The fair value per share of the Company’s equity investment in Bank of Guizhou Co. Ltd. as at December
31 2024 was measured based on the net assets per share as at June 30 2024 disclosed in the latest interim
report under certain discount method.
19. Other non-current financial assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
171 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Financial assets classified as at fair
value through profit or loss
Including: Cost of investment in
1000000.001000000.00
Xinjiang Guozhiming
Changes in fair value of investment in
-1000000.00-1000000.00
Xinjiang Guozhiming [Note]
Total
Other remarks
√ Applicable □ Not Applicable
Note: As the investee ceased operation in previous years and was not a public interest entity provision for
impairment was fully made on the investment.
20. Investment property
Method for measuring investment property
□ Applicable √ Not Applicable
21. Fixed assets
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Fixed assets 4755026247.47 3673993109.60
Disposal of fixed assets
Total 4755026247.47 3673993109.60
Other remarks
□ Applicable √ Not Applicable
Fixed assets
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
I. Cost
1. Opening balance 2737779232.51 5053227662.50 28282281.71 328465775.61 8147754952.33
2. Increase 577867495.65 902761388.87 2015451.18 66214101.87 1548858437.57
(1) Acquisition 3662838.12 580671.91 33792277.91 38035787.94
(2) Transferred in from
577867495.65899098550.751434779.2732421823.961510822649.63
construction in progress
3. Decrease 3795539.30 35864987.71 11504888.51 21297865.54 72463281.06
(1) Disposal/Scrapping 3795539.30 35864987.71 11504888.51 21297865.54 72463281.06
172 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
4. Closing balance 3311851188.86 5920124063.66 18792844.38 373382011.94 9624150108.84
II. Accumulated depreciation
1. Opening balance 1016592960.40 3079536437.59 23636028.81 207342073.23 4327107500.03
2. Increase 124903724.20 274603354.40 744341.88 52692228.14 452943648.62
(1) Accrual 124903724.20 274603354.40 744341.88 52692228.14 452943648.62
3. Decrease 2806124.12 29314099.79 9131045.83 18903895.17 60155164.91
(1) Disposal/Scrapping 2806124.12 29314099.79 9131045.83 18903895.17 60155164.91
4. Closing balance 1138690560.48 3324825692.20 15249324.86 241130406.20 4719895983.74
III. Provision for impairment
1. Opening balance 78745524.92 62360742.89 32071.56 5516003.33 146654342.70
2. Increase 2929247.74 1607300.66 1963524.55 6500072.95
(1) Accrual 2929247.74 1607300.66 1963524.55 6500072.95
3. Decrease 668094.89 3196050.59 9610.53 52782.01 3926538.02
(1) Disposal/Scrapping 668094.89 3196050.59 9610.53 52782.01 3926538.02
4. Closing balance 81006677.77 60771992.96 22461.03 7426745.87 149227877.63
IV. Carrying amount
1. Closing balance 2092153950.61 2534526378.50 3521058.49 124824859.87 4755026247.47
2. Opening balance 1642440747.19 1911330482.02 4614181.34 115607699.05 3673993109.60
(2) Fixed assets temporarily idle
□ Applicable √ Not Applicable
(3) Fixed assets leased out under operating leases
□ Applicable √ Not Applicable
(4) Fixed assets with certificate of titles being unsettled
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Carrying amount Reasons for unsettlement
Buildings and structures etc. 485392096.73 In processing
Subtotal 485392096.73
(5) Impairment tests of fixed assets
√ Applicable □ Not Applicable
Recoverable amount determined based on the fair value less costs of disposal
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Carrying Recoverable Impairment Determination Determination basis for
Items Key parameters
amount amount amount method of fair key parameters
173 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
value and costs of
disposal
Comprehensive Comprehensive The Management makes
judgements from judgements from provision for impairment
Store closure
4777020.64 4777020.64 the Management the Management with reference to market
project
with reference to with reference to factors for fixed assets in
market factors market factors closed stores.Total 4777020.64 4777020.64 / / /
Recoverable amount determined based on the present value of estimated future cash flows
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the aforementioned information and the information
used in impairment tests in previous years or external information
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the information used in the Company’s impairment
tests in previous years and the actual situation of those years
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Disposal of fixed assets
□ Applicable √ Not Applicable
22. Construction in progress
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Construction in progress 159772560.73 783503734.86
Construction materials
Total 159772560.73 783503734.86
Other remarks
□ Applicable √ Not Applicable
Construction in progress
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items
Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
New beer project
657343102.94657343102.94
with an annual
174 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Closing balance Opening balance
Items
Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
output of 500000
kiloliters in
Foshan
Smart Core
94862404.7194862404.7162057073.6562057073.65
project
Xichang new
finished products
warehouse 2238421.77 2238421.77
construction
project
Sporadic
64910156.0264910156.0261865136.5061865136.50
engineering
Total 159772560.73 159772560.73 783503734.86 783503734.86
(2) Changes in significant projects
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Including:
Accumulated
Amount of
Accumulated Completion amount of Annual
Opening Transferred to Other Closing borrowing cost Fund
Projects Budgets Increase input to percentage borrowing capitalization
balance fixed assets decreases balance capitalization source
budget (%) (%) cost rate (%)
in the current
capitalization
period
New beer project with
an annual output of Self-
1401772000.00657343102.94719010101.791359321877.5517031327.1898.19100.00
500000 kiloliters in raised
Foshan
Self-
Smart Core project 179400000.00 62057073.65 32805331.06 94862404.71 52.88 52.88
raised
Xichang new finished
Self-
products warehouse 36406786.00 2238421.77 33830105.81 36068527.58 99.07 100.00
raised
construction project
Total 1617578786.00 721638598.36 785645538.66 1395390405.13 17031327.18 94862404.71 / / / /
Note: The total budget for the new beer project with an annual output of 500000 kiloliters in Foshan is
1.492 billion yuan of which the fixed asset investment budget is 1.402 billion yuan.
(3) Provisions for impairment of construction in progress
□ Applicable √ Not Applicable
(4) Impairment test of construction in progress
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Construction materials
(5) Details
□ Applicable √ Not Applicable
23. Productive biological assets
(1) Productive biological assets measured at cost
□ Applicable √ Not Applicable
(2) Impairment test on productive biological assets measured at cost
175 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
□ Applicable √ Not Applicable
(3) Productive biological assets measured at fair value
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
24. Oil and gas assets
(1) Details
□ Applicable √ Not Applicable
(2) Impairment test
□ Applicable √ Not Applicable
Other remarks
None.
25. Right-of-use assets
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
I. Cost
1. Opening balance 168775082.15 7247000.00 48758000.00 224780082.15
2. Increase 18174650.22 18203000.00 35711000.00 72088650.22
(1) Leased in 18174650.22 18203000.00 35711000.00 72088650.22
3. Decrease 9652755.80 4994000.00 26340000.00 40986755.80
(1) Disposal 9652755.80 4994000.00 26340000.00 40986755.80
4. Closing balance 177296976.57 20456000.00 58129000.00 255881976.57
II. Accumulated depreciation
1. Opening balance 51615038.06 3808000.00 15860000.00 71283038.06
2. Increase 31756060.30 1567000.00 18366000.00 51689060.30
(1) Accrual 31756060.30 1567000.00 18366000.00 51689060.30
3. Decrease 8011170.54 3263000.00 15860000.00 27134170.54
(1) Disposal 8011170.54 3263000.00 15860000.00 27134170.54
4. Closing balance 75359927.82 2112000.00 18366000.00 95837927.82
III. Provision for impairment
1. Opening balance
176 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
2. Increase
(1) Accrual
3. Decrease
(1) Disposal
4. Closing balance
IV. Carrying amount
1. Closing balance 101937048.75 18344000.00 39763000.00 160044048.75
2. Opening balance 117160044.09 3439000.00 32898000.00 153497044.09
(2) Impairment test
□ Applicable √ Not Applicable
Other remarks
None.
26. Intangible assets
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Patent Non-patented
Items Land use right Trademark Software Total
right technology
I. Cost
1. Opening balance 714478334.90 369860017.00 267001217.51 1351339569.41
2. Increase 45467491.36 45467491.36
(1) Acquisition
(2) Internal
research and
development
(3) Business
combination
(4) Transferred in
from construction 45467491.36 45467491.36
in progress
3. Decrease 6919926.12 6919926.12
(1) Disposal 6919926.12 6919926.12
4. Closing balance 714478334.90 369860017.00 305548782.75 1389887134.65
II. Accumulated amortization
1. Opening balance 193755947.49 211796105.86 176878323.52 582430376.87
2. Increase 14089575.71 9665734.56 48131366.20 71886676.47
(1) Accrual 14089575.71 9665734.56 48131366.20 71886676.47
3. Decrease 6460192.53 6460192.53
177 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Patent Non-patented
Items Land use right Trademark Software Total
right technology
(1) Disposal 6460192.53 6460192.53
4. Closing balance 207845523.20 221461840.42 218549497.19 647856860.81
III. Provision for impairment
1. Opening balance 3905124.59 87200600.00 749485.21 91855209.80
2. Increase
(1) Accrual
3. Decrease 459733.59 459733.59
(1) Disposal 459733.59 459733.59
4. Closing balance 3905124.59 87200600.00 289751.62 91395476.21
IV. Carrying amount
1. Closing balance 502727687.11 61197576.58 86709533.94 650634797.63
2. Opening balance 516817262.82 70863311.14 89373408.78 677053982.74
(2) Data resources recognized as intangible assets
□ Applicable √ Not Applicable
(3) Land use right with certificate of titles being unsettled
□ Applicable √ Not Applicable
(4) Impairment test
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
27. Goodwill
(1) Cost
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Investees or events resulting in
Opening balance Closing balance
goodwill Business
Others Disposal Others
combination
Xinjiang Wusu Brewery Co.
639141956.06639141956.06
Ltd. [Note]
Carlsberg (China) Breweries
48826000.0048826000.00
and Trading Co. Ltd. [Note]
Ningxia Xixia Jianiang Brewery
11224500.0011224500.00
Co. Ltd. [Note]
Carlsberg Chongqing Brewery
19037610.0719037610.07
Co. Ltd.Total 718230066.13 718230066.13
Note: It refers to the goodwill arising from business combinations not under common control conducted
by the ultimate controlling party or entities controlled by the ultimate controlling party.
178 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(2) Provision for impairment
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Investees or events Opening Increase Decrease Closing
resulting in goodwill balance Accrual Others Disposal Others balance
Carlsberg Chongqing
19037610.0719037610.07
Brewery Co. Ltd.Total 19037610.07 19037610.07
(3) Related information of asset group or asset group portfolios which include goodwill
√ Applicable □ Not Applicable
Whether
Composition of asset group or asset group Operating segment and
Name of entities consistent with
portfolios and its basis its basis
previous years
Assets and businesses related to goodwill resulting Northwestern region
Xinjiang Wusu from the acquisition of Xinjiang Wusu Brewery (according to the place
Yes
Brewery Co. Ltd. Co. Ltd. by Carlsberg Breweries A/S through where sales revenue is
business combination not under common control. generated)
Assets and businesses related to goodwill resulting
Southern region
Carlsberg (China) from the acquisition of Carlsberg (China)
(according to the place
Breweries and Breweries and Trading Co. Ltd. by Carlsberg Yes
where sales revenue is
Trading Co. Ltd. Singapore Pte Ltd. through business combination
generated)
not under common control.Assets and businesses related to goodwill resulting
Northwestern region
Ningxia Xixia from the acquisition of Ningxia Xixia Jianiang
(according to the place
Jianiang Brewery Brewery Co. Ltd. by Carlsberg Breweries A/S Yes
where sales revenue is
Co. Ltd. through business combination not under common
generated)
control.Assets and businesses related to goodwill resulting Central region
Carlsberg
from the acquisition of Carlsberg Chongqing (according to the place
Chongqing Yes
Brewery Co. Ltd. by the Company through where sales revenue is
Brewery Co. Ltd.business combination not under common control. generated)
Changes in asset group or asset group portfolios
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
In April 2012 the Company acquired Carlsberg Chongqing Brewery Co. Ltd. and recognized the
goodwill at the difference between the fair value of identifiable net assets and the consideration paid at the
acquisition date. Pursuant to the “Proposal on Accrual of Provision for Impairment of Assets” deliberated
and approved by the ninth meeting of the seventh session of the Board of Directors held in 2013 the
Company performed impairment test on relevant assets group portfolios that included goodwill and made
provision for impairment of goodwill of 19037610.07 yuan at the difference between the recoverable
amount of relevant asset group portfolios and the carrying amount.
(4) Specific method for determining recoverable amount
Recoverable amount determined based on the fair value less costs of disposal
□ Applicable √ Not Applicable
Recoverable amount determined based on the present value of estimated future cash flows
179 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Key parameters
Key parameters
for stable period
Forecast for forecast Determination basis of
Recoverable Impairment (growth rate Determination basis of key parameters for
Items Carrying amount period period (growth parameters for forecast
amount amount profit rate stable period
(years) rate profit rate period
discount rate
etc.)
etc.)
Growth rate: Growth rate: revenue and costs remain
Compound
Xinjiang 0%; stable after the forecast period;
revenue growth
Wusu Gross profit rate: Gross profit rate: revenue and gross profit
1547564374.65 5185000000.00 5 rate: -0.22%;
Brewery Co. 48%; rate remain stable after the forecast period
Gross profit
Ltd. Discount rate: and the gross profit rate for the stable period
rate: 48%
13.60% remains basically consistent with that for
The key parameters Growth rate: the forecast period;
Carlsberg Compound
are determined by the 0%; Discount rate: determined based on the
(China) revenue growth
Company based on its Gross profit rate: before tax weighted average cost of capital
Breweries and 952828293.96 1902000000.00 5 rate: -0.05%;
historical experience 46%; (BTWACC) including parameters such as
Trading Co. Gross profit
and forecast of market Discount rate: risk-free interest rate market risk premium
Ltd. rate: 46%
development. 13.60% beta coefficient capital structure specific
Growth rate: risk return rate creditor’s expected return
Compound
Ningxia Xixia 0%; rate etc. The selection of each parameter
revenue growth
Jianiang Gross profit rate: complies with the applicable guidelines for
221616191.21 803000000.00 5 rate: 2.75%;
Brewery Co. 44%; the regulatory rules of the China Securities
Gross profit
Ltd. Discount rate: Regulatory Commission - No. 1 on
rate: 44%
13.60% Assessment.
Total 2722008859.82 7890000000.00 / / / /
Reasons for obvious inconsistencies between the aforementioned information and the information
used in impairment tests in previous years or external information
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the information used in the Company’s impairment
tests in previous years and the actual situation of those years
□ Applicable √ Not Applicable
(5) Performance commitments and corresponding goodwill impairment
Performance commitments exist when goodwill is formed and the performance commitment period
covers the reporting period or the previous period of the reporting period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
28. Long-term prepayments
□ Applicable √ Not Applicable
29. Deferred tax assets and deferred tax liabilities
(1) Deferred tax assets before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
180 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Closing balance Opening balance
Items Deductible Deductible Deferred tax Deferred tax
temporary temporary
assets assets
difference difference
Accrued expenses and
2902172723.34562564810.702829736529.77522767608.91
contract liabilities
Provision for
333915015.9164954825.13350851581.5369302426.50
impairment of assets
Employee benefits
251249367.9047318379.62280836448.9754204892.16
payable
Lease liabilities 161272859.72 37416573.07 153964116.00 35674156.72
Deferred income 136095763.48 32126715.28 155206784.27 36491740.23
Long-term employee
57784485.129030361.4063556123.2710365261.58
benefits payable
Unrealized profit from
31196500.934679475.1433107372.294966105.84
internal transactions
Intangible assets 29752610.86 5206313.96 28359439.13 4863034.84
Fixed assets 29217118.06 6913912.23 10672752.08 2594000.25
Provisions 25916227.76 3887434.16 25219093.79 3782864.07
Other non-current
1000000.00150000.001000000.00150000.00
financial assets
Cash flow hedging
897606.82201125.762080471.09467700.04
instruments
Deductible losses 228769.76 57192.44 460000.00 115000.00
Total 3960699049.66 774507118.89 3935050712.19 745744791.14
(2) Deferred tax liabilities before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Taxable Taxable Deferred tax Deferred tax
temporary temporary
liabilities liabilities
difference difference
Right-of-use assets 160044048.75 37196574.57 153497044.09 35627533.78
Fixed assets 127431334.52 21601136.53 143457655.39 24198121.78
Assets appraisal
appreciation due to
business combination 43367690.27 6505153.54 52040840.24 7806126.04
not under common
control
Cash flow hedging
22482125.725037544.782547.33636.83
instruments
Other equity instrument
16825955.914206488.9815625962.833906490.72
investments
Intangible assets 12000000.00 3000000.00 12000000.00 3000000.00
Total 382151155.17 77546898.40 376624049.88 74538909.15
181 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Deferred tax assets or liabilities presented by net amount after offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Deferred tax assets Deferred tax Deferred tax assets Deferred tax
offset by deferred assets/liabilities offset by deferred assets/liabilities
tax liabilities after offset tax liabilities after offset
Deferred tax
71041744.86703465374.0366732783.11679012008.03
assets
Deferred tax
71041744.866505153.5466732783.117806126.04
liabilities
(4) Details of unrecognized deferred tax assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Deductible temporary difference 199685884.80 144241227.72
Deductible losses 474650717.22 440365741.50
Total 674336602.02 584606969.22
(5) Maturity years of deductible losses of unrecognized deferred tax assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Maturity years Closing balance Opening balance Remarks
Year 2025 12130996.44 17683269.07 /
Year 2026 111306097.97 117609641.23 /
Year 2027 139981514.55 165276052.74 /
Year 2028 80042915.92 118444659.96 /
Year 2029 131189192.34 /
Total 474650717.22 419013623.00 /
Other remarks
□ Applicable √ Not Applicable
30. Other non-current assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items
Book Provision for Carrying Provision for Carrying
Book balance
balance impairment amount impairment amount
Costs to obtain a
contract
Costs to fulfill a
contract
182 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Closing balance Opening balance
Items
Book Provision for Carrying Provision for Carrying
Book balance
balance impairment amount impairment amount
Costs of goods
expected to be
returned
Contract assets
Prepayments for
acquisition of non- 479496.08 479496.08 98818865.15 98818865.15
current assets
Total 479496.08 479496.08 98818865.15 98818865.15
Other remarks
None.
31. Assets with title or use right restrictions
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Reasons Reasons
Book Carrying Type of Carrying Type of
for Book balance for
balance amount restrictions amount restrictions
restrictions restrictions
Cash and bank
713020.81713020.8112644029.6112644029.61
balances
Including:
Deposits
Deposits for
316100.00 316100.00 Frozen have been
letters of
frozen
guarantee
Deposits
Deposits for
503436.10 503436.10 Frozen have been
litigations
frozen
Deposits Deposits
Other deposits 76048.59 76048.59 Frozen have been 500.00 500.00 Frozen have been
frozen frozen
Accrued interest
Interest Interest Interest Interest
on seven-day call 636972.22 636972.22 11823993.51 11823993.51
receivable receivable receivable receivable
deposits
Notes receivable
Inventories
Including: Data
resources
Fixed assets
Intangible assets
Including: Data
resources
Total 713020.81 713020.81 / / 12644029.61 12644029.61 / /
Other remarks
None.
183 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
32. Short-term borrowings
(1) Details on categories
□ Applicable √ Not Applicable
(2) Overdue short-term borrowings
□ Applicable √ Not Applicable
Significant overdue short-term borrowings
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
33. Held-for-trading financial liabilities
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
34. Derivative financial liabilities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Floating gains or losses on hedging
897606.8215408026.80
instruments
Total 897606.82 15408026.80
Other remarks
Please refer to item XII 2 of this section for details on floating gains or losses on hedging instruments.
35. Notes payable
(1) Details
□ Applicable √ Not Applicable
36. Accounts payable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Payments for acquisition of materials and receiving of services 2168325915.57 2191038824.27
Payments for engineering equipment 296242291.74 416591074.90
184 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Total 2464568207.31 2607629899.17
(2) Significant accounts payable with age over one year or overdue
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
37. Advances received
(1) Details
□ Applicable √ Not Applicable
(2) Significant advances received with age over one year
□ Applicable √ Not Applicable
(3) Amount and reasons for significant changes in carrying amount during the reporting period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
38. Contract liabilities
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Contract liabilities of distributors 1779557566.67 1666791670.83
Total 1779557566.67 1666791670.83
(2) Significant contract liabilities with age over one year
□ Applicable √ Not Applicable
(3) Reasons for significant changes in carrying amount
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
39. Employee benefits payable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
185 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
I. Short-term
340312417.981476354510.781530887947.34285778981.42
employee benefits
II. Post-
employment
42415218.55129764640.17136545657.9835634200.74
benefits - defined
contribution plan
III. Termination
27210023.8629934487.9914005327.5943139184.26
benefits
IV. Other benefits
due within one year
Total 409937660.39 1636053638.94 1681438932.91 364552366.42
(2) Details of short-term employee benefits
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
I. Wage bonus allowance and
319992945.251258736654.491310614848.73268114751.01
subsidy
II. Employee welfare fund 37785485.91 37785485.91
III. Social insurance premium 10239416.56 71986192.52 74529665.31 7695943.77
Including: Medicare premium 9786562.12 66161763.75 68904174.67 7044151.20
Occupational injuries
431074.285311660.195233213.91509520.56
premium
Maternity premium 21780.16 512768.58 392276.73 142272.01
IV. Housing provident fund 5564387.51 85737376.88 85526056.59 5775707.80
V. Trade union fund and
4515668.6622108800.9822431890.804192578.84
employee education fund
VI. Short-term paid leave
VII. Short-term profit-sharing
plan
Total 340312417.98 1476354510.78 1530887947.34 285778981.42
(3) Details of defined contribution plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
1. Basic endowment
41227733.34125012705.53131342965.0834897473.79
insurance premium
2. Unemployment
1187485.214751934.645202692.90736726.95
insurance premium
3. Company annuity
payment
Total 42415218.55 129764640.17 136545657.98 35634200.74
Other remarks
□ Applicable √ Not Applicable
40. Taxes and rates payable
√ Applicable □ Not Applicable
186 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Monetary unit: RMB Yuan
Items Closing balance Opening balance
VAT 3961849.96 11270586.45
Consumption tax 25783304.83 27268269.42
Enterprise income tax 56899798.23 28878637.40
Urban maintenance and construction tax 1915847.38 2443351.83
Education surcharge 1460169.18 1946980.93
Individual income tax withheld for tax authorities 6516004.32 5544345.64
Housing property tax 3284841.71 3416760.68
Land use tax 2483874.62 2583874.61
Others 3434366.17 3126957.64
Total 105740056.40 86479764.60
Other remarks
None.
41. Other payables
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest payable
Dividend payable
Other payables 2943112335.02 3326996153.10
Total 2943112335.02 3326996153.10
Other remarks
□ Applicable √ Not Applicable
(2) Interest payable
Details on categories
□ Applicable √ Not Applicable
Significant interest payable overdue
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
187 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Dividend payable
Details on categories
□ Applicable √ Not Applicable
(4) Other payables
Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Accrued expenses 1372674537.72 1740060221.42
Deposits for packages 953492764.02 1002967948.25
Allowances for deposits for packages -318120946.37 -354139016.53
Other security deposits 899638045.74 889342103.73
Trademark licensing fees payable 29152050.19 36092861.30
Others 6275883.72 12672034.93
Total 2943112335.02 3326996153.10
Significant other payables with age over one year or overdue
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Accrual and transfer-out of allowances for deposits for packages
Monetary unit: RMB Yuan
Reversal or Closing
Items Opening balance Accrual
transfer-out balance
Allowances for deposits
354139016.5397561357.34133579427.50318120946.37
for packages
Subtotal 354139016.53 97561357.34 133579427.50 318120946.37
42. Liabilities held for sale
□ Applicable √ Not Applicable
43. Non-current liabilities due within one year
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Long-term borrowings due within one year
Bonds payable due within one year
Long-term payables due within one year
188 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Lease liabilities due within one year 49642933.51 42382811.96
Total 49642933.51 42382811.96
Other remarks
None.
44. Other current liabilities
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Short-term bonds payable
Payables for returned goods
Output VAT to be recognized 31238861.91 26113341.32
Total 31238861.91 26113341.32
Increase or decrease of short-term bonds payable
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
189 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
45. Long-term borrowings
(1) Details on categories
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
46. Bonds payable
(1) Bonds payable
□ Applicable √ Not Applicable
(2) Details (not including other financial instruments such as preferred shares/perpetual bonds
classified as financial liabilities)
□ Applicable √ Not Applicable
(3) Remarks on convertible bonds
□ Applicable √ Not Applicable
Accounting treatment and judgment basis for equity transfer
□ Applicable √ Not Applicable
(4) Other financial instruments classified as financial liabilities
Basic information of other financial instruments such as preferred shares or perpetual bonds outstanding
at the balance sheet date
□ Applicable √ Not Applicable
Current period movements of financial instruments such as preferred shares or perpetual bonds
outstanding at the balance sheet date
□ Applicable √ Not Applicable
Remarks on other financial instruments classified as financial liabilities
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
47. Lease liabilities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Lease liabilities 122624097.45 121370635.09
Total 122624097.45 121370635.09
190 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks
None.
48. Long-term payables
Details
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Long-term payables
(1) Long-term payables categorized by nature
□ Applicable √ Not Applicable
Special payables
(2) Special payables categorized by nature
□ Applicable √ Not Applicable
49. Long-term employee benefits payable
√ Applicable □ Not Applicable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
I. Post-employment benefits - Net defined benefit liabilities 137967731.78 144859660.56
II. Termination benefits
III. Other long-term benefits 6597657.56 6121729.03
Total 144565389.34 150981389.59
(2) Movements in defined benefit plan
Present value of obligations in defined benefit plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Opening balance 144859660.56 145921476.85
II. Components of defined benefit costs recognized
-7770273.134034294.83
in profit or loss
1. Current service cost 1608000.00 1162000.00
2. Past service cost -13189272.97 -1288705.17
3. Gains and losses on settlements
191 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period Preceding period
Items
cumulative comparative
4. Net interest expense or income 3810999.84 4161000.00
III. Components of defined benefit costs recognized
9688000.004300400.00
in other comprehensive income
1. Actuarial gains and losses -9688000.00 -4300400.00
IV. Other movements -8809655.65 -9396511.12
1. Consideration paid at settlement
2. Benefit paid -8809655.65 -9396511.12
V. Closing balance 137967731.78 144859660.56
Plan assets
□ Applicable √ Not Applicable
Net defined benefit liabilities (assets)
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Opening balance 144859660.56 145921476.85
II. Components of defined benefit costs recognized
-7770273.134034294.83
in profit or loss
III. Components of defined benefit costs recognized
9688000.004300400.00
in other comprehensive income
IV. Other movements -8809655.65 -9396511.12
V. Closing balance 137967731.78 144859660.56
Contents and risks of defined benefit plan and effect on amount timing and uncertainty of future cash
flows
√ Applicable □ Not Applicable
The Company provides the following supplementary post-retirement benefits for existing and future
retirees: a. supplementary pension benefits paid to certain existing and future retirees on a monthly or
annual basis until their death which would not be adjusted in the future; b. old age allowance paid to
certain existing and future retirees on a monthly basis from the age of 70 until their death which would
not be adjusted in the future; c. one-time funeral benefits paid to existing and future retirees upon their
death which would not be adjusted in the future; d. basic medical insurance premium and critical illness
medical premium paid on behalf of existing and future retirees until their death or expiry of minimum
payment period (25 years for males and 20 years for females) which would be adjusted according to local
policies; e. heating expenses paid to existing and future retirees until their death which would be adjusted
according to local policies; f. retirement allowance and family worker allowance paid to certain existing
retirees until their death which would not be adjusted in the future; and g. one-time incentives for one-
child family paid to certain future retirees upon their retirement which would not be adjusted in the future.Remarks on significant actuarial assumptions and sensitivity analysis results of defined benefit plan
192 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
√ Applicable □ Not Applicable
Items Closing balance Opening balance
Post-employment benefits: 2.25%; other Post-employment benefits: 2.75%; other
Discount rate
long-term benefits: 1.5% 2% long-term benefits: 2.25%
China Life Insurance Mortality Table China Life Insurance Mortality Table
Death rate
(2010-2013)(2010-2013)
Estimated growth rate of
01.6%3%6%7%8%10%01.6%3%6%7%8%10%
employee benefits
The Company entrusted Towers Watson Management and Consulting (Shenzhen) Co. Ltd. to perform
actuarial evaluation on the present value of the above defined benefit plan with an actuarial evaluation
report issued thereon.Other remarks
√ Applicable □ Not Applicable
Other long-term benefits refer to long-term paid leaves.
50. Provisions
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance Reasons for balance
Guarantee provided for other entities
Pending lawsuits 279945417.62 25219093.79
Including: Underwriting lawsuit 254029189.86 [Note 1]
Glass bottle lawsuit 24632368.79 25135234.82 [Note 2]
Others 1283858.97 83858.97
Products quality guarantee
Restructuring obligations
Onerous contract to be implemented
Payables for returned goods
Others
Total 279945417.62 25219093.79 /
Other remarks on significant assumption on material provisions and estimates
Note 1: It refers to the lawsuit regarding the fulfillment of the underwriting agreement between the
Company and Chongqing Jiawei Beer Co. Ltd. In accordance with the relevant court judgment the
Company accrued provisions for possible compensation losses. Please refer to item XVI 2 of this section
for details.Note 2: It refers to the lawsuit regarding the glass beer bottle and disputes over losses arising from
production line suspension between Xinjiang Wusu Beer (Wusu) Co. Ltd. and Gaomi Shengtai Glass
Products Co. Ltd. Xinjiang Wusu Beer (Wusu) Co. Ltd. accrued provisions based on the possible
193 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
liquidated damages compensation and litigation fees according to the relevant court judgment. The final
amount to be paid is still pending as of the date of approval for issuing the financial statements.
51. Deferred income
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Opening Closing Reasons for
Items Increase Decrease
balance balance balance
Government
Government
247646473.34 3614900.00 29529751.40 221731621.94 grants related to
grants
assets
Total 247646473.34 3614900.00 29529751.40 221731621.94 /
Other remarks
□ Applicable √ Not Applicable
52. Other non-current liabilities
□ Applicable √ Not Applicable
53. Share capital
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Movements
Opening
Issue of Conversion of
Closing
balance Bonus new reserve to Others Subtotal balance
shares
shares shares
Total
483971198.00483971198.00
shares
Other remarks
None.
54. Other equity instruments
(1) Basic information of other financial instruments such as preferred shares or perpetual bonds
outstanding as of the balance sheet date
□ Applicable √ Not Applicable
(2) Current period movements of financial instruments such as preferred shares or perpetual bonds
outstanding at the balance sheet date
□ Applicable √ Not Applicable
Current period movements and reasons for the movements and basis for relevant accounting treatments
□ Applicable √ Not Applicable
194 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks
□ Applicable √ Not Applicable
55. Capital reserve
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Share/capital premium
Other capital reserve 16022535.00 8256456.00 24278991.00
Total 16022535.00 8256456.00 24278991.00
Other remarks on current period movements and reasons for the movements etc.Current increase was due to the recognition of equity incentives offered by Carlsberg Group to executives
free of charge.
56. Treasury shares
□ Applicable √ Not Applicable
57. Other comprehensive income (OCI)
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period cumulative
Less: OCI
Less: OCI previously
previously recognized Attributable to
Opening Current period Attributable to
Items recognized but but non- Closing balance
balance cumulative Less: Income parent
transferred to transferred controlling
before income tax expenses company after
profit or loss in to retained shareholders
tax tax
the current earnings in after tax
period the current
period
I. Items not to be
reclassified
-15809130.42-8488006.92-249884.19-5503355.00-2734767.73-21312485.42
subsequently to
profit or loss
Including:
Remeasurements
-21835282.98-9688000.00-549882.46-5966132.33-3171985.21-27801415.31
of the defined
benefit plan
OCI not to be
transferred to
profit or loss
under equity
method
Changes in fair
value of other
6026152.561199993.08299998.27462777.33437217.486488929.89
equity instrument
investments
Changes in fair
value of the
Company’s own
credit risk
II. Items to be
reclassified
-276311.7811312657.48-11287155.445303482.228749651.268546679.448473339.48
subsequently to
profit or loss
195 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period cumulative
Less: OCI
Less: OCI previously
previously recognized Attributable to
Opening
Items Current period Attributable to Closing balance
balance recognized but but non-cumulative Less: Income parent
transferred to transferred controlling
before income tax expenses company after
profit or loss in to retained shareholders
tax tax
the current earnings in after tax
period the current
period
Including: OCI to
be transferred to
profit or loss under
equity method
Changes in fair
value of other
debt investments
OCI arising from
financial assets
reclassification
Provision for
credit impairment
loss of other debt
investments
Cash flow
-276311.7811312657.48-11287155.445303482.228749651.268546679.448473339.48
hedging reserves
Translation
reserves
Total -16085442.20 2824650.56 -11287155.44 5053598.03 3246296.26 5811911.71 -12839145.94
Other remarks on reconciliation of the effective portion of gains and losses on cash flow hedging into the
initially recognized amount of the hedged items etc.None.
58. Special reserve
□ Applicable √ Not Applicable
59. Surplus reserve
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Statutory surplus reserve 241985599.00 241985599.00
Discretionary surplus reserve
Reserve fund
Enterprise development fund
Others
Total 241985599.00 241985599.00
Remarks on surplus reserve including current period movements and reasons for the movements
None.
196 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
60. Undistributed profit
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Balance before adjustment at the end of
1414306729.771336013806.16
preceding period
Add: Increase due to adjustment (or less:
20717.28
decrease)
Opening balance after adjustment 1414306729.77 1336034523.44
Add: Net profit attributable to owners of the
1114593043.581336597321.13
parent company
Less: Appropriation of statutory surplus reserve
Appropriation of discretionary surplus
reserve
Appropriation of general risk reserve
Dividend payable on ordinary shares 2081076151.40 1258325114.80
Dividend on ordinary shares converted to
share capital
Closing balance 447823621.95 1414306729.77
Details of adjustments on opening balance of undistributed profit
Pursuant to the “Interpretation of China Accounting Standards for Business Enterprises No. 16” issued by
the Ministry of Finance adjustments of 20717.28 yuan are made on opening balance of undistributed
profit on a retroactive basis.Other remarks
Pursuant to the profit distribution plan of 2023 proposed at the annual shareholders’ meeting of 2023 dated
May 31 2024 the Company intends to distribute cash dividend of 2.80 yuan (tax inclusive) per share out
of profits available for distribution as of December 31 2023. Pursuant to the interim profit distribution
plan of 2024 proposed at the third extraodinary shareholder’s meeting of 2024 dated December 2 2024
the Company intends to distribute cash dividend of 1.50 yuan (tax inclusive) per share out of profits
available for distribution as of September 30 2024.
61. Operating revenue and operating cost
(1) Details
√ Applicable □ Not Applicable
1) Details
Monetary unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 14252844969.57 7197586122.32 14459332122.29 7274545460.90
197 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Other operations 391752872.89 333790699.96 355504287.97 259430325.12
Total 14644597842.46 7531376822.28 14814836410.26 7533975786.02
Including: Revenue from contracts
14644597842.467531376822.2814814836410.267533975786.02
with customers
2) Details of the top 5 customers with largest balances
Monetary unit: RMB Yuan
Customers Operating revenue % to total
Customer 1 146750392.02 1.00
Customer 2 145764975.94 1.00
Customer 3 137917109.70 0.94
Customer 4 117873802.62 0.80
Customer 5 115264116.71 0.79
Subtotal 663570396.99 4.53
(2) Breakdown of operating revenue and operating cost
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Breakdown of revenue
1) Breakdown of revenue from contracts with customers by goods or services
Monetary unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Beer 14169778204.59 7126652193.94 14441498095.03 7257400295.48
Sale of packages
474819637.87404724628.34373338315.23276575490.54
waste materials etc.Subtotal 14644597842.46 7531376822.28 14814836410.26 7533975786.02
2) Breakdown of revenue from contracts with customers by operating regions
Please refer to item XVIII 6 of this section for details.
3) Breakdown of revenue from contracts with customers by time of transferring goods or rendering
services
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Recognized at a point in time 14644597842.46 14814836410.26
Subtotal 14644597842.46 14814836410.26
198 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
199 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Remarks on performance obligation
□ Applicable √ Not Applicable
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
(5) Significant changes in contracts or significant adjustments on transaction price
□ Applicable √ Not Applicable
Other remarks
1) Information related to performance obligations
The Company’s performance obligations mainly refer to delivering beer products to distributors or their
designated carriers in accordance with the contract.
2) Contract liabilities with opening carrying amount of 1665334890.39 yuan were carried over to
revenue in the current period.
62. Taxes and surcharges
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Consumption tax 706570803.79 714061831.14
Urban maintenance and construction tax 105138905.56 106081011.56
Education surcharge 81197090.04 82105608.19
Housing property tax 24502844.46 20113767.97
Land use tax 20597214.48 20096769.79
Stamp duty 11805690.15 12983310.15
Others 1933975.17 2106931.22
Total 951746523.65 957549230.02
Other remarks
None.
63. Selling expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period
Items Preceding period comparative
cumulative
Advertisement and marketing expenses 1213701109.02 1247606832.37
Employee benefits 802616663.85 779258534.27
Trademark licensing expenses 228556463.57 235450545.79
200 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Business travelling expenses 62982702.05 65307615.67
Depreciation 57575991.56 52013887.76
Lease expenses and depreciation of right-
41369225.5245059103.31
of-use assets
Amortization of intangible assets 18038224.19 19383559.45
Others 87813337.55 88541754.16
Total 2512653717.31 2532621832.78
Other remarks
None.
64. Administrative expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 249300423.91 259173665.82
IT-related expenses 78670580.11 55540396.61
Office expenses and intermediary service
52486364.9858651896.84
expenses
Amortization of intangible assets 35117583.21 27526304.10
Depreciation 21818405.59 18957483.39
Business travelling expenses 11588351.71 14608494.02
Security and fire prevention expenses 11309663.06 10583329.55
Lease expenses and depreciation of right-
9048780.269838116.47
of-use assets
Share-based payments 8256456.00 9249076.00
Pollution discharge fees 7788446.08 8811293.59
Enrergy expenses 6153156.51 5028136.63
Others 25403942.50 16702544.74
Total 516942153.92 494670737.76
Other remarks
None.
65. R&D expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Raw materials and revolving materials
8340824.224546725.72
used
Employee benefits 7071729.04 13668815.71
201 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Depreciation 2528350.13 3583055.39
Power expenses 1847187.53 3625721.09
Other expenses 2877955.24 807738.36
Total 22666046.16 26232056.27
Other remarks
None.
66. Financial expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Interest expenses 7672861.33 5921669.09
Less: Interest income 41044772.00 71308016.27
Gains and losses on foreign exchange 62806.90 132417.76
Handling charges 1408830.57 591532.79
Others [Note] 3933999.80 4349000.00
Total -27966273.40 -60313396.63
Other remarks
Note: It refers to interest expenses on net defined benefit liabilities of 3810999.84 yuan and interest
expenses on net long-term employee benefits liabilities of 122999.96 yuan.
67. Other income
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Classified by nature Current period cumulative Preceding period comparative
Government grants related to assets 29529751.40 28502521.80
Government grants related to income 29852813.74 30399687.22
Refund of handling fees for withholding
1648246.531809139.62
individual income tax etc.Total 61030811.67 60711348.64
Other remarks
None.
68. Investment income
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
202 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Investment income from long-term
65650171.6362294135.01
equity investments under equity method
Investment income from disposal of long-
term equity investments
Investment income from held-for-trading
financial assets
Dividend income from other equity
287171.90344606.28
instrument investments
Interest income from debt investments
Interest income from other debt
investments
Investment income from disposal of held-
14261941.653936674.52
for-trading financial assets
Investment income from disposal of other
equity instrument investments
Investment income from disposal of debt
investments
Investment income from disposal of other
debt investments
Income from debt restructuring
Total 80199285.18 66575415.81
Other remarks
Investment income from long-term equity investments under equity method
Monetary unit: RMB Yuan
Investees Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Co. Ltd. 65650171.63 62294135.01
Subtotal 65650171.63 62294135.01
69. Gains on net exposure to hedging risk
□ Applicable √ Not Applicable
70. Gains on changes in fair value
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Held-for-trading financial assets 202000.00
Including: Gains on changes in fair value
of derivative financial instruments
Including: Gains on changes in fair value
of financial assets classified as at fair 202000.00
value through profit or loss
Held-for-trading financial liabilities
Investment property at fair value
203 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period Preceding period
Items
cumulative comparative
Total 202000.00
Other remarks
None.
71. Credit impairment loss
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Bad debts of notes receivable
Bad debts -3037528.86 -1706340.65
Impairment loss of debt investments
Impairment loss of other debt
investments
Bad debts of long-term receivables
Impairment loss of financial guarantee
Total -3037528.86 -1706340.65
Other remarks
None.
72. Assets impairment loss
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Impairment loss of contract assets
II. Inventory write-down loss and
impairment loss of costs to fulfill a -85541751.58 -83350379.69
contract [Note]
III. Impairment loss of long-term equity
investments
IV. Impairment loss of investment
property
V. Impairment loss of fixed assets -6500072.95 -17485277.39
VI. Impairment loss of construction
materials
VII. Impairment loss of construction in
progress
VIII. Impairment loss of productive
biological assets
IX. Impairment loss of oil and gas assets
X. Impairment loss of intangible assets
204 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period Preceding period
Items
cumulative comparative
XI. Impairment loss of goodwill
XII. Others
Total -92041824.53 -100835657.08
Other remarks
Note: It refers to the net amount of provision for inventory write-down of irrecoverable packages after
deducting allowances for other payables of non-refundable deposits.
73. Gains on asset disposal
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Gains on asset disposal 1184670.85 -2252522.60
Total 1184670.85 -2252522.60
Other remarks
None.
74. Non-operating revenue
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Gains on disposal of non-
807841.87998632.86807841.87
current assets
Including: Gains on
807841.87998632.86807841.87
disposal of fixed assets
Gains on disposal of
intangible assets
Gains on exchange of non-
cash assets
Receiving of donations
Government grants
Wanzhou factory flood
8801921.8121980000.008801921.81
insurance compensation
Others 6294449.12 5794201.78 6294449.12
Total 15904212.80 28772834.64 15904212.80
Other remarks
□ Applicable √ Not Applicable
205 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
75. Non-operating expenditures
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Losses on underwriting
254029189.86254029189.86
lawsuits [Note]
Losses on disposal of non-
6689377.114969122.906689377.11
current assets
Including: Losses on
disposal of fixed 6689377.11 4969122.90 6689377.11
assets
Losses on disposal of
intangible assets
Losses on exchange of
non-cash assets
Donation expenditures 348000.00 520000.00 348000.00
Others 19424300.54 387567.38 19424300.54
Total 280490867.51 5876690.28 280490867.51
Other remarks
Note: Please refer to item XVI 2 of this section for details.
76. Income tax expenses
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Current period income tax expenses 701355056.31 645383330.47
Deferred income tax expenses -30807936.53 18738666.86
Total 670547119.78 664121997.33
(2) Reconciliation of accounting profit to income tax expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period
Items
cumulative
Profit before tax 2919927612.14
Income tax expenses based on statutory/applicable tax rate 729981903.04
Effect of different tax rate applicable to subsidiaries -182951281.23
Effect of prior income tax reconciliation 41185060.84
Effect of non-taxable income -16484335.88
Effect of non-deductible costs expenses and losses [Note] 71053340.27
206 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Current period
Items
cumulative
Effect of utilization of deductible losses not previously recognized as deferred
tax assets
Effect of deducible temporary differences or deductible losses not recognized
35836606.13
as deferred tax assets in the current period
Effect of recognition of temporary difference or deductible losses not
-5566167.86
previously recognized as deferred tax assets
Extra deduction of R&D expenses -2508005.53
Income tax expenses 670547119.78
Note: It mainly refers to the effect of losses on the underwriting lawsuits on income tax.Other remarks
□ Applicable √ Not Applicable
77. Other comprehensive income
√ Applicable □ Not Applicable
Please refer to item VII 57 of this section for details on other comprehensive income net of income tax.
78. Notes to items of the cash flow statement
(1) Cash receipts related to operating activities
Other cash receipts related to operating activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash receipts from security deposits 630405057.20 696092428.10
Cash receipts from deposits for
227604104.73269038878.05
packages
Cash receipts from interest income 52231793.29 60552373.64
Cash receipts from government
grants refund of handling fees for
35073687.0851746126.84
withholding individual income tax
etc.Others 10516157.66 26019009.08
Total 955830799.96 1103448815.71
Remarks on other cash receipts related to operating activities:
None.Other cash payments related to operating activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
207 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Current period cumulative Preceding period comparative
Cash payments for advertising and
1368427861.911210837927.68
marketing expenses
Cash payments for trademark
235497274.68239676999.92
licensing fees
Cash payments for office expenses
99539493.0698400188.43
and other service fees
Cash payments for fees related to IT 86719617.84 63305923.63
Cash payments for business
77770721.5276715507.65
travelling expenses
Cash payments for removal loading
23460176.0723362403.32
and unloading
Others 103793926.78 76600370.97
Total 1995209071.86 1788899321.60
Remarks on other cash payments related to operating activities:
None.
(2) Other cash receipts related to investing activities
Cash receipts related to significant investing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Structured deposits 1364463941.65 3936674.52
Total 1364463941.65 3936674.52
Remarks on cash receipts related to significant investing activities:
None.Cash payments for significant investing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
New beer project with an annual
output of 500000 kiloliters in 705701226.52 430712325.77
Foshan
Structured deposits 990000000.00 360000000.00
Total 1695701226.52 790712325.77
Remarks on cash payments for significant investing activities:
None.Other cash receipts related to investing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
208 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Current period cumulative Preceding period comparative
Difference between the
consideration paid for acquisition of
subsidiaries and cash and cash 2518499.55
equivalents held by subsidiaries on
the acquisition date
Total 2518499.55
Remarks on other cash receipts related to investing activities:
None.Other cash payments related to investing activities
□ Applicable √ Not Applicable
(3) Cash receipts related to financing activities
Other cash receipts related to financing activities
□ Applicable √ Not Applicable
Other cash payments related to financing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash payments for lease liabilities 62560923.19 38940556.09
Repayment of borrowings from
Guangzhou Carlsberg Investment 17000000.00
Co. Ltd.Total 62560923.19 55940556.09
Remarks on other cash payments related to financing activities:
None.Changes in liabilities arising from financing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Opening Closing
Items
balance Changes Changes in Changes in Changes in balance
in cash non-cash cash non-cash
Lease liabilities
(including lease
163753447.0579761511.5557395342.3813852585.26172267030.96
liabilities due
within one year)
Total 163753447.05 79761511.55 57395342.38 13852585.26 172267030.96
(4) Remarks on cash flows presented on a net basis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
209 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Basis for presentation on a net
Items Relevant factual situation Financial effects
basis
Related cash flows refer Presentation on a net basis
Other cash to cash inflows and reflects the Company’s cash
receipts related to outflows collected from flow situation which is more
1922164116.08
operating and paid to customers useful for evaluating its
activities with fast turnover large payment ability and solvency
amount and short period. and analyzing its cash flows.Related cash flows refer Presentation on a net basis
Other cash to cash inflows and reflects the Company’s cash
payments related outflows collected from flow situation which is more
1922164116.08
to operating and paid to customers useful for evaluating its
activities with fast turnover large payment ability and solvency
amount and short period. and analyzing its cash flows.
(5) Significant activities not related to current cash receipts and payments but affect the financial
position of the Company or may affect the Company’s future cash flows and the financial effects
□ Applicable √ Not Applicable
79. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Supplementary information Current period cumulative Preceding period comparative
1．Reconciliation of net profit to cash flows from operating activities:
Net profit 2249380492.36 2711568555.19
Add: Provision for assets impairment 92041824.53 100835657.08
Provision for credit impairment loss 3037528.86 1706340.65
Depreciation of fixed assets oil and
gas assets productive biological 452943648.62 414381095.11
assets
Amortization of right-of-use assets 51689060.30 37240394.12
Amortization of intangible assets 71285156.47 63196249.02
Amortization of long-term
prepayments
Losses on disposal of fixed assets
intangible assets and other long-term -1184670.85 2252522.60
assets (Less: gains)
Fixed assets retirement loss (Less:
5881535.243970490.04
gains)
Losses on changes in fair value (Less:
-202000.00
gains)
Financial expenses (Less: gains) 7672861.33 5921669.09
Investment losses (Less: gains) -80199285.18 -66575415.81
Decrease of deferred tax assets (Less:
-29506964.0353931617.88
increase)
Increase of deferred tax liabilities
-1300972.50-35192951.02
(Less: decrease)
210 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Supplementary information Current period cumulative Preceding period comparative
Decrease of inventories (Less:
-268583777.35-111789119.11
increase)
Decrease of operating receivables
20319267.71-67662253.33
(Less: increase)
Increase of operating payables (Less:
-31428980.02-16634034.89
decrease)
Others
Net cash flows from operating
2542046725.493096948816.62
activities
2．Significant investing and financing activities not related to cash receipts and payments:
Conversion of debt into capital
Convertible bonds due within one
year
Fixed assets leased in under finance
72088650.2245982648.87
leases
3．Net changes in cash and cash equivalents:
Cash at the end of the period 1080946053.26 2700076206.04
Less: Cash at the beginning of the
2700076206.043396809241.14
period
Add: Cash equivalents at the end of
the period
Less: Cash equivalents at the
beginning of the period
Net increase of cash and cash
-1619130152.78-696733035.10
equivalents
(2) Net cash payments for the acquisition of subsidiaries
□ Applicable √ Not Applicable
(3) Net cash receipts from the disposal of subsidiaries
□ Applicable √ Not Applicable
(4) Composition of cash and cash equivalents
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
I. Cash 1080946053.26 2700076206.04
Including: Cash on hand 1381.00 10176.00
Cash in bank on demand for
1080712044.942699523751.37
payment
Other cash and bank balances on
232627.32542278.67
demand for payment
Central bank deposit on demand
for payment
Deposit in other banks
Loans to other banks
II. Cash equivalents
211 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Including: Bond investments
maturing within three months
III. Cash and cash equivalents at the
1080946053.262700076206.04
end of the period
Including: Cash and cash equivalents
of parent company or subsidiaries
with use restrictions
(5) Balances with use restrictions but still considered as cash and cash equivalents
□ Applicable √ Not Applicable
(6) Cash and bank balances not considered as cash and cash equivalents
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items Reasons
cumulative comparative
Accrued interest is not
Accrued interest of
636972.22 11823993.51 considered as cash
seven-day call deposits
equivalents.Deposits for letters of
316100.00 Deposits are frozen.
guarantee
Deposits for litigation 503436.10 Deposits are frozen.Other deposits 76048.59 500.00 Deposits are frozen.Total 713020.81 12644029.61 /
80. Notes to items of statement of changes in equity
Remarks on “Others” with balances at the end of prior year adjusted and the adjusted amount:
□ Applicable √ Not Applicable
81. Monetary items in foreign currencies
(1) Monetary items in foreign currencies
□ Applicable √ Not Applicable
(2) Remarks on overseas operations. For significant overseas operating entities their main operating
places functional currencies and adoption basis shall be disclosed. Reasons for any changes in
functional currency shall also be disclosed.□ Applicable √ Not Applicable
82. Leases
(1) The Company as the lessee
√ Applicable □ Not Applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not Applicable
212 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Short-term leases and leases of low-value assets with simplified approach
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Expenses for short-term leases 22625172.81 28587956.49
Total 22625172.81 28587956.49
Sale and leaseback transactions and determination basis
□ Applicable √ Not Applicable
Cash flows related to leases totaled 82973317.09 yuan.
(2) The Company as the lessor
Operating lease
□ Applicable √ Not Applicable
Finance lease
□ Applicable √ Not Applicable
Reconciliation of undiscounted lease payments to net investment in the lease
□ Applicable √ Not Applicable
Undiscounted lease payments in the in the next five years
□ Applicable √ Not Applicable
(3) Recognition of profit or loss related to finance leases as a manufacturer or distributor
□ Applicable √ Not Applicable
Other remarks
None.
83. Data resources
□ Applicable √ Not Applicable
84. Others
√ Applicable □ Not Applicable
1. Terms and conditions of supplier finance arrangements
Categories Terms and conditions
In order to maintain a long-term and stable cooperative relationship with
Accounts payable suppliers the Company has established a financing bridge to extend the
financing payment period and enhance liquidity. The Company has not provided any
guarantee for the above supplier finance arrangement.
2. Liabilities related to supplier finance arrangement
(1) Carrying amount of related liabilities
213 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Accounts payable 244623879.02 316253298.07
Including: Payments already received
165353893.56179395981.75
by suppliers
Subtotal 244623879.02 316253298.07
(2) Range of payment due dates for related liabilities
Range of payment due dates Range of payment due dates
Items at the end of the current at the beginning of the
period current period
95-156 days after invoice 80-155 days after invoice
Liabilities under finance arrangements
issuance issuance
Comparable accounts payable not 0-166 days after invoice 0-164 days after invoice
under finance arrangements issuance issuance
VIII. R&D costs
1. Presented by nature of expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Consumed raw materials and
8340824.224546725.72
revolving materials
Employee benefits 7071729.04 13668815.71
Depreciation 2528350.13 3583055.39
Power expenses 1847187.53 3625721.09
Others 2877955.24 807738.36
Total 22666046.16 26232056.27
Including: R&D costs to be expensed 22666046.16 26232056.27
R&D costs to be capitalized
Other remarks
None.
2. Development expenditures of R&D projects eligible for capitalization
□ Applicable √ Not Applicable
Significant capitalized R&D projects
□ Applicable √ Not Applicable
Provision for impairment of development expenditures
□ Applicable √ Not Applicable
Other remarks
214 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
None.
3. Significant outsourced R&D projects in progress
□ Applicable √ Not Applicable
IX. Changes in the consolidation scope
1. Business combination not under common control
□ Applicable √ Not Applicable
2. Business combination under common control
□ Applicable √ Not Applicable
3. Reverse acquisition
□ Applicable √ Not Applicable
215 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
4. Disposal of subsidiaries
Transactions or events leading to loss of control over a subsidiary in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Disposal of subsidiaries in stages leading to loss of control in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
5. Changes in the consolidation scope due to other reasons
Remarks on changes in the consolidation scope due to other reasons (e.g. establishment/liquidation of
subsidiaries etc.) and relevant conditions:
□ Applicable √ Not Applicable
6. Others
□ Applicable √ Not Applicable
216 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
X. Interest in other entities
1. Interest in subsidiaries
(1) Composition of the group
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Holding
proportion
Registered Business Acquisition
Subsidiaries Main operating place Place of registration (%)
capital nature method
Direct Indirect
Carlsberg Business
Chongqing Yubei District Yubei District Beer combination not
850000000.0051.42
Brewery Co. Ltd. Chongqing City Chongqing City industry under common
[Note 1] control
Hunan Chongqing Economic
Economic Development Beer Investment and
Beer Guoren Co. 200000000.00 Development Zone 98.75
Zone Lixian Hunan industry establishment
Ltd. [Note 2] Lixian Hunan
Business
Chongqing Beer
Heshiba Panzhihua Beer combination
Panzhihua Co. Heshiba Panzhihua City 100555500.00 100.00
City industry under common
Ltd. [Note 2]
control
Chongqing Beer Business
Huashi Village Deyuan Huashi Village
Group Chengdu Beer combination not
Town Pidu District 140800000.00 Deyuan Town Pidu 100.00
Boke Beer Co. industry under common
Chengdu City District Chengdu City
Ltd. [Note 2] control
Business
Chongqing Beer Shao’e Street Baixi Shao’e Street Baixi
Beer combination not
Yibin Co. Ltd. Town Yibin County 50000000.00 Town Yibin County 100.00
industry under common
[Note 2] Yibin City Yibin City
control
Carlsberg Beer
Business
Enterprise
Beer combination
Management Chongqing City 648580000.00 Chongqing City 100.00
industry under common
(Chongqing) Co.
control
Ltd. [Note 2]
Business
Kunming Huashi
Kunming City Yunnan Kunming City Beer combination
Brewery Co. Ltd. 79528080.08 100.00
Province Yunnan Province industry under common
[Note 2]
control
Carlsberg (China) Dali City Dali Bai Business
Dali City Dali Bai
Breweries and Autonomous Beer combination
Autonomous Prefecture 299902362.00 100.00
Trading Co. Ltd. Prefecture Yunnan industry under common
Yunnan Province
[Note 2] Province control
Business
Xinjiang Wusu Urumqi Xinjiang
Urumqi Xinjiang Uygur Beer combination
Brewery Co. Ltd. 75480000.00 Uygur Autonomous 100.00
Autonomous Region industry under common
[Note 2] Region
control
Carlsberg Business
Brewery Huizhou City Huizhou City Beer combination
350886363.2299.00
(Guangdong) Co. Guangdong Province Guangdong Province industry under common
Ltd. [Note 2] control
Business
Ningxia Xixia
Beer combination
Jianiang Brewery Yinchuan City 191929277.02 Yinchuan City 70.00
industry under common
Co. Ltd. [Note 2]
control
Carlsberg
Yancheng City Jiangsu Yancheng City Beer Investment and
Brewery (Jiangsu) 60000000.00 100.00
Province Jiangsu Province industry establishment
Co. Ltd. [Note 2]
Carlsberg
Enterprise
Tianhe District Tianhe District Beer Investment and
Management 50000000.00 100.00
Guangzhou City Guangzhou City industry establishment
Consulting Co.Ltd. [Note 2]
217 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Holding
proportion
Registered Business Acquisition
Subsidiaries Main operating place Place of registration (%)
capital nature method
Direct Indirect
Carlsberg
Foshan City Guangdong Foshan City Beer Investment and
Brewery (Foshan) 10000000.00 100.00
Province Guangdong Province industry establishment
Co. Ltd. [Note 2]
Xinjiang Wusu Urumqi Xinjiang
Urumqi Xinjiang Uygur Beer Investment and
Beer Trading Co. 30000000.00 Uygur Autonomous 100.00
Autonomous Region industry establishment
Ltd. [Note 2] Region
G-Shell Asia Business
Pacific (Beijing) Chaoyang District Chaoyang District Beer combination not
400000.00100.00
Food Co. Ltd. Beijing City Beijing City industry under common
[Note 2] control
Beijing Capital Business
Brewing Jinmai Chaoyang District Chaoyang District Beer combination not
2000000.00100.00
Trading Co. Ltd. Beijing City Beijing City industry under common
[Note 2] control
Chongqing Beer
Anning Town Xichang Anning Town Beer Investment and
Xichang Co. Ltd. 74500000.00 100.00
City Xichang City industry establishment
[Note 3]
Carlsberg Business
Tianmuhu Beer combination
Liyang City 160000000.00 Liyang City 100.00
Brewery (Jiangsu) industry under common
Co. Ltd. [Note 4] control
Economic Business
Carlsberg Economic Development
Development Zone Beer combination
Brewery (Anhui) Zone Tianchang City 64000000.00 75.00
Tianchang City Anhui industry under common
Co. Ltd. [Note 4] Anhui Province
Province control
Korla Bayingolin Korla Bayingolin
Business
Xinjiang Wusu Mongol Autonomous Mongol Autonomous
Beer combination
Beer (Kuerle) Co. Prefecture Xinjiang 5000000.00 Prefecture Xinjiang 100.00
industry under common
Ltd. [Note 5] Uygur Autonomous Uygur Autonomous
control
Region Region
Yining City Ili
Yining City Ili Kazakh Business
Xinjiang Wusu Kazakh Autonomous
Autonomous Prefecture Beer combination
Beer (Yining) Co. 20000000.00 Prefecture Xinjiang 100.00
Xinjiang Uygur industry under common
Ltd. [Note 5] Uygur Autonomous
Autonomous Region control
Region
Business
Xinjiang Wusu Aksu Prefecture Aksu Prefecture
Beer combination
Beer (Akesu) Co. Xinjiang Uygur 10000000.00 Xinjiang Uygur 100.00
industry under common
Ltd. [Note 5] Autonomous Region Autonomous Region
control
Wusu City Tacheng Wusu City Tacheng Business
Xinjiang Wusu
Prefecture Xinjiang Prefecture Xinjiang Beer combination
Beer (Wusu) Co. 30000000.00 100.00
Uygur Autonomous Uygur Autonomous industry under common
Ltd. [Note 5]
Region Region control
Note 1: The Company and Guangzhou Carlsberg Investment Co. Ltd. holds 51.42% and 48.58% of equity
of Carlsberg Chongqing Brewery Co. Ltd. respectively.Note 2: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co. Ltd. holds 98.75% of
equity of Hunan Chongqing Beer Guoren Co. Ltd. 100.00% of equity of Chongqing Beer Panzhihua Co.Ltd. 100.00% of equity of Chongqing Beer Group Chengdu Boke Beer Co. Ltd. 100.00% of equity of
Chongqing Beer Yibin Co. Ltd. 100.00% of equity of Carlsberg Beer Enterprise Management
(Chongqing) Co. Ltd. 100.00% of equity of Kunming Huashi Brewery Co. Ltd. 100.00% of equity of
Carlsberg (China) Breweries and Trading Co. Ltd. 100.00% of equity of Xinjiang Wusu Brewery Co.Ltd. 99.00% of equity of Carlsberg Brewery (Guangdong) Co. Ltd. 70.00% of equity of Ningxia Xixia
Jianiang Brewery Co. Ltd. 100.00% of equity of Carlsberg Brewery (Jiangsu) Co. Ltd. 100.00% of
218 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
equity of Carlsberg Enterprise Management Consulting Co. Ltd. 100.00% of equity of Carlsberg Brewery
(Foshan) Co. Ltd. 100.00% of equity of Xinjiang Wusu Beer Trading Co. Ltd. 100.00% of equity of G-
Shell Asia Pacific (Beijing) Food Co. Ltd. and 100.00% of equity of Beijing Capital Brewing Jinmai
Trading Co. Ltd..Note 3: Chongqing Beer Panzhihua Co. Ltd. holds 100.00% of equity of Chongqing Beer Xichang Co.Ltd.Note 4: Carlsberg Beer Enterprise Management (Chongqing) Co. Ltd. holds 100% of equity of Carlsberg
Tianmuhu Brewery (Jiangsu) Co. Ltd. and 75.00% of equity of Carlsberg Brewery (Anhui) Co. Ltd.Note 5: Xinjiang Wusu Brewery Co. Ltd. holds 100% of equity of Xinjiang Wusu Beer (Kuerle) Co. Ltd.Xinjiang Wusu Beer (Yining) Co. Ltd. Xinjiang Wusu Beer (Akesu) Co. Ltd. and Xinjiang Wusu Beer
(Wusu) Co. Ltd..Remarks on inconsistency between holding proportion and voting right proportion in subsidiaries
None.Basis for the control of an investee while holding its half or less than half voting rights and the non-control
of an investee while holding its more than half voting rights
None.Basis for control of significant structured entities brought into the consolidation scope
None.Basis for determining an entity being acting as an agent or a principal
None.Other remarks
None.
(2) Significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Holding Closing balance
Non-controlling Dividend declared
proportion of of non-
Subsidiaries shareholders’ profit to non-controlling
non-controlling controlling
or loss shareholders
shareholders interest
Carlsberg
Chongqing 48.58% 1134787448.78 1384109447.42 1268437841.43
Brewery Co. Ltd.Remarks on inconsistency between holding proportion and voting right proportion of non-controlling
shareholders in subsidiaries:
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
219 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Main financial information of significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Closing balance Opening balance
Subsidiaries Non- Non-
Current Current Non-current Total Current Current Non-current Total
current Total assets current Total assets
assets liabilities liabilities liabilities assets liabilities liabilities liabilities
assets assets
Carlsberg
Chongqing 352960.79 731427.94 1084388.73 769531.37 71652.71 841184.08 460479.52 694838.17 1155317.69 813410.22 49220.58 862630.80
Brewery Co. Ltd.Current period cumulative Preceding period comparative
Subsidiaries Total Total
Operating Cash flows from Operating Cash flows from
Net profit comprehensive Net profit comprehensive
revenue operating activities revenue operating activities
income income
Carlsberg Chongqing Brewery
1464459.78230554.43231722.05260642.031481483.64278150.55277850.34316167.49
Co. Ltd.Other remarks
None.
(4) Significant restriction on use of the group assets and liquidation of the group liabilities
□ Applicable √ Not Applicable
(5) Financial or other support provided for structured entities brought into the consolidation scope
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
2. Transactions resulting in changes in subsidiaries’ equity but without losing control
□ Applicable √ Not Applicable
3. Interest in joint ventures or associates
√ Applicable □ Not Applicable
(1) Significant joint ventures or associates
√ Applicable □ Not Applicable
Holding Accounting
Main proportion (%) treatment on
Joint ventures Place of Business
operating investments in
or associates registration nature
place Direct Indirect joint ventures or
associates
Chongqing Chongqing Chongqing Production
Jiawei Beer Co. Jianqiao Jianqiao and sales of 33.00 Equity method
Ltd. [Note] Industrial Park Industrial Park beers
Note: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co. Ltd. holds 33.00% of equity
of Chongqing Jiawei Beer Co. Ltd.Remarks on inconsistency between holding proportion and voting right proportion in joint ventures or
associates
220 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
None.Basis for significant influence over an entity on which the Company held less than 20% voting rights or
insignificant influence over an entity on which the Company held more than 20% voting rights
None.
(2) Main financial information of significant joint ventures
□ Applicable √ Not Applicable
(3) Main financial information of significant associates
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance/ Opening balance/
Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Chongqing Jiawei Beer
Co. Ltd. Co. Ltd.Current assets 541533008.11 609090010.38
Including: Cash and cash equivalents 408298168.14 153952073.86
Non-current assets 186543107.18 187354131.99
Total assets 728076115.29 796444142.37
Current liabilities 203060181.74 281361331.57
Non-current liabilities 92102914.46 88997369.60
Total liabilities 295163096.20 370358701.17
Non-controlling interest
Equity attributable to owners of parent
432913019.09426085441.20
company
Proportionate share in net assets 142861296.29 140608195.59
Adjustments
-- Goodwill
-- Unrealized profit in internal transactions
-- Others
Carrying amount of investments in
142861296.29140608195.59
associates
Fair value of equity investments in
associates with quoted market prices
Operating revenue 529354974.63 547202765.70
Financial expenses -24039404.86 1651853.66
Income tax expenses 34452172.71 18118593.08
Net profit 198939914.04 188770106.09
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 198939914.04 188770106.09
221 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Closing balance/ Opening balance/
Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Chongqing Jiawei Beer
Co. Ltd. Co. Ltd.Dividend from associates received in the
63397070.93218285820.47
current period
Other remarks
The above financial data is based on the management report provided by Chongqing Jiawei Beer Co. Ltd.taking the valuation appreciation into account.
(4) Aggregated financial information of insignificant joint ventures and associates
□ Applicable √ Not Applicable
(5) Significant restrictions on remittance of fund from joint ventures or associates to the Company
□ Applicable √ Not Applicable
(6) Excess losses incurred by joint ventures or associates
□ Applicable √ Not Applicable
(7) Unrecognized commitments related to investments in joint ventures
□ Applicable √ Not Applicable
(8) Contingent liabilities related to investments in joint ventures or associates
□ Applicable √ Not Applicable
4. Significant joint operations
□ Applicable √ Not Applicable
5. Interest in unconsolidated structured entities
Remarks on unconsolidated structured entities:
□ Applicable √ Not Applicable
6. Others
□ Applicable √ Not Applicable
XI. Government grants
1. Government grants recognized based on amounts receivable during the reporting period
□ Applicable √ Not Applicable
Reasons for not receiving government grants receivable at the expected time point
□ Applicable √ Not Applicable
2. Liabilities related to government grants
√ Applicable □ Not Applicable
222 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Monetary unit: RMB Yuan
Amount
Amount
included
Opening transferred Other Closing Related to
Items Increase into non-
balance into other changes balance assets/income
operating
income
revenue
Deferred Related to
247646473.343614900.0029529751.40221731621.94
income assets
Total 247646473.34 3614900.00 29529751.40 221731621.94
3. Government grants included into profit or loss
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Related to assets 29529751.40 28502521.80
Related to income 29852813.74 30399687.22
Total 59382565.14 58902209.02
Other remarks
None.XII. Risks related to financial instruments
1. Risks of financial instruments
√ Applicable □ Not Applicable
In risk management the Company aims to seek the appropriate balance between the risks and benefits
from its use of financial instruments and to mitigate the adverse effects that the risks of financial
instruments have on the Company’s financial performance so as to maximize the profits of shareholders
and other equity investors. Based on such risk management objectives the Company’s risk management
policies are established to identify and analyze the risks faced by the Company to set appropriate risk
limits and controls and to monitor risks and adherence to limits on a timely and reliable basis.The Company has exposure to the following risks from its use of financial instruments which mainly
include: credit risk liquidity risk and market risk. The Management has deliberated and approved policies
concerning such risks and details are:
(I) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party
by failing to discharge an obligation.
1. Credit risk management practice
(1) Evaluation method of credit risk
At each balance sheet date the Company assesses whether the credit risk on a financial instrument has
increased significantly since initial recognition. When assessing whether the credit risk has increased
significantly since initial recognition the Company takes into account reasonable and supportable
223 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
information which is available without undue cost or effort including qualitative and quantitative analysis
based on historical data external credit risk rating and forward-looking information. The Company
determines the changes in default risk of financial instruments during the estimated lifetime through
comparison of the default risk at the balance sheet date and the initial recognition date on an individual
basis or a collective basis.The Company considers the credit risk on a financial instrument has increased significantly when one or
more of the following qualitative and quantitative standards are met:
1) Quantitative standard mainly relates to the scenario in which at the balance sheet date the probability
of default in the remaining lifetime has risen by more than a certain percentage compared with the initial
recognition;
2) Qualitative standard mainly relates to significant adverse changes in the debtor’s operation or financial
position present or expected changes in technology market economy or legal environment that will have
significant adverse impact on the debtor’s repayment ability;
(2) Definition of default and credit-impaired assets
A financial instrument is defined as defaulted when one or more following events have occurred of which
the standard is consistent with that for credit-impairment:
1) significant financial difficulty of the debtor;
2) a breach of binding clause of contract;
3) it is very likely that the debtor will enter bankruptcy or other financial reorganization;
4) the creditor of the debtor for economic or contractual reasons relating to the debtor’s financial difficulty
having granted to the debtor a concession(s) that the creditor would not otherwise consider.
2. Measurement of expected credit losses
The key factors in the measurement of expected credit loss include the probability of default loss given
default and exposure to default risk. The Company develops a model of the probability of default loss
given default and exposure to default risk on the basis of quantitative analysis of historical data (e.g.counterparty rating guarantee measures and collateral type payment method etc.) and forward-looking
information.
3. Please refer to item VII 5 and 9 of this section for details on the reconciliation table of opening balance
and closing balance of loss allowances of financial instrument.
4. Exposure to credit risk and concentration of credit risk
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to
control such risks the Company has taken the following measures:
(1) Cash and bank balances
The Company deposits its bank balances and other cash and bank balances in financial institutions with
relatively high credit levels hence its credit risk is relatively low.
224 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(2) Receivables
The Company performs credit assessment on customers using credit settlement on a continuous basis. The
Company selects credible and well-reputed customers based on credit assessment result and conducts
ongoing monitoring on balance of receivables to avoid significant risks in bad debts.As the Company only conducts business with credible and well-reputed third parties collateral is not
required from customers. The Company manages credit risk aggregated by customers. As of December
31 2024 the Company held no collateral or other credit enhancement on balance of receivables due to the
short settlement period between the Company and distributors and the effective collection of payments.The maximum amount of exposure to credit risk of the Company is the carrying amount of each financial
asset at the balance sheet.(II) Liquidity risk
Liquidity risk is the risk that the Company may encounter deficiency of funds in meeting obligations
associated with cash or other financial assets settlement which is possibly attributable to failure in selling
financial assets at fair value on a timely basis or failure in collecting liabilities from counterparties of
contracts or early redemption of debts or failure in achieving estimated cash flows.In order to control such risk the Company utilizes financing tools such as credit terms with suppliers etc.and adopts short-term financing methods to maintain a balance between financing sustainability and
flexibility.Financial liabilities classified based on remaining time period till maturity
Monetary unit: RMB Yuan
Closing balance
Items
Contract amount
Carrying amount Within 1 year 1-3 years Over 3 years
not yet discounted
Derivative
financial 897606.82 897606.82 897606.82
liabilities
Accounts
2464568207.312464568207.312464568207.31
payable
Other
2943112335.022943112335.022943112335.02
payables
Non-current
liabilities due 49642933.51 49642933.51 49642933.51
within one year
Lease
122624097.45137720336.3678352206.5059368129.86
liabilities
Subtotal 5580845180.11 5595941419.02 5458221082.66 78352206.50 59368129.86
(Continued)
December 31 2023
Items
Contract amount
Carrying amount Within 1 year 1-3 years Over 3 years
not yet discounted
Derivative
financial 15408026.80 15408026.80 15408026.80
liabilities
Accounts
2607629899.172607629899.172607629899.17
payable
225 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
December 31 2023
Items
Contract amount
Carrying amount Within 1 year 1-3 years Over 3 years
not yet discounted
Other payables 3326996153.10 3326996153.10 3326996153.10
Non-current
liabilities due 42382811.96 42382811.96 42382811.96
within one year
Lease liabilities 121370635.09 143345637.22 71615016.01 71730621.21
Subtotal 6113787526.12 6135762528.25 5992416891.03 71615016.01 71730621.21
(III) Market risk
Market risk is the risk that the Company may encounter fluctuation in fair value or future cash flows of
financial instruments due to changes in market price. Market risk mainly includes interest risk and foreign
currency risk.
1. Interest risk
Interest risk is the risk that an enterprise may encounter fluctuation in fair value or future cash flows of
financial instruments due to changes in market interest rate. The Company’s fair value interest risks arise
from fixed-rate financial instruments while the cash flow interest risks arise from floating-rate financial
instruments. The Company determines the proportion of fixed-rate financial instruments and floating-rate
financial instruments based on the market environment and maintains a proper financial instruments
portfolio through regular review and monitoring.
2. Foreign currency risk
Foreign currency risk is the risk arising from changes in fair value or future cash flows of financial
instrument resulted from changes in exchange rate. The Company is operated in mainland China whose
main activities are denominated in RMB hence the Company bears insignificant market risk arising from
foreign exchange changes.
2. Hedging
(1) Risk management of hedging business
√ Applicable □ Not Applicable
Economic Achievement
relationships of expected Effect of
Corresponding risk management Qualitative and quantitative between hedged risk corresponding hedging
Items
strategies and objectives information on hedged risk items and related management activities on risk
hedging objectives on exposure
instruments effectiveness
The purchase price of aluminum The approval procedures of
Expected
one of the significant packaging foreign hedges carried out by the Exposure to
commodity There might be a
materials for beer production has Company using self-owned commodity
swaps can situation where
fluctuated considerably due to the funds comply with relevant swaps and
fully hedge commodity swaps
Cash influence of macroeconomy in national laws and regulations expected
the price cannot fully hedge
flow recent years. In order to ensure the and hedges carried out to avoid future
risks of the price risks of
hedges relative stability of product costs fluctuations in price of purchases
future future purchases
and achieve stable operation the aluminum were conductive to moves in the
purchases resulting in hedge
Company analyzed the expected controlling business risks and opposite
and hedges ineffectiveness
aluminum purchase transactions improving the Company’s direction
are effective
based on which the Company capability to withstand the
226 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Economic Achievement
relationships of expected Effect of
Corresponding risk management Qualitative and quantitative between hedged risk corresponding hedging
Items
strategies and objectives information on hedged risk items and related management activities on risk
hedging objectives on exposure
instruments effectiveness
carried out hedges by futures fluctuations in the market andoptions swaps and other derivative regulations of the “Managementinstruments. Measures for Foreign Hedges”.Please refer to the following
note for quantitative
information.Other remarks
√ Applicable □ Not Applicable
Note: Quantitative analysis on cash flow hedges
Monetary unit: RMB Yuan
Hedge effectiveness
Hedging
Categories Hedged risks Accumulated amount at the
instruments Current period end of the period (hedging
cumulative
reserve)
Fluctuation in
Cash flow Commodity
price of 22599812.92 21584518.90
hedges swaps
aluminum
(2) Conducting eligible hedging businesses and applying hedge accounting
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Cumulative fair value
Carrying amount hedge adjustments of Hedge Relevant effects of hedge
related to hedged hedged items included effectiveness and accounting on the
Items
items and hedging in the carrying sources of Company’s financial
instruments amount of recognized ineffective portion statements
hedged items
Type of hedging risk
Expected
Derivative financial assets:
commodity swaps
22482125.72;
can fully hedge the
Commodity price derivative financial
21584518.90 -11287155.44 price risks of
risk liabilities: 897606.82;
future purchases
other comprehensive
and hedges are
income: 17296330.70
effective
Categories of hedges
Expected
Derivative financial assets:
commodity swaps
22482125.72;
can fully hedge the
derivative financial
Cash flow hedges 21584518.90 -11287155.44 price risks of
liabilities: 897606.82;
future purchases
other comprehensive
and hedges are
income: 17296330.70
effective
Other remarks
□ Applicable √ Not Applicable
(3) Conducting hedges for risk management with expectation to achieve risk management objectives
but not applying hedge accounting
227 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
3. Financial assets transfer
(1) Ways of financial assets transfer
□ Applicable √ Not Applicable
(2) Financial assets derecognized due to transfer
□ Applicable √ Not Applicable
(3) Continuing involvement in the transferred financial assets
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
XIII. Fair value disclosure
1. Details of fair value of assets and liabilities at fair value at the balance sheet date
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Recurring fair
value measurement
(I) Held-for-trading
22482125.7222482125.72
financial assets
1. Financial assets
measured as at fair
value through profit
or loss
(1) Debt instrument
investments
(2) Equity instrument
investments
(3) Others
2. Financial assets
designated as at fair
value through profit
or loss
(1) Debt instrument
investments
(2) Equity
instrument
investments
228 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
3. Derivative
22482125.7222482125.72
financial assets
(II) Other debt
investments
(III) Other equity
instrument 17825955.91 17825955.91
investments
(IV) Investment
property
1. Land use right
held for lease
2. Buildings for lease
3. Land use right
held for transfer after
appreciation
(V) Biological assets
1. Consumptive
biological assets
2. Productive
biological assets
Total assets at
recurring fair value 22482125.72 17825955.91 40308081.63
measurement
(VI) Held-for-
897606.82897606.82
trading liabilities
1. Financial
liabilities measured
as at fair value
through profit or loss
Including: Held-for-
trading bonds issued
Derivative
financial
liabilities
Others
2. Financial
liabilities designated
as at fair value
through profit or loss
3. Derivative
897606.82897606.82
financial liabilities
Total liabilities at
recurring fair value 897606.82 897606.82
measurement
II. Non-recurring
fair value
measurement
(I) Assets held for
sale
Total assets at non-
recurring fair value
229 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
measurement
Total liabilities at
non-recurring fair
value measurement
2. Basis for determining level 1 fair value at recurring and non-recurring fair value measurement
√ Applicable □ Not Applicable
The amounts of derivative financial assets and derivative financial liabilities were determined based on
the bank statements provided by the financial institutions.
3. Qualitative and quantitative information of valuation technique(s) and key input(s) for level 2 fair
value at recurring and non-recurring fair value measurement
√ Applicable □ Not ApplicableThe Company took level 2 inputs as the fair value as the shares of Bank of Guizhou Co. Ltd. (the “GuizhouBank”) held by the Company cannot be publicly transferred in H-share market. The fair value per share
of equity investment in Guizhou Bank as at December 31 2024 was measured based on the net assets per
share of Guizhou Bank as at June 30 2024 disclosed in the latest interim report under certain discount
method.
4. Qualitative and quantitative information of valuation technique(s) and key input(s) for level 3 fair
value at recurring and non-recurring fair value measurement
√ Applicable □ Not Applicable
The Company’s other non-current financial assets refer to equity investments in Xinjiang Guozhiming
Packaging Co. Ltd. which has been closed in previous year and is a non-public interest entity. The
Management has made full provisions for impairment on such entity in previous year due to its high going
concern risk.
5. Items for level 3 recurring fair value measurement a reconciliation from the opening balances to
the closing balances and sensitive analysis on unobservable inputs
□ Applicable √ Not Applicable
6. Items at recurring fair value measurement with inter-level transfer and reasons and policies for
determining inter-level transfer time
□ Applicable √ Not Applicable
7. Changes in valuation techniques in the current period and reasons for changes
□ Applicable √ Not Applicable
230 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
8. Fair value of financial assets and liabilities not at fair value
□ Applicable √ Not Applicable
9. Others
□ Applicable √ Not Applicable
XIV. Related party relationships and transactions
1. Parent company of the Company
√ Applicable □ Not Applicable
Remarks on parent company of the Company
Carlsberg Foundation is the Company’s actual controller and controls the Company’s controlling
shareholder Carlsberg Breweries A/S which holds 42.54% and 17.46% of the Company’s equity through
Carlsberg Brewery Hong Kong Limited and Carlsberg Chongqing Limited respectively.The Company’s ultimate controlling party is Carlsberg Foundation.Other remarks
None.
2. Subsidiaries of the Company
Please refer to relevant items for details on the Company’s subsidiaries.√ Applicable □ Not Applicable
Please refer to item X of this section for details on the Company’s subsidiaries.
3. Joint ventures and associates of the Company
Please refer to relevant items for details on the Company’s significant joint ventures and associates.√ Applicable □ Not Applicable
Please refer to item X of this section for details on the Company’s significant joint ventures and associates.Details of other joint ventures or associates carrying out related party transactions with the Company in
the current period or in preceding period but with balance in the current period are as follows:
√ Applicable □ Not Applicable
Joint ventures or associates Relationships with the Company
Chongqing Jiawei Beer Co. Ltd. Associate
Other remarks
□ Applicable √ Not Applicable
231 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
4. Other related parties of the Company
√ Applicable □ Not Applicable
Related parties Relationships with the Company
Under common control of the Company’s ultimate
Carlsberg Marketing Sdn Bhd
controlling party
Under common control of the Company’s ultimate
Carlsberg Supply Company AG
controlling party
Under common control of the Company’s ultimate
Cambrew Limited
controlling party
Under common control of the Company’s ultimate
Carlsberg A/S
controlling party
Under common control of the Company’s ultimate
Carlsberg Brewery Hong Kong Limited
controlling party
Under common control of the Company’s ultimate
Carlsberg Singapore Pte Ltd
controlling party
Under common control of the Company’s ultimate
Lao Brewery Co. Ltd.controlling party
Under significant influence of the Company’s ultimate
Super Bock Bebidas S.A.controlling party
Beijing Capital Brewing Jinmai Trading
Associate of the Company’s controlling shareholder
Co. Ltd. [Note]
G-Shell Asia Pacific (Beijing) Food Co.Associate of the Company’s controlling shareholder
Ltd. [Note]
Other remarks
Note: In September 2023 the subsidiary Carlsberg Chongqing Brewery Co. Ltd. entered into equity
transfer agreements with G-Shell Asia Pacific Limited and Capital Brewing Company Limited under
which Carlsberg Chongqing Brewery Co. Ltd. acquired 100.00% of equity of G-Shell Asia Pacific
(Beijing) Food Co. Ltd. and Beijing Capital Brewing Jinmai Trading Co. Ltd. held by G-Shell Asia
Pacific Limited and Capital Brewing Company Limited respectively. The equity transfers were completed
in October 2023. Therefore G-Shell Asia Pacific (Beijing) Food Co. Ltd. and Beijing Capital Brewing
Jinmai Trading Co. Ltd. became entities within the consolidation scope of the Company since October
2023 and the preceding period cumulative of the related party transactions is the transaction amount from
January to September 2023.
5. Related party transactions
(1) Purchase and sale of goods rendering and receiving of services
Purchase of goods and receiving of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Content of Current period Preceding period
Related parties
transactions cumulative comparative
Purchase of goods
Chongqing Jiawei Beer Co. Ltd. 523270452.13 540257796.00
[Note]
Carlsberg A/S Purchase of goods 230673.47
Carlsberg Supply Company AG Purchase of goods 2631.21 106708.48
232 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Content of Current period Preceding period
Related parties
transactions cumulative comparative
Beijing Capital Brewing Jinmai
Purchase of goods 91080.00
Trading Co. Ltd.Purchase of
Chongqing Jiawei Beer Co. Ltd. 14078.79
materials etc.Total 523503756.81 540469663.27
Note: Please refer to item XIV 5 (8) of this section for details on exclusive sales of purchase of beers.Sale of goods and rendering of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Content of Current period Preceding period
Related parties
transaction cumulative comparative
Carlsberg Brewery Hong Kong
Sale of goods etc. 91728941.78 70980668.29
Limited
Carlsberg Singapore Pte Ltd Sale of goods etc. 21598085.29 1740410.78
Cambrew Limited Sale of goods 1232052.99 1035486.36
Lao Brewery Co. Ltd. Sale of goods 106089.44 173216.66
Chongqing Jiawei Beer Co. Ltd. Sale of goods 44499.96 9702.41
Carlsberg Marketing Sdn Bhd Sale of goods 9132.84
G-Shell Asia Pacific (Beijing)
Sale of goods 773161.09
Food Co. Ltd.Total 114709669.46 74721778.43
Remarks on purchase and sale of goods rendering and receiving of services
√ Applicable □ Not Applicable
Note: The transaction amounts presented in item XIV 5 of this section were tax-excluded amounts.
(2) Related party trust/contracting and consignation/outsourcing
The Company’s trust/contracting:
□ Applicable √ Not Applicable
Remarks on related party trust/contracting
□ Applicable √ Not Applicable
The Company’s consignation/outsourcing
□ Applicable √ Not Applicable
Remarks on related party consignation/outsourcing
□ Applicable √ Not Applicable
(3) Related party leases
The Company as the lessor:
□ Applicable √ Not Applicable
233 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
The Company as the lessee
□ Applicable √ Not Applicable
Remarks on related party leases
□ Applicable √ Not Applicable
(4) Related party guarantees
The Company as the guarantor
□ Applicable √ Not Applicable
The Company as the guaranteed party
□ Applicable √ Not Applicable
Remarks on related party guarantees
□ Applicable √ Not Applicable
(5) Call loans between related parties
□ Applicable √ Not Applicable
(6) Assets transfer and debt restructuring of the related parties
□ Applicable √ Not Applicable
(7) Key management’s emoluments
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Items Current period cumulative Preceding period comparative
Key management’s emoluments 2123.44 2663.55
(8) Other related party transactions
√ Applicable □ Not Applicable
1. Related party licensing
(1) The Company as the licensee
Monetary unit: RMB Yuan
Preceding period
Related parties Current period cumulative
comparative
Carlsberg Breweries A/S [Note 1] 228556463.57 234349406.25
Beijing Capital Brewing Jinmai Trading Co. Ltd.
1101139.54
[Note 2]
Total 228556463.57 235450545.79
Note 1: Carlsberg Breweries A/S granted the Company a license to use trademarks including Carlsberg Tuborg
Carlsberg LIGHT Kronenbourg 1664 Jolly Shandy Somersby etc. with the licensing period as same as the
registration validity period of licensed trademarks agreed in trademark licensing contract and its appendix. It was
agreed by both parties that trademark licensing fees should be calculated based on the Company’s net sales revenue
from the production and sales of products with licensed trademark in the calendar year. Details of rate of licensing
fees are as follows: 4% for Tuborg 5% for Carlsberg Jolly Shandy and Somersby 6% for Kronenbourg 1664
(excluding Blanc series products) and 7% for Blanc series products etc.
234 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Note 2: Beijing Capital Brewing Jinmai Trading Co. Ltd. granted the Company a license to use the trademark of
JingA with the licensing period as same as the registration validity period of licensed trademarks agreed in
trademark licensing contract and its appendix. It was agreed by both parties that trademark licensing fees should be
calculated at 6% of Company’s net sales revenue from the production and sales of products with licensed trademark
in the calendar year. Such entity has been included into the consolidation scope of the Company since October 2023.
(2) The Company as the licensor
Monetary unit: RMB Yuan
Current period Preceding period
Related parties
cumulative comparative
Carlsberg Brewery Hong Kong Limited [Note 1] 31944.66 118353.59
Carlsberg Singapore Pte Ltd [Note 2] 2475.44
Total 34420.10 118353.59
Note 1: The Company granted Carlsberg Brewery Hong Kong Limited a license to use the trademark of Wusu Beer
with the licensing period as same as the registration validity period of licensed trademarks agreed in trademark
licensing contract and its appendix. It was agreed by both parties that trademark licensing fees should be calculated
based on the Company’s net sales revenue from sales of products with licensed trademark in the calendar year.Details of rate of licensing fees are as follows: 2.50% from January 1 2023 to December 31 2023; and 3.75% from
January 1 2024.Note 2: The Company granted Carlsberg Singapore Pte Ltd a license to use the trademark of Wusu Beer with the
licensing period as same as the registration validity period of licensed trademarks agreed in trademark licensing
contract and its appendix. It was agreed by both parties that trademark licensing fees should be calculated based on
the Company’s net sales revenue from sales of products with licensed trademark in the calendar year with rate of
licensing fees of 3.75%.
2. Granted production
Super Bock Bebidas S.A. granted Carlsberg Tianmuhu Brewery (Jiangsu) Co. Ltd. to produce beer with trademark
of “Super Bock” and sell it to the designated third party. In the current period 1180.61 kiloliters of beer were
produced and the sales amount was 5434588.43 yuan.
3. Related party exclusive sales agreements
Pursuant to the “Framework Agreement on Exclusive Sales of Products” entered into between the Company and
Chongqing Jiawei Beer Co. Ltd. (“Jiawei Beer”) in January 2009 Jiawei Beer would exclusively produce beers
with trademark of Shancheng and sell all of the beers produced to the Company within the term of the agreement.Based on Jiawei Beer’s annual production capacity of 0.15 million kiloliters of beers in the current period and
market demand and the actual production and sales volume of 80000 kiloliters in 2008 the Company agreed that
the sales volume of beers from Jiawei Beer would increase by 14000 kiloliters each year from 2009 to 2013
ensuring that the sales volume would reach 0.15 million kiloliters in 2013 and keep up with the increase in the total
production and sales volume of the Company’s beer enterprises in Jiulongpo District and North New District of
Chongqing from 2014. The selling prices of beers from Jiawei Beer should be determined in accordance with the
ex-factory prices of beers in the Company’s beer enterprises in Jiulongpo District and North New District of
Chongqing with the same variety specification and market and the average price of beers from Jiawei Beer per
235 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
kiloliter should be the same as that produced by the Company’s beer enterprises in Jiulongpo District and North
New District of Chongqing. In the meantime Jiawei Beer should pay for the selling expenses in accordance with
the quantity of beers sold by the Company. It was agreed that from 2014 Jiawei Beer should pay the selling
expenses at 100.00 yuan per kiloliter for the part of beers with sales volume less than 0.15 million kiloliters
(inclusive) and pay the selling expenses in accordance with the average selling expenses per kiloliter of beers in
the Company’s beer enterprises in Jiulongpo District and North New District of Chongqing for the part exceeding
0.15 million kiloliters. The validity period of the agreement is 20 years. The matters related to exclusive sales of
beers mentioned above have been deliberated and approved in the Company’s first extraordinary shareholders’
meeting of 2009.Due to the disputes from both parties on performance of terms related to price in the exclusive sales agreement and
the accumulated difference in exclusive sales of beers and under approval of the seventh meeting of the eighthsession of the Board of Directors the Company signed a supplementary agreement of “Framework Agreement onExclusive Sales of Products” with Jiawei Beer on December 28 2016 to ensure the sound cooperation in future.The main contents of the supplementary agreement are as follows:
(1) Adjustment on the calculation method of sales volume and net revenue from beers agreed in the exclusive sales
agreement: both parties agreed to involve the sales volume of Hechan Branch in 2015 in the calculation of the
growth rate of sales volume and the average net revenue from beers from January 2016 due to the overlap of sales
areas.
(2) Clarification on the solutions for difference in volume and price: both parties agreed that the Company should
adjust the volume of beers purchased from Jiawei Beer or pay compensation in cash at the price of beers per kiloliter
agreed by both parties when there is difference in volume or price during the performance of the exclusive sales
agreement.
(3) Clarification on settlement in the original way: both parties agreed that the settlement should be carried out in
accordance with the exclusive sales agreement and jointly engage a third-party intermediary agency to conduct a
special audit on the average price and volume of beers of both parties in the previous year which should be taken
as the basis for the final settlement of the year.
(4) Compensation on difference in price: both parties agreed that within 3 years from January 1 2016 the
difference in price should be treated as follows: for difference in price between the higher average net revenue from
beers of the Company and that of Jiawei Beer in the first year (2016) if the difference is less than or equivalent to
4% of the average net revenue from beers of Jiawei Beer in 2016 the Company would not compensate Jiawei Beer;
otherwise the Company would compensate Jiawei Beer for the portion exceeding 4%; if the difference in the second
year (2017) is less than or equivalent to 2% of the average net revenue from beers of Jiawei Beer in 2017 the
Company would not compensate Jiawei Beer; otherwise the Company would compensate Jiawei Beer for the
portion exceeding 2%; if the difference in the third year (2018) is less than or equivalent to 1% of the average net
revenue from beers of Jiawei Beer in 2018 the Company would not compensate Jiawei Beer; otherwise the
Company would compensate Jiawei Beer for the portion exceeding 1%.
(5) New products and usage of brands: in order to ensure that the average net revenue from beers per kiloliter of
Jiawei Beer is as same as that of the Company the Company agreed that Jiawei Beer could produce products with
236 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
the trademarks of “Tuborg” “Chongqing Chunsheng” etc. under the premise of meeting the corresponding
production standards of products and the products should be exclusively sold by the Company.It is confirmed by both parties that the supplementary agreement would come into effect from the date of signing
by both parties and would be implemented retrospectively from January 1 2016. In the meantime it is agreed in
the supplementary agreement that the Company should pay settlement fees of 30.00 million yuan to Jiawei Beer
within one month after the effective date of the agreement. Except for the settlement fees Jiawei Beer could not
require the Company to bear any liabilities for breach of “Framework Agreement on Exclusive Sales of Products”
before the effective date of the supplementary agreement.In 2023 the Company actually sold beers of 134088.26 kiloliters with the trademarks of “Shancheng” “Chongqing”
and “Tuborg” totaling 540.26 million yuan (tax exclusive) and Jiawei Beer should pay selling expenses of 20.11
million yuan. In 2024 the Company actually sold beers of 129636.48 kiloliters with the trademarks of “Shancheng”
“Chongqing” and “Tuborg” totaling 523.27 million yuan (tax exclusive) and Jiawei Beer should pay selling
expenses of 17.42 million yuan.
6. Balances due to or from related parties
(1) Balances due from related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Related parties
Provision for bad Provision for bad
Book balance Book balance
debts debts
Accounts
receivable
Carlsberg Brewery
25653789.951282689.5026389186.651319459.33
Hong Kong Limited
Carlsberg Singapore
2198178.82109908.94195323.109766.16
Pte Ltd
Cambrew Limited 123131.97 6156.60
Subtotal 27975100.74 1398755.04 26584509.75 1329225.49
Other receivables
Chongqing Jiawei Beer
10209407.41510470.37
Co. Ltd.Carlsberg Brewery
13964.24698.2112783.35639.17
Hong Kong Limited
Carlsberg Singapore
2475.44123.77
Pte Ltd
Subtotal 10225847.09 511292.35 12783.35 639.17
(2) Balances due to related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Related parties Closing book balance Opening book balance
Accounts payable
Chongqing Jiawei Beer Co.
727016.35
Ltd.Subtotal 727016.35
237 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Related parties Closing book balance Opening book balance
Other payables
Carlsberg Breweries A/S 29152050.19 36092861.30
Subtotal 29152050.19 36092861.30
(3) Others
□ Applicable √ Not Applicable
7. Related party commitments
□ Applicable √ Not Applicable
8. Others
□ Applicable √ Not Applicable
XV. Share-based payment
1. Equity instruments
□ Applicable √ Not Applicable
Share options or other equity instruments outstanding at the balance sheet date
□ Applicable √ Not Applicable
2. Equity-settled share-based payment
□ Applicable √ Not Applicable
3. Cash-settled share-based payment
□ Applicable √ Not Applicable
4. Total share-based payments recognized in the current period
□ Applicable √ Not Applicable
5. Modifications and cancellations of share-based payment
□ Applicable √ Not Applicable
6. Others
□ Applicable √ Not Applicable
XVI. Commitments and contingencies
1. Significant commitments
√ Applicable □ Not Applicable
Significant commitments their nature and amount at the balance sheet date
Please refer to item XIV 5 (8) of this section for details on beer produced by Jiawei Beer and exclusively sold by
238 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
the Company.Other than the above-mentioned events the Company has no significant commitments to be disclosed as of the
balance sheet date.
2. Contingencies
(1) Significant contingencies at the balance sheet date
√ Applicable □ Not Applicable
When the Company undertakes the exclusive sales of the beer produced by Jiawei Beer the two parties shall settle
the difference in sales volume and price. As of December 31 2024 the Company has estimated the cost of making
up the net difference in sales volume and price based on the performance of the agreement with final settlement not
yet made. Please refer to item XIV 5 (8) of this section for details.In December 2023 the Company received a copy of the “Civil Complaint” numbered [2023] Yu 05 Min Chu 232
issued by Chongqing Fifth Intermediate People’s Court which stated that the lawsuit against the Company for
disputes over exclusive sales agreements by Jiawei Beer had been accepted. The requests of Jiawei Beer include the
followings:
1. The Company shall compensate Jiawei Beer for the losses caused by the violation of the “Exclusive SalesAgreement” “Supplementary Agreement” “Memorandum” “Minutes of Meeting” and other agreements from 2011
to the end of 2020 (before the major assets reorganization of the Company) which are temporarily estimated at
495.63 million yuan (of which losses of 255.06 million yuan incurred from January 2011 to the end of December
2015 and losses of 240.57 million yuan incurred from January 2016 to the end of December 2020) and the interest
losses of 18 million yuan temporarily estimated from the end of December 2011 to December 31 2022 (of which
the interest losses corresponding to the loss incurred from January 2011 to the end of December 2015 are 10 million
yuan; the interest losses corresponding to the loss incurred from January 2016 to the end of December 2022 are 8
million yuan. These interest losses are calculated separately based on the losses finally determined the interest rate
of loans for the same period and the LPR published by the People’s Bank of China until the date of full payment);
2. The Company shall compensate Jiawei Beer for the losses caused by the violation of the “SupplementaryAgreement” “Memorandum” and other agreements since 2021 (after the major assets reorganization of the
Company) which are temporarily estimated at 115.05 million yuan and the interest losses of 3 million yuan
temporarily estimated as of December 31 2022 (calculated separately based on the ultimately recognized losses and
LPR until the date of full payment).In March 2025 the Company received a copy of the Civil Judgment (2023) Yu 05 Min Chu No. 232 issued by the
Chongqing Fifth Intermediate People’s Court. The Chongqing Fifth Intermediate People’s Court rendered a first-
instance judgment on this case ordering the Company to compensate Chongqing Jiawei Beer Co. Ltd. for losses
totaling 353063502.24 yuan. As of the date of approval for issuing the financial statements the Company has
appealed the first-instance judgment to the Chongqing Higher People’s Court. In accordance with the principle of
prudence in accounting Carlsberg Chongqing Brewery Co. Ltd. a subsidiary of the Company that implemented
the exclusive sales has accrued provisions of 254029189.86 yuan.Except for the aforementioned events the Company has no other significant contingencies to be disclosed as of the
239 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
balance sheet date.
(2) Remarks shall also be given if the Company has no significant contingencies to be disclosed.
□ Applicable √ Not Applicable
3. Others
□ Applicable √ Not Applicable
XVII. Events after the balance sheet date
1. Significant non-adjusting events
□ Applicable √ Not Applicable
2. Profit distribution
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Profit or dividend planned to be distributed 435574078.20
Profit or dividend approved to be distributed
Pursuant to the profit distribution plan of 2024 proposed at the 20th meeting of the tenth session of the Board of
Directors dated April 1 2025 the Company intends to distribute cash dividend of 0.90 yuan (tax inclusive) per share
out of profits available for distribution as of December 31 2024. Such event needs to be submitted to the
shareholders’ meeting for deliberation and approval.Except for the aforementioned events the Company has no other non-adjusting events after the balance sheet date
to be disclosed as of the date of approval for issuing the financial statements.
3. Sales return
□ Applicable √ Not Applicable
4. Other remarks
□ Applicable √ Not Applicable
XVIII. Other significant events
1. Corrections of prior period errors
(1) Retroactive restatement method
□ Applicable √ Not Applicable
(2) Prospective application method
□ Applicable √ Not Applicable
2. Significant debt restructuring
□ Applicable √ Not Applicable
240 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
3. Assets exchange
(1) Non-cash assets exchange
□ Applicable √ Not Applicable
(2) Other assets exchange
□ Applicable √ Not Applicable
4. Annuity plan
□ Applicable √ Not Applicable
5. Discontinued operations
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Profit from discontinued
Income operations attributable to
Items Revenue Expenses Total profit Net profit
tax owners of the parent
company
Shutdown
factories and 2008.51 -2008.51 -2008.51 -2008.51
companies
Other remarks
None.
6. Segment information
(1) Identification basis and accounting policies for reportable segments
√ Applicable □ Not Applicable
Reportable segments are identified according to the structure of the Company’s internal organization management
requirements and internal reporting system and based on regional segments. Assessments are respectively
performed on the operating performance of southern region northwest region and central region. Assets and
liabilities shared by different segments are allocated among segments proportionate to their respective sizes.
(2) Financial information of reportable segments
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Northwest Inter-segment
Items Southern region Central region Total
region offsetting
Operating revenue 501299.04 410595.12 703005.41 150439.79 1464459.78
Including: Revenue
from contracts with 501299.04 410595.12 703005.41 150439.79 1464459.78
customers
Operating cost 249584.08 221978.35 407834.73 126259.48 753137.68
Total assets 581473.09 363168.92 917947.45 765755.49 1096833.97
Total liabilities 421476.23 213473.19 672081.76 455563.02 851468.16
241 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(3) Reasons shall be given if the Company has no reportable segment or cannot disclose the total assets and
liabilities of each reportable segment.□ Applicable √ Not Applicable
(4) Other remarks
□ Applicable √ Not Applicable
7. Other significant transactions and events that may be influential for investors in decision-making
√ Applicable □ Not Applicable
Pursuant to the “Proposal on Continuing to Carry Out Aluminum Hedging Business” deliberated and approved by
the 15th meeting of the tenth session of the Board of Directors of 2024 and the eighth meeting of the tenth session
of the Board of Directors of 2023 “Proposal on Carrying Out Aluminum Futures Hedges by Subsidiaries”deliberated and approved by the Company’s first extraordinary shareholders’ meeting of 2022 and the “Proposal onAdjusting the Implementation Plan of Aluminum Hedges” deliberated and approved by the Company’s shareholders’
meeting of 2021 the Company and its subsidiaries intend to in legal compliance without affecting normal
operations invest in aluminum hedges at an appropriate time using self-owned funds of not more than USD 110.00
million. As of December 31 2024 the Company’s position amounted to USD 69064680.50 which has not yet
expired.
8. Others
√ Applicable □ Not Applicable
(I) Major investments
Approved by the fourth extraordinary shareholders’ meeting of 2021 the subsidiary Carlsberg Chongqing BreweryCo. Ltd. and Xi’nan Subdistrict Office of Sanshui District Foshan City entered into the “Letter of Intent forInvestment in Beer Production Base Project” agreeing that Carlsberg Chongqing Brewery Co. Ltd. plans to build
a production base with an annual production capacity of 500000 kiloliters of beer in Sanshui District Foshan City
Guangdong Province with a fixed assets investment of about 1.03 billion yuan. The two parties also agreed on the
investment intensity development progress and economic contributions. Under the approval of the third
extraordinary shareholders’ meeting of 2022 in order to meet the needs of building intelligent and green wineries
reduce the long-term operating costs and improve the stability of product quality the Company increased the total
investment of the project to 1.492 billion yuan. As of the balance sheet date the project has been completed and
officially put into production with cumulative investment of 1.464 billion yuan.(II) Major litigations
Please refer to item XVI 2 of this section for details on the lawsuit that Jiawei Beer filed against the Company for
disputes over exclusive sales agreements.XIX. Notes to items of parent company financial statements
1. Accounts receivable
(1) Age analysis
□ Applicable √ Not Applicable
242 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
(2) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Accounts receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Accounts receivable with provision made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of accounts receivable with changes in provision for bad debts
□ Applicable √ Not Applicable
(3) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(4) Accounts receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant accounts receivable written off in the current period
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
□ Applicable √ Not Applicable
(5) Details of the top 5 debtors with largest balances
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
2. Other receivables
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest receivable
Dividend receivable
243 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Closing balance Opening balance
Other receivables 12838508.69 4028306.41
Total 12838508.69 4028306.41
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Interest receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Remarks on interest receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Interest receivable with provision made on a collective basis
□ Applicable √ Not Applicable
(4) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of interest receivable with changes in provision for bad debts
□ Applicable √ Not Applicable
(5) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(6) Interest receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant interest receivable written off
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
244 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Dividend receivable
(7) Details
□ Applicable √ Not Applicable
(8) Significant balance with age over one year
□ Applicable √ Not Applicable
(9) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Dividend receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Remarks on dividend receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Dividend receivable with provision made on a collective basis
□ Applicable √ Not Applicable
(10) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of dividend receivable with changes in provision for bad debts
□ Applicable √ Not Applicable
(11) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(12) Details on dividend receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant dividend receivable written off
□ Applicable √ Not Applicable
Remarks on dividend receivable written off
□ Applicable √ Not Applicable
245 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Other remarks:
□ Applicable √ Not Applicable
Other receivables
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year
Including:
Within 1 year 10209407.41 40000.00
Subtotal 10209407.41 40000.00
1-2 years 40000.00 4433673.79
2-3 years 4433673.79
Over 3 years
3-4 years
4-5 years
Over 5 years
Total 14683081.20 4473673.79
(13) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Nature of receivables Closing book balance Opening book balance
Underwriting fees receivable 10209407.41
Land disposal fees receivable 4300000.00 4300000.00
Security deposits 173673.79 173673.79
Total 14683081.20 4473673.79
(14) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Stage 1 Stage 2 Stage 3
Provision for bad 12?month Lifetime expected Lifetime expected Total
debts expected credit credit losses (credit credit losses
losses not impaired) (credit impaired)
Balances at January 1
2000.00443367.38445367.38
2024
Balances at January 1
2024 in the current
period
--Transferred to stage
-2000.002000.00
2
246 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Stage 1 Stage 2 Stage 3
Provision for bad 12?month Lifetime expected Lifetime expected Total
debts expected credit credit losses (credit credit losses
losses not impaired) (credit impaired)
--Transferred to stage
-443367.38443367.38
3
--Reversed to stage 2
--Reversed to stage 1
Provision made in the
510470.372000.00886734.761399205.13
current period
Provision recovered
in the current period
Provision reversed in
the current period
Provision written off
in the current period
Other changes
Balances at December
510470.374000.001330102.141844572.51
312024
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of other receivables with changes in provision for bad debts
□ Applicable √ Not Applicable
Determination basis for provision for credit impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(15) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(16) Other receivables actually written off in the current period
□ Applicable √ Not Applicable
Significant other receivables written off
□ Applicable √ Not Applicable
Remarks on other receivables written off
□ Applicable √ Not Applicable
(17) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
247 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Proportion to the
Closing balance of
total balance of Nature of
Debtors Closing balance Ages provision for bad
other receivables receivables
debts
(%)
Chongqing Jiawei Beer Underwriting
10209407.41 69.53 Within 1 year 510470.37
Co. Ltd. fees receivable
Chongqing Hongye
Land disposal
Industry (Group) Co. 4300000.00 29.29 2-3 years 1290000.00
fees receivable
Ltd.Kingold Group Co. Ltd. Security
133673.79 0.91 2-3 years 40102.14
[Note] deposits
Guangzhou Wenxin
Security
Automotive Leasing Co. 40000.00 0.27 1-2 years 4000.00
deposits
Ltd.Total 14683081.20 100.00 / / 1844572.51
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co. Ltd.
(18) Balances presented under other receivables due to the centralized fund management
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
3. Long-term equity investments
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items
Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investments in
1714103968.7819037610.071695066358.711714103968.7819037610.071695066358.71
subsidiaries
Total 1714103968.78 19037610.07 1695066358.71 1714103968.78 19037610.07 1695066358.71
(1) Investments in subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current movements
Opening balance of Closing balance
Opening balance of Closing balance of
Investees provision for Provision for of provision for
carrying amount Investments Investments carrying amount
impairment impairment Others impairment
increased decreased
made
Carlsberg Chongqing
1695066358.7119037610.071695066358.7119037610.07
Brewery Co. Ltd.Total 1695066358.71 19037610.07 1695066358.71 19037610.07
(2) Investments in associates and joint ventures
□ Applicable √ Not Applicable
(3) Impairment test of long-term equity investments
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
248 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
4. Operating revenue/Operating cost
(1) Details
□ Applicable √ Not Applicable
(2) Breakdown of operating revenue/operating cost
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(3) Remarks on performance obligations
□ Applicable √ Not Applicable
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
(5) Significant changes in contracts or significant adjustments on transaction prices
□ Applicable √ Not Applicable
Other remarks
None.
5. Investment income
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term
1427933400.001475239800.00
equity investments under cost method
Investment income from long-term
equity investments under equity method
Gains on disposal of long-term equity
investments
Investment income from held-for-
trading financial assets
Dividend income from other equity
instrument investments
Interest income from debt investments
Interest income from other debt
investments
Investment income from disposal of
held-for-trading financial assets
Investment income from disposal of
other equity instrument investments
Investment income from disposal of
debt investments
Investment income from disposal of
other debt investments
Income from debt restructuring
249 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Current period cumulative Preceding period comparative
Total 1427933400.00 1475239800.00
Other remarks
Note: Pursuant to the resolution and approval of the Company’s second and third extraordinary shareholders’
meetings of 2024 Carlsberg Chongqing Brewery Co. Ltd. distributed dividend of 1.428 billion yuan to the
Company based on its accumulated undistributed profits from January to October in 2024.
6. Others
□ Applicable √ Not Applicable
XX. Other supplementary information
1. Schedule of non-recurring profit or loss
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount Remarks
Gains or losses on disposal of non-current
assets including write-off of provision for -4696864.39
impairment
Government grants included in profit or loss
(excluding those closely related to operating
activities of the Company satisfying
government policies and regulations 59382565.14
enjoyed based on certain standards and
continuously affecting gains or losses of the
Company)
Gains or losses on changes in fair value of
financial assets and financial liabilities held
by non-financial enterprises and gains from
disposal of financial assets and financial 14261941.65
liabilities excluding those arising from
hedging business related to operating
activities
Fund possession charge from non-financial
entities and included in profit or loss
Gains on assets consigned to the third party
for investment or management
Gains on designated loans
Losses on assets incurred due to force
majeure such as natural disasters
The reversed provision for impairment of
receivables based on impairment testing on
an individual basis
Gains on acquisition of subsidiaries joint
ventures and associates due to the surplus of
acquisition-date fair value of net identifiable
assets in acquiree over the acquisition cost
Net profit on subsidiaries acquired through
business combination under common
control from the beginning of the period to
the combination date
250 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
Items Amount Remarks
Gains on non-cash assets exchange
Gains on debt restructuring
One-off expenses incurred due to the
discontinuation of relevant operating
activities such as severance payments
One-off effects on profit or loss due to
amendments of laws and regulations on
taxation accounting etc.Share-based payments recognized at one
time due to cancellation or modification of
the equity incentive plan
Gains arising from changes in the fair value
of employee benefits payable after the
vesting date for cash-settled share-based
payment
Gains on changes in fair value of
investment properties with subsequent
measurement at the fair value mode
Gains on transactions with unfair value
Contingent gains on non-operating activities -254029189.86
Management charges for consigned
operations
Other non-operating revenue or
-4675929.61
expenditures
Other profit or loss satisfying the definition
of non-recurring profit or loss
Less: Enterprise income tax affected 17432030.06
Non-controlling interest affected (after
-100157826.79
tax)
Total -107031680.34Remarks on defining items not listed in “Interpretation Pronouncement on Information Disclosure Criteria for PublicCompanies No. 1 – Non-Recurring Profit or Loss” as non-recurring profit or loss with significant amount andremarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on InformationDisclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
2. ROE and EPS
√ Applicable □ Not Applicable
Weighted average EPS (yuan/share)
Profit of the reporting period
ROE (%) Basic EPS Diluted EPS
Net profit attributable to ordinary
60.172.302.30
shareholders
Net profit attributable to ordinary
shareholders after deducting non- 65.95 2.52 2.52
recurring profit or loss
251 / 2522024 Annual Report of Chongqing Brewery Co. Ltd.
3. Financial data variance between financial reporting prepared under domestic and abroad accounting
standards
□ Applicable √ Not Applicable
4. Others
□ Applicable √ Not Applicable
Chairman of the Board of Directors: Jo?o Miguel Ventura Rego Abecasis
Date of approval for issuance: April 1 2025
Revision
□ Applicable √ Not Applicable
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