ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 01

ABOUT THE REPORT

This report represents the fourth Environmental Social and Governance (“ESG”) report of Chongqing Brewery Co. Ltd. (the “Company”). Its primary purpose is to present our ESG policies management practices and performance to

stakeholders providing a more comprehensive understanding of our ESG efforts.Time Span References Used in the Report Report Approval and Accessibility

The report covers the period from January 1 2025 to December For the convenience of expression and reading “Chongqing Brewery” The Board of Directors approved this report on March 9 2026. This

31 2025 (“2025” “reporting period” and “this year”). To ensure “the Company” and “We” in the report all refer to “Chongqing Brewery report is available in Simplified Chinese and English. In the event ofthe continuity and comparability of ESG reports certain data and Co. Ltd.” while “the Group” refers to “Carlsberg A/S”. any minor discrepancies between the two versions the Chinese version

information are backdated or forwarded to other significant years when shall prevail. The report is accessible as a pdf on the Shanghai Stock

appropriate. Exchange website (http://www.sse.com.cn) and on our official website

(https://www.carlsbergchina.com.cn).Scope of Reporting Source of Data

The subject of this report is Chongqing Brewery Co. Ltd. (Stock Code: All information cited in this report is from the Company’s official

600132) unless otherwise stated. The disclosure standards it follows are documents statistical reports and financial reports. The information

consistent with our annual report. presented in this report is provided by our employees and partners and

for the purpose of our ESG disclosure only and not for commercial

purposes.Basis of Preparation

In preparing this report we referred to Guidelines No. 14 of Shanghai

Disclaimer

Stock Exchange for Self-Regulation of Listed Companies—Sustainability

Report (Trial) GRI Sustainability Reporting Standards (GRI standards)

IFRS Sustainability Disclosure Guidelines released by ISSB ESG Please note that some parts of this report are forward-looking

Evaluation Guidelines for Chinese Alcoholic Beverage Enterprises and including plans goals etc. for future development. Such content is

ESG Disclosure Guidelines for Chinese Alcoholic Beverage Enterprises. based on the current expectations of the management which may be

We also took into account the suggestions put forward in the United subject to uncertainties that could cause it to differ materially from

Nations Sustainable Development Goals (SDGs). actual results. The Company does not undertake the obligation to

update any forward-looking statements in this report.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 03

Key ESG Performance

ZERO Carbon Footprint ZERO Farming Footprint ZERO Packaging Waste ZERO Water Waste ZERO Irresponsible Drinking ZERO Accidents Culture

-78.47% 308000 tons 93.1% -47.55% 3 kinds 15 consecutive years

Carbon emissions per hectoliter Recycled 308000 tons of Bottle return rate increased by Average water consumption 3 kinds of warning labels calling The Company has held All-

decreased by 78.47% in 2025 spent grains in 2025 equivalent 4.3% compared to 2022. The in 2025 was 2.03 hl/hl down for responsible drinking have been Staff Safety Day activities

compared with 2015 to the annual feed for 52800 bottle return rate in Chongqing 47.55% compared to 2015 added to the packaging of alcohol for 15 consecutive years to

head of cattle or 369600 head was 93.1% products continuously improve the

-1940421 of sheep 18836290 3 ability and safety awareness of tons m

30000 4 employees Reduced 1940421 tons of carbon tons Saved 18836290 m3 of water

emissions in total from 2015 to 100% Annual recycling of glass debris from 2015 to 2025 equivalent to Launched 4 low-alcohol products

2025 equivalent to 713000 cars Localized sourcing of 100% of amounted to 30000 tons 3.42 Xuanwu Lakes more than 10 years

off the road for one year main ingredients and localized equivalent to 120 million 330ml Eight breweries have had no

breweries million

sourcing of 55% of hops and bottles reducing carbon emissions

7 2 lost-time accidents for more

100 35% of malt products by 23900 tons At present seven of our breweries Released online responsible than 10 years % have already taken a lead in drinking advertisements onElectric forklift truck use increased -2300 achieving our goal of “water beer product search and browse to 100% in 2025 tons usage efficiency of 2.0 hl/hl in the pages of mainstream platforms 2 consecutive yearsLightweight packaging initiative Company” achieving over 2 million 27 of our breweries in China

100 reduced corrugated paper by impressions in total have had no lost-time accidents % green electricity 2300 tons plastic by 336 tons 2 for 2 consecutive years

Used 164477.64 MWh of green mglass by 1900 tons and aluminum 30600

electricity in 2025 reducing 87000 by 350 tons Chongqing Jiangsu and Yunnan multiple

tons of CO?e emissions equivalent water replenishment projects scenarios -94%

to planting 3.79 million trees 490 have been 100% completed with Compared to 2018 the number million Engaged across multiple 1214200 m3 of water replenished of lost-time accidents involving

scenarios including Chongqing

Approximately 490 million Cradle and 30600 m2 of wetland area employees in supply chain

Super League Urumqi Marathon

to Cradle eco-friendly ink labels restored and added equivalent to sales and administration

and brewery open days covering

were used in 2025 four standard football fields departments and contractors

full consumer touchpoints

decreased by 94%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 04

Products and Services Diversity Equity & Inclusion Responsible Procurement Community Engagement Compliance Management

100% 34.4% 100% RMB 450 million 881 hours

100% of our breweries have The proportion of female 100% of our major materials Launched the Chongqing Brewery Student 485 employees have participated in risk

passed ISO 9001 quality employees in management suppliers have passed Financial Assistant campaign and donated awareness training including internal

management system positions increased to 34.4% ISO 14001 environmental a total grant of RMB 4.05 million helping control framework risk training and finance

certification and HACCP management system 1929 underprivileged students to pursue and tax compliance training with over 881

certification certification/ ISO 9001 their education hours of training sessions

quality management system

certification RMB 280000 52 cases

Launched public welfare projects in Dali Successfully cracked down on 52

Yunnan and Quannan Jiangxi supporting counterfeiting and infringement cases

employment and entrepreneurship training

and assistance for rural women with a

total donation of RMB 280000ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 05

PRESIDENT’S MESSAGE

In 2025 the external environment remains fraught with uncertainty. In 2026 Chongqing Brewery's ESG initiatives will enter a new

Facing macroeconomic challenges and industry adjustments chapter.Chongqing Brewery adhered to its “Accelerate SAIL” strategy

maintaining a consumer-centric approach continuously driving With Carlsberg Group launching its upgraded ESG program—

product and category innovation and strengthening its operational “Brewing Tomorrow” Chongqing Brewery will further focus on

foundations to sustain a steady development pace. This further key topics critical to corporate development and societal impact.demonstrates that the Company's sustained investments in ESG Centered on four pillars—“Cutting Carbon” “Protecting Nature”

(Environmental Social and Corporate Governance) fields in recent “Inspiring Choice” and “Empowering People”—the Company will

years have become a critical pillar for high-quality growth. further advance its responsible business conduct.Over the past decade ESG has taken root at Chongqing Brewery. While maintaining its 2040 target of achieving net-zero emissions

across the entire value chain Chongqing Brewery has also set

Since 2016 guided by the ESG initiatives of the controlling and updated a series of milestone goals for 2032. These include

shareholder Car lsberg Group Chongqing Brewery has reducing operational carbon emissions by 90% compared to

systematically integrated ESG into its strategic planning and baseline years ensuring 100% recyclable compostable or

operational management addressing global topics such as climate reusable packaging all global alcohol brands carrying e-labels

change water scarcity and societal health and well-being. The and increasing the proportion of women in senior leadership roles

Company has continuously improved its governance system and to 42%.advanced related practices.Guided by the “Brewing Tomorrow” ESG program Chongqing

This report is not only Chongqing Brewery’s 2025 ESG Report but Brewery will build on its existing practices collaborate with

also a summary of its ESG efforts over the past decade. During stakeholders and steadily advance its goals. This will further

this period carbon emissions per hl of beer brewing decreased solidify the foundation for stable operations and sustainable

by 78.5% cumulatively approximately equivalent to 713000 cars development continuously fulfilling its corporate mission of

off the road for one year. Water consumption dropped by 47.6% “Brewing for a Better Today and Tomorrow”.reaching 2.03 hl/hl. Six of the Company's breweries have been

recognized as National-Level Green Factories.In MSCI’s ESG Ratings Chongqing Brewery has received an AA

Lee Chee Kong

rating for two consecutive years making it one of only two A-share

listed food and beverage companies to achieve this highest rating. President Chongqing Brewery Co. Ltd.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 06

ABOUT US

COMPANY PROFILE

Based in China Chongqing Brewery Co. Ltd. (SH.600132) is a International brands include Carlsberg Tuborg Kronenbourg 1664 are also committed to actively addressing global challenges such

subsidiary of Carlsberg Group the third largest brewer in the world. Brooklyn and Somersby. as inequality climate change and water scarcity by implementing

Carlsberg Group headquartered in Copenhagen Denmark was founded the Together Towards ZERO and Beyond (TTZAB) ESG program in

in 1847 and has over 180 beer brands that are sold in more than 150 Responding promptly to market changes we are one of the fastest China. We are dedicated to achieving our ZERO Carbon Footprint

markets worldwide. growing Chinese beer companies in recent years. In 2025 our revenue ZERO Water Waste ZERO Farming Footprint ZERO Packaging Waste

and net profit attributable to shareholders of our parent company were ZERO Irresponsible Drinking and ZERO Accidents Culture goals while

The Company operates a production and supply network consisting RMB 14.72 billion and RMB 1.231 billion respectively. adhering to the Group’s purpose of brewing for a better today and

of 27 breweries and a marketing and sales network spanning China’s tomorrow.provinces and municipalities with a product portfolio consisting of local China has become the Group’s largest market globally. In the Group’s

and international brands that meet the varied needs of consumers SAIL’27 strategy “Keep Winning in China” is listed as one of the

across different consumption scenarios. Local brands include Wusu strategic priorities. This priority demonstrates our ambition of being

Chong Qing Shancheng Xixia DALI WFSM TIAN MU HU and Jing-A. the most successful professional and attractive brewer in China. WeABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 07

HONORS IN 2025

ENTERPRISE HONORS

Shanghai Stock Exchange China Association for Public Companies China Association for Public Companies China Association for Public Companies

Best Practices for Boards of Directors of Listed

A-rating in 2024–2025 Information Disclosure Work Best Practices in Investor Relations Management 2025 Companies 2025 Best Practice of Annual Report Presentation 2025

China Association for Public Companies China National Radio (CNR) China Securities Journal China Securities Journal

Best Practice Cases for Internal Control of Listed President Lee Chee Kong awarded the CNR Network Financial President Lee Chee Kong awarded the

Companies in China 2025 Center’s 2025 “Golden Pinnacle” Excellent case Award Golden Bull Entrepreneur Innovation Award Golden Bull Best Investment Value Award

China Fund Extel Corporate Governance Asia Securities Times

2025 China Listed Company Yinghua Awards— Tianma Award for Excellent Investor Relations

A-Share Value Demonstration Cases 2025 All-Asia Executive Team The 15th Asian Excellence Award Management TeamsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 08

COMPANY HONORS

Ministry of Industry and Information

Technology of the People’s Republic of China MIIT

China National Food Industry Association China Alcoholic Drinks Association

(“MIIT”) Wusu Beer was included in the list of the first

Top 500 Key Enterprises in China’s Food China Alcoholic Drinks Industry IP Protection

Chongqing Beer was included in the list of batch of China Famous Consumer Products

Industry 2025 Model Case 2025

the first batch of China Famous Consumer released by MIIT

Products released by MIIT

Chongqing Enterprises Federation (Entrepreneurs Chongqing Enterprises Federation (Entrepreneurs Chongqing Municipal Commission of

China Alcoholic Drinks Association Association) and Chongqing Federation of Industrial Association) and Chongqing Federation of Industrial Commerce

China’s Alcoholic Beverage Enterprise ESG Economics under the guidance of Chongqing Economics under the guidance of Chongqing Economy and Informatization Commission Economy and Informatization Commission Chongqing Brewery selected for the list

List 2024 of the Eighth Batch of Chongqing Time-

Chongqing Top 100 Enterprises Chongqing Top 100 Manufacturers Honored Brands

Guangdong Association of Enterprises with Department of Industry and Information

Federation of Industry and Commerce of Federation of Industry and Commerce of

Foreign Investment Technology of Ningxia Hui Autonomous Region

Ningxia Hui Autonomous Region Ningxia Hui Autonomous Region

List of Best ESG Practices for Guangdong Xixia Beer was included in the list of the first

Ningxia Top 100 Private Enterprises Ningxia Top 100 Private Manufacturers

Foreign-Funded Enterprises 2025 batch of Ningxia's premium brands

Changzhou Municipal Committee of the

Communist Party of China Changzhou Municipal

Yunnan Provincial Enterprise Federation Yunnan Provincial Enterprise Federation

People's Government

Yunnan Provincial Federation of Entrepreneurs Yunnan Provincial Entrepreneur Association Hurun China Rich List

Carlsberg Tianmuhu Brewery (Jiangsu) Co. Ltd.Yunnan Top 100 Enterprises 2025 Yunnan Top 100 Manufacturers 2025 Hurun China Food Industry Top 100

was included in Co. Ltd. the list of commendation

for Changzhou May 1st Labor AwardsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 09ESG HONORS ● Tianmuhu Brewery was awarded the title of “Jiangsu Provincial GreenPlants” and “Jiangsu Provincial Advanced Smart Plants 2025” by the

Industry and Information Technology Department of Jiangsu

MIIT China Association for Public

MSCI Carlsberg (China) Breweries and Trading Company Companies ● The water-saving project launched by Huizhou Brewery was selectedLimited Carlsberg Tianmuhu Brewery (Jiangsu) Co. Ltd. as one of the “Top 10 Typical Water-Saving Cases in GuangdongMSCI ESG AA-rating Xinjiang Wusu Brewery (Aksu) Co. Ltd. Xinjiang Wusu Best Practice Cases forBrewery (Korla) Co. Ltd. and Xinjiang Wusu Brewery Province 2025” by the Water Resources Department of Guangdong

(Wusu) Co. Ltd. won the title of “National Green Plants” Sustainable Development Province● Ningxia Brewery was awarded the title of the first batch of “NingxiaHui Autonomous Region Advanced Smart Plants 2025” by the

Department of Industry and Information Technology of Ningxia Hui

Autonomous Region● Yining Brewery was awarded the title of “Xinjiang Uygur AutonomousRegion Water-Saving Enterprises in the Industrial Sector 2025” by

the Industry and Information Technology Department of the Xinjiang

Uygur Autonomous Region

People.cnFortune China Guangzhou Daily ● Korla Brewery was awarded the titles of “Xinjiang Uygur AutonomousPeople’s Corporate Social

2025 ESG Influence List 2025 Green Pioneers Region Water-Saving Benchmark in the Industrial Sector 2025” and

Responsibility Cases 2025“Xinjiang Uygur Autonomous Region Water-Saving Enterprises in theIndustrial Sector 2025” by the Industry and Information Technology

Department of the Xinjiang Uygur Autonomous Region

● Urumqi Brewery was awarded the title of “Waste-Free Enterprises”

in Urumqi City in the first batch selected by the Urumqi Ecological

Environment Bureau● Korla Brewery was awarded the title of “Advanced Collective for FireSafety 2025” by the Korla Economic and Technological Development

Zone Management Committee

World Federation of Chinese ● Yining Brewery was honored with the “Ankang Cup” for the fourth

21st Century Business Herald

Southern Weekend Catering Industry consecutive year by the Yining Federation of Trade Union

21st Century Vitality · ESG Environment-

ESG Low-Carbon Practices 2025 2025 China Catering Industry ESGFriendly Case ● Yining Brewery was awarded the title of “Outstanding ResidentOutstanding Case—Wusu Barbecue Enterprises” by Yining Bayandai Town People’s Government

● Niangxia Xixia Jianiang Brewery Co. Ltd. (hereinafter referred to as

“Xixia Jianiang”) was awarded the title of “Advanced Collective forInnovative Construction of Helan County” by the Party Committee of

Helan Country and the People’s Government of Helan County● The Party Branch of Wusu Brewery was awarded the title of “Five-Good Party Branches” in Tacheng Prefecture Party Building

Excellence Evaluation CampaignABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 10

EMPLOYER BRAND CULTURE AND TALENT DEVELOPMENT HONORS

Moka Beijing Institute for General Artificial Intelligence HRflag

Shixiseng

The 8th China Human Resources Sirius Awards 2025—The Most Popular

The Most Attractive Employer of 2025

Employer among College Students Best Employer Brand Award

Employer Branding Institute Employer Branding Institute

Zhilian Zhaopin

2025 Employer Branding Creativity Awards Best 2025 Employer Branding Creativity Awards Best DEI

China Best Employer (Guangzhou) 2025

Innovative Recruitment Award Program Award

51Job

51Job Employer Branding Institute

100 Employer Excellence of China and Excellence in

Top Graduate Employer Brands Belonging Awards

Talent Attraction & RetentionABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 11

PRODUCT BRAND AND MARKETING HONORS

China Alcoholic Drinks Association NIQ BASES iF Industrie Forum Design Global Design

At the China International Beer Wusu White Beer won NIQ BASES Awards Red Dot Design Award

Challenge 2025 15 product categories of Breakthrough Innovation Awards 2025 Carlsberg Artist Edition for the Year of the

the Company won awards including the making it the only alcoholic beverage to Snake won iF Design Award 2025 Global

prestigious “Four-Star Tianlu Award” receive the honor this year Design Awards Red Dot Winner

2025 Golden Mouse Award

2025 Douyin E-commerce

JD.com Supermarket Alcohol Meituan Flash Wusu Brewery won the Gold Alcohol Industry

Business Division “Golden Spark Award”—the Award in Cross-Industry Joint“Golden Bottle Award for“Excellent Awards 2024” Highest Honor of the Year Marketing and the Gold Award inAlcoholic Beverages”

Integrated Digital Media Project

Tmall

China Alcoholic Drinks Association China Advertising TOP Organizing Committee

WFSM’s rose sea salt flavor craft beer

Four products were awarded the 1664 won the Best Scenario Marketing Case

was awarded the Tmall Innovation

“Qingzhuo Award” Award at the 10th China Advertising TOP

Center Trendsetting Brand Award

● Tiger Roar Awards Organizing Committee Bronze Award in the 16th Tiger Roar Awards (2024-2025) ● thebeijinger JUICY BURGER CUP 2025 Jing-A Brewing Co. was ranked in the Top 8 of the Juicy Burger Cup● Top Digital Innovation Marketing Award Organizing Committee Silver Award in the 2025 Phoenix Tree ● Forbes China Wusu Barbecue · Chengdu Open-Air Night Snack City was honored as “Top Innovation BrandAwards in China’s Grand Consumption 2025” by Forbes China

● Brewers Association At the World Beer Awards 2025 4 product categories were rated “Best in China” ● 30th Annual Catering Influence Carnival Wusu Barbecue was awarded “Top 100 Brands”

● Wind Direction Indicator Curator’s Recommended Ranking Jing-A Brewing Co. won the Best Bottle Label ● Chengdu Catering Industry Association Wusu Barbecue was recognized as one of the Top 50 of the 14th

Design Award Edition Chengdu Street Food Halls

● Beijing Cuisine Association Beijing Business Today Top 100 Beijing Restaurants ● Hotpot Insight | BBQ Insight (Golden Cauldron Award): Wusu Barbecue Wins “Most Popular BBQ Brand in China 2025”

● Meituan & Meituan Takeout Must-Visit List Jing-A Brewing Co. was selected as a 2025 Featured ● AmapWusu Barbecue · Chengdu Open-Air Night Snack City was included in the 2025 Gaode Maps Street

Restaurant in Beijing Scan Ranking & Top Scorer List

●

Dianping Must-Play List Jing-A Brewing Co. was named a 2025 Featured Entertainment Destination Canyin168 Wusu Barbecue · Chengdu Night Snack City won Canyin168 Golden Mang Award—Phenomenal ●

Brand Award of the Year

● The 11th Food & Beverage Innovation Conference At the 11th Food & Beverage Innovation Conference Wusu

● GOGO ANNUAL AWARDS 2026 Jing-A Brewing Co. was awarded Annual Pioneer Craft Beer Brand Award Barbecue · Open-Air Night Snack City (No.1 flagship store) was awarded the “Best Benchmark Stores” among

China Catering Innovation Brand ListABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 12

Note:?Details?of?the?"Together?Towards?ZERO?and?Beyond"?ESG?program?are?available?on?pages?9?to?11?of?the?2024?ESG?Report.?In?2025?the?Company?continues?to?implement?this?program;?therefore?the?interim?targets?disclosed?in?this?report?remain?anchored?to?the?

2030?timeline.?In?March?2026?Carlsberg?Group?launched?an?upgraded?ESG?program?titled?"Brewing?Tomorrow."?The?Company?will?progressively?align?its?framework?and?requirements?in?subsequent?reports?disclosing?relevant?targets?roadmaps?and?progress?to?ensure?

consistency?and?comparability?of?disclosure.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 13

ESG GOVERNANCE

ESG Governance Structure

The Company has successfully integrated ESG governance into its daily operations. We have developed a three-tier ESG management structure comprising the President TTZAB Target Owners and ESG Owners. These three tiers

are responsible for the planning coordinating and implementation of our ESG strategies and establishing the KPIs and targets and tracking progress to facilitate the implementation of our ESG strategies and to achieve efficient ESG

management.The Board members possess backgrounds in sustainable development risk management and auditing and are equipped to provide effective oversight over the Company’s ESG practices risk control and information technology.Certain ESG metrics have been incorporated into the executive annual performance evaluation system.Board of Directors Reviewing the annual ESG report

Leading and overseeing the Company’s business strategic direction and performance performing corporate governance responsibilities

President

and responsible for overall ESG performance

TTZAB Target Owners Responsible for the coordination and facilitation of implementation of TTZAB

Program

Coordinator

VP Corporate Affairs VP Supply Chain Director Procurement Director Procurement VP Supply Chain VP Marketing VP Supply Chain

ESG Champion

ESG Information Disclosure Team: Responsible for the collection and statistics of ESG initiatives progress and

ESG Owners: Responsible for the implementation of ESG initiatives

completing reporting and information disclosureABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 14

STAKEHOLDER ENGAGEMENT

We attach great importance to effective engagement with stakeholders. By building a diversified and stable communication mechanism we maintain smooth efficient and close communication and interaction with all stakeholders.We are able to timely identify and actively take actions to respond to the expectations and requirements of internal and external stakeholders to continuously improve the transparency of corporate information disclosure and further

enhance the trust and support from all stakeholders.Stakeholders

Employees Investors and Customers and Suppliers Media Outlets Government and Industry Associations Industry-university-

Shareholders Consumers Regulatory Agencies research Partners

● Questionnaire surveys ● Performance disclosure ● Consumer satisfaction ● Feedback channels for ● Regular and irregular ● Regular visits and special ● Joining industry ● Conduct programs and

● Online and in-person meetings survey suppliers media visits reports associations cooperation with industry-

activities ● Securities firm strategy ● Complaints hotline ● Regular communication ● Timely communication ● Participation in the ● Participation in university-research

meetings partners● Emails ● Channels at retail stores activities of the Company’s latest research and selection formulating industry

● Meetings with all ● Domestic and overseas

situation activities organized by the standards

Engagement ● Marketing activities

● Audit and assessment

employees and within anti-roadshows ●● Information sharing Beer tasting for the media

government ● Participation in industry

Channels

departments ● Visiting the breweries ●● Visting the breweries Participation in the events

formulation and revision

● Scenario experience ● ESG workshops for the of policies and regulations

● New product tasting event media

● Interview with the

President

● Employee benefits ● Risk management ● Quality products ● Fair open and just ● Company’s performance ● Compliant business ● Product quality ● Product development and

● Employee development ● Return on investment ● Diversified products procurement ● Sustainability operations ● Industry cooperation and innovation

Topics of and training (ROI) ● Sophisticated customer ● Supplier support performance ● Tax payments according development ● Talent training

Interest ● Employee rights and care ● Corporate governance service ● Company’s future to law ● Achieve win-win results

● Employee health and ● Information disclosure ● Smooth communication development strategy ● Driving local economic

safety channels development

● Establish diverse ● Hold shareholder ● Promptly respond to ● Establish a complete ● Regularly communicate ● Compliance with all ● Membership of industry ● Cooperation with industry

employee engagement meetings consumer demands supplier management with the media applicable laws and associations and university research

channels ● Release of regular ● Carry out responsible system ● Regularly release updates regulations ● Participation in partners

● Protection of employees’ reports and interim marketing ● Implement responsible on the progress in ● Disclosure of information formulating industry

rights and interests announcements ● Implement initiatives procurement sustainable development on our contribution to standards

Our Responses ● Provision of staff training ● Participation in investor promoting responsible ● Carry out supplier training ● Hold beer tasting and ESG economic development ● Participation in industry

and development space roadshows and other drinking and communication workshops for the media ● Facilitation of the TTZAB association initiatives

● Caring for the physical activities activities program

and mental health of ● Participation in national

employees demonstration pilot

projectsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 15

DOUBLE MATERIALITY ASSESSMENT

The Company attaches great importance to the identification evaluation and management of sustainable ESG Materiality Matrix in 2025

development topics. In 2025 based on the materiality matrix of past years we comprehensively reviewed and

optimized the annual materiality matrix with reference to the latest ESG governance trends corporate business

layout and development dynamics mainstream ESG rating systems in capital markets and peer best practices.Product quality and innovation

Impact Materiality Assessment

Water stewardship

Through topic identification stakeholder research topic analysis and other steps we build the materiality Business ethics

matrix and make key disclosures in the report so as to respond to the concerns of all parties in a more Corporate governance

targeted manner and disclose the progress of ESG work in a complete and accurate manner. Employee health

Sustainable packaging and safety

/ circular economy

Financial Materiality Assessment Customer service Data security and privacy protection Tackling climate change

Responsible marketing

Supply chain management

Based on the results of the financial materiality assessment conducted by the Carlsberg Group we are focused

Talent and development

on the management of three major topics: “climate change” “resource utilization and circular economy” and Energy management

“consumers and end users” as detailed in the sections of “ZERO Carbon Footprint” and “ZERO Irresponsible Waste / pollutant managementDrinking”. Advocating responsible drinking

Sustainable agriculture

Diversity equity & inclusion

High Moderate Low

Product quality and Data security and Sustainable agriculture Equal treatment of

innovation privacy protection SMEs Community contribution and impactAdvocating responsible Equal treatment of SMEs

Water stewardship Supply chain drinking Scientific and

Scientific and technological ethics

Business ethics management Diversity equity & technological ethics

Corporate governance Energy management inclusion

Employee health and Waste / pollutant Customer service

safety management Community contribution

Materiality to Chongqing Brewer

Sustainable packaging / Talent and development and impact

circular economy Responsible marketing

Tackling climate change Environmental topics Social topics Corporate governance topics

Materiality to StakeholdersABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 17

ZERO Carbon Footprint

Against the backdrop of intensifying global climate change and the REDUCING OUR PRODUCT CARBON FOOTPRINT

steady advancement of China’s “Dual Carbon” goals the beer industry

is accelerating its transition towards a new stage of high-quality

development underpinned by low-carbon competitiveness. As a leading The Company regards carbon emissions management across the whole product value chain as a core task. Under the overall guidance of the Group

player in the industry the Company has positioned its climate change we conduct product carbon footprint assessments

1 focusing on key stages: raw material planting and processing beer production packaging material

response and green transformation as long-term strategic priorities use transportation and distribution and terminal cooling and storage and develop and implement corresponding carbon reduction action plans.continuously increasing resource investment and systematic governance

to promote collaborative emission reduction across the whole value

chain. We are firmly committed to the “ZERO Carbon Footprint” goal. Total Value Chain Carbon Emissions in 2025

By focusing on critical segments of the whole value chain including

raw material planting manufacturing packaging transportation and

distribution and cooling and storage we are systematically promoting

energy conservation and carbon reduction optimizing the energy mix

and improving operational efficiency steadily progressing towards the

goal of achieving a net ZERO value chain by 2040.OUR STRATEGY

Under the overall leadership of the President climate change-related

initiatives are spearheaded by the Vice President of Supply Chain who

oversees the implementation of day-to-day management practices.Regular reporting communication review and assessment are

conducted on key priorities such as energy conservation and emissions

reduction and product carbon footprint reduction driving continuous Value chain carbon % of total value Agriculture and Transportation and

improvement and optimization. Breweries Packaging Cooling emission intensity chain emissions Processing distribution

(kgCO2e/hl)

OUR ACTION

The Company has conducted carbon footprint assessments across 16% 7% 57% 11% 9% 62.3

the whole value chain covering planting manufacturing packaging

transportation and distribution and cooling and storage and has

developed and implemented carbon reduction measures for each

segment. Meanwhile we have integrated climate change risks into

our risk management system and advanced transformation plans and 1 We regularly conduct product carbon footprint assessments according to the Scopes 1 2 and 3 emissions stipulated in the Greenhouse Gas Protocol (GHG protocol) compiled by the

World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD) and the Product Environmental Footprint (PEF) Guide (including rules for

supporting response measures to continuously enhance the Company’s beers) formulated by the European Commission and sectoral guidelines for greenhouse gas emissions in the beverage industry.climate resilience.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 18

CUTTING CARBON FROM CROPS ELIMINATING BREWERY EMISSIONS

Greenhouse gas emissions from the planting and processing of raw Greenhouse gas emissions from breweries account for 7% of the total Focusing on key energy-consuming equipment and processes thematerials account for 16% of the total value chain carbon emissions. value chain carbon emissions. To achieve the long-term goal of “100% Company has actively introduced new technologies and implementedIn pursuit of the ZERO Farming Footprint goal we actively promote green electricity usage by 2030 and promoting carbon neutrality across targeted renovations including boiler efficiency improvementcollaboration with upstream suppliers to reduce carbon emissions all breweries” we have continued to help breweries establish energy reduced evaporation rate of boiling kettles comprehensive heat

jointly advance sustainable agricultural practices and sustainable management systems. By 2025 Tianmuhu Brewery and Dali Brewery energy utilization and heat pump applications. These measures have

raw material procurement and strive to mitigate the potential both obtained ISO 50001 energy management system certification. In effectively lowered production heat consumption enhanced energy

environmental impacts of business operations. Specific carbon addition we have continuously improved energy efficiency and reduced efficiency and driven coordinated carbon emissions reduction at the

reduction initiatives for the raw material planting and processing stage energy consumption and related carbon emissions through process production stage. At present heat recovery systems for boiling kettles

are detailed in the “ZERO FARMING FOOTPRINT” chapter of this optimization equipment upgrades renewable energy adoption and have been installed in all breweries in China further improving heat

report. intelligent transformation upholding the concept of green brewing. recovery and utilization efficiency.Heat recovery projects implemented in breweries in 2025:

Boke Brewery Meanwhile multiple breweries including Dali Anhui Dazhulin and

Foshan have launched comprehensive biogas heat utilization projects.In 2025 the Company’s energy efficiency and carbon emissions

Installed the Company’s first heat pump system recovering waste heat reduction performance continued to improve. Heat consumption per hl

from the rear end of the pasteurizer for reuse. This reduces pasteurizer of beer brewed dropped to 13.967 kWh a decrease of approximately

steam consumption by up to 49% saving an estimated 110000 cubic 8.6% from 2024. Carbon emissions per hl of beer brewed decreased by

meters of natural gas and approximately RMB 200000 in costs 78.47% compared with 2015 representing remarkable carbon emissions

annually. reduction results.Furthermore we have continued to optimize the energy structure by

Shizhu Brewery expanding the supply of clean energy through photovoltaic installations

and increasing the proportion of renewable energy used. Currently

Upgraded the thermal insulation of equipment in the bottle washers the Company has achieved 100% green electricity usage. In 2025

and pasteurizers on packaging lines effectively cutting packaging line total green electricity consumption reached 164477.64 MWh cutting

steam consumption. Heat savings are expected to reach 1.48 kWh/hl 87271.84 tons of carbon emissions equivalent to planting 3.79 million

reducing annual steam costs by about RMB 320000. trees or taking 32100 cars off the road for one year.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 19

ZERO Carbon

Footprint

WUSU BREWERY ADDS THREENATIONAL-LEVEL “GREENFACTORIES” FURTHER RECOGNIZED

FOR GREEN BREWING PRACTICES

On February 5 2026 the Ministry of Industry and Information Technology released the

list of 2025 Green Factories and Green Industrial Parks. Xinjiang Wusu Brewery Co. Ltd.(“Wusu Brewery”) won three national-level “Green Factories” certifications at one stroke

namely Xinjiang Wusu Brewery (Aksu) Co. Ltd. Xinjiang Wusu Brewery (Korla) Co. Ltd.and Xinjiang Wusu Brewery (Wusu) Co. Ltd. demonstrating the Company’s systematic

achievements in green manufacturing and sustainable development.Wusu Brewery integrates the concept of green brewing throughout its entire production

and operation process effectively reducing carbon emissions through technological

transformation energy optimization and resource recycling. At the Aksu Brewery

technology upgrading such as upgrades to the mashing system and low-nitrogen

combustion retrofits for the boilers have continuously lowered energy consumption

while 100% recovery of carbon dioxide generated during fermentation has eliminated

the need for external CO2 procurement significantly reducing the brewery’s carbon

emissions intensity. Additionally the brewery achieves 100% recovery of by-products

such as spent grain and waste yeast for resource utilization alongside full recycling of

solid waste such as broken glass bottles to promote a circular economy model.The Korla Brewery adopts lightweight glass bottles containing over 60% recycled

materials in packaging paired with eco-friendly inks and PVC-free labels and caps to

maximize the reduction of environmental pollution caused by materials aligning with

the goal of achieving 100% recyclable renewable and biodegradable packaging by

2030.

The Wusu Brewery has strengthened energy management through steam pipeline

upgrades comprehensive energy-saving retrofits high-efficiency lighting and solar-

powered streetlights reducing energy consumption. The energy consumption per unit of

product has reached the advanced level specified in the Norm of Energy Consumption

per Unit Production of Beer (GB 32047-2015).From 2015 to 2025 the three breweries (Aksu Wusu and Korla) achieved a 57%

reduction in thermal energy consumption per hl of beer brewing cumulatively cutting

carbon emissions by approximately 190000 tons. At present Wusu Brewery has

achieved 100% green electricity use across all breweries. By advancing green brewing

and technological transformation in parallel the Company has made positive progress

in improving energy efficiency and reducing environmental impact realizing the

coordinated growth of environmental and operational benefits.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 20

Case YINCHUAN BREWERY DRIVES DUAL CONTROL OF ENERGY AND

CARBON THROUGH INTELLIGENT TRANSFORMATION 100% green electricity utilization

Ningxia Yinchuan Brewery has continuously promoted systematic intelligent transformation

around two goals: “maintaining stable product flavor and enhancing green productivity” driving

the transformation from traditional manufacturing to modernized production and was successfully In 2025 the total green electricity used reached

selected into the Ningxia “First Batch of Advanced Smart Plants in 2025”.In the brewing process the brewery introduced a beer membrane filter to achieve precise filtration of 164477.64 MWh

yeast after beer maturation effectively replacing the traditional diatomite filtration method without

generating any solid waste during operation. Meanwhile relying on the central control system it

realizes digital centralized management and control over key processes from saccharification to avoiding equivalent to planting or taking

filtration improving process stability and management efficiency. In the packaging process filling

equipment intelligent robotic arms and high-speed carton packaging machines work together to 87271.84 tons 3.79 million 32100 cars

complete case packing and palletizing boosting daily production capacity by 2% and reducing

energy consumption by 1.5%. of carbon emissions trees off the road for one year

In addition the brewery integrates energy conservation and consumption reduction into the entire

production and operation process. Through the condensed water waste heat recovery project and Energy Consumption in 2025

boiling pot thermal energy recovery project it recycles high-temperature flash steam generated

during beer saccharification and boiling saving more than 100 tons of standard coal annually and

significantly improving energy efficiency. Since 2015 the carbon dioxide emissions per hl of beer Indicators Unit 2025

brewed at Yinchuan Brewery have decreased by 64% reflecting the comprehensive results of the Heat energy from natural gas MWh 319940.27

coordinated promotion of intelligent transformation and green manufacturing.Heat energy generated by biogas from sewage plants MWh 2347.812

Heat from district heating facilities (with standard

MWh 85178.48

heating systems

Total consumption of power3 MWh 164477.64

Total thermal energy consumption4 MWh 407653.79

Percentage of renewable electricity % 100

Direct energy consumption MWh 328272.78

Indirect energy consumption MWh 243671.42

Comprehensive energy consumption MWh 571944.20

Comprehensive energy consumption intensity MWh/RMB 10000 in revenue 0.39

2 Due to further improvement of the statistical caliber in 2025 the data of 2025 shows a significant growth from 2024.

Production line of Ningxia Yinchuan Brewery 3 The total consumption of power includes the power sold to third parties.

4 The total thermal energy consumption includes the thermal energy sold to third parties and primarily comprises natural gas biogas

district heating facilities and electricity used for heat pumps.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 21

MOVING TO LOWER-CARBON PACKAGING CUTTING IMPACTS FROM COOLING CUTTING DAILY OPERATING EMISSIONS

Packaging materials are responsible for 57% of the carbon footprint In the beer brewing process carbon emissions from cooling and storage The Company continues to strengthen energy conservation and

of beer products representing the largest source of carbon emissions account for approximately 9% of the product’s carbon footprint emissions reduction efforts in operational activities integrating low-

throughout the value chain. To reduce carbon emissions in the use representing the fourth largest source of carbon emissions across carbon principles into daily management practices and employee

of packaging materials the Company is actively advancing its ZERO the value chain. The Company continues to implement the Group’s behaviors. In terms of employee commuting the Company prioritizesPackaging Waste initiative and collaborating with suppliers to carry principle that “all newly purchased refrigerators must utilize LED collaboration with transportation service providers that have lowerout carbon reduction actions in the use of packaging materials. For lighting and environmentally friendly refrigerants”. Since 2021 we have carbon emissions continuously enhancing the greenness of commuting

more information please refer to the “ZERO Packaging Waste” section rolled out an energy-saving refrigerator initiative gradually replacing logistics. In 2025 the Company operated 10 new-energy buses

of this Report. existing equipment with new units that use non-fluorinated refrigerants. effectively reducing carbon emissions by approximately 1036.13 tons.By adopting eco-friendly refrigerants and high-efficiency refrigeration

MAKING OUR LOGISTICS SMARTER units we have achieved a 10% annual reduction in terminal energy At the same time we launched the “Value Your Idea” program

consumption and significantly reduced greenhouse gas emissions inviting employees to submit feasible carbon reduction proposals.Transportation emissions between breweries warehouses bars associated with refrigerants. Additionally we conduct performance Contributors with outstanding suggestions are awarded bonuses and

restaurants and retailers account for 11% of the product’s carbon evaluations of energy consumption across different brands and models public recognition effectively stimulating employee engagement

footprint. To reduce carbon emissions in transportation and distribution of refrigerators prioritizing the procurement of more efficient units to in decarbonization and fostering a positive culture of low-carbon

the Company continues to advance the electrification of our transport lower energy use per unit of product. For existing equipment we have operations. Additionally Wusu Brewery a brand under the Company

fleets and the replacement of traditional lead-acid batteries with more implemented energy management systems to collect data conduct has established a monthly performance incentive program encouraging

environmentally friendly lithium-ion batteries. By 2025 all breweries analysis and optimize operations thereby enhancing overall energy all employees to submit innovative environmental ideas and provides

had achieved 100% electrification of their forklifts. At the same time management and continuously reducing carbon emissions. In 2025 we support for their implementation. This initiative promotes active

we have strengthened suppliers’ energy-saving awareness through purchased approximately 11083 energy-saving refrigerators. employee participation in environmental innovation and strengthens

training programs and are driving continuous improvement in energy awareness of energy conservation and emissions reduction across the

efficiency performance across the logistics supply chain. organization.Greenhouse Gas Emissions in 20256

Indicators Unit 2025 Indicators Unit 2025

CO2 emissions from the use of natural gas tCO2e 64819.90 GHG emissions (Scope 2)

8 tCO2e 25042.47

CO2 emissions from the use of biogas produced by tCO2e 0.54 GHG emissions (Scope 1+Scope 2) tCO e 92801.49sewage plants 2

CO2 emissions from district heating facilities (with tCO e/ RMB 10000 in tCO2e 25042.47 GHG emissions (Scope 1+Scope 2) intensity

20.06

standard heating systems) revenue

CO2 emissions from the heat energy consumed tCO2e 89862.91 5 There are two forms of energy consumption: one is one-time direct consumption also known as final consumption; the other is

consumption in processing and conversion also known as intermediate consumption. Final consumption as opposed to intermediate

Total CO2 emissions from breweries tCO2e 92801.49 consumption means that energy is not used for intermediate processing and conversion but is directly used in production and non-

production activities.CO2 emissions from refrigerants tCO2e 2938.58 6 We use the “operational control method” to collect and calculate greenhouse gas emission data.

7 Scope 1 includes carbon dioxide emitted by direct fuels and carbon dioxide produced by refrigerants.

GHG emissions (Scope 1)7 tCO2e 67759.02

8 Scope 2 includes carbon dioxide emitted by indirect fuels.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 22

TACKLING CLIMATE CHANGE

The Company fully recognizes the severe challenges posed by GOVERNANCE STRATEGY

climate change and the urgency of taking corresponding action and

it continuously advances the identification and analysis of climate-

The Company is continuously strengthening its cl imate risk “Tackling climate change” is one of our core ESG topics. We are actively

related risks. We have established a climate management system

management capabilities by establishing a three-tier ESG management advancing the “Together Towards ZERO and Beyond” (TTZAB) ESG

covering four dimensions: Governance Strategy Impact Risk and

system with the President TTZAB Target Owners and ESG Owners program are commited to the goal of a net ZERO value chain by 2040

Opportunity Management and Indicators and Targets. Through

as its core. This system oversees the identification assessment and are proactively advancing our TTZAB Action Plan.this system we systematically identify climate risks and develop

prevention and control of climate risks. The President is responsible for

corresponding response measures aiming to mitigate the potential

leadership and the decision-making of the ESG strategic direction of

impacts of climate change on the Company’s business and steadily

the Company which includes issues such as tackling climate change.enhance the enterprise’s climate resilience.Under the overall leadership of the President the Vice President of

Supply Chain authorizes the ESG Owners to implement specific ESG

practices focusing on the identification assessment and response

to risks including climate change and submitting regular special

reports. Timely review and improvement drive the optimization and

enhancement of the management closed loop.IMPACT RISK AND OPPORTUNITY INDICATORS AND TARGETS

MANAGEMENT

The Company publicly discloses the progress of the TTZAB program

Combining industry characteristics and our own operational realities and key performance indicators on an annual basis. Details on the

we have systematically conducted climate change risk identification. achievement of specific indicators and targets can be found in the

We have comprehensively sorted out physical risks and transition risks chapters “ZERO Carbon Footprint: OUR TARGETS & PROGRESS”

in operations and clarified the list of climate change risks including “ZERO Farming Footprint: OUR TARGETS & PROGRESS” “ZERO

2 physical risks and 4 transition risks. We have also assessed the Packaging Waste: OUR TARGETS & PROGRESS” and “ZERO Waterimpacts of these risks and opportunities on the Company’s strategy Waste: OUR TARGETS & PROGRESS” in this Report.and business model in the short medium and long term. For different

risk categories we have formulated corresponding action plans and

response measures and allocated dedicated financial human and

technical resources. These arrangements support plan implementation

strengthen process supervision track annual progress and continuously

improve the enterprise’s climate adaptability and resilience.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 23

Climate Change Risk Identification and Response

Type of Risk Category of Risk Risk Description and Impact Our Response

Frequent extreme weather events including extreme heat Regular inspection and

extreme rainfall typhoons and floods may reduce soil early warning Carrying out regular inspection of facilities to prevent equipment and personnel from being harmed by extreme

productivity and severely affect the planting and harvesting weather; paying close attention to the weather conditions and conveying early warning information to each

of agricultural products leading to supply and price volatility post in time;

Acute risks

of key beer raw materials such as barley. Meanwhile such Development of emergency plans Formulating emergency plans for extreme weather and carrying out emergency drills regularly to ensure the

events can disrupt production operations and logistics full and effective implementation of emergency plans and minimize losses caused by extreme weather;

causing business losses and increasing expenses for the repair Plant and equipment

Physical risks of warehouse infrastructure. reinforcement

Performing windproof reinforcement and regular maintenance at breweries.Chronic risks such as rising average temperatures caused by High water risk Setting the goal of ZERO Water Waste implementing high water risk assessment projects and strictly

climate change may reduce soil productivity and significantly assessment strengthening controlling water use and other related risks in high-risk areas;

impact the planting and harvesting of agricultural products

Chronic risks Promotion of

leading to supply and price volatility of key raw materials sustainable agriculture Exploring climate-friendly regenerative agriculture programs requiring suppliers to have sustainable forest

including barley which could reduce the Company’s operating and other conservation certifications establishing a raw material management plan and strengthening local

revenue. procurement of raw materials to ensure supply chain stability.International and domestic regulatory agencies capital

market rating indexes and other requirements for the Policy tracking Continuing to track green and low-carbon policies and global climate policy trends including carbon pricing

disclosure of corporate environment-related data continue policies for a timely study and analysis of policies released and strengthening the communication with

to increase.To cooperate with the implementation of carbon regulatory authorities and stakeholders to actively respond to the demands of stakeholders;

Policy risks trading the government has increased the requirement for the Sustained emission

reduction actions Implement carbon reduction initiatives across the full value chain covering raw materials production packaging accuracy of carbon emissions data reporting by enterprises. transportation and distribution and cooling and storage. Measures include increasing the use of clean energy

Failure to disclose relevant environmental information in a launching comprehensive heat utilization projects and electrifying logistics and passenger vehicle fleets to

timely manner in accordance with relevant laws regulations support the goal of achieving a net ZERO value chain by 2040.and policies may lead to compliance risks.Technological improvements or innovations that support the Energy saving Giving priority to the purchase of energy-saving equipment as guided by the energy-saving fridge project and

transition to a low-carbon energy-efficient economic system transformation using HFC-free refrigerants and energy-saving refrigerators. Carrying out energy-saving renovation of existing

may influence business operations. On the one hand we need equipment such as repairing old equipment and strengthening the insulation of equipment;

to pay attention to the impact of water resources energy

Technology risks Efficiency

and other inputs on costs which may lead to an increase in improvements Continuously conduct feasibility studies on new low-carbon and energy-saving technologies and carry out pilot

compliance and operating costs. On the other hand failure to applications. Improving the production efficiency through technical transformation and improved management

Transition invest in or develop new low-carbon technologies will lead to measures. Keep tracking the development of new energy technologies and exploring recycling technologies for

risks the risk of financial loss. waste wet distiller’s grains and waste yeast liquor and vigorously develop a circular economy.Change in consumer behavior uncertainty in market signals Development of low carbon Researching and developing low carbon solutions to reduce the carbon intensity of business operations and

and increase in raw material costs lead to potential market products/packaging provide customers with products and packaging with a lower carbon footprint and selecting greener and low-

risk. If consumers’ demand for low-carbon/energy-saving

Market risks carbon suppliers;

products is increasing while we cannot innovate in time to Responding to

meet consumer demand it will lead to the risk of reduced customer expectations In response to consumer demands corresponding countermeasures have been taken to meet customers’

operating income. expectations and take into account their preference factors.Compliance disclosure Ensuring the legality and compliance of cost information disclosure and regularly publishing measures and

Shift in consumer preferences on perceptions of corporate performance results;

climate management increased stakeholder concerns or Green claim Actively responding to climate change consciously promoting the low-carbon image of the Company and

Reputation risks negative feedback based on insufficient efforts to tackle improving our green reputation. Strengthening communication with stakeholders to understand and respond to

climate-related issues (e.g. failure to achieve the goal of their demands;

reducing GHG emissions). Risk control Paying attention to the risks caused by climate change ensuring that the risks are controllable to avoid the

negative impact of risks on the corporate image.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 24

OUR TARGETS & PROGRESS

The Company has established a systematic target tracking and improvement mechanism to monitor progress and the implementation progress of dedicated improvement actions. In 2025 the Company gradually advanced the ZERO

Carbon Footprint goal through energy-saving technical renovations heat pump applications and comprehensive utilization of biogas heat energy. It plans to achieve a net ZERO value chain by 2040.Progress in 2025 Status Planned Actions for 2026 2030 Targets 2040 Targets

Continuously improve boiler efficiency Launch pilot zero-carbon footprint

reduce evaporation rates in boil kettles breweries and comprehensively use

enhance comprehensive utilization energy storage electric boiler heat pump

of thermal energy and promote the biomass boiler and

application of heat pump technology to other technologies to promote the

effectively reduce carbon emissions progress of our ZERO Carbon Footprint

30% reduction in value chain carbon emissions

Net ZERO value chain

Brewery forklifts have achieved 100% Continue to promote the electrification of All renewable electricity must come from new

electrification our logistics fleets assets (e.g. via power purchase agreements)

In 2025 approximately 11083 energy-

Increase the number of new refrigerators

efficient refrigerators were procured

purchased with environmentally friendly

achieving a 10% reduction in terminal

refrigerants

energy consumption

Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 25

ZERO Farming Footprint

Beer production relies on malt water hops and other key ingredients regenerative agricultural practices and are sustainably sourced by 2040 areas such as soil improvement and animal husbandry. This enhances

and the acquisition of these ingredients is closely related to the natural to improve the resilience of agricultural ecosystems. the level of resource circularity while indirectly reducing greenhouse

ecosystem and sustainable agricultural development. To protect the gas emissions from agricultural production and reducing the carbon

natural environment and minimize the potential impact of raw material footprint of agricultural systems. In 2025 we recycled 308000 tons of

sourcing on ecosystems we continue to explore and promote the OUR ACTION spent grains equivalent to the annual feed for 52800 head of cattle or

implementation of initiatives of sustainable agriculture commit to 369600 head of sheep.sustainable forest and biodiversity conservation and strengthen the

procurement use and management of sustainable raw materials. We are committed to reducing the environmental impact and carbon

footprint of agriculture in raw material cultivation protecting the

agricultural ecosystem. We continue to promote sustainable agriculture

OUR STRATEGY biodiversity conservation and the management of sustainable raw In 2025，

material procurement aiming to enhance the use of resources and the Company recycled and utilized a total of

jointly drive the sustainable development of the industry chain as well

To strengthen the management of sustainable raw materials and as the creation of local economic value.reduce and mitigate potential deforestation risks we strictly abide by 308000 tons of spent grains

the Forest Law of the People’s Republic of China the Implementation

Regulations of the Forest Law of the People’s Republic of China PROMOTING SUSTAINABLE AGRICULTURE equivalent to the annual feed for

and other laws and regulations and relevant local policies related to

forest protection. We also follow the Requirements on Direct Material

Quality the Supplier’s Requirements on Non-contract Material Quality We continue to deepen collaboration with raw material suppliers 52800 head of cattle or

and other policies of the Group which set clear requirements and farmers and other stakeholders to jointly explore and promote climate-

standardized guidelines for suppliers regarding the legal compliance friendly renewable agriculture programs and practices actively invest

certification management quality and food safety mechanism in sustainable agriculture development and improve rural livelihoods 369600 head of sheep

and traceability of raw materials. Furthermore we emphasize the and social equity. Under the premise of ensuring product quality

traceability management of raw materials requiring suppliers to and production safety the Company systematically gives priority

identify each product unit and its related data and reviewing the to green raw materials processes technologies and equipment and

traceability of suppliers’ raw materials to ensure the traceability of raw has established a full green life cycle process such as product design

materials. During the reporting period the proportion of our traceable material selection production marketing recycling and the harmless

primary materials reached 100%. disposal of waste. We also work on increasing the Overall Equipment

Effectiveness year by year to reduce raw material leaching loss

We also follow the Group’s Environmental Policy9 and actively practice continuously improve our raw material production rate and achieve

biodiversity conservation to reduce the impact of our operations on efficient use of resources and minimize environmental impact.the ecological environment. In addition we enhance the procurement

of sustainable raw materials aiming to achieve the target that 30% The Company actively promotes resources recovery and the utilizationof raw materials are from regenerative agricultural practices and are of by-products generated during the production process such as “spentsustainably sourced by 2030 and 100% of raw materials are from grains” and “waste yeast liquor” which are scientifically applied in

9 https://www.carlsberggroup.com/media/salatmjh/carl_2153_policies_environment_v16.pdfABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 26

ZERO Farming

Footprint

SANSHUI PRODUCTION BASE IN

FOSHAN LINKS INDUSTRY CHAIN

TO PROMOTE BY-PRODUCT

RESOURCE UTILIZATION

Sanshui production base in Foshan significantly enhances the localization

efficiency of its supply chain by leveraging local raw materials supply and

comprehensive industrial support services. By reducing the long-distance

transportation of raw materials it is actively implementing measures to

help realize the Company’s strategic goal of a ZERO Farming Footprint.Regarding the resource utilization of by-products the base fully

utilizes the cluster advantages of the Foshan Shuidu Beverage andFood Industrial Park. Adopting a model of “enterprise-led + park-widecollaboration” it systematically advances the recovery of resources and

circular utilization of brewing by-products. By-products generated during

production such as spent grains and yeast are transferred by the base to

specialized institutions for resource processing. These are converted into

feed ingredients and reintroduced into feed ingredients and reintroduced

into the agricultural and feed industry chains “turning waste into treasure”.This practice not only establishes a sustainable agricultural nutrient cycle

system improves resource utilization efficiency and reduces final waste

disposal volume but also provides a replicable pathway of industrial

collaboration for Foshan’s “Zero-Waste City” initiative.The by-product recycling practice at the base represents a successful

attempt to organically link industrial production systems with agriculturalecosystems. It not only embodies the circular concept of “resource-products-renewable resources” in sustainable agriculture but also provides

a practical model for reducing regional agricultural environmental loads

promoting ecological protection in both urban and rural areas and

fostering harmonious coexistence between industry and nature.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 27

BIODIVERSITY CONSERVATION its long-term goal of a ZERO Farming Footprint. In 2025 we achieved

100% localized procurement of our main auxiliary materials 55%

The Company places great emphasis on protecting the ecological localized procurement of hops and 35% localized procurement of malt Localized procurement

environment and biodiversity conservation. On the basis of the products. Packaging materials such as glass bottles cartons paper

continuous implementation of the ESG program and practice the boxes shrink films and cans are also 100% locally sourced. We will

Company cooperates with stakeholders to carry out public welfare further increase the proportion of local procurement and reduce carbon

ecological and environmental protection projects participates in emissions generated by long-distance transportation. 100% of 55% of hops

conservation actions and promotes synergistic development between main auxiliary materials

the enterprise nature and society. From 2024 we collaborated with In addition we set clear requirements regarding the source of base

the World Wide Fund for Nature (WWF) to launch the Yangtze River paper materials for cartons. We require the base paper materials

Basin Water Replenishment Program to restore wetlands and purify provided by all carton suppliers to be certified by Forest Stewardship

water sources in Chongqing Yunnan and Jiangsu. Methods include Council (FSC) Program for the Endorsement of Forest Certification 35% of malt products

planting aquatic vegetation and introducing native fish species to Schemes (PEFC) the Sustainable Forestry Initiative (SFI) or equivalent

enhance the diversity of wetland ecosystems. In the Chongqing certifications to maximize the conservation of forest resources.Sanqing Wetland Park project the Company worked with Liangping At present our major carton suppliers have passed the ISO 14001

District Wetland Conservation Center to plant over 20 species of environmental management system certification and some of them

aquatic plants with high water purification functions in the biological have obtained FSC certification.trenches supplemented the banks with more than 10 species of

native ornamental vegetation and scientifically released fish such

as silver carp and bighead carp. These efforts effectively increased OUR TARGETS & PROGRESS

wetland biodiversity optimized community structure and significantly

enhanced the water self-purification capacity and ecological resilience. We have developed a systematic target tracking and improvement mechanism to monitor the progress towards our goals and identify special

By May 2025 all related work had been completed strengthening the improvement actions as necessary. In 2025 we gradually promoted the ZERO Farming Footprint initiative by continuing to carry out biodiversity

ecological service functions of the wetland while also providing a more conservation projects and strengthening local procurement of raw materials and plan to achieve the goal that 100% of our raw materials are from

stable ecological environment for the surrounding area. Please refer to regenerative agriculture practices and are sustainably sourced by 2040.the “ZERO Water Waste” section for cases of wetland conservation.SUSTAINABLE RAW MATERIAL Progress in 2025 Status Planned Actions for 2026 2030 Targets 2040 Targets

PROCUREMENT MANAGEMENT

Collaboration with WWF in wetland restoration and water

source purification work in Chongqing Yunnan and Jiangsu.We actively implement a sustainable and localized raw material Together with the Liangping District Wetland Conservation

procurement strategy continuously advance the local procurement Continue to carry out Center we planted over 20 species of aquatic plants with

of raw materials. We continue to deepen cooperation with high- biodiversity conservation high water purification capabilities in biological trenches and

projects 30% of our raw

quality domestic suppliers give priority to raw material suppliers supplemented the riverbanks with with more than 10 species 100% of our raw materials are

materials are

(including barley rice etc.) close to our breweries sign long-term of native ornamental vegetation enhancing the diversity of from regenerative

the wetland ecosystem. from regenerative

contracts with suppliers to encourage local agriculture and promote agricultural agricultural

practices and

the local hop growing industry steadily increasing the proportion of practices and are Continue to increase are sustainably

local procurement for key raw materials. By doing so we can shorten sustainably sourcedthe proportion of local sourced

100% localized procurement of main auxiliary materials 55%

the transportation distance reduce fuel consumption for transport procurement and reduce localized procurement of hops and 35% localized procurement

effectively lower the environmental impact related to raw material the carbon emissions of malt products

logistics and enhance the synergy and resilience of regional agriculture generated by long-distance transportation

supply chains. This lays a solid foundation for the Company to achieve

Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 28

ZERO Packaging Waste

In the context of intensifying global resource constraints and increasing utilization efficiency of product packaging. We continuously monitor enhance recyclability. Our Carlsberg Light series products also use

awareness of environmental protection we are face the primary task and evaluate KPIs related to packaging material loss rates through a Cradle to Cradle eco-friendly ink labels which is characterized by

of reducing packaging waste and promoting sustainable development. monthly reporting mechanism effectively reducing packaging material the use of environmentally safe recyclable production materials and

We continue to advance sustainable packaging practices to reduce consumption resource waste and environmental impact. We are renewable energy reliable management of water resources and social

packaging waste and environmental pollution through sustainable continuously improving the bottle return rate and packaging recycling equity in the production process. In 2025 about 490 million eco-

packaging design recycling of packaging materials and other initiatives. efficiency so as to promote resource circularity and sustainable friendly ink labels were used.development.OUR STRATEGY GREEN DESIGN OF PACKAGING

Approximately

We actively integrate the green design concept into product packaging

We actively promote innovative collaboration by integrating the and widely use reusable or degradable packaging materials in plastic

concept of sustainable packaging into the research development and boxes glass bottles pallets barrel beers partitions top frames cans 490 million Cradle to Cradle eco-friendly

application of packaging materials promoting packaging upgrades aluminum bottles and pull cap packaging. ink labels were used in 2025

towards green environmentally friendly and lightweight solutions. We

strictly follow the Group’s Environmental Policy and work with partners Beers are mainly contained in aluminum two-piece cans which

to decrease packaging material usage and encourage recycling and are light in weight small in size and high in recycling rate and the

reuse. In order to identify and lessen the potential impact of packaging production energy consumption is greatly reduced compared with

on the environment a life cycle assessment (LCA) or equivalent conventional glass bottle packaging. Therefore this year we focused

environmental assessment is necessary before new packaging is put on improving the canning rate of products to gradually increase the

on the market. In addition we adhere to the ZERO Packaging Waste market share of canned products. Compared to 2024 the canning rate

ambition through green design lightweight packaging recycling and of our products in 2025 increased by 2.4% effectively reducing the

other strategies which entails achieving by 2030: 100% recyclable consumption of packaging materials. In addition we use bulk bags

reusable or renewable packaging materials; a 90% collection and made from recyclable materials for the outer packaging of agricultural

recycling rate for bottles and cans; a 50% reduction in virgin fossil- raw materials reducing environmental pollution caused by packaging

based plastic; and 50% recycled content in bottles and cans. material waste. For raw materials such as malt and cornstarch we

transport them in bulk instead of disposable plastic woven bags to

improve transport efficiency and reduce packaging material use.Compared to 2024 the Company further reduced its use of plastic

OUR ACTION woven bags by approximately 170000 units this year resulting in

a decrease of approximately 17 tons in plastic consumption and a

reduction of approximately 50 tons in carbon emissions.We continuously promote the green transformation of the packaging

process. Through initiatives such as green packaging design lightweight Furthermore we have optimized the environmentally friendly structure

packaging packaging recycling and other measures we improve the of our cans integrating the pull ring with the body of the cans toABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 29

ZERO Packaging

Waste

TRANSFORMING PACKAGING

MATERIALS INTO RESOURCES –

A NEW EXPLORATION OF THE

CIRCULAR ECONOMY

The Company regards the standardized management and resource

utilization of packaging materials as a key component in developing

the circular economy and building a green packaging system

advancing a full-chain management system covering collection

regeneration and recycling. We comprehensively recycle packaging

materials such as glass debris recyclable glass bottles plastic pallets

plastic crates partitions and kegs. Aluminum scraps generated during

the production process are remelted and regenerated for the production

of recycled cans achieving circular use. In 2025 the Company recycled

a total of 20927.19 tons of waste cartons.Regarding glass packaging recycling all glass debris generated during

the production process is uniformly collected and entirely transferred to

professional recyclers and existing glass bottle suppliers for remelting.As a high-quality recyclable raw material the remelting of glass debris

not only ensures the stable quality of new glass bottles but also

significantly reduces production energy consumption and decreases the

demand for virgin mineral resources such as quartz sand and soda ash.This approach reduces resource consumption and the environmental

burden at the source systematically enhancing the lifecycle circular

efficiency of glass packaging. In 2025 Foshan Brewery implemented

an automatic glass debris collection project further improving the

efficiency and standardized management level of glass debris recycling

and promoted this resource utilization. This year the Company recycled

a total of 30000 tons of glass debris reducing carbon emissions by

approximately 23900 tons. In addition the recycling of glass debris

also reduces the volume of glass waste entering landfills effectively

alleviating the pressure of solid waste treatment.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 30

REDUCING USE OF MATERIALS PACKAGING MATERIAL RECYCLING AND RECOVERY

We continue to advance packaging reduction and the use of lightweight We continued to advance the recycling and reuse of packaging materials

packaging by prioritizing the procurement of lightweight and recycled optimize the packaging mix standardize recycling and disposal processes

glass bottles and PVC-free labels to optimize the design of various improve the efficient reuse of recyclable packaging waste and reduce In 2025 the bottle return rate saving about

packaging types to reduce material consumption and resource waste. In the impact of packaging materials on the environment. In addition we increased by

2025 we focused on reducing weight of corrugated cartons wrap film carried out bottle return projects and optimized the bottle return network 4.3 RMB 7.5 million shrink film glass bottles etc. and achieved significant results. to encourage distributors to expand the coverage of bottle returns and % compared to 2022

constantly promote improved performance of bottle returns. In 2025 our of recyclable packaging

bottle return rate increased by 4.3% compared to 2022 saving about

CORRUGATED CARTON WEIGHT REDUCTION RMB 7.5 million of recyclable packaging.The Company is advancing the reduction of face paper weight in

corrugated cartons by 30g saving approximately 3800 tons of

paper; in 2024 nine breweries completed tests for Phase II and OUR TARGETS & PROGRESS

officially put it into production in 2025. It is expected to reduce the

use of paper by about 2300 tons this year.We have developed a systematic target tracking and improvement mechanism to monitor the progress towards our goals and take special improvement

WRAP FILM WEIGHT REDUCTION actions where a need is identified. In 2025 through green packaging design lightweight packaging packaging recycling and recovery and other

The Company initiated a lightweight project in 2023 to reduce wrap measures we continued to improve the bottle return rate and packaging recycling efficiency constantly reducing resource waste and environmental

film thickness by 5 microns which has been promoted in multiple pollution and gradually promoting our goal of ZERO Packaging Waste by 2030.breweries; by 2025 all but five breweries have completed testing

and successfully switched their wrap film. This is expected to save

about 236 tons of plastic film this year. Progress in 2025 Status Planned Actions for 2026 2030 Targets

SHRINK FILM WEIGHT REDUCTION

Further improve the glass debris recycling

Recycling of 30000 tons of glass debris

The Company initiated an optimization project in 2024 to reduce management system

the thickness of shrink film for canned products by 10 microns.Dali Brewery took the lead in completing this switch. In 2025 four Increase in bottle return rate by 4.3% compared Expand the coverage of bottle returns and

to 2022 improve the overall bottle return rate

breweries successively implemented the project resulting in a saving

100% recyclable reusable or

of about 100 tons of plastic film this year. We have carried out special actions focusing on renewable packaging

GLASS BOTTLE WEIGHT REDUCTION reducing the weight of corrugated cartons wrap Continue to promote the packaging weight 90% collection and recycling rate

film shrink film glass bottles etc. and achieved reduction project for bottles and cans

The Company implemented a glass bottle weight reduction project positive progress. 50% reduction of virgin fossil-

for the 620ml Wusu bottle in Xinjiang achieving a reduction of 20g based plastic

per bottle reducing the use of glass by about 1900 tons in 2025. By using bulk transportation instead of

disposable plastic woven bags compared 50% recycled content in bottles

and cans

CAN WEIGHT REDUCTION to 2024 the Company further reduced its Continue to reduce packaging use and

use of plastic woven bags by approximately

reduce carbon emissions generated by

From June 2025 some of the Company’s breweries progressively 170000 this year resulting in a decrease of long-distance transportation

completed and put into operation the can weight reduction project. approximately 17 tons in plastic consumption

By the end of 2025 the total reduction in aluminum across our and a reduction of approximately 50 tons in carbon emissions.China region operations reached 350 tons.Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 31

ZERO Water Waste systematically establish whole-process management measures ELIMINATING BREWERY WATER WASTEspanning from risk prevention and control efficiency improvement

to ecological replenishment. These include conducting water resource

Water is not only a core element in beer brewing but also a critical assessments implementing water-saving technological transformation The Company fully integrates the concept of water conservation into

foundation for maintaining ecosystem stability. We deeply recognize and promoting water replenishment projects fostering the synergistic whole-process management of key operational stages including

that high-quality water sources not only determine product quality development of water use efficiency improvement and water brewing and packaging. By identifying water-saving targets at each

and brewing heritage but also directly impact the ecological balance environment protection. production level we systematically advance the implementation of

of river basins and the sustainable development of communities. We water-saving measures such as reclaimed water reuse optimized

consistently prioritize water resource management and protection STRENGTHEN WATER RESOURCE RISK cleaning processes and the application of intelligent water resource

as a core mission. By deeply integrating water conservation and systems continuously improving our water resource utilization MANAGEMENT

efficient utilization into daily operations we continuously drive process efficiency. In addition the Company conducts regular maintenance

optimization and refined management focusing on improving our water repair and upgrading of production equipment annually to ensure

recycling efficiency reducing our water consumption and strengthening At present the global water resources distribution is extremely uneven efficient operation and reduce unnecessary water loss. We are

our water performance improvement and water replenishment practices and different regions of the world are facing intensifying degrees of committed to contributing to high-quality and sustainable economic

in high-risk areas. water pressure. The Company strictly abides by the Water Law of the and social development through conservation intensive use and

People’s Republic of China and other water resources protection laws effective utilization of water resources.OUR STRATEGY and regulations and is continuously improving its water resources Furthermore we utilize the loss cost tree tool to benchmark against the

management system. We regularly conduct water risk assessments to

Group’s benchmark breweries analyze their Key Action Indicators (KAIs)

identity risks of water resource shortage and impacts and implement

We focus on the rational and efficient use of water resources related to water consumption and identify potential optimization

differentiated prevention measures and monitoring mechanisms to

prioritizing it as a key aspect of our operations management. Under opportunities for breweries in the China region. We also leverage lean

ensure water supply security and long-term availability. We attach

the leadership of the President the VP of Supply Chain is responsible production tools to identify good practices for water efficiency and

great importance to the protection of water-scarce regions and optimize

for water management strategy and performance. We have established promote their application across other breweries.water risk management and work with local communities to focus on

a professional water management team to leverage data-driven

controlling water-related risks of breweries located in high-risk areas by

monitoring and optimize the use of water resources and introduced This year the Company achieved water consumption per unit of 2.03

engaging in water rights trading water conservation and water control

advanced water-saving technology to reduce water consumption in the hl/hl representing a 2.87% reduction and resulting in an annual water

etc. to improve our water risk response and enhance the resilience of

production process. We are constantly improving the management of savings of 222000 tons compared to 2024. Currently seven of our

water resources management. In 2025 for the seven identified high-risk

water resources continuously promoting the comprehensive control of breweries have already taken a lead in achieving our strategic goal

areas in China we have put into use reclaimed water reuse projects at

water resources to steadily improve water efficiency. We are committed of reducing the water consumption to 2.0 hl/hl within the Company

six breweries and the annual weighted average water consumption per

to achieving the overall goal of ZERO Water Waste by 2030 which by 2030. Among them Dazhulin Brewery in Chongqing has reached

hl of beer produced at those breweries was 1.98 hl/hl.includes achieving our strategic goal of reducing the water consumption 1.70 hl/hl of water consumption achieving the goal of reducing to 1.7

to 2.0 hl/hl within the Company by 2030 1.7hl/hl at breweries in hl/hl by 2030 ahead of schedule demonstrating our commitment to

high-risk areas and 100% water replenishment at breweries in high- Water Usage in 2025 practicing sustainable water resources management.risk areas thereby comprehensively enhancing water resilience and

ecological management.Year Unit (hl/hl)

OUR ACTION 2025 2.03

We are well aware of the core value of water resources management

10 In 2020 the Group collaborated with the World Wildlife Fund (WWF) to carry out water risk assessments identifying seven breweries located in high water risk areas: Urumqi Brewery

for both business operations and the ecological environment and Tianmuhu Brewery Yinchuan Brewery Kunming Brewery Dazhulín Brewery Wusu Brewery and Korla Brewery.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 32

ZERO Water

Waste

YINING BREWERY AND KORLA

BREWERY TWO OF FIVE NEW

ENTERPRISES HONORED AS

WATER-SAVING ENTERPRISES IN

XINJIANG

In 2025 Yining Brewery and Korla Brewery subsidiaries of the Companywere awarded the title of “Xinjiang Uygur Autonomous Region Water-saving Enterprises in the Industrial Sector” by the Department of Industry

and Information Technology of the Xinjiang Uygur Autonomous Region

in recognition of their systematic water conservation practices. This year

only five new enterprises in Xinjiang received this recognition with Yining

Brewery and Korla Brewery accounting for two of them.Both breweries continuously improved their water-saving management

systems through a combination of process optimization equipment

upgrades water conservation training publicity and education and incentive

mechanisms. These efforts consistently enhanced employee awareness of

water conservation promoted the normalization and institutionalization of

water-saving practices and comprehensively improved their water resource

management capabilities.Yining Brewery is reducing its water consumption and improving its

water reuse levels by recycling process drainage water for landscaping

upgrading and modifying the clean water spray system of bottle washers

and installing mechanical stabilizers in pipelines further enhancing water

efficiency and operational resilience.Korla Brewery conducted water balance tests to systematically analyze

water usage timely identified and repaired pipe network leaks eliminated

“run drip leak and seep” and reduced water resource waste. Korla Brewery

also completed the upgrade of its wastewater treatment station achieving

annual water savings of 23000 cubic meters. This drove synergistic

improvements in both water use efficiency and operations costs. Currently

both breweries have achieved 100% penetration rates for water-saving

household appliances and water-saving irrigation for greening.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 33

IMPROVE THE WATER RECYCLING EFFICIENCY

The level of water recycling is an important indicator of improved water efficiency and the promotion of

the sustainable use of water resources. The Company actively promotes the recycling of water resources in

breweries and promotes the construction and operation of a reuse system for reclaimed water. The reuse of

reclaimed water in the breweries for greening toilet flushing and equipment cooling can reduce the intake of

fresh water while decreasing wastewater discharge and improve the reuse efficiency of water resources. In

2025 the reclaimed water reuse system was put into use in Urumqi Brewery Wusu Brewery Yining Brewery

Yinchuan Brewery Dazhulin Brewery Liangping Brewery Kunming Brewery Korla Brewery and other

breweries. This year the cumulative amount of reclaimed water reuse reached 201200 tons.Case YINCHUAN BREWERY IMPLEMENTS LEAN WATER MANAGEMENT Case URUMQI BREWERY ADVANCES WATER RESOURCE RECYCLING

To improve water resource utilization efficiency and reduce production water intensity Yinchuan Urumqi Brewery implemented a reclaimed water reuse project to conduct advanced treatment of

Brewery in the Nigxia Hui autonomous region has established a whole-process monitoring system production wastewater enabling it to meet reuse standards. The treated reclaimed water is now

covering the entire chain from “water source” to “water tap” implementing end-to-end water used for toilet flushing in production areas landscaping and as supplementary cooling water

conservation management. The Brewery has focused on cleaning processes and reuse systems. By for certain production equipment. Since the project commenced operation the reclaimed water

optimizing cleaning procedures and upgrading the reclaimed water recovery and treatment system system’s production capacity has increased to 150 tons per day and annual water saving reaches

it significantly enhanced both reclaimed water reuse levels and water management effectiveness. approximately 30000 tons.Since 2015 Yinchuan Brewery has achieved a 43.6% reduction in water consumption per hl of beer

brewing demonstrating significant progress in water conservation. The brewery has established an incentive mechanism to encourage employees to actively participate

in water conservation efforts and submit innovative water-saving ideas fostering a company-wide

water conservation culture built through collective participation.Yinchuan Brewery in Ningxia Production scene at Urumqi BreweryABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 34

PROTECTION AND REPLENISHMENT OF SHARED WATER SOURCES

The Company deeply recognizes that the stability and health of river basin ecosystems are critical foundations to the sustainable development of Data on Water Resources in 2025

the local economies and society. We continuously monitor the ecological environment of the river basins in our operation areas and collaborate with

stakeholders including government and communities to implement public welfare environmental protection projects. so as to improve the ecological

environment of river basins and contribute to the ecological security and sustainable development of the river basin. Indicators Unit 2025

Own boreholes m 302434.00

Case YANGTZE RIVER BASIN WATER REPLENISHMENT PROJECT COMPLETED MORE THAN 30000 M2 OF

WETLAND AREA RESTORED OR NEWLY ADDED Municipal water m

35266005.19

Surface water m3 355013.81Since 2024 the Company has partnered with the World Wide Fund for Nature (WWF) to launch the “Yangtze River Basin Water

3Replenishment Program” in China supporting wetland restoration and water purification in Chongqing Yunnan and Jiangsu. This initiative Total water use m 5923453.00

explores a collaborative practice pathway integrating water resource management and biodiversity conservation. The program focuses on

Total water consumption m3 5825527.88

ecological restoration and water quality improvement employing near-nature approaches to achieve “equivalent replenishment” of water

consumed during production processes at target breweries. It advances the goal of achieving 100% water replenishment at breweries in high- m3/RMB 10000 in Total water consumption intensity 3.96

risk areas by 2030 contributing to basin ecological security and regional sustainable development. revenue

The program utilizes international standards for water replenishment quantification and collaborates with organizations including WWF

and Limnotech to ensure scientific rigor and quantifiability throughout the process. The Company coordinates with local governments

communities and environmental protection organizations adopting a full lifecycle management approach covering design implementation

monitoring and maintenance to ensure the stable operation and sustained ecological benefits of wetland systems. In 2025 the program

achieved a cumulative water replenishment volume of approximately 1214200 cubic meters with over 30600 square meters of wetland

area restored and newly established equivalent to four standard football fields.In 2025 the Company received multiple

awards for water conservation:

Huizhou Brewery was listed amongthe “Top 10 Typical Water-Saving Cases in GuangdongProvince 2025”

Yining Brewery was honored as one ofthe “Xinjiang Uygur Autonomous Region Water-savingEnterprises in the Industrial Sector 2025”

Korla Brewery was honored as one ofthe “Xinjiang Uygur Autonomous Region Water-savingSanqing Wetland in Liangping DistrictEnterprises in the Industrial Sector 2025”ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 35

OUR TARGETS & PROGRESS

We have developed a systematic target tracking and improvement mechanism to monitor our progress towards our water conservation goals and take

special improvement actions. In 2025 we continued to contribute to the achievement of the goal of ZERO Water Waste by 2030 by promoting water-

saving projects introducing innovative water-saving technologies optimizing and upgrading production equipment and processes and promoting water

source protection and ecological restoration.Progress in 2025 Status Planned Actions for 2026 2030 Targets

Water saving transformation by using

advanced technology processes and

Continue to carry out water

equipment. In 2025 the Company achieved

resource risk assessments and

a water consumption per unit of 2.03 hl/hl

carry out water-saving projects for

representing a 2.87% reduction and resulting

breweries in high-risk areas

in an annual water savings of 222000 tons

compared to 2024

Water usage efficiency of 2.0 hl/

hl in the Company and 1.7 hl/hl at

breweries in high-risk areas

Carry out water rights trading.Implementation of reclaimed water reuse Continue to invest in reclaimed Water rights trading 100%

with total amount of reclaimed water reuse water reuse replenishment of water usage at

reaching 201200 tons in 2025 breweries in high-risk areas

Complete the Yangtze River Basin

Water replenishment projects in Chongqing

3 Water Replenishment Projects so Yunnan and Jiangsu to replenish 1214200 m

that they can start to continuously

of water in 2025

play a role

Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 36

ZERO Irresponsible Drinking

Amid the widespread rise in public health awareness consumers are OUR ACTION

paying greater attention to healthy diets and responsible consumption. PROMOTING SAFE DRIVING

Demand for alcoholic beverages is progressively shifting towards

low-alcohol high-quality and responsible options. As a leading

The Company continuously advocates responsible behavior such We are committed to building a social consensus on safe driving

beer company in the industry we emphasize the ZERO Irresponsible

as responsible drinking and safe driving among employees and the resolutely resisting drunk driving and advocating responsible and

Drinking goal keep innovating alcohol-free and low-alcohol products

public. We actively launch alcohol-free and low-sugar products while civilized driving among the public. Over the years we have continuously

to meet the healthy and diversified needs of consumers. We

deepening responsible marketing practices promoting responsible set up interactive “responsible drinking” spots at the Taihu Bay Music

systematically carry out education and publicity activities focused on

drinking concepts and advocating a healthy lifestyle and creating a Festival Xixia Star Music Festival Wusu Beer Music Festival and

“no drunk driving” “no underage drinking” “responsible drinking”. We

better life experience for consumers. other activities. We publicize the importance of safe driving centered

are committed to enhancing consumer awareness of scientific alcohol

on the theme “no drunk driving” through installations Q&A sessions

consumption fostering consumption rationally and jointly creating a

interactive zones and other formats to emphasize safe driving

civilized healthy and harmonious alcohol consumption environment. ENCOURAGING RESPONSIBLE BEHAVIOUR enhancing consumers’ awareness of safe driving and contributing to a

civilized and responsible traffic culture environment.OUR STRATEGY To effectively safeguard the health and safety of employees and the

public we actively encourage employees to foster a moderate and

civilized approach to alcohol consumption but also continuously

Responsible drinking is a long-standing responsibility topic for the provide guidance on safe driving to the public. We are committed to

Company. We actively communicate correct and healthy drinking working with all sectors of society to build a shared public commitment

values promote a moderate and responsible and rational drinking to responsible drinking and safe travel.culture advocating a healthy and quality lifestyle. We strictly follow the

Group’s Marketing Communication Policy11 fully implement responsible

marketing norms and integrate our brand positioning and channel ENCOURAGING EMPLOYEES TO DRINK

characteristics. Focusing on key issues including underage drinking ALCOHOL IN MODERATION “No drunk driving” campaign poster for the Left Bank of the Galaxy

prevention no drunk driving and responsible drinking we participate Music Festival

in responsible drinking advocacy through various formats embedding

the concept of responsible drinking into diverse consumer touchpoints To continuously deepen the construction of responsible drinking culture

encountered frequently. within the Company we have developed the Employee Manual which

explicitly requires employees to abide by the initiative of responsible

To continuously advance the responsible drinking culture the Company drinking and not to drink alcohol during work hours. The concept of

has clearly established the ZERO Irresponsible Drinking goal and responsible drinking is integrated into the employee code of conduct

commits to realizing the following specific actions by 2030: 100% forming an integral part of internal governance alongside safety

coverage of responsible drinking messaging through packaging and management health management and other related components.brand activities establishing responsible drinking partnerships in 100%

of our markets and upgrading 35% of our brews across the globe to

low alcohol or alcohol-free products (ABV12≤ 3.5%).

11 https://www.carlsberggroup.com/media/bsaampg0/carlsberg-marketing-communications-code-2025-v6.pdf

12 It is the abbreviation of Alcohol by volume and refers to the volume percentage of ethanol in alcoholic beverages.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 37

EXPANDING CHOICE WITH NO- AND LOW-ALCOHOL BREWS RESPONSIBLE MARKETING

To meet the needs of consumers for healthy and diversified products the Company keeps promoting the We resolutely advocate the principle of responsible marketing and implement strict standards and norms

innovative R&D of alcohol-free and low-alcohol beer products constantly broadening its product portfolio and for product labeling and messaging and systematically conduct responsible marketing training to ensure

integrating the responsible drinking concept into the product planning stage. the legality and compliance of marketing behavior. By providing consumers with truthful and clear product

information we protect consumer rights and interests and actively foster a sustainable industry ecosystem and

The alcohol-free and low-alcohol brews that we have put into mass production and sold are as follows: consumption environment.INFORMATION ON INGREDIENTS

The Company’s No/Low-Alcoholic Product Portfolio

In strict compliance with the Marketing Communication Policy we indicate the real ingredient information shelf

life alcohol content product standard and grade on our product labels to ensure the authenticity and accuracy

Name of brew ABV Type Place of origin of product information and help consumers make informed choices.Jolly Shandy lemon-flavored low-alcohol beer 0.6-1.5%vol Low-alcohol Kunming Huashi

CLEAR MESSAGING

WFSM lemon-flavored low-alcohol beer 0.6-1.5%vol Low-alcohol Kunming Huashi

We label all our products with the words “Excessive drinking is harmful to health” and constantly improve the

WFSM peach blossom-flavored low-alcohol beer 0.6-1.5%vol Low-alcohol Kunming Huashi product identification system by adding “Pregnant women are prohibited from drinking” “Minors are prohibitedfrom drinking” “No driving after drinking” and other messages on our 100% alcohol products and adding

WFSM green grape-flavored low-alcohol beer 0.6-1.5%vol Low-alcohol Kunming Huashi

responsible drinking related reminders on the product introduction pages on online sales platforms taking the

initiative to give potential risk tips to guide consumers to develop the concept of rational consumption.TRAINING ON RESPONSIBLE MARKETING

We continuously regulate internal responsible marketing behavior requiring all marketing related employees to

complete the training of the Marketing Communication Policy during their orientation and participate in annual

refresher training and assessments to ensure that comprehensive understanding of the Company’s responsible

marketing requirements. Furthermore we have also incorporated the Marketing Communication Policy into the

cooperation agreement with the distributors and the suppliers of the Marketing Department requiring them to

strictly follow our responsible drinking initiative in their marketing activities.CAMPAIGNS ON RESPONSIBLE DRINKING

To further promote the construction of a healthy and responsible drinking culture we actively organize

campaigns such as beer festivals and music festivals to communicate the concept of healthy and responsible

drinking to the public and consumers by setting up “responsible drinking” spots placing innovative billboards

organizing fun games and other means. We also actively promote responsible drinking at food service outlets

and deeply embed the responsible drinking advocacy into consumption scenarios through poster displays

and consumer interactions so as to enhance public awareness of responsible drinking and enable stable and

sustainable development of the beer industry.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 38

ZERO Irresponsible

Drinking

DECADE-LONG RESPONSIBLE

DRINKING INITIATIVE

COMPREHENSIVE LEADERSHIP

IN PROMOTING RESPONSIBLE

CONSUMPTION

The National Responsible Drinking Awareness Week is an industry public welfare

initiative launched by the China Alcoholic Drinks Association. Since 2015 the China

Alcoholic Drinks Association has organized the responsible drinking awareness

activities for ten consecutive years around the three themes of “no drunk driving” “nounderage drinking” and “drinking moderately”. The Awareness Week’s philosophy

aligns closely with Chongqing Brewery’s sustainability initiatives making it among

the earliest enterprises to engage deeply through multi-channel promotion strategies.Over the past decade the initiative has expanded its coverage to 500 million people

in 563 cities and evolved into a nationwide movement.This year marks Chongqing Brewery’s 10th consecutive participation in the Awareness

Week where it has maximized omnichannel platforms (online and offline). By taking

advantage of its channels and scenarios the Company integrated the concept of

responsible drinking into the daily experience of on-site spectators and the public.In terms of online communication we invited 10 brand ambassadors of Carlsberg

Kronenbourg 1664 Tuborg Wusu Chongqing WFSM and DALI to jointly shoot

and release responsible drinking initiative videos and leveraged the influence of

public figures to spread the awareness of drinking responsibility. We also displayed

responsible drinking reminders on beer product search and browsing pages across

mainstream platforms such as Taobao JD Douyin Meituan and Ele.me so that

these reminders would be presented at the point of consumer decision-making.According to statistics the total impressions from such online advertising campaigns

have exceeded 2 million.In terms of offline interactions we advocated responsible drinking at sports

events and food service outlets. During the Chongqing City Football League

(“Yu Chao”) the Company displayed a 15-meter banner promoting responsible

drinking at the spectator stands of the Hechuan Sports Center. During the Urumqi

International Marathon the Company promoted responsible drinking. At the food

service terminals the Company organized direct interactions with consumers in

31 restaurants. Additionally the Company organized the Dali Brewery Open Day

campaign and invited 160 military veterans to visit the brewery. Through on-site

interaction and communication the Company further promoted the concept of

responsible drinking and enhanced the influence of the public welfare initiative.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 39

OUR TARGETS & PROGRESS

We have developed a systematic target tracking and improvement mechanism to monitor the progress towards our goals and take special improvement

actions where necessary. In 2025 we continued to promote innovative R&D of no- and low-alcohol products further improved the responsible drinking

label information and actively participated in the National Responsible Drinking Awareness Week to contribute to the goal of ZERO Irresponsible

Drinking by 2030.Progress in 2025 Status Planned Actions for 2026 2030 Targets

Continue to promote the full 100% responsible drinking

Incorporation of 3 responsible drinking labels

coverage of responsible drinking messaging through packaging and

on 100% packaging

messaging brand activations

Active communication of the concept of

responsible drinking by actively participating Develop consumer campaigns 100% of our markets run

in the National Responsible Drinking and expand responsible drinking partnerships to support responsible

Awareness Week in cooperation with the partnerships across our markets consumption

China Alcoholic Drinks Association

35% of our beers from the

Continuously develop and launch

Launch of 4 low-alcohol products Company are low-alcohol or

non/low-alcoholic products.alcohol-free (ABV ≤ 3.5%)

Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 40

ZERO Accidents Culture

Ensuring the health and safety of employees is the fundamental PROGRESS TOWARDS ZERO ACCIDENTS We have established a systematic occupational safety risk assessment

prerequisite for a company to achieve sustainable development and and control system that covers all our positions and operations

it is also an inviolable core principle in our operations. Guided by a conducting regular dynamic reviews and updates. For identified

ZERO Accidents Culture we strictly comply with national laws and We continue to build a systematic and scientific safety management occupational safety risks we implement a tiered and categorized

regulations related to workplace safety across all operational processes system achieving routine monitoring and continuous improvement control strategy. For 11 types of high-risk operations a work permit

and fully implement safety management processes and standards. We of safety management levels through the ongoing refinement of system is strictly enforced and five core risks including traffic working

are committed to creating a safe healthy and comfortable working our occupational health and safety assessment system. We actively at heights hazardous energy isolation mechanical protection and

environment for our employees. promote the implementation of work safety practices continuously confined space entry are included in the Life Saving Rules (LSR) and

optimize emergency response procedures and enhance the safety subject to mandatory management. For other risks such as chemical

OUR STRATEGY awareness and practical capabilities of all employees. By deeply risks ergonomics risks cut risks slip and fall risks we have developed integrating a culture of safety into the Company’s daily operations we special management procedures for continuous mitigation and long-

We always place the health and safety of our employees and other provide comprehensive support for building a more stable and efficient term control.stakeholders as top priority. Under the direct leadership of the work safety environment. In 2025 the Company’s total investment in Update and Upgrade of the SHAPE

President the VP of Supply Chain leads the integration of the health workplace safety reached RMB 22156000. Assessment System in 2025

and safety strategy and performance management and the continuous

improvement of occupational health and safety management system. Management of Change (MOC)

We strictly abide by regulations such as the Law of the People’s Added change requirements for ammonia refrigeration

Republic of China on Work Safety and the Law of the People’s Republic

In 2025 the Company’s total investment in CO? dust collection natural gas boilers and wastewater

of China on Prevention and Control of Occupational Diseases as well

13 workplace safety reached and exhaust gas treatment systems.as the Health and Safety Policy of Carlsberg Group and formulated

63 management systems and processes including the Environmental Hazardous Chemicals Management Upgrade

Health and Safety (EH&S) Policy and the Environmental & RMB 22156000 Updated management requirements in accordance with

Occupational Health Management Manual and set the goal for the the latest group standards clarifying tank hardware

Company to achieve ZERO Lost-Time Accidents by 2030. configurations (previously under “Chemicals Management”).Equipment and System Compliance

OUR ACTION Defined management requirements for special-purpose SAFETY ASSESSMENT SYSTEM equipment and fixed toxic gas detectors.We integrate employee safety and health into every aspect of our Fall and Slips Prevention

daily operations. We continuously strengthen the foundation of In strict accordance with the Carlsberg Operation Manual (COM) Strengthened risk assessment and safe walking behavior

workplace safety through the systematic construction of a work safety standards we have further updated and upgraded the Safety and management in alignment with the new standards.management system and occupational health and safety protection Health Assessment Program Excellence (SHAPE) assessment Multi-procedure Clause Updates

measures to ensure a safe and comfortable working environment. system14 in 2025 building a more comprehensive health safety and Revised clauses related to document control hand tools

We are committed to creating a zero-accidents workplace to provide environmental management system. In 2025 the Company achieved lifting operations ammonia/water/energy use and carbon

comprehensive health protection for employees. 100% coverage of SHAPE system audits. emissions (previously referred to as “Greenhouse Gases”).

13 https://www.carlsberggroup.com/media/ruedvqf5/carl_2153_policies_health-safety-_v12-47.pdf

14 Please refer to page 41 of the 2024 Sustainability Report.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 41

We constantly promote the safety management system certification of SAFETY PRACTICES LINKED TO EMPLOYEE WORK SAFETY PRACTICES

our breweries and schedule an annual internal audit and a three-year PERFORMANCE

external audit for 100% of our breweries. As of the end of the reporting

period all breweries under the Company successfully passed the ISO To systematically advance the construction of a ZERO Accidents To fully implement the ambition of ZERO Accidents Culture we

45001 recertification or surveillance audits and Wusu obtained the Culture the Company closely integrates leadership by example with continue to improve our safety management system steadilyLevel 3 Safety Production Standardization Certificate. full employee participation. It has clearly defined “ZERO Lost-time enhancing intrinsic safety levels through a series of concrete measuresAccidents” as one of the core performance indicators for managers to create a safer and healthier working environment for employees.at all levels and incorporated these indicators into the annual KPI

evaluation system for general managers of each business unit. This

ensures that safety responsibilities are embedded into management

roles. In addition zero accident performance has become a basic

eligibility criterion for annual awards in sales and supply chain中认认证有限公司

监督审核合格证书 functions further reinforcing the integration of business and safety

注册号：27323E20325R1M

27323S20288R1M

嘉士伯重庆啤酒有限公司

经中认认证有限公司技术委员会对审核组提交的监督审 objectives implementing the safety accountability system and

核报告进行评定，认为贵单位：

管理体系持续满足

GB/T24001-2016/ISO14001:2015环境管理体系标准 enhancing managers’ awareness of their safety responsibilities.GB/T45001-2020/ISO45001:2018职业健康安全管理体系标准

运行持续有效，具备保持认证注册资格的条件，认证范围见认证证书。

经本公司技术委员会审议通过，总经理批准，保持贵单 The Company adheres to a policy of zero tolerance for concealment位在我机构的认证注册资格并继续享有合规使用认证证书和认证标志的权利和义务。

(注：本合格证书需与我机构颁发的认证证书结合使用，本合格证书仅证明该组织相关管理体系经监督审核合格。) of safety incidents. and even for near-miss accidents that do not特此证明

中认认证有限公司 result in actual losses it strictly conducts root cause investigations

2025年09月01日

in accordance with requirements and implements corresponding risk中认认证有限公司

电话：400-025-9001

地址：中国（四川）自由贸易试验区成都高新区天府三街69号1栋29楼2904号 control and preventive measures to ensure that all types of risks are

effectively eliminated and managed in a closed-loop manner.ISO 45001 certification Level 3 Safety Production

remaining valid in 2025 Standardization Certificate In terms of incentive and constraint mechanisms the Company has

established a special reward and punishment system for health and

safety. Compliance with safety regulations and proactive reporting of

potential hazards are rewarded and safety observation report rates

are linked to individual and team incentives to encourage employees

to actively pay attention to workplace safety and the behavior of

All breweries under the Company have achieved colleagues. In 2025 each supervisory-level (or above) employee

100 was required to conduct more than six high-quality safety behavior % certification under the ISO 45001 communications per year.

Occupational Health and Safety Management System.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 42

Workplace Safety Measures

Standardized Management of Personal Protective Equipment (PPE)

The Company has established a comprehensive management system for personal protective equipment ensuring that

employees in relevant positions are adequately provided with personal protective equipment that meets national standards.Prominent signage is posted at workstations and area entrances to clearly indicate the requirements for PPE usage. Regular

inspections are conducted to monitor employees’ compliance with PPE wearing regulations. In addition the proper use

of PPE is incorporated into the Company’s annual safety training program. Through continuous education and practical

exercises the Company ensures the effective implementation of all occupational health and safety protection measures

thereby safeguarding employees’ operational safety.Systematic Workplace Safety Check

The Company attaches great importance to the safety production environment management of our breweries strictly

enforcing safety standards and effectively advancing daily safety patrols and the rectification of potential hazards. Based

on the health and safety related requirements issued by SPRINT the Group’s online system we regularly conduct self-

assessments of safety standards to accurately identify deficiencies and implement targeted improvements. In 2025 the

completion rate of the Group’s safety priority items listed in the SPRINT system reached 100% covering all breweries

logistics and administrative and sales units. Compliance rates for key standards including the Carlsberg LSR contractor

management incident reporting and management work permit systems and temporary employee management also

achieved 100%. To further strengthen on-site risk control the Company continues to encourage management at all levels to

engage in frontline safety inspections. In 2025 a total of 150153 on-site safety patrol visits were completed by supervisory-

level employees across the Company.Improving In-Plant Traffic Safety

Focusing on logistics areas which are the key zones with concentrated risks the highest accident rates and severity we have

actively implemented the advanced “Three-Zone Traffic Division” concept. This approach divides the brewery into pedestrian-

restricted zones vehicle-restricted zones and shared pedestrian-vehicle zones minimizing the scope of shared zones as much

as possible. By applying spatiotemporal isolation measures and active pedestrian-vehicle defense technologies we aim to

eliminate traffic safety hazards at the source. Currently the “Three-Zone Traffic Management” has been fully implemented

in the logistics areas of all of our breweries in the China region significantly improving safety levels in pedestrian-vehicle

interactions within the zone.Construction of the Safety Training System

To systematically enhance employees’ safety skills and emergency response capabilities the Company has innovatively

established the EHS Academy training platform which integrates both theoretical knowledge and hands-on practice.This system upgrades traditional safety education by incorporating immersive scenario-based training such as VR safety

simulations fall protection for working at heights and operations in confined spaces. Through experiential and interactive

learning methods the program strengthens employees’ ability to identify and respond to potential risks. It serves as one of

the core initiatives in advancing the Company’s safety culture and achieving the ZERO Accident ambition.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 43

Case TRAFFIC REORGANIZATION AT LIXIAN BREWERY TO ACHIEVE Case SPECIAL INITIATIVE TO ADDRESS SLIP AND FALL RISKS AND

PEDESTRIAN-VEHICLE SEPARATION CREATE A SAFE WORKING ENVIRONMENT

In response to the Group’s safety management requirements and with the core objective of reducing In 2025 we launched a targeted safety improvement initiative focusing on key high-risk areas

pedestrian-vehicle interaction risks and enhancing employee safety Lixian Brewery carried out a prone to slips and falls. These included stairs with inclines over 45 degrees pattern plates that were

systematic optimization of the original parking layout in the office area. In April 2025 the brewery not slip-resistant in wet conditions smooth stainless steel pipes and covers in trenches as well

in coordination with relevant government departments initiated a project to relocate the parking as exposed piping on the workshop floor in the brewing area. The corrective measures included

area. The original parking zone in front of the administration building was moved in its entirety to replacing surfaces with slip-resistant materials installing additional handrails and covering or

an independent site at the rear of the plant. A physical barrier was installed to effectively separate enclosing exposed piping. Through systematic risk management and infrastructure upgrades all slip

the parking area from the production zone. Meanwhile an independent pedestrian walkway was and fall risks associated with these facilities have been fully eliminated. In addition employee safety

established to ensure complete separation between employee commuting routes and vehicle traffic awareness and on-site safe behaviors have also seen continuous improvement.paths. The project was successfully completed and put into operation in June 2025 achieving 100%

isolation between the parking area and operational zones as well as 100% separation between

pedestrian and vehicle routes. The project fully complies with the Group’s “Three-Zone Traffic Division”

safety management standards and has significantly improved the overall safety level of the brewery.Before transformation

Results of slip and fall risk mitigation

After transformationABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 44

ESTABLISHMENT OF THE ANHUI

Case BREWERY EHS ACADEMY TO IMPROVE 2025 KPI highlights: Honors in 2025

THE SAFETY TRAINING SYSTEM

On May 22 2025 under the guidance of the Tianchang

Emergency Administration Carlsberg Brewery (Anhui) Co. 8 breweries have maintained ZERO lost-time accidents for over 10 years Chongqing Brewery was awarded the

Ltd. officially inaugurated its Environment Health and 17 breweries have maintained ZERO lost-time accidents for over 5 years “Best Safety Award” by Carlsberg Group and the

Safety (EHS) Academy. After more than six months of 23 breweries have maintained ZERO lost-time accidents for over 3 years “Best Safety Award in Asia” by Carlsberg Asia in 2025

preparation the establishment of the Academy marks a 27 breweries in China maintained ZERO lost-time accidents for two

new stage in the brewery’s journey towards enhanced safety consecutive years

management and employee training. Anhui Brewery will

use the EHS Academy as a key platform for continuous Compared to 2018 the number of lost-time accidents involving all Aksu Brewery was awarded the

employee development and the promotion of a strong safety employees and contractors across operations including supply chain sales “Best Safety Brewery Award”

culture further supporting the realization of the Company’s and administration decreased by 94% by Carlsberg Group in 2025

vision of ZERO Accidents Culture. 1 non-supply-chain business unit has maintained ZERO lost-time accidents

for over 3 years

4 non-supply-chain business units have maintained ZERO lost-time

accidents for over 2 years

Inauguration ceremony of the EHS Academy IMPROVING THE SECURITY EMERGENCY RESPONSE MECHANISM

We attach great importance to the systematic development of our In the post-incident management phase the Company adheres to the

emergency management system and are committed to enhancing the principle of “analysis of every case” conducting in-depth investigations

speed and effectiveness of responses to emergencies. The Company has and root cause analyses of each incident. We identify areas for

established a closed-loop management system for work-related injury improvement across multiple dimensions including management

incidents covering prevention response and continuous improvement. mechanisms operational processes and employee awareness and

By improving the quality of the preparation and execution of Job Safety develop targeted occupational health and safety management

Analysis (JSA) and Permit To Work (PTW) we reinforce the foundation optimization plans accordingly. These efforts aim to promote root-

of risk control at the operational front end. In addition we regularly cause resolution and continuous system improvement thus effectively

conduct emergency drills and specialized training to enhance employees’ mitigating the risk of future occurrences.on-site response capabilities as well as their ability to perform self-rescue

and mutual assistance in the event of an incident. This ensures that

emergency procedures can be swiftly activated following a work-related

injury maximizing employee safety.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 45

TRAINING A SAFETY-FIRST MINDSET

We attach great importance to the cultivation of a safety culture of all instructors and 137 individuals completed the Train-the-Trainer (TTT) To comprehensively enhance on-site emergency response capabilities

employees and are committed to systematically enhancing employees’ certification in defensive driving hands-on training strengthening we continued to improve the MERP (Medical Emergency Response

safety awareness risk prevention capabilities and emergency response the training capacity in high-risk operation areas. Throughout the Process) of all our breweries equipped all our breweries and major

skills. Based on national regulations and the characteristics of different year a total of 10 focused training sessions were conducted for the administrative offices with Automated External Defibrillators (AEDs)

posts we have established a comprehensive safety production Commercial and Supply Chain functions centered on life safety rules and conducted first aid responder certification training with American

training system covering 28 core courses including hazardous waste and requirements for high-risk operations. These sessions covered 4380 Heart Association to further improve the self-rescue and mutual

management chemical storage and machinery protection. We supply chain-related employees 2880 sales and marketing personnel assistance ability of employees in emergency situations such as cardiac

continue to advance the standardization and digitalization of training and 1884 promoters. In addition relevant departments within the arrest and support the establishment of a three-dimensional healthmanagement. supply chain conducted safety training and refresher courses through and safety protection system integrating “prevention – response –a matrix of 28 training modules with a total of 57909 participants rescue”.We place great emphasis on cultivating internal training capabilities. In and systematically verified the effectiveness of the training and the

2025 a total of 302 managers and engineers were certified as course teaching process.

Case COLLABORATING WITH THE RED CROSS TO CONDUCT FIRST AID Case CONDUCTING SAFETY DRILLS TO BUILD A ZERO ACCIDENTS CULTURE

TRAINING AND ENHANCE EMERGENCY RESPONSE CAPABILITIES

In 2025 Tianmuhu Brewery in collaboration with the Liyang Red Cross conducted a specialized The Company treats emergency drills as a key initiative to enhance safety management capabilities.first aid training program. The program systematically covered four core areas: Cardiopulmonary For several consecutive years we have consistently conducted specialized drills covering scenarios

Resuscitation (CPR) Automated External Defibrillator (AED) operation Heimlich maneuver and such as ammonia leaks confined space operations and fire emergencies ensuring full participation

trauma care. This initiative effectively enhanced employees’ emergency response capabilities. across all levels of employees. These drills have played a vital role in transforming employees’ safety

mindset which steadily shifted from “compliance” to “commitment”.Going forward we will continue to strengthen emergency preparedness through drills. By

continuously refining emergency plans and improving the allocation of rescue resources we aim to

shift from simulated exercises to real-world readiness. We will gradually build a safety community

where employees look out for one another and share a collective sense of responsibility.On-site first aid training conducted by the Red Cross Safety drillsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 46

ZERO Accidents Culture

DEEPENING THE ZERO ACCIDENTS

CULTURE AND ACHIEVING THE

BREWERY’S ZERO ACCIDENT

SAFETY MILESTONE

The Company embraces the ZERO Accidents Culture as the most

fundamental commitment to every employee and continues to promote

the building of a rigorous safety culture. On December 12—an important

milestone in deepening our safety culture we have held All-Staff Safety

Day activities for 15 years in a row. The Company has established an

intelligent monitoring system and a closed-loop management mechanism

incorporated safety performance into the management evaluation

accountability framework and implemented safety responsibilities at all

organizational levels.In 2025 all of the 27 breweries of Chongqing Brewery achieved the goal

of zero lost-time accidents of which eight maintained zero lost-time

accidents for over 10 years. Aksu Brewery in particular has maintainedan incident-free safety record for over 13 years earning it the “Best SafetyBrewery Award” by Carlsberg Group in 2025. In recognition of systematic

practices and outstanding achievements in safety management

Chongqing Brewery was awarded the “Best Safety Award” and the “BestSafety Award in Asia” by Carlsberg Group in 2025.We encourage every employee make safety a natural behavioral habit.ZERO Accidents has now evolved from a goal into a shared code of

conduct embraced by all employees. In daily work employees proactively

carry out safety observations and report potential hazards to integrate

safety into decisions and actions. The journey towards safety has no end.Chongqing Brewery will continue to deepen its people-oriented ZERO

Accidents Culture and protect every team member. The fifteen years of

continuous efforts demonstrate the Company’s long-term commitment to

the health and safety of its employees. Zero accidents is not just today.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 47

OCCUPATIONAL HEALTH AND SAFETY CONDUCTING HEALTH TRAININGS AND WORKPLACE SAFETY ACCIDENT RESPONSE

CAPACITY BUILDING AND SYSTEM IMPROVEMENT

We consistently place the occupational health and safety of employees We offer a comprehensive range of health training programs to We continue to enhance our safety accident response mechanisms

and contractors at the core of our priorities. Through a systematic employees including first aid skills basic safety knowledge seasonal and management systems strengthening risk prevention and control.management system and a continuous improvement mechanism we disease prevention management of work-related musculoskeletal In 2025 the number of lost-time accidents of employees including

comprehensively enhance occupational health and safety performance disorders and health maintenance. We also conduct hands-on drills those involving employees and contractors decreased to just one case

and are committed to creating a safe and healthy working to improve employees’ self-care and health protection capabilities. In representing a 94% reduction compared to 2018. In response to the

environment for all personnel. 2025 the training framework was further expanded to include mental single safety accident that occurred during the year we immediately

health awareness and heat stress prevention supporting employees in launched a targeted investigation organized thematic communication

developing a stronger sense of health consciousness and encouraging and training sessions and optimized related processes further

COMPREHENSIVE HEALTH SURVEILLANCE AND the adoption of healthy lifestyles. During the year we achieved a enhancing overall safety performance and reinforcing the long-term

MEDICAL EXAMINATION PROGRAM FOR ALL 100% coverage rate for occupational health and safety training among mechanism for safe production.EMPLOYEES employees.Based on risk types of occupational exposure required for personnel in Accidents in 2025

different positions we clarify the occupational health check-up items

that personnel in each position need to undergo conduct pre-job on- During the year we achieved a

job post transfer and off-job occupational health examinations for Indicators Unit 2025 data

employees in positions exposed to occupational hazards throughout

Number of lost-time accidents

their employment cycle and provide benefits such as preemployment 100% coverage rate for occupational health / 1of employees

and annual physical exams for all employees. In 2025 the employee and safety training among employees.Number of employee fatal

health examination coverage rate reached 100%. We regularly review / 0accidents

and update the PPE allocation matrix based on job-specific risk levels

Number of lost-time accidents

ensuring that PPE is issued according to needs and used correctly. / 0of contractors

Through the occupational health and safety management system we

ensure that 100% of employees receive health suitability assessments INTEGRATED CONTRACTOR SAFETY Number of contractor fatal / 0accidents

fully complying with national regulatory requirements. MANAGEMENT

We incorporate contractor occupational health and safety into a unified Security Investment in 2025

MONITORING OCCUPATIONAL HAZARDS AND management framework. Through tools such as EHS assessment

CONTROLLING AT SOURCE questionnaires and performance evaluation checklists we conduct

a comprehensive review of contractors’ qualifications management Indicators Unit 2025 data

We continue to enhance the dynamic monitoring and quantitative systems and implementation of safety measures. We conduct at least Work-related injury insurance

RMB 10000 547.27

assessment of occupational hazard factors in the workplace to one health and safety performance assessment annually for long-term premium

systematically identify high-risk positions and associated hazard cooperative contractors or upon completion of key projects and define Work-related injury insurance

%100

factors and develop targeted engineering controls and personal entry-level standards in key areas including personnel competency coverage

protection measures. By establishing a closed-loop mechanism of tools and equipment and personal protection measures with the aim Safety production liability RMB 10000 92.4

“monitoring – early warning – intervention” we effectively prevent the of continuously enhancing alignment and collaboration efficiency insurance premium

occurrence of occupational diseases and gradually reduce the risk of between contractors and the Company’s EHS requirements. Safety production liability % 100

occupational hazards. insurance coverageABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 48

OUR TARGETS & PROGRESS

We have developed a systematic target tracking and improvement mechanism to monitor the progress towards our goals and identify where special

improvement actions are needed. In 2025 we promoted strengthening the work safety culture and implementing occupational health and safety

measures to contribute to the goal of ZERO Lost-Time Accidents by 2030.Progress in 2025 Status Planned Actions for 2026 2030 Targets

Continue to improve occupational

ISO 45001 occupational health and safety

health and safety management

management system certification for all our

systems and conduct internal and

breweries

external audits on a regular basis

Participation in EHS training courses by

Achieve high quality safety training

a total of 302 managers and engineers

for all employees

nationwide ZERO lost-time accidents

Continuous elimination of

potential security risks

150153 on-site safety inspections by

supervisory-level staff at breweries

nationwide

Equip employees with protective

equipment and continue to

upgrade safety facilities and

equipment

In 2025 the number of lost-time accidents

involving employees and contractors was

one down 94% from 2018

Done

Done Undone

50%ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 50

EMISSIONS MANAGEMENT reports. Based on the assessment results we have developed 13 internal management procedures including Environmental Compliance

and the Energy and Water Consumption and Reduction to strengthen

The Company strictly complies with the Environmental Protection environmental impact control.Law of the People’s Republic of China the Water Pollution Prevention In 2025 the Company had

Meanwhile we have developed the Emergency Response Plan for

and Control Law of the People’s Republic of China the Atmospheric Sudden Environmental Incidents which clarifies the emergency

Pollution Prevention and Control Law of the People’s Republic of

command system and responsibilities prevention and early warning No any accidents involving major administrative

China the Law of the People’s Republic of China on Noise Pollution

mechanisms emergency response and disposal and post-incident

Prevention and Control the Law of the People’s Republic of China penalties or criminal liabilities due to pollutant discharge

management. We also conduct surveys on environmental emergency

on the Prevention and Control of Environment Pollution Caused

resources produce reports and provide improvement suggestions

by Solid Wastes and other laws and regulations and manages the

to enhance the quality of the environmental emergency plan and

discharge of various pollutants in accordance with the law. We fully

emergency response capacity. In addition the Company regularly

implement the Environmental Policy applicable to management

carries out emergency drills for sudden environmental incidents

employees contractors visitors and personnel and institutions

and optimizes the emergency response plan based on drill results No major sudden No excessive

related to external workplaces and we are committed to continuously

and actual conditions to continuously strengthen environmental risk environmental incidents occured emissions

improving our environmental management performance. In line with

response capabilities.the Company’s strategy vision and relevant objectives we promote

the effective implementation of policy requirements through internal In 2025 the Company set a target of 100% environmental

communication and continuously maintain certified environmental management compliance managed internally through Environmental

management systems to prevent and control potential environmental Compliance Rate (ECR) audits. During the year the Company achieved

impacts arising from our business activities. its environmental compliance target. No major administrative penalties 100% of our breweries have passed the ISO 14001

or criminal liabilities were imposed due to pollutant discharge; no

The Company continuously optimizes the treatment processes for

major sudden environmental incidents occurred; and no non-compliant environmental management system certification

waste gas wastewater and solid waste to reduce the impact of waste

discharges were recorded. All of our breweries have passed the ISO

gas wastewater waste and noise on the surrounding environment.

14001 environmental management system certification.

We regularly carry out environmental impact assessments and issue

ISO 14001 Environmental Management System Certification ISO 50001 Energy Management

System CertificationABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 51

WASTEWATER MANAGEMENT

Based on the goal of ZERO Water Waste the Company continues to

strengthen its wastewater management and strictly follows the Law Case RESOURCE UTILIZATION OF BREWERY WASTEWATER – A NEW WATER TREATMENT

of the People’s Republic of China on Prevention and Control of Water PATH AT LIXIAN BREWERY

Pollution the Discharge Standard of Pollutants for the Beer Industry

and other relevant regulations and standards to implement full-process Lixian Brewery has long been committed to the efficient use of water resources and has continuously explored models for the resource

control over wastewater treatment. We cooperate with professional utilization of brewery wastewater. In 2025 the brewery signed a cooperation agreement with the Lixian Wastewater Treatment Plant in

third-party institutions. Each brewery is equipped with stable Changde City Hunan Province. Brewery production wastewater treated by anaerobic pre-treatment is connected to the sewage pipe network

wastewater treatment facilities and installed with online automatic for centralized treatment and converted into high-quality carbon sources for the wastewater treatment plant supporting regional green

monitoring devices to conduct real-time monitoring of key discharge production and resource recycling.indicators ensuring stable and compliant wastewater discharge. In

2025 the Company achieved a 100% compliance rate for wastewater Wastewater generated from beer production is rich in organic matter such as wort and residual yeast with a chemical oxygen demand

discharge. (COD) concentration often reaching 3000–5000 mg/L making it far more difficult to treat than ordinary industrial wastewater. To

improve treatment efficiency the brewery established a dedicated team and conducted 23 technical meetings with local authorities andMeanwhile the Company continues to advance reclaimed water reuse the wastewater treatment plant within three months finally formulating the implementation plan of “Anaerobic Pre-treatment + Pipelineprojects. Through advanced Chemical Oxygen Demand treatments Network Conveyance”. With the newly added anaerobic equipment over 80% of degradable organic matter in brewery wastewater is

for odor and suspended solids in wastewater we have improved converted into recoverable methane. The remaining carbon-rich wastewater enters the municipal system as a high-quality carbon source for

the quality of reclaimed water and reduced the pollution load. In municipal wastewater treatment achieving collaborative emissions reductions across the industry chain.addition the Company transports wastewater to sewage treatment

plants for collaborative treatment and utilization which not only

realizes wastewater resource utilization but also reduces the energy

consumption of brewery wastewater treatment achieving synergistic

efficiency gains between breweries and sewage treatment plants. As

of 2025 the Company had implemented beer wastewater resource

utilization projects at eight breweries.Types of Pollutants in Wastewater and Related Data in 2025

Type Unit Data of 2025

Ammonia tons 19.74

Total phosphorous tons 4.00

Suspended solids tons 53.96

COD of raw sewage from per

kg/hl 0.31

hectoliter of beer produced

Amount of sewage from per

hl/hl 0.97

hectoliter of beer produced

Average COD of raw sewage g/m3 3252.40 Lixian Brewery

Total sewage discharge m3 2775533.99ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 52

SOLID WASTE MANAGEMENT

The Company strictly complies with the Law of the People’s Republic of sufficient quantity accumulates it is entrusted to qualified third parties for Solid Waste Discharge in 2025

China on the Prevention and Control of Environment Pollution Caused by compliant disposal. Meanwhile the Company establishes ledgers for the

Solid Wastes and other laws and regulations related to waste management. generation transfer and disposal of hazardous waste realizing full-process Type Unit Data of 2025

All breweries implement local waste management and waste classification traceable management. In 2025 the Company adopted hazardous waste

requirements prioritize source reduction strictly prohibit improper discarding containers to further enhance the standardization of hazardous waste Total amount of hazardous tons 91.25

and uncontrolled disposal and continuously improve the processes for storage and transportation. During the year the Company’s hazardous waste discharge

classified collection storage and disposal of waste. waste compliance disposal rate reached 100%. Hazardous waste discharge t/RMB 10000 in

0.0001

density revenue

For non-hazardous waste the Company implements strict classified In the reporting period 100% of the waste generated from brewery production

management with fixed-point and regular collection and transportation as including waste cartons waste pallets waste plastic boxes waste woven bags and Total amount of non-

tons 107491.80

required to maximize the recovery of renewable resources. For hazardous waste plastic drums was sent to qualified local third-party recyclers for recovery hazardous waste discharge

waste the Company systematically defines the scope of collection and reuse. This promotes circular utilization reduces environmental impacts from

conducts standardized sorting collection and transfer by category and landfilling and incineration and supports the development of local community Non-hazardous waste t/RMB 10000 in 0.07discharge density revenue

stores such waste in designated hazardous waste warehouses. When a small and medium-sized recyclers.Case SANSHUI PRODUCTION BASE IN FOSHAN PIONEERS A NEW MODEL OF GREEN DEVELOPMENT THROUGH “ZERO-WASTE” INNOVATION

Sanshui production base in Foshan has become a benchmark for the

construction of “ZERO-Waste Plants” in Foshan City with its full-chain

ZERO-waste management model contributing replicable practical

experience to the development of a “ZERO-Waste City”. Foshan

Brewery integrates the “ZERO-waste” concept into the entire process

of plant planning construction and operation. Through intelligent

collaboration between buildings and production systems it achieves

efficient resource utilization and reduces waste generation at the

source.To ensure the effective operation of the waste management system the

brewery has established an environmental protection training system

covering the entire lifecycle of employees. New employees receive pre-

job training on solid waste classification compliant hazardous waste

disposal and environmental protection standards. Subsequent annual

refresher training special training and on-site drills are conducted

to continuously strengthen all staff’s environmental awareness and

operational skills turning waste management requirements from

institutional provisions into daily practices and ensuring the stable

Sanshui production base in Foshan

operation and continuous improvement of “ZERO-waste” initiatives.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 53

WASTE GAS MANAGEMENT NOISE MANAGEMENT

The Company strictly complies with the Atmospheric Pollution The Company strictly abides by the Law of the People’s Republic of

Prevention and Control Law of the People’s Republic of China and other China on Noise Pollution Prevention and Control and other relevant

laws and regulations concerning waste gas management ensuring that laws and regulations and has formulated and implemented internal

all waste gas emissions meet national and local standards. We carry systems such as the Noise Control and Hearing Protection Procedure.out standardized collection and treatment of odorous gases emitted Following the management philosophy of “source control processin a controlled manner from the sewage treatment station ensuring management and personnel protection” for noise abatement the

stable and compliant treatment of waste gas and are continuously Company has continuously strengthened noise pollution prevention

improving our waste gas management. In 2025 the Company achieved and control. By conducting regular noise monitoring at the factory

a 100% compliance rate for waste gas emissions. In addition we boundary promoting equipment renovation and maintenance and

actively explore the recovery and reuse of waste gas in the production improving sound insulation and isolation measures the potential

process achieving emissions reduction and efficiency enhancement impact of noise on employees’ health and the surrounding community

through resource utilization. Taking Wusu Brewery as an example the has been reduced. Meanwhile the Company has carried out special

brewery collects purifies and reuses carbon dioxide generated during noise reduction research on the packaging process sorted out the

the fermentation process. It is estimated that approximately 5930 tons sources and transmission paths of noise formulated and implemented

of carbon dioxide are recovered annually realizing effective recycling of targeted control schemes and improved the overall effectiveness of

process waste gas. noise control starting from key noise sources.Types of Pollutants in Waste Gas and

Related Data in 2025

Black smoke (dust)

14.72

SOx

1.04

NOx

34.86

Unit: tonsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 54

PRODUCTS AND SERVICES

The Company always regards providing consumers with high- Management Manual Factory Quality Monitoring Plan and Production

quality products and services as the core driving force of enterprise Line Self-inspection Requirements & SOP for Brews Quality Testing

development. Through systematic quality management and continuous to provide standardized guidelines for product quality standards. We

service optimization we are committed to providing consumers with also require our breweries to conduct annual quality COM compliance

safe reliable high-quality products. Guided by customer needs we audits to ensure continuous alignment with internal specifications and

continuously optimize our quality control mechanism refine customer external standards. From 2018 to 2025 the Company and its breweries

feedback and response processes and strengthen the foundation of all passed the annual quality COM compliance audits. As of the end

brand trust thereby creating long-term value for customers. of the reporting period the Company and its breweries all passed the

ISO 9001 quality management system certification and the HACCP

certification.PRODUCT QUALITY ASSURANCE

We implement a sophisticated quality management system that

covers the entire production process from manufacturing and storage

The Company established a systematic quality management to logistics sales and after-sales. Each brewery implements product

framework with the Carlsberg Operation Manual (COM) formulated quality and safety traceability management procedures ensuring full-

with reference to the FSSC 22000 Food Safety System Certification and process traceability from raw material intake to product shipment.the Hazard Analysis and Critical Control Point (HACCP) we developed At least one traceability drill is conducted annually to verify the

and implemented quality management systems such as the Quality effectiveness of the traceability system.Quality and security system certificationABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 55

CONDUCTING PRODUCT QUALITY TESTING

We always regard product quality as the cornerstone of corporate 2025 Performance Highlightsdevelopment adhere to the quality management principle of “highstandards full-process control and traceability” and have established

a comprehensive quality assurance system. We strictly implement the

Standard Operating Procedures for Brews Quality Testing and conduct In 2025 the center conducted sampling In 2025 25 breweries sent In 2025 25 breweries sent a total of

comprehensive inspections on incoming raw and auxiliary materials inspection of beers from 25 breweries. All

production process and finished products to ensure product quality is in of the

batches of products for

line with high quality standards. 1225 114580 units for

external inspections sampling inspections

The Company upholds the “Zero Defects” quality management 96 batches of products sampledphilosophy aiming to “provide consumers with a safe and high-quality passed with a and regulators randomly selected another achieving full coverage of eachproduct experience” and has built a whole-chain quality assurance production batch. The sampling

system. We continuously strengthen a dual assurance mechanism that inspection pass rate was

combines internal quality testing with external verification establishing 100% qualification rate. 48 batches on site for testing.a brewery quality monitoring plan covering risk points including

physicochemical encapsulation and microbiological aspects. Through

The results of the inspections showed that 100%

our central testing center we conduct quarterly sampling inspections of

products from each production brewery reinforcing our internal quality

defense. 100% of our products met the

Building on this foundation we have established comprehensive required standards.quality control points covering the entire process from raw material

procurement to product shipment achieving full-process risk

management. In addition referencing advanced international

standards we have developed an internal control system that sets

requirements stricter than national standards ensuring product quality

stability and consistency. Through a closed-loop management system

of “mechanism assurance – process control – standard support” we

systematically enhance quality control effectiveness and consolidate

the foundation of product safety and quality.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 56

ORGANISING BEER TESTINGS PRODUCT RECALL MECHANISM

We consistently regard stable and unique taste and flavors as core elements of product quality. Through the The Company has established systematic Product Recall (Withdrawal) Management Procedures which clearly

establishment of professional and systematic sensory evaluation mechanism we ensure the consistency of define the initiation criteria command processes and response mechanisms for various recall scenarios

product flavor characteristics and continuously meet consumer expectations. We have established a Beer enabling rapid response and effective control in the event of product quality risks. We require all distilleries to

Tasting Center composed of sommeliers which is responsible for conducting monthly taste evaluations of our conduct at least one mock product recall drill each year simulating different risk scenarios to test traceability

products from the breweries nationwide. Leveraging internationally recognized beer sensory quality evaluation efficiency communication mechanisms and emergency coordination capabilities thereby continuously

standards we have built a full-process taste and flavor monitoring system covering raw materials semi-finished improving the feasibility and execution efficiency of the recall process. In 2025 the Company’s product quality

products and finished products. management system operated stably and there were no product recalls due to food safety or product quality

defects.In 2025 the Beer Tasting Center organized qualified sommeliers to conduct systematic taste evaluations on

products from 25 breweries on a monthly basis. We have completed the taste evaluation of 599 beer samples

with a 100% pass rate. Case PRODUCT RECALL MANAGEMENT PROCEDURE AND DRILL:

MITIGATING QUALITY RISKS

Tasting Evaluation Indicators and Performance

The Company initiated the product recall mock drill through a dedicated kick-off meeting and

Indicator 2025 Result Description

developed a clear implementation plan. During the drill the ERP system was used to enable full

5.0 Pass Rate 100% All tested samples meet the Company’s basic tasting standards traceability of product distribution while designated personnel were arranged to verify and count

the products subject to recall on site. Ultimately all relevant products were safely returned to the

Under stricter internal control standards the vast majority of

6.0 SAT Satisfaction Rate 99.3% distillery successfully completing the full-process closed-loop management covering initiation

products were rated as “Satisfactory” or above

traceability recall and disposal.Average Taste Evaluation

7.22 Excellent overall superiority and stability of product tasting

Score-China Region

LEADING THE DEVELOPMENT OF SOMMELIER CULTIVATION SYSTEM

Case AND DRIVING CONTINUOUS IMPROVEMENT OF INDUSTRY QUALITY

STANDARDS

In the 2025 election for the members of the 8th

Chinese National Beer Tasting Committee the

Company as a supporting organization nominated

Recall drill kick-off meeting

76 sommeliers to participate in the selection setting

a record for the highest number of participants

from a single enterprise. Through three consecutive

years of training collaboration with the industry

association the Company has cultivated over

200 tasting professionals supplying high-quality

specialized talent to the industry. Through sustained

technical investment and end-to-end quality closed- The 2025 election of the 8th Chinese National Beer Tasting Committee members

loop management we have further consolidated

the Company’s quality leadership position in both

Tracing product distribution through EPR Simulated on-site inventory count and

domestic and international beer markets. detention of recalled productsABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 57

PRODUCT QUALITY TRAINING

The Company integrates the cultivation of a quality and safety

culture into its core corporate development strategy. By establishing a Case SPECIAL TRAINING SESSION ON QUALITY TO ENHANCE QUALITY AWARENESS

differentiated training system covering all employees and positions the

Company embeds product quality and safety concepts into all aspects

of employee orientation pre-job and on-the-job training ensuring that In May 2025 the Company organized a two-day special training session at Ningxia Brewery covering quality managers and supervisors

every employee possesses the necessary awareness and capability to from 25 breweries. The training covered topics including quality incident management food safety and quality laws and regulations tasting

fulfill their quality and safety responsibilities. evaluation improvement methods HACCP planning procedures and process-based auditing effectively enhancing participants’ professional

skills and system auditing capabilities in the field of quality and food safety management.For our quality management personnel we focused on delivering

training sessions on FSSC 22000 food safety management system

certification standards strengthening their capabilities in food safety

auditing and system maintenance and ensuring that the management

system continues to meet the standards recognized by the Global Food

Safety Initiative (GFSI). For our production employees we regularly

organize training sessions on quality and food safety systems COM

compliance as well as process quality control and reinforcing the

standardized execution capabilities of frontline operators.At the brewery level the quality departments of each brewery regularly

organize training sessions on the quality and food safety system

Carlsberg quality COM requirements and process quality control

ensuring that quality and safety management requirements are

implemented throughout all production processes.At the supplier level to ensure that the product quality of core suppliers

consistently meets the Company’s stringent standards the Company 2025 National Quality Workshop

conducts periodic production process quality audits for suppliers with

significant quality impact. During on-site audits the team provides

targeted communication and special training on product quality and

food safety standards based on actual conditions.In 2025

the Company’s 25 breweries completed a total of reaching achieving

33294 hours of training 12716 participants 100% coverage of food safety and quality-related trainingABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 58

DELIVERING HIGH-QUALITY SERVICES

We consistently uphold a customer-centric service philosophy. We BOOSTING SERVICE EXPERIENCE

are committed to establishing efficient and transparent customer

communication and feedback mechanisms improving complaint

We consistently regard the enhancement of our customer service experience as a core component of brand building systematically deepening

handling procedures and relying on professional teams to ensure that

emotional connections with consumers through four key dimensions: digital platform development membership system optimization

customer concerns are promptly responded to and effectively resolved.scenario-based marketing and product innovation. In 2025 the Company continuously strengthened brand influence and customer loyalty

We strive to constantly optimize the quality of our services effectively

building a more resilient market competitiveness through initiatives including instant retail strategy upgrading member interaction mechanism

safeguard customer rights and interests and improve customer

optimization immersive experience scenario creation and premium product matrix expansion.satisfaction.We deepened strategic partnerships with mainstream e-commerce platforms such as JD and Douyin

EFFICIENTLY RESPONDING TO CONCERNS focusing on storytelling-based communication and experiential sharing of premium new products to attract

high-value consumer segments. This approach aims to drive content-driven e-commerce toward a transition

To understand customer needs in a timely and accurate manner we from sales growth to value creation. By optimizing product displays in Meituan's liquor specialty stores and

provide multiple feedback channels including phone WeChat and Expand online sales lightning warehouses as well as co-investing with Taobao Flash Shopping to establish flagship brand stores

email ensuring that customers can conveniently raise opinions and platforms we have accelerated the growth of instant retail and enhanced delivery efficiency to improve the overall

requirements. At the institution level we have formulated the Customer consumer experience.and Consumer Complaint Handling Procedures and Factory Complaint

Handling Procedures to clarify the standard requirements for the

definition classification and evaluation of complaints providing a Leveraging the “one QR code for one product + Mini Program” technical architecture we built an efficient

basis for standardized and systematic complaint handling. In addition and flexible member system that supports rapid iteration to adapt to market changes. In 2025 the Company

for critical customer requests we arrange professional telephone continuously promoted member engagement campaigns via channels including the brand’s official WeChat

interviews to ensure that feedback is accurately transmitted to the Improve member account offline materials and official Weibo account encouraging users to scan codes and interact through

relevant departments of the Company. Our goal is to continuously interaction experience points-based rewards and red packet incentives. Within the Douyin ecosystem we strengthened member

improve the quality of our products and services. In 2025 we received stickiness and repurchase intention through a “content–media–shelves” collaboration mechanism.

77 complaints and 100% of them were resolved.

We integrated brand culture into diverse offline scenarios to deliver immersive interactive experiences. In

For different types of concerns we have established special procedures 2025 Wusu Brewery opened the “Big Wusu Small BBQ” themed store in popular commercial districts such

to handle them and developed targeted solutions to respond. We as Taikoo Li Chengdu. The music festivals co-hosted by Tuborg and Galaxy Left Bank Music IP in Chongqing

have set up a collaborative control mechanism involving quality and Guiyang attracted 200000 attendees. Kronenbourg 1664 in collaboration with brand ambassador

management departments of both the headquarters and related Create an immersive Wu Lei launched the “Blues Lounge” event. Additionally initiatives such as the late-night meal set inbreweries to establish a closed-loop mechanism featuring “breweries consumer experience partnership with KFC and the Chongqing University Basketball League sports marketing further expandedimplementing corrective actions headquarters analyzing and tracking the boundaries of brand experience.progress” continuously improving product quality and customer

satisfaction.Through customized packages designed for festivals art crossover collaborations and seasonal new product

launches we bring consumers continuous surprise experiences. In 2025 the Company introduced nearly 30

new products and dozens of new packaging designs. Meanwhile the launch of non-beer categories such as

Create surprise Tianshan Fresh Fruit Garden Orange Soda and “Dianchi” energy drink further enriched consumption choices

experience strengthened brand freshness and enhanced market awareness.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 59

Case JING-A BREWING CO. CROSSES OVER WITH DIVERSE CULINARY Case IN PARTNERSHIP WITH GUANGSHUNXING TO EXPAND PREMIUM

BRANDS TO DRIVE PRODUCT-SCENARIO INTEGRATION CANTONESE CUISINE DINING SCENARIOS

Jing-A Brewing Co. a craft beer brand under Chongqing Brewery actively expanded cross-sector Chongqing Brewery s igned a strategic

collaboration by partnering with food and beverage brands of different styles continuously advancing cooperation agreement with “Guangshunxing”

the deep integration of craft beer with diverse culinary cultures. In 2025 Jing-A successively a national chain Cantonese cuisine brand to

collaborated with regionally distinctive dining brands—including “Slow Walk” a Japanese-style advance in-depth food and beverage channel

izakaya in Beijing and “Osteria delle Handmade Noodle” a creative noodle restaurant in Guangzhou collaboration tailored to Cantonese dining

launching customized themed set menus and limited-edition dining experiences. By precisely pairing scenarios covering brands including Carlsberg

Jing-A’s signature craft beers with the creative dishes of its partners the brand strengthened flavor Tuborg Kronenbourg 1664 Wusu and Jing-A

synergy and drove consumption scenario innovation. Brewing Co. Through initiatives such as brand

ambassador IPs customized set menus

seasonal menus and co-branded marketing

the two parties aim to create beer experiences

spanning multiple scenarios including main

meals late-night dining and social gatherings

integrating brand characteristics into the

Cantonese cuisine dining context to strengthen

consumer experience. Signing ceremony of strategic cooperation

agreement

Jing-A’s cooperation with “Slow Walk” and “Osteria delle Handmade Noodle”

Case DEEP ENGAGEMENT IN MARATHON EVENTS TO SUPPORT SPORTS Case WUSU BEER FESTIVAL IGNITES TACHENG SHOWCASING WUSU

INDUSTRY DEVELOPMENT CULTURE

The Company continuously advanced its On July 18 2025 the Tacheng Wusu Beer

long-term strategy of supporting local sports Festival opened at Jiulianquan Square in

development through deep participation in Wusu City. Wusu Brewery injected vibrant

marathon events across multiple cities. In energy into this summer celebration through

2025 the Company supported the Urumqi an innovative format combining “fresh beerMarathon and the Chongqing Marathon. tasting + brand roadshow”. Wusu Brewery

Using the marathon as a connection point it provided approximately 30 tons of fresh beer

linked sportsmanship with regional sentiment free of charge inviting visitors from acrossthrough in-depth scenario-based operations the country to “drink Wusu to the full andenhancing both the event atmosphere and savor Xinjiang” jointly contributing to the Beer

runner experience while driving the long- Festival’s role as an important platform for

term coordinated development of the sports Chongqing Brewery’s support for the 2025 showcasing regional culture and promoting the Opening ceremony of the 2025 Xinjiang Tacheng

industry and local cultural tourism. Chongqing Marathon **integrated development of cultural tourism. Wusu Beer FestivalABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 60

DIVERSITY EQUITY AND INCLUSION

Employees are the driving force for the Company to achieve sustainable Diversity Equity and Inclusion (DEI )17

development. We have always regarded diversity equity and inclusion

as our core corporate values and are committed to fostering a work

The Company is guided by a clear DEI roadmap continuously fostering Supported by systematic initiatives our efforts in DEI have consistently

environment that respects individual differences and encourages diversean open and inclusive workplace where every employee can reach been recognized by external bodies. We have received the “Belongingexpression ensuring that all employees have equitable access totheir full potential and access equal opportunities for growth. In 2025 Awards” by the Employer Branding Institute a globally renowned

growth and development opportunities.we officially joined the Women’s Empowerment Principles (WEPs) authority in employer brand research for three consecutive years.created by the UN Women as a global signatory committing to

EMPLOYEES RESPECTING AND advancing gender equality across our operations and increasing female representation in leadership roles.BLENDING

Case Fostering an Open and Inclusive Culture as a Global Signatory of the WEPs

We strictly adhere to the Group’s Human Rights Policy15 the Diversity

Equity and Inclusion Policy16 and the Labor Rights Policy among other

policies. In 2025 we updated internal management systems including The Company officially became a global signatory of the Women’s Empowerment Principles (WEPs) created by the UN Women18 on March

the Diversity and Inclusion Policy and the Recruitment Handbook to 3 2025. With a clear DEI roadmap we are committed to creating an environment where every employee can display their talents and feel a

strengthen institutional support for fostering an equitable and inclusive sense of belonging and personal value in their work. The Company continuously optimizes management mechanisms by actively cultivating

organizational culture. an open and inclusive working atmosphere driving employee engagement and innovation and constantly improving organizational

effectiveness to support both talent growth and sustainable development.In recruitment and talent selection we uphold values alignment and

performance as core criteria firmly opposing discrimination based

on race religion gender age nationality marital status physical The seven WEPs are:

condition sexual orientation or any other irrelevant factors.In employer brand development the Company centers on the value ● Establish high-level corporate leadership for gender equality;

proposition of “Something’s Brewing” showcasing our inclusive talent

● Treat all women and men fairly at work – respect and support human

philosophy through multiple channels to attract outstanding individuals

rights and nondiscrimination;

from diverse backgrounds.● Ensure the health safety and well-being of all women and men

workers;

● Promote education training and professional development for women;

15 https://www.carlsberggroup.com/media/kibllgxo/human-rights-global-policy_

english_june2025_final.pdf ● Implement enterprise development supply chain and marketing

16 https://www.carlsberggroup.com/media/25al0tdv/carl_2153_policies_dei_v10.pdf practices that empower women;

17 Diversity Equity and Inclusion. ● Promote equality through community initiatives and advocacy;

18 WEPs is a joint initiative of the UN Global Compact and UN Women. It calls on ● Measure and publicly report on progress to achieve gender equality; WEPs poster

businesses to promote gender equality and empower women in the workplace

marketplace and community.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 61HOSTING “FEMALE RECRUITMENT DIVERSE RECRUITMENTCase MONTH” TO PROMOTE WORKPLACE

EQUAL OPPORTUNITIES

The Company views the diversity and inclusiveness of its talent pool loop management process. At the same time we proactively monitor

as a core driver of sustainable development. Through systematic social media sentiment around recruitment topics to ensure timelyChongqing Brewery continues to host the “Femalerecruitment strategies and expanded channels we actively attract responses to external voices. In 2025 the Company was honored withRecruitment Month” initiative with the aim of empoweringselect and develop talent with diverse backgrounds and professional the “Employer Branding Creativity Awards Best Innovative Recruitmentwomen’s career development through systematic femalecompetencies. This year we further established and implemented our Award” in recognition of our exceptional practice reflecting our strong

talent recruitment focusing on equal opportunities for

two-way feedback mechanism automatically sending anonymous commitment to social responsibility and inclusive growth.female candidates in the workplace and reinforcing the

surveys to candidates to collect feedback on their interview

organization’s internal DEI culture. In March 2025 the

experiences. Negative feedback has been addressed through a closed-

“Female Recruitment Month” took place as scheduled

achieving over 85000 impressions across major social media

platforms including WeChat Official Account and Rednote. Cooperation with colleges and universities Female recruitmentWe have established collaboration mechanisms with multiple colleges The Company organizes targeted initiatives such as the “Femaleand universities. Through initiatives such as resume guidance career Recruitment Month” and public welfare livestreaming to focus on

counseling sponsored events and internship base building we provide women’s employment opportunities. We also offer tailored care

students with comprehensive support for their career growth. In policies for female employees who have childcare or family caregiving

2025 we took the lead in introducing AI interactive elements and an responsibilities supporting them to realize their full potential in the

intelligent queueing interview system to enhance recruitment efficiency. workplace. These efforts further demonstrate our recognition andAt the same time through innovative themed roadshows such as “Chat empowerment of women in the workforce.Over Snacks & Drinks” we created a relaxed and engaging atmosphere

across 11 universities nationwide. These initiatives provided students

with direct access to senior leaders significantly improving both

campus recruitment experience and effectiveness.Localized recruitment Gender representation

The Company places strong emphasis on building a locally rooted We are committed to the principle of equal employment and

talent team. Breweries and sales regions actively recruit local talent continuously focus on the proportion of female employees at key

through regional job portals government-organized job fairs and career stages including recruitment promotion and departure. We strive

talent exchange centers providing employment opportunities for to promote workplace diversity endeavoring to enable every employee

local communities and deepening the Company’s integration with the to display their talents and feel a sense of belonging and realize their

Female recruitment month poster

community. personal value.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 62

Employee-Related Data for 2025

Percentage of female employees in middle- Percentage of female employees

level and above management positions in management positions

30.5%34.4%

Percentage of female employees Proportion of female employees in

management positions within revenue-

generating functions (such as sales)19

29.8%18.2%

Percentage of female employees among Percentage of female employees in

promotions STEM positions

36.9%26.8%

2 1.??Tuborg go wild – “Ox & Horse Night” × Carlsberg 3. Visit to Tianmuhu Brewery by Jiangnan University 1 headquarters open day School of Bioengineering

3 4 2. Recruitment booth at a music festival 4. Field study at Yinchuan Brewery’s Reclaimed Water

project by School of Economics Xiamen University

19 This fiscal year the data scope is explicitly defined as management positions.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 63

EMPLOYEE TRAINING AND DEVELOPMENT

We have always regarded our employees as the core driving force The Company has established a systematic talent development In leadership development the Company adopts a tiered development

behind the Company’s sustainable development. Committed to building system spanning all career stages from new hires to senior leadership. strategy for leaders at senior-level middle-level and frontline managers.a systematic and personalized talent training system we provide clear Leveraging a learning model through diverse development initiatives Through internal trainer-led sessions industry expert practical guidance

career pathways and diverse learning opportunities to empower every and professional academies this system is anchored in a growth culture and cross-functional workshops we systematically enhance the strategic

employee to realize their full potential. Together we live up to the to strengthen the succession pipeline and sustainable development execution and team collaboration capabilities of our management

corporate promise of “Something’s Brewing”. capabilities. teams. At the same time we place strong emphasis on nurturing young

talent and building a sales leadership pipeline. Our management trainee

program refined over 15 years has become a key incubator for future

EMPLOYEE CAREER GROWTH TIERED AND CATEGORIZED TRAINING SYSTEM business leaders. For the sales function a full-cycle development

framework of specialist – supervisor – manager – director enables

progressive capability enhancement.The Company has establ ished an employee select ion and We have built a digital learning ecosystem that integrates online and

development mechanism based on the principles of fairness justice offline training. In 2025 the employee training coverage rate reached In addition we implement a range of diversified development initiatives

and openness with values alignment professional competence and 100%. In terms of online learning the internal learning platform including partner programs mentor/coach programs challenging projects

performance outcomes serving as the core criteria for promotion. “Carlsberg Learning” serves as the core platform offering a total of benchmarking market learning short-term dispatch and job rotations.We regularly organize talent evaluation meetings to identify high- 3704 courses covering a wide range of needs across technical skills These initiatives empower employees from multiple dimensions support

potential employees and develop IDP20. To promote talent flow within general abilities and leadership. Employees accumulated a total of employees in practice and help build their capabilities embedding the

the organization and capability expansion the Company actively 41526 learning hours in the year and the total accumulated training principles of empowerment delegation support and development

encourages diversified development approaches such as job rotation hours over the year amounted to nearly 280000 hours. throughout the entire employee lifecycle. By doing so we fully unlock

and short-term assignments. These initiatives enable employees to employee potential and help individuals achieve self-breakthroughs

gain cross-functional experience through practice supporting their and elevate their professional value through hands-on experience.growth through both vertical promotion and horizontal development. This reflects the Company’s deep commitment to and comprehensive

investment in employee development.In 2025 the employee training coverage rate reached Employees accumulated a total of

100% 41526 learning hours in the year

Offering a total of

3704 online learning courses

20 Individual Development Plan or IDP is a tool designed to support employees in their career development.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 64

PERFORMANCE MANAGEMENT hatW How

The Company has fully embedded a “Growth Culture” into its Growth

performance management system evaluating employee contributions Performance Culture Overall

through two key dimensions: business results (What) and behaviors Results Principles Performance

(How). The behavioral standards are centered around five core growth + =

culture principles: Semper Ardens (always burning);Positive energy

and compassion; Passsion for consumers; Decide fast and deliver

with excellence; Empower support and grow our people. Through Based on the achievement of Based on the behaviors demonstrated by employees Based on a comprehensive evaluation of

continuous dialogue and dynamic updates to IDPs we ensure employee performance priorities in the process of achieving performance results practicing Growth Culture Principles (HOW)

alignment between personal goals and organizational strategy. what results were achieved how the results were achieved and delivering performance results (WHAT)

This enables employees to deliver business results while living out

Carlsberg’s core values. Overall performance evaluation criteria

EMPLOYEE RIGHTS INTERESTS AND CARE

The Company always upholds a “people-oriented” management EMPLOYEE RIGHTS

philosophy regarding employees as a crucial cornerstone for

sustainable development. We are committed to bui ld ing a

In 2025 the Company comprehensively updated its Human Rights

comprehensive and systematic employee rights protection system

Policy further clarifying and strengthening its commitment to

creating a safe inclusive and growth-oriented work environment

safeguarding employees’ fundamental rights. We systematically

through diverse communication channels fair and reasonable

identify and manage eight key human rights risk areas across our

compensation and benefits and holistic professional care.operations including forced labor child labor freedom of association

and collective bargaining discrimination and harassment working

hours and rest and leisure remuneration and benefits occupational

health and safety as well as access to and use of drinking water.We are firmly committed to ZERO incidents of forced labor and child

labor throughout the entire employment lifecycle. To ensure timely

resolution of any potential violations of employee rights we continue

to operate the “Speak Up Helpline” providing employees with a secure

and confidential channel for reporting concerns. In 2025 no incidents

of discrimination forced labor or child labor were identified in our

business operations.“Speak Up Helpline” posterABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 65

EMPLOYEE ENGAGEMENT

The Company highly values employee feedback and has established Employee Engagement Enhancement – Process and Initiatives

a multi-level multi-dimensional communication system to ensure that

voices from all levels are fully heard and promptly addressed.● Conduct annual “My Voice” survey covering

topics such as engagement DEI and

Diverse Communication Channels for Employees Listen and management

Diagnose

● Managers and teams jointly review the survey

reports to identify areas for improvement

Held quarterly this meeting is led by the

National President to share important business

quarterly information new product introductions

●

employee town commendations and recognitions as Plant manager open day

Introduce the Korn Ferry Assessment tool

to integrate growth culture into Individual

hall meeting well as key employee activities with all Development Plan (IDP)

employees nationwide. The Company has es tab l i shed and enhanced a feedback

● Expand lateral development opportunities (e.g.implementation mechanism to ensure that relevant functional Empower and

job rotation project participation) and share

departments promptly respond to and follow up on employee Motivate

internal job vacancies.concerns fully protecting employees’ rights to know participate

Held quarterly bringing together the express and supervise. This creates an open transparent and inclusive ● Launch talent development programs such as

President face- President and employees across levels working environment. In 2025 the Company continued to conduct the “Tiger Plan” and “Wolf Plan” enriching both

to-face forum to review business development and “My Voice” employee engagement and a DEI survey to systematically online and offline training formats

strategic directions. gather employee feedback. The survey achieved an overall participation

rate of 99% covering over 6400 employees. Results showed that

employee engagement scores remained stable at 89 points while DEI ● Team-led action workshops with employee

dimension scores further increased to 91 points. participation in developing improvement plans

Regularly held at each brewery to Plan and

Plant manager ● Drive process and system optimization projects

facilitate direct communication between Improve

open day to enhance cross-functional collaboration and

frontline employees and management. information sharing

The survey achieved an overall participation rate of

“Speak Up ● Promote a “real-time recognition” culture

Ongoing enhancement of employee 99%Helpline” through programs such as appreciation cards and

awareness of rights protection channels.promotion recognition to provide timely feedback

Cultivate

covering over ● Conduct “inclusive leadership” training and “open Culture andmic” dialogue sessions

6400 Environment ● Diverse Includes HRBP interviews line manager Strengthen DEI awareness to enhance employees

communication regular communication and employee organizational inclusiveness and psychological

activities town hall meetings. safetyABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 66

REMUNERATION AND BENEFITS

To attract motivate and retain talented people the Company investigates and benchmarks against the FMCG industry to establish a comprehensive and market-competitive remuneration and benefits system. Through diversified

incentive programs regular remuneration reviews and flexible benefit options we are committed to ensuring that employees’ contributions are fairly recognized aiming to enhance overall well-being and a sense of belonging.Employee Welfare21

We have established an end-to-end incentive framework that covers all

employees ensuring timely and effective incentives. Health Welfare

● Additional business insurance covering travel accident life and medical

● Annual performance incentive: applicable to employees in management

and professional roles. The incentive is linked to both financial and ● Physical examination

performance outcomes at the Company business unit and individual

COMPREHENSIVE levels encouraging employees to grow together with the Company.INCENTIVE

● Sales instant incentive: designing quarterly and monthly incentive

SYSTEM Benefits in Points

programs for frontline sales. Company business goals are broken down

into outcome- and process-based metrics to enable immediate rewards ● Flexible welfare points

and behavior-driven motivation.● Special recognition programs: establishing timely and innovative

incentives to promptly recognize outstanding individuals and teams and Benefits in Kind

to promote a culture of innovation and excellence.● Holiday money or gifts

● To ensure both external competitiveness and internal equity we ● Welfare liquor

regularly review industry and market trends. Based on two core

DYNAMIC ● dimensions compensation competitiveness and individual performance Union gift benefits

REMUNERATION

we conduct annual remuneration reviews and develop prudent

MANAGEMENT

adjustment remuneration plans to support employees’ continuous value

growth.Work-life Balance

● Beyond statutory benefits we continuously enhance our efforts in ● Extra company leave

employee care. By introducing a flexible benefits points platform

employees can tailor their benefits package according to personal and ● Carlsberg Care hotline

family needs significantly improving the personalization and well-being ● Happy hour activity

FLEXIBLE impact of our offerings.BENEFITS AND ● Sports club

HOLISTIC CARE ● Our bonus policy also reflects a strong people-centric approach. Bonus

guarantees are provided as stipulated in the regulations for employees ● Meal (canteen) benefits

within their probationary period or specific leave periods. The policy

● Beer tasting event

clearly outlines anti-fraud and disciplinary requirements ensuring a

balanced approach to incentives and risk management.

21 The above benefits may vary slightly depending on the Company’s local jurisdiction.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 67

EMPLOYEE CARE ACTIVITIES

The Company consistently places the employee rights protection

and outstanding workplace experience at its core and is committed Case COOLING RELIEF IN SUMMER ENSURING SAFE PRODUCTION DURING PEAK SEASON

to building a harmonious and inclusive labor environment. We have

established a comprehensive trade union system across all business

units nationwide and effectively safeguard employee rights through During the peak production season of summer 2025 amid high

collective consultation mechanisms. In 2025 Xixia Jianiang signed a temperatures the trade union of Xixia Jianiang continued to

collective labor contract demonstrating the Company’s commitment to launch the “Cooling Relief Campaign” to show care for frontline

democratic management and the protection of employee rights. employees at the packaging workshop and other production

areas. The union procured watermelons from the core production

Since 2018 the Company has partnered with EAPs Consulting a area of Zhongwei and distributed them together with cooling

professional psychological services provider to launch the Employee supplies such as rock sugar jasmine tea and other heat-relief

Assistance Program (EAP) “Carlsberg Care Program” a comprehensive items to help employees relieve heat-related discomfort andmental health support initiative. The program offers a wide range fatigue. In addition the Company set up “mobile refreshmentof services including individual counseling group coaching stress stations” equipped with Huoxiang Zhengqi Water (a traditional

management workshops and mental health seminars providing remedy for heatstroke) snacks and juice powders. Measures such

employees with accessible confidential and professional psychological as staggered shift arrangements were also implemented to ensure

support. In 2025 the Company provided a total of 90 one-on-one employee well-being and operational safety. The Cooling Relief campaign

psychological consultations effectively supporting employees in

managing work and personal life stress.At the same time the Company actively promoted workplace exercise

breaks encouraging daily participation and fostering a healthy

workplace culture effectively enhancing employees’ physical vitality

and work efficiency. Case ORGANIZING YOUTH SOCIAL EVENTS TO PROMOTE WORK-LIFE BALANCE

On May 18 2025 Xixia Jianiang organized single young

employees to participate in the “DIY Cupcake – Sweet as You”

youth social event hosted by the Communist Youth League

of Helan County. The event featured ice-breaking games and

interactive team activities helping young employees get to

know each other in a relaxed and fun atmosphere and build

rapport. In the highly anticipated DIY cupcake activity employees

showcased their creativity and worked together deepening mutual

understanding and enhancing a sense of belonging and well-

being.Youth social eventABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 68

RESPONSIBLE PROCUREMENT

The Company views suppliers as strategic partners in achieving We have established a routine supply chain risk management system At the same time we prioritize communication and collaboration

sustainable development. Through standardized supplier lifecycle conducting monthly assessments of supply risks for critical materials with suppliers. We actively conduct awareness programs and training

management and responsible procurement practices we integrate and implementing targeted risk mitigation measures. Additionally sessions on food safety quality management occupational health

ESG principles into procurement decisions and supplier evaluations. we carry out regular reviews and specialized management for high- and safety and sustainable development through multiple channels.In addition we continuously support suppliers in enhancing their risk and highly dependent key suppliers systematically enhancing the These efforts aim to enhance suppliers’ sustainability capabilities foster

capabilities in compliance risk resilience and responsible business security and resilience of our supply chain. mutual understanding and drive continuous improvement jointly

practices with the purpose of building a sustainable and responsible building a robust efficient and sustainable supply chain ecosystem.supply chain.PROMOTING RESPONSIBLE Case SUPPLIER ENGAGEMENT ACTIVITIES

STANDARDISING SUPPLIER PROCUREMENT

MANAGEMENT In April 2025 the Company hosted specialized briefings on

We have integrated sustainable development principles into our the Supplier Code of Conduct for suppliers at its breweries

procurement practices striving to advance responsible procurement

We strictly implement the Group’s supplier management regulations in Xinjiang and Tianmuhu strengthening supply chain

and collaborate with suppliers to build a responsible value chain. In

including the Requirements on Direct Material Quality the compliance management and encouraging partners to jointly

2025 we revised and fully implemented the Supplier and Licensee

Suppliers’ Requirements on Noncontact Material Quality the Third- uphold social responsibility and sustainable development

Code of Conduct and signed the Business Service Safety Code of

party Screening Manual and the Supplier and Licensee Code of principles.

22 Conduct with suppliers which establish clear minimum standards for Conduct . We have also developed the China Procurement Category

supplier behavior across management systems fundamental human

Responsibility Matrix and China Procurement Policy which clearly

rights labor conditions occupational health and safety environmental

define the management and responsibility assignments across

protection and business ethics all aimed at mitigating supply chain

different procurement categories. These policies together establish

risks.a comprehensive supplier management system that covers the full

supplier lifecycle from onboarding and review to selection evaluation We place strong emphasis on supplier performance in areas such as

remediation and exit. In 2025 the Company had approximately 4900 quality safety environmental protection and social responsibility.suppliers of which around 500 were newly onboarded. Suppliers are required to establish and maintain externally certified

ISO 9001 quality management systems. Suppliers of raw materials

In the onboarding and review of suppliers we adhere to principles of

and direct packaging materials must get the food safety management

openness fairness and impartiality. All new suppliers must undergo

system certification recognized by GFSI. In 2025 100% of our

rigorous screening including checks on areas including anti-bribery

major material suppliers were certified to ISO 14001 Environmental

compliance trade sanctions and financial health. Only qualified

Management Systems / ISO 9001 Quality Management Systems.suppliers are included in our management system. Additionally we

conduct annual performance evaluations based on metrics such as on-

time delivery rate quality qualification rate service quality adherence

to safety regulations and pricing competitiveness. Suppliers are

categorized into strategic leverage critical and transactional types for 100% of our major material suppliers were

differentiated management. Suppliers scoring below 80 points in the certified to ISO 14001/ISO 9001 Supplier meetings

annual performance evaluations will not be considered for continued

collaboration in the following year.

22 https://www.carlsberggroup.com/media/cdkkqryd/supplier-licensee-code_english_june2025_final.pdfABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 69

COMMUNITY ENGAGEMENT

We actively uphold corporate social responsibility and take the

community as a vital foundation for sustainable business growth. We Case CHONGQING BREWERY’S 22-YEAR STUDENT FINANCIAL ASSISTANCE CAMPAIGN TO EMPOWERS

are committed to demonstrating care and compassion and giving back THOUSANDS OF STUDENTS TO REALIZE THEIR DREAMS

to society through concrete actions. We empower community futures

through education bring warmth through care initiatives and enrich In 2004 Chongqing Brewery Yibin Branch together with the

community ecosystems through cultural engagement. Meanwhile Communist Youth League Yibin Municipal Committee launched

we call on our employees to actively participate in public welfare the Chongqing Brewery Student Financial Assistance campaign

endeavors driving sustainable and inclusive community development. which has lasted for 22 years. A total of RMB 4.05 million has

been donated lighting the way for 1929 underprivileged students

EDUCATION SUPPORT in their educational pursuits. On September 1 2025 the 22nd

campaign was held at the Yibin Youth Development Center where

43 economically disadvantaged freshmen received grants totalling

RMB 189000 providing solid support for their smooth entrance

We see supporting education as a core part of our corporate social

into university and chasing their dreams for the future.responsibility. Through sustained initiatives such as our student

financial assistance campaign and exam readiness support we provide

tangible assistance to students in need and help them overcome Grant Awarding Ceremony for the 22nd Chongqing Brewery

educational barriers. From showing heartfelt care to students preparing Student Financial Assistant Campaign

for the college entrance examination to supporting new students to

begin their university journey every gesture of care reflects our firm

commitment to the cause of education.Case “TIANSHAN FRESH FRUIT BRINGS COOLNESS” CARING INITIATIVE TO SUPPORT GAOKAO STUDENTS

During the China’s college entrance exams (Gaokao) from June

7 to June 9 2025 Xixia Jianiang launched the “Tianshan FreshFruit Brings Coolness” caring initiative in multiple locations

across Ningxia. The Company set up a care service station at the

Shizuishan Guangming Middle School providing a shaded waiting

area for candidates and parents. Free Tianshan Fresh Fruit Garden

Orange Soda was offered to students and families together with

warm wishes to support them in pursuing their academic dreams.Care service station for the “Tianshan Fresh Fruit Brings Coolness”

gaokao support initiativeABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 70

COMMUNITY CARE

We actively participate in community public welfare initiatives and care for various social groups through diverse actions. Through tangible sympathy donations and innovative projects we provide warmth and support convey the

care of the Company and inspire community vitality.SUPPORTING PEOPLE WITH VISITING TRAFFIC POLICE AND HONORING THE DEDICATION OF

Case DISABILITIES AND CONVEYS SOCIAL Case JOINING EFFORTS TO BUILD A Case PUBLIC TRANSPORT WORKERS IN

CARE SAFER TRAVEL ENVIRONMENT THE SCORCHING HEAT

Chongqing Liangping Brewery donated RMB 2000 to Wusu Brewery donated 2400 cases of “Dianchi” energy The Company donated 30 cases of Tianshan Fresh Fruit

the Chongqing Disabled Persons’ Welfare Foundation drinks to the Xinjiang Autonomous Region Traffic Police Garden beverages to frontline public transport workers

specifically to assist local individuals with disabilities in need. Detachment and traffic police teams in five prefectures in who remain dedicated to their duties under the scorching

This act demonstrates how the Company upholds corporate southern Xinjiang. This initiative honors the dedication of heat offering cool refreshments as a tribute to these city

social responsibility through concrete actions and delivers frontline traffic officers and supports public safety efforts guardians and expressing our respect and care for their hard

care and support to vulnerable groups. contributing to the building of a civilized and secure traffic work.environment.Chongqing Liangping Brewery donated Wusu Brewery donated The Company donated

RMB 2000 to the Chongqing Disabled 2400 cases of “Dianchi” energy drinks to 30 cases of Tianshan Fresh Fruit Garden beverages to

Persons’ Welfare Foundation the Xinjiang Autonomous Region Traffic Police Detachment frontline public transport workers who remain dedicated to

and traffic police teams in five prefectures in southern their duties under the scorching heat

Xinjiang

Liangping Branch of Carlsberg Chongqing Brewery Co.Ltd. honored as a “Loving Organization for Persons with Xinjiang BU visits traffic police officersDisabilities”ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 71

Case “WOMEN CAN” CRAFT BEER – EMPOWERING WOMEN’S DEVELOPMENT

Carlsberg (China) Breweries and Trading Company Limited have

partnered with the Dali City Women’s Federation to launch the

“Dali City Women’s Social Public Welfare Project” and introduced

“Women Can” rose sea salt flavor craft beer – the first craft

beer under the WFSM brand specifically created for women.Brewed by an all-female brewing team this craft beer interprets

the multifaceted charm of women through its “sweet and salty”

flavor profile The English name “Women Can” carries a dual

meaning conveying the spirit of female empowerment. The

project integrates public welfare with product innovation. Through

the sale of the first batch of 3000 cases the Company raised

and donated RMB 200000 to the Dali City Charity Association

supporting local women’s entrepreneurship and employment

development. This initiative reflects our commitment to supporting “Women Can” donation ceremony

women’s development through concrete actions.Case EMPOWERING RURAL VITALIZATION AND SUPPORTING WOMEN IN QUANNAN COUNTY

In July 2025 the Company donated RMB 80000 to Quannan

County in Jiangxi Province to support employment and

entrepreneurship training and support programs for rural women.In November 2025 the Quannan County Women’s Federation

launched a series of employment and entrepreneurship training

workshops based on this funding. Over 100 women from

across the county participated in the program. The first AI and

e-commerce training session covered practical skills such as AI-

powered video production Douyin e-commerce operations and

smart office tools effectively enhancing the employability of rural

women. This initiative empowers women in rural communities to

realize their full potential and showcase their talents on a broader

stage. Quannan County Women’s Employment and Entrepreneurship

Skills Training ProgramABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 72

CULTURAL COMMUNICATION

We value our brand positioning and identity and are committed to building communication approaches that

resonate with Chinese consumers’ emotions and cultural traditions. Drawing on the rich diversity of China’s Case LAUNCH OF CHONGQING BREWERY V8 GUIZHOU SCENERY LIMITED

regional cultures we actively explore innovative ways to incorporate traditional Chinese cultural elements into EDITION TO PROMOTE REGIONAL CULTURAL COMMUNICATION

product packaging. We also continue to launch diverse marketing initiatives that support the inheritance and

development of local cultural traditions. In May 2025 Chongqing Beer held a launch event in Zunyi for its V8 Guizhou Scenery LimitedEdition marking its official release in Guizhou. Themed “Colorful Guizhou Fiery Flavors FreeCARLSBERG LAUNCHES SNAKE YEAR PACKAGING TO CONVEY Spirits” the packaging design integrates natural and cultural elements from various parts of Guizhou Case

GOOD WISHES FOR THE SPRING FESTIVAL featuring hand-drawn illustrations of iconic landmarks such as Huangguoshu Waterfall Xiaoqikong

Xijiang Qianhu Miao Village Chishui Danxia Fanjingshan and Wanfenglin. As part of the new

product launch Chongqing Beer also organized diverse consumer engagement activities expanding

In 2025 the Year of the Snake (Yi Si) Carlsberg collaborated with a renowned Asia artist duo Yang the integration of “beer + tourism” and enhancing visitors’ appreciation and connection to local

Songyao and Su Su to design the Carlsberg Artist Edition for the Year of the Snake. Inspired by culture.the brand’s iconic element the hop flower the design integrates traditional Chinese zodiac culture

and festive symbolism. The artwork features an auspicious snake entwined with blooming vines

symbolizing continuous growth and flourishing prosperity in the new year.Carlsberg Artist Edition for the Year of the Snake design Launch of Chongqing Brewery V8 Guizhou scenery limited editionABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 73

Case PROMOTING CHONGQING’S CULTURAL DEVELOPMENT THROUGH Case WFSM “YUNNAN SCENERY LIMITED EDITION CANS” SHOWCASING

LOCAL BRANDS AND URBAN EVENTS CULTURAL HERITAGEIn October 2025 Chongqing Beer launched three new products—Chongqing Craft Whole Wheat 1L In November 2025 WFSM in collaboration with Meiyijia launched the “Yunnan Scenery LimitedShancheng Secret Brew 1L and Shancheng Longjing Craft Beer 1L—further enriching its “Chongqing” Edition Cans”. Featuring tie-dye patterns—a traditional intangible cultural heritage—as the visual

and “Shancheng” local brand portfolio. While advancing product innovation the Company has base the packaging integrates iconic natural landscapes of Yunnan such as the Cangshan Mountain

actively supported and promoted Chongqing’s cultural identity by organizing a series of cultural and and Erhai Lake as well as Shangri-La creating a “scenery you can take home” and endowing the

sports events including the “Proud Crown” riverside symphony concert that blends local ethnic music product with a unique cultural identity. Originating from Dali Yunnan WFSM takes its name fromwith classical orchestral performances dragon boat races and the urban vertical climb challenge. As the four scenic wonders of Dali: “wind of Xiaguan flowers of Shanguan snow of Cangshan andofficial partner of the “Yu Chao” football league and the “Chongqing Marathon” Chongqing Beer has moon of Erhai”. As one of Yunnan’s most representative beer brands the collaboration not only

embraced a “local brand + urban events” model to support the development of Chongqing’s sports reinforces regional cultural expression but also introduces intangible heritage to a broader audience

ecosystem and drive deeper integration between sports culture and consumer experiences. in an innovative way achieving a two-way empowerment between commercial value and cultural

preservation.Chongqing craft whole wheat beer

Riverside symphony concert Launch of WFSM’s “Yunnan Scenery Limited Edition Cans”ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 74

COMPLIANCE MANAGEMENT Committee meetings 2 Nomination Committee meetings 1 Strategy a public open performance presentation to the entire market and we and Development Committee meeting 8 Independent Director Special have been selected for the Best Practice of Annual Report Presentation

meetings 2 meetings of the Board of Supervisors23 and 4 Shareholders’ of the Year by the China Association for Public Companies for three

The Company upholds integrity as a core business principle meetings. consecutive years. In the “2025 All-Asia Executive Team” released by

continuously improves its governance structure and compliance Extel a leading international research and analyst survey firm the

The Board attaches great importance to the standardization of

mechanisms and strengthens risk management awareness. We Company was honored as the No. 1 overall small and midcap enterprise

information disclosure. It works to complete all periodic reports andenhance our overall governance capabilities through systematic efforts in the Consumer Staples category under “Asia’s Most Honoredinterim announcements in a truthful accurate complete and timelyadhere strictly to ethical business standards and ensure the Company’s Companies”. This marks the third consecutive year that the Company

manner and strictly prohibits any false statements misleading

healthy and sustainable long-term development. Together we has been included in this prestigious ranking. In addition the Company

information or material omissions. With these efforts the Company isendeavor to build a business environment grounded in the rule of law received multiple accolades including “Best Practices in Investorcommitted to providing all shareholders including small and medium-integrity and honesty. Relations Management” by the China Association for Public Companies

sized investors with fair and timely access to corporate information “Tianma Award for Excellent Investor Relations Management Teams”

for risk assessment. In 2025 the Company successfully disclosed 4 by the Securities Times Golden Bull Best Investment Value Award and

CORPORATE GOVERNANCE periodic reports and 37 interim announcements maintained an A-level the 15th Asian Excellence Award 2025 by the Corporate Governance rating for information disclosure by listed companies from the Shanghai Asia. These honors reflect the Company’s outstanding performance in

Stock Exchange for three consecutive years and was honored as the compliance governance and investor relations.The Company is committed to the standardized operation of its “Best Practices for Boards of Directors of Listed Companies 2025” andcorporate governance structure timely and accurate disclosure of the “Best Practice Cases for Internal Control of Listed Companies in Lee Chee Kong President of the Company was awarded the “thebusiness performance and material matters. It continuously enhances China 2025” by the China Association for Public Companies. Golden Bull Entrepreneur Innovation Award 2024” for his strategic

the risk prevention and control capabilities so as to ensure stable innovation and business achievements becoming the sole entrepreneur

We remain committed to strengthening our investor relations

and sustainable development. In 2025 the Company established in the A-share food and beverage industry to receive this honor. In the

management by leveraging diverse channels and formats to deepen

the Chongqing Brewery Co. Ltd. Market Value Management System same year he also received the CNR Network Financial Center’s 2025

engagement and communication with investors. In 2025 we hosted

and the Chongqing Brewery Co. Ltd. Public Opinion Management “Golden Pinnacle” award.Measures and revised the Articles of Association of Chongqing

Brewery Co. Ltd. the Rules of Procedure for Shareholders’ Meetings Case HOSTING PERFORMANCE PRESENTATION TO STRENGTHEN INVESTOR COMMUNICATION

of Chongqing Brewery Co. Ltd. the Rules of Procedure for the Board

of Directors of Chongqing Brewery Co. Ltd. and the Implementation

Rules for the Audit Committee of the Board of Directors of Chongqing In the first half of 2025 the Company successfully held the 2024

Brewery Co. Ltd. further strengthening its corporate governance Annual & 2025 First-Quarter Performance Presentation at its

framework and clarifying the key responsibilities conduct and decision- Foshan Brewery. The event adopted an innovative format to build

making procedures of the Board and its special committees. a deeper communication bridge with investors. Featuring live online

streaming the performance presentation included a variety of

Effectiveness of the Board of Directors sessions such as a brewery tour executive interaction performance

Q&A and tasting new products with the master brewer. These

The Company places strong emphasis on the effective operation activities enabled investors to closely observe the beer production

of its Board of Directors. Our current independent directors come process experience product quality firsthand and engage in in-

from diverse professional backgrounds including law finance and depth dialogue with management on key issues helping investors

accounting marketing and enterprise management bringing a better understand the Company’s operational logic and long-

wealth of expertise and practical experience. Through regular internal term strategic direction. The online live stream of the presentation

and external meetings the Board drives continuous enhancement 2024 Annual & 2025 First-Quarter Performance Presentationattracted widespread attention achieving a total of 205747 views

of corporate governance. In 2025 we convened 8 Board meetings representing a 15% increase compared to the same period last year.

7 Audit Committee meetings 2 Compensation and Evaluation

23 As of May 29 2025 the Company no longer maintains the Board of Supervisors and the related supervisory functions will be assumed by the Audit Committee of the Board of Directors.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 75

Case HOSTING AN ESG MEDIA WORKSHOP TO PROMOTE SUSTAINABLE DEVELOPMENT

On May 16 2025 the Company hosted three media ESG

workshops inviting industry experts scholars and representatives

from multiple media outlets to participate. They engaged in in-

depth discussions on corporate ESG practices and sustainable

development experiences exploring green development trends

and innovative approaches. Through transparent and meaningful

dialogue the workshops served as a platform to communicate the

Company’s strategic planning specific goals and key milestones

in sustainability particularly its systematic efforts in the areas

of green manufacturing carbon neutrality and localized brand

innovation. This further strengthened mutual understanding and

trust with key stakeholders on critical sustainability issues. Jiangsu Media ESG Workshop

RISK MANAGEMENT AND INTERNAL CONTROL Overview of Risk Training in 2025

The Company places great emphasis on risk management and has To effectively prevent ESG-related risks we conduct regular risk

established a systematic and ongoing risk management framework assessments continuously monitor risk areas such as pollutant A total of

deeply integrating risk management into all aspects of business emissions environmental penalties anti-corruption and anti-

operations and business growth. commercial bribery tailored to our industry characteristics and

take timely and responsive measures. In 2025 the Company’s 59 employees participated in the key internal control

To further strengthen the risk management mechanism we have internal audit team conducted targeted audits on key business areas framework risk training.formulated policies such as the Risk Management Policy and the including procurement and travel expense processes engineering and

Internal Control Self-Assessment Manual . Through a series of maintenance management sales and marketing expenses business

measures including risk assessments risk inventory development and A total ofoutsourcing processes and financial records management. Ongoing

control testing we ensure that all business risks remain under effective routine monitoring was also carried out to support process optimizationcontrol. Building on this foundation we have established a “four lines and improvement. 76 employees participatedof defense”24 framework namely operations management risk and

compliance internal audit and external audit. The responsibilities To enhance risk awareness across the organization we actively in the Financial workshop.of each line of defense are clearly defined to form a layered and organize various risk-related training programs. In 2025 the Company

coordinated risk management structure. Risk owners are responsible delivered training sessions on internal control frameworks financial A total of

for reviewing and assessing the risk area in their charge on a quarterly and tax compliance and other risk management topics with a total of

basis preparing risk reports to summarize progress in risk management 485 participants and over 881 training hours. From 2023 to 2025 the

verifying the effectiveness of related measures identifying potential cumulative employee coverage rate reached 98.40%. 350 employees participated in

high risks and reporting quarterly to the risk management team. the financial and tax compliance training.

24 Please refer to page 65 of the 2024 Environmental Social & Governance Report.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 76

BUSINESS ETHICS

“Living by Our Compass” is a fundamental principle in our business ANTI-BRIBERY & ANTI-CORRUPTION REGULATING PARTNER PRACTICES

operations. We strictly adhere to the Company Law of the People’s

Republic of China the Anti-Unfair Competition Law of the People’s

Republic of China Anti-Monopoly Law of the People’s Republic The Company maintains a zero tolerance policy toward all forms of We actively promote the joint development of a clean healthy and the

of China bribery and corruption and strictly stipulates that employees are not orderly business ecosystem with all external partners and advocate and other national laws and regulations. Additionally we

Code of Ethics & Conduct25 Anti-Corruption allowed to accept any form of benefits including gifts and dinner for shared adherence to the Company’s ethical standards and code of fully implement the the

and Anti-Bribery Policy26 Third-party Screening Manual invitations from colleagues or stakeholders through non-disclosed or conduct. Our suppliers licensees and distributors are required to sign the and other

non-transparent means. To systematically prevent potential risks we and comply with the Supplier and Licensee Code of Conduct and to

rules on business ethics developed by the Group. We have formulated

have established a conflict-of-interest declaration mechanism that abide by other applicable local laws and regulations. In 2025 100%

a series of codes of conduct and contract templates such as the

Employee Manual Manual on Gifts Banquets and Receptions covers all employees and spans their entire employment lifecycle. of our suppliers signed the Agreements on Business Ethics and the the

Product Distribution Agreement Both new hires and existing employees are required to truthfully Honesty and Integrity Agreement.and the . These guidelines standardize

complete conflict-of-interest declaration forms thereby minimizing

the code of conduct to be observed by employees suppliers and

any potential harm to the Company arising from related interests. The

distributors in their business activities. We also systematically manage

Company promptly reviews and addresses declared information to

areas such as anti-corruption and anti-bribery trade compliance anti-

effectively safeguard its legitimate rights and interests. In 2025 a total PROTECTING WHISTLEBLOWERS

unfair competition prevention of interest conflicts and information

of 734 middle- to senior-level managers completed conflict-of-interest

security through these rules.declarations. During this reporting period the Company had no cases We have formulated the Speak Up Helpline Handbook and set up

We have established a sound business ethics management system of corruption or bribery litigation. various reporting channels such as emails calls and the third-party

with the Company’s business ethics supervised by the President and anonymous reporting platform known as the “Speak Up Helpline” to

Vice President of Finance. Additionally we also conduct special audits encourage all employees and business partners to proactively report

for anti-bribery and anti-corruption to continuously monitor the any violations of the Company’s business ethics and code of conduct.effectiveness of the business ethics management system. In 2025 we We have clearly defined the handling process from case acceptance

further carried out risk assessments on anti-unfair competition and clue collection interview verification to result feedback and full-time

anti-monopoly compliance and strengthened related training and investigators carry out related work under strict confidentiality. The

institutional development deepening the implementation of business Company attaches great importance to the protection of whistleblower

ethics management. information and has implemented specific procedures to ensure the

security of personal data firmly preventing any form of retaliation.In addition reporting channel information is publicly displayed at all

production breweries and office locations. Each report is thoroughly

investigated and any confirmed violations are dealt with seriously

followed by proactive corrective actions.

25 https://www.carlsberggroup.com/media/tvrp3x4y/code-of-ethics-and-conduct_english_nov2025_final.pdf

26 https://www.carlsberggroup.com/media/esbic51g/anti-bribery-corruption-global-policy-final-may-25.pdfABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 77

DATA SECURITY & PRIVACY

RAISING AWARENESS OF ANTI-CORRUPTION

PROTECTION

The Company places great emphasis on cultivating employees’ corruption training is conducted annually for employees in key

awareness of business ethics and continuously strengthens the mindset positions. To encourage active employee participation in corporate We attach great importance to information security and privacy

of honesty self-discipline and compliant business practices across supervision the Company actively promotes the “Speak Up Helpline” protection and are committed to protecting the information security

the organization. In 2025 all directors managers and employees reporting mechanism through various internal communication channels and privacy rights of the enterprise employees contractors suppliers

completed anti-corruption and business ethics training either online or such as thematic lectures emails computer screen savers and consumers partners and other stakeholders.in person. Building on this the Company has established a refresher dedicated web portals on the intranet. These efforts are continuously

training mechanism covering all employees requiring personnel driving the development of an organizational culture rooted in clean

including management to review the above training courses at least fair and honest environment.once every three years. In addition enhanced anti-bribery and anti- DATA SECURITY MANAGEMENT

We strictly comply with the Data Security Law of the People’s Republic

of China and other related laws and regulations. On the basis of IT

Assets Management Procedures Security Software Development

A total of In 2025 Program and other standards for information security management

we have formulated internal policies such as the Information Security

1660 0 and Acceptable Use Policy the Records Management and Personal employees participated in the cases of litigation related to corruption or bribery Information Protection Guideline and the Procurement Process

business ethics training Security etc. to build a sound data security management framework.The Company had no security incidents related to data leakages in

2025.

A total of 0 cases of lawsuits or major administrative penalties arising

2300 employees participated in the from unfair competition practices.

anti-corruption training

A total of 100% of our suppliers had signed the agreements on

240 employees participated in the competition business ethics

law compliance training

100% of our suppliers had signed the Honesty and

Integrity AgreementABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 78

DATA SECURITY AWARENESS TRAINING

The Company has established a systematic data security management system. By implementing comprehensive information

security policies it defines the classification processing and protection principles of information records and details

Data Security

operational guidelines for the entire lifecycle of personal data protection. In the Employee Manual clear guidance is provided The Company continuously strengthens the awareness of data

Management

on computer and network usage data security and privacy protection. In addition all employees are required to sign and security and privacy protection of all employees through systematic

System

strictly comply with the Information Security and Acceptable Use Policy confirming in writing their responsibilities regarding training programs. All new hires are required to complete information

information security and jointly safeguarding the Company’s information assets. security-related training within 30 days of joining the Company and

all current employees must review the course at least once every three

At the technical protection level we embed security control mechanisms during the design phase of core application systems years. Additionally we have a more rigorous training and evaluation

to ensure system integrity stability and confidentiality. We strictly regulate the scope of data access for users and employees mechanism over personnel in key positions and conduct regular

through multi-layered measures such as access control management employee data tiered access restrictions and firewall information security education and training to enhance their sense

Data Protection

policies. In addition the Company regularly engages professional third-party institutions to conduct penetration testing on of responsibility and capabilities to protect personal information of

Measures

our applications promptly identifying and addressing data protection vulnerabilities and producing reports accordingly. We employees and consumers.also integrate suppliers into our security management system by conducting simulated attack and penetration tests to assess

their data security capabilities ensuring the compliance and security of corporate data.In 2025

To effectively respond to unexpected data security incidents the Company has developed the Emergency Plan for Personal the Company conducted the following information security training

Information Security Incidents and the Emergency Response Procedures which are continuously updated in accordance with through both online and offline formats:

evolving legal requirements and actual circumstances.Emergency In the event of a security incident involving unauthorized disclosure alteration or loss of personal information the Company a total of

Response will immediately activate its emergency response including taking immediate remedial actions initiating an investigation

Mechanism reporting the incident to the relevant authorities in compliance with applicable regulations and promptly informing affected

individuals about the incident and its potential impact. The Company is fully committed to containing an emergency situation 1021 employees

and minimizing any resulting harm. In addition the Company regularly organizes emergency drills and specialized training Personal data participated

sessions for employees in the Data Security Operations Center to enhance their capabilities in incident handling. protection

training

We regularly invite third-party organizations with professional qualifications to conduct vulnerability scanning and with a total learning time of

Data Security

security risk assessments on our systems. Based on the severity levels of identified vulnerabilities we develop remediation

Assessment

recommendations to continuously strengthen our corporate data security protection framework. 5722 minutes

PERSONAL INFORMATION AND PRIVACY PROTECTION

a total of

We take protecting consumer privacy and personal information seriously. To this end we have established and implemented the Personal Information

Protection Policy27. It strictly regulates the collection and use of consumer personal data across platforms such as official WeChat accounts mini

employees participated

programs and mobile applications and clearly defines the scope and methods for using personal information in activities such as advertising and 516

data sharing. To ensure consumer data security at the system level the Company is actively advancing the Multi-Level Protection Scheme (MLPS) Carlsberg

Certification for systems involving consumer data. The BRCM system has successfully obtained Level 2 certification and we are currently progressing information security

with the Level 3 certification for the SCRM system. protection training with a total learning time of

In addition we have established multiple feedback channels including customer service hotlines and mailbox to fully safeguard consumers’ right to

know and to control their personal information. These measures are designed to effectively prevent the risk of private data leakage and misuse. 1313 minutes

27 https://carlsbergchina.com.cn/zh/cookie/ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 79

INTELLECTUAL PROPERTY RIGHTS PROTECTION

The Company highly values the protection of its brand and intellectual use licensing transfer and risk prevention of trademark registration brand image and maintaining market order. In July 2025 Xinjiangproperty rights. We strictly adhere to laws and regulations such as the patent application and copyright registration ensuring the standardized Wusu Brewery Co. Ltd. was included in the “List of EnterprisesPatent Law of the People’s Republic of China and the Trademark Law management and operation of intellectual property. In the meantime for Monitoring Administrative Law Enforcement” by the State

of the People’s Republic of China have strengthened the cooperation we have set up individual pioneer awards 666 golden ideas and other Administration for Market Regulation. Through this mechanism the

with industry organizations associations government authorities awards to encourage our employees to participate in the Company’s Company actively engaged in the administration’s special initiatives

and media. We have joined the Beer Branch of China Alcoholic innovation and research and development. aimed at standardizing law enforcement practices involving enterprises.Drinks Association the T541 Standard Committee the Quality Brand It provided actual conditions and offered constructive suggestions to

Protection Committee of China Association of Enterprises with Foreign For the prevention of intellectual property infringement the Company relevant authorities at both national and local levels contributing to

Investment and the Intellectual Property Union of the Embassy of the collaborates with third-party professional organizations to monitor the development of a more standardized and transparent enforcement

Kingdom of Denmark in China. market infringements timely detecting rapidly responding to environment.and effectively handling infringing behaviors. In 2025 we further

To systematically protect intellectual property the Company has strengthened internal and external coordination to intensify efforts In 2025 the Company held a total of 149 valid patents that are directly

established a comprehensive mechanism covering the maintenance against counterfeiting and imitation effectively safeguarding our applicable to its core business operations.Case THE TRADEMARK PROTECTION EFFORT OF “WUSU BREWERY” IS RECOGNIZED BY THE INDUSTRY

AND THE COMPANY SHARES ITS INSIGHTS

In 2025 the Company held a total of

In September 2025 the 4th China Alcoholic

Dr inks Industry Intel lectual Property 149 valid patents that are directly applicable to Conference was held in Fen Yang Shanxi

Province hosted by the China Alcoholic its core business operations

Drinks Association and organized by its

Intellectual Property Protection Committee.A f te r a r i go rous eva lua t i on by the

Committee’s expert panel the Companywas awarded the “2025 China AlcoholicDrinks Industry IP Protection Model Case”for its successful “Wusu Brewery TrademarkProtection Case”. It actively shared the

practical experiences in brand protection

trademark management and infringement

prevention driving the industry to build

a comprehensive intellectual property

protection network.

2025 China Alcoholic Drinks Industry IP Protection Model CaseABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 80

Case SUCCESSFUL TRADEMARK PROTECTION OF “WUSU BREWERY” SAFEGUARDS THE COMPANY’S RIGHTS

In 2025

the Company successfully handled

In September 2025 the Supreme People’s Court of China issued a Civil

Ruling in the case filed by Chongqing Brewery against Wusu River Beer 52 cases related to anti-counterfeiting and

Brewing Group Co. Ltd. and others regarding trademark infringement and

unfair competition rejecting the defendant’s petition for retrial. This marked anti-brand imitation actions effectively safeguarding

the full judicial protection of the Company’s rights. Prior to this the case its legitimate rights and interests.had gone through first and second instance trials. The court ruled that the

defendant’s “Wusu River” beer constituted trademark infringement and

unfair competition and ordered the immediate cessation of the infringing

activities a change in the defendant’s company name and compensation

of RMB 500000 for economic losses and reasonable expenses incurred in

the rights protection process. In 2025 the case was selected by the Xinjiang

Intellectual Property Accomplishments in 2025Uygur Autonomous Region as a “2024 Xinjiang Intellectual Property A selection of counterfeit and trademark infringingProtection Model Case” and was also included in the “Model Cases for products displayed by Wusu BreweryJudicial IP Protection” by both the Xinjiang Higher People’s Court and the

Kashi Intermediate People’s Court.

74714912

Case SUCCESSFUL TRADEMARK PROTECTION OF “CHONGQING BREWERY” UPHOLDS FAIR COMPETITION 164 12

Cumulative Acquisition in

In April 2025 the case in which Chongqing Brewery sued Chongpi (Yunnan) acquisition by the end of 2025 2025

Brewery Co. Ltd. and others for trademark infringement and unfair

competition was selected by the Yunnan Higher People’s Court as one of the

“Top Ten Intellectual Property Protection Model Cases of 2024”.

87

The case was concluded by the Yunnan Higher People’s Court which ruled

that the trademarks and packaging designs used on the “Chongba” beer

products were highly similar to those of Chongqing Brewery’s products 120 16

constituting trademark infringement and acts of unfair competition. The

court ordered the defendants to immediately cease all infringing activities

10

change their company name and pay compensation totaling approximately

RMB 1.91 million covering economic losses and reasonable expenses Patents

incurred in the rights protection process. This successful enforcement New declaration Copyrights

of intellectual property rights effectively safeguarded the brand value in 2025

and market reputation of “Chongqing Brewery” protected the legitimate Trademarks

rights and interests of consumers and demonstrated the Company’s firm Product comparison between Chongqing Brewery (left)

commitment to upholding fair market competition through legal means. and Chongba Brewery (right)ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 81

DISTRIBUTOR MANAGEMENT

We have established and continuously improved the Product and implement a tiered management system based on the evaluation. on-site visits and carrying out satisfaction surveys. These efforts are to

Distribution Agreement which sets clear standards and requirements This enables us to tailor business development plans capability- actively listen to and respond to distributors’ feedback jointly explore

for distributors in areas such as product quality standards expiration building pathways and cooperation support strategies for each market opportunities and development directions with them and

date management packaging specifications branding and business distributor supporting their continuous growth. During the performance promote the building of a long-term mutually beneficial cooperation

ethics and codes of conduct. In addition all distributors are required to phase we conduct quarterly and annual comprehensive evaluations of ecosystem. In 2025 we conducted a total of 20926 on-site visits to

sign a commitment letter in which they solemnly commit to strictly distributors based on the following dimensions: business performance distributors. We provide capacity-building support to our distributors

complying with applicable laws and regulations refrain from any form operational capability channel management and warehouse logistics through specialized training helping them enhance the quality of

of unfair competition and ensure that all business and sales activities and data management. For distributors who violate regulations products and services offered to customers and working hand in

are conducted in a fair and orderly manner. These measures not only during the cooperation period the Company will in accordance hand with distributor partners to achieve mutual growth and win-win

effectively protect the quality of distributors’ products and services but with established procedures place them on the elimination list and outcomes. During the reporting period we delivered 281 offline training

also promote the mutual growth of distributors with the Company. implement corresponding management measures. Through a dynamic sessions with a total of 11921 participants supported by 142 activeevaluation mechanism we continuously optimize the distributor system internal sales trainers. The average monthly activity rate at “CarlsbergTo standardize distributor management the Company has established and build a healthy standardized and sustainable sales network. Learning” app was 92% translating to 54447 cumulative learning hours.a systematic evaluation mechanism for distributors to be included We launched 37 high-quality online courses with 456428 participants

in the database and conducts assessments on their subsequent We continuously expand diversified two-way communication channels and hosted 5 live-streamed training sessions with 13037 participants.performance. At the onboarding stage we set clear evaluation criteria including regularly hosting distributor conferences conducting monthly Additionally we organized 4 competitions with 11836 participants.Case XINJIANG BU DISTRIBUTOR EMPOWERMENT WORKSHOP

In September 2025 the Carlsberg China sales capability

development team collaborated with the Xinjiang BU to host

the first Distributor Empowerment Training Workshop in Urumqi.Focused on “Channel Network Planning and Profit GrowthManagement” the workshop invited external experts to deliver

lecturers to a total of 43 participants including representatives and

regional managers from 30 distributors. The curriculum covered

topics such as sales channel strategy return on working capital

calculation and the six elements of vertical growth. It aimed

to enhance participants’ capabilities in scientific management

and promote sustainable profitability. The workshop received

an impressive average satisfaction score of 4.8 out of 5.0 from

participants. As part of the post-training action plan participants

were required to submit their Q4 Win-win Management

Plan ensuring that the knowledge gained was effectively

translated into business practice and further strengthening the Group photo of participants at the Xinjiang Distributor Empowerment Workshop

collaborative partnership between EY and its distributor network.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 82

Case YUNNAN BU DISTRIBUTOR MANAGER TRAINING CAMP

In 2025

In May 2025 the Yunnan BU hosted the Distributor Manager Training Camp in Dali. The training adopted a blended approach combining

internal and external trainers with theoretical knowledge and practical application. It provided practical courses such as the Guide for

Distributors on Developing Sales Plans and Forecasting Sales Volumes and the How Can Distributors Conduct Effective Sales Meetings to 281 offline training sessions were provided for

principals from 45 distributors across Yunnan Province. To ensure practical application of the learning participants were required to submit sellers and distributors

sales plans and video recordings of their sales meetings as part of the post-training implementation process. This approach effectively

translated knowledge into practice systematically enhancing the professional capabilities of our distributor partners.

11921 participants

142 active internal sales trainers

Group photo of participants at the Yunnan Distributor Manager Training CampABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 83

APPENDIX

THIRD-PARTY COMMENT

The Environmental Social and Governance (“ESG”) Report 2025 of In terms of social responsibility Chongqing Brewery has continuously Through technological innovation and systematic management

Chongqing Brewery Co. Ltd. systematically presents the Company’s promoted responsible drinking initiatives and participated in the Chongqing Brewery has formed a practical model with industry

strategic thinking and practical achievements on the path of “National Responsible Drinking Promotion Week”. By launching a promotion value in green manufacturing safe production andsustainable development. Centered on the core framework of “Together variety of non-alcoholic and low-alcohol beverages the Company has community collaboration. Looking ahead the Company is expected toTowards ZERO and Beyond” (TTZAB) the report has established a actively responded to the trend of healthy consumption. Furthermore further deepen supply chain collaborative carbon reduction promotefull value chain ESG governance system covering our “ZERO Carbon the Company achieved 100% employee training coverage and the standardization of the packaging circular system and conduct moreFootprint” “ZERO Water Waste” “ZERO Packaging Waste” objectives continuously improved its safety management system. The number of exploration in cutting-edge topics such as biodiversity conservation.and other areas. It aligns effectively with the national “dual carbon” lost-time accidents in 2025 dropped by 94% compared with 2018. 26 of It will continue to play an industry-leading role and provide replicable

strategy demonstrating the Company’s holistic layout from strategy to our breweries nationwide have maintained zero lost-time accidents for practices for the sustainable development of China’s wine industry and

implementation. two consecutive years with a strong safety production culture deeply even the manufacturing sector.rooted.In terms of environmental performance Chongqing Brewery achieved

100% usage of green electricity in 2025. Carbon emissions per hl In corporate governance Chongqing Brewery has established a three-

of beer brewed decreased by 78.47% compared with 2015 marking tier ESG governance structure (President – TTZAB Target Owners –

remarkable carbon reduction results. In addition the Company realized ESG Owners) to ensure effective communication and implementation

100% local procurement of major auxiliary materials during the year of strategies. Notably Chongqing Brewery has achieved outstanding

with the local proportion of hops reaching 55% and that of malt results in authoritative international and domestic ratings: Rated AA in

products reaching 35% effectively cutting carbon emissions from the MSCI ESG Rating for two consecutive years ranking among the top

transportation. The Company also delivered outstanding performance in the global beer industry; Awarded Grade A in information disclosure

in water resource management. Specific water consumption dropped by the Shanghai Stock Exchange for three consecutive years; awarded

to 2.03 hl/hl a decrease of 47.55% from the average level in 2015. “Best Practices for Boards of Directors of Listed Companies 2025” by

The annual average weighted specific water consumption of breweries China Association for Public Companies; five of its breweries have been

located in high water-risk areas stood at 1.98 hl/hl. Its water-saving honored as national-level and provincial-level “Green Plants” “Nationalpractices have been widely recognized: Huizhou Brewery was awarded Water Efficiency Leaders” “Advanced Smart Plants” and “Waste-freethe “Top 10 Typical Water-Saving Cases in Guangdong Province 2025” Enterprise”. These awards and ratings not only reflect recognitionwhile Yining Brewery and Korla Brewery both won the title of “Xinjiang from the capital market and regulators of the Company’s sustainableUygur Autonomous Region Water-Saving Enterprises in the Industrial development performance but also demonstrate its leading position inSector 2025”. ESG governance and transparency construction.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 84

GRI INDEX

Instructions The Company reports the information referenced in this GRI Content Index with reference to GRI standards for the reporting period from January 1 2025 to December 31 2025.GRI 1 used GRI 1: Foundation 2021

S/N Indicators Description Location S/N Indicators Description Location

DIVERSITY EQUITY &

1 2/1 Organizational details ABOUT THE REPORT 17 2/20 Process to determine remuneration

INCLUSION

2/2 Entities included in the organization’s sustainability DIVERSITY EQUITY &

2 ABOUT THE REPORT 18 2/21 Annual total compensation ratio

reporting INCLUSION

GRI 2: General

3 2/3 Reporting period frequency and contact point ABOUT THE REPORT 19 2/22 Statement on sustainable development strategy ABOUT US

Disclosures

STAKEHOLDER

4 2/4 Restatements of information ABOUT THE REPORT 20 2/29 Approach to stakeholder engagement

ENGAGEMENT

THIRD-PARTY DIVERSITY EQUITY &

5 2/5 External assurance 21 2/30 Collective bargaining agreements

COMMENT INCLUSION

DOUBLE MATERIALITY

6 2/6 Activities value chain and other business relationships ABOUT THE REPORT 22 3/1 Process to determine material topics

ASSESSMENT

ZERO Accidents Culture GRI 3: Material DOUBLE MATERIALITY

23 3/2 List of material topics

7 2/7 Employees DIVERSITY EQUITY & Topics ASSESSMENT

INCLUSION DOUBLE MATERIALITY

24 3/3 Management of material topics

ZERO Accidents Culture ASSESSMENT

8 GRI 2: General 2/8 Workers who are not employees DIVERSITY EQUITY & ZERO Farming

Disclosures INCLUSION 25 101/1 Policies to halt and reverse biodiversity lossGRI 101: Footprint

Biodiversity

9 2/9 Governance structure and composition ESG GOVERNANCE ZERO Farming 26 101/4 Identification of biodiversity impacts

Footprint

10 2/11 Chair of the highest governance body ESG GOVERNANCE GRI 204:

RESPONSIBLE

27 Procurement 204/1 Proportion of spending on local suppliers

2/12 Role of the highest governance body in overseeing the PROCUREMENT

11 ESG GOVERNANCE Practices

management of impacts

12 2/13 Delegation of responsibility for managing impacts ESG GOVERNANCE COMPLIANCE 28 205/1 Operations assessed for risks related to corruption

MANAGEMENT

2/14 Role of the highest governance body in sustainability PRESIDENT’S

13 GRI 205: Anti- 205/2 Communication and training about anti-corruption COMPLIANCE

reporting MESSAGE 29 corruption policies and procedures MANAGEMENT

COMPLIANCE

14 2/15 Conflicts of interest COMPLIANCE

MANAGEMENT 30 205/3 Confirmed incidents of corruption and actions taken MANAGEMENT

15 2/16 Communication of critical concerns ABOUT US GRI 206: Anti-

206/1 Legal actions for anti-competitive behavior anti-trust COMPLIANCE

31 competitive

DIVERSITY EQUITY & and monopoly practices MANAGEMENT

16 2/19 Remuneration policies Behavior

INCLUSIONABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 85

S/N Indicators Description Location S/N Indicators Description Location

ZERO Packaging ZERO Carbon

32 301/1 Materials used by weight or volume 50 305/6 Emissions of ozone-depleting substances (ODS)

Waste Footprint

GRI 301: ZERO Packaging GRI 305:

33 301/2 Recycled input materials used

Materials Waste Emissions 305/7 Nitrogen oxides (NOx) sulfur oxides (SO ) and EMISSIONS 51 x

other significant air emissions MANAGEMENT

ZERO Packaging

34 301/3 Reclaimed products and their packaging materials

Waste

306/1 Waste generation and significant waste-related EMISSIONS

ZERO Carbon 52

35 302/1 Energy consumption within the organization impacts MANAGEMENT

Footprint

EMISSIONS

ZERO Carbon 53 306/2 Management of significant waste-related impacts

36 302/2 Energy consumption outside of the organization MANAGEMENT

Footprint GRI 306: EMISSIONS

GRI 302: ZERO Carbon 54 306/3 Waste generated

37 302/3 Energy intensity Effluents and Waste MANAGEMENT

Energy Footprint

EMISSIONS

ZERO Carbon 55 306/4 Waste diverted from disposal

38 302/4 Reduction of energy consumption MANAGEMENT

Footprint

EMISSIONS

302/5 Reductions in energy requirements of products and ZERO Carbon 56 306/5 Waste directed to disposal

39 MANAGEMENT

services Footprint

308/1 New suppliers that were screened using RESPONSIBLE

ZERO Water 57 GRI 308:

40 303/1 Interactions with water as a shared resource environmental criteria PROCUREMENT

Waste Supplier Environmental

Assessment 308/2 Negative social impacts in the supply chain and RESPONSIBLE

ZERO Water 58

41 303/2 Management of water discharge-related impacts actions taken PROCUREMENT

Waste

DIVERSITY EQUITY

GRI 303: ZERO Water 59 401/1 New employee hires and employee turnover

42 303/3 Water withdrawal & INCLUSION

Water and Effluents Waste

ZERO Water GRI 401: 401/2 Benefits provided to full-time employees that are DIVERSITY EQUITY

43 303/4 Water discharge 60

Waste Employment not provided to temporary or part-time employees & INCLUSION

ZERO Water

44 303/5 Water consumption

Waste DIVERSITY EQUITY 61 401/3 Parental leave

& INCLUSION

ZERO Carbon

45 305/1 Direct (Scope 1) GHG emissions

Footprint 403/1 Occupational health and safety management ZERO Accidents 62

system Culture

ZERO Carbon

46 305/2 Energy indirect (Scope 2) GHG emissions

Footprint 403/2 Hazard identification risk assessment and ZERO Accidents 63

incident investigation Culture

GRI 305: ZERO Carbon GRI 403:

47 305/3 Other indirect (Scope 3) GHG emissions

Emissions Footprint Occupational Health ZERO Accidents 64 403/3 Occupational health services

and Safety Culture

ZERO Carbon

48 305/4 GHG emissions intensity

Footprint

403/4 Worker participation consultation and ZERO Accidents

ZERO Carbon 65

49 305/5 Reduction of GHG emissions communication on occupational health and safety Culture

FootprintABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 86

S/N Indicators Description Location S/N Indicators Description Location

ZERO Accidents

66 403/5 Worker training on occupational health and safety

Culture GRI 408: 408/1 Operations and suppliers at significant risk for DIVERSITY EQUITY 78

Child Labor incidents of child labor & INCLUSION

ZERO Accidents

67 403/6 Promotion of worker health

Culture

GRI 409:

403/7 Prevention and mitigation of occupational 409/1 Operations and suppliers at significant risk for DIVERSITY EQUITY

ZERO Accidents 79 Forced or

68 incidents of forced or compulsory labor & INCLUSIONGRI 403: health and safety impacts directly linked by business Culture Compulsory Labor

Occupational Health relationships

and Safety RESPONSIBLE 403/8 Workers covered by an occupational health and ZERO Accidents 80 GRI 414: S 414/1 New suppliers that were screened using social criteria

69 PROCUREMENT

safety management system Culture upplier Social

Assessment 414/2 Negative social impacts in the supply chain and RESPONSIBLE

ZERO Accidents 81

70 403/9 Work-related injuries actions taken PROCUREMENT

Culture ZERO Irresponsible

ZERO Accidents

71 403/10 Work-related ill health 416/1 Assessment of the health and safety impacts of

Drinking

Culture 82 product and service categories

GRI 416: PRODUCTS AND

DIVERSITY EQUITY

72 404/1 Average hours of training per year per employee Customer Health

SERVICES

& INCLUSION ZERO Irresponsible and Safety

416/2 Incidents of non-compliance concerning the health Drinking

GRI 404: Training and 404/2 Programs for upgrading employee skills and DIVERSITY EQUITY 83

73 and safety impacts of products and services PRODUCTS AND

Education transition assistance programs & INCLUSION SERVICES

404/3 Percentage of employees receiving regular DIVERSITY EQUITY 417/1 Requirements for product and service information and ZERO Irresponsible

7484

performance and career development reviews & INCLUSION labeling Drinking

GRI 417:

DIVERSITY EQUITY 417/2 Incidents of non-compliance concerning the health ZERO Irresponsible

75 GRI 405: 405/1 Diversity of governance bodies and employees 85 Marketing and & INCLUSION and safety impacts of products and services Drinking

Diversity and Equal Labeling

Opportunity 405/2 Ratio of basic salary and remuneration of women DIVERSITY EQUITY 417/3 Incidents of non-compliance concerning marketing ZERO Irresponsible 76 86

to men & INCLUSION communications Drinking

GRI 406: 406/1 Incidents of discrimination and corrective actions DIVERSITY EQUITY

77 GRI 418: 418/1 Substantiated complaints concerning breaches of COMPLIANCE

Non-discrimination taken & INCLUSION 87 Customer Privacy customer privacy and losses of customer data MANAGEMENTABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 87

SSE ESG INDEX

S/N Indicators Location S/N Indicators Location

Article 21 Aside from disclosing governance related to climate change tackling;

strategies; impacts risks and opportunities management; indicators; and targets ZERO Carbon Article 25(i) The company’s GHG emissions across different scopes categorized ZERO Carbon

in accordance with Chapter II of these Guidelines a disclosing entity shall also Footprint by business unit or facility. Footprint

provide information on its climate response as required by this Section.Article 25(ii) The company’s GHG emissions across different scopes categorized ZERO Carbon

Article 22(i) The disclosing entity’s assessment of how climate change impacts its ZERO Carbon by country or region. Footprint

strategies and business models as well as how it responds to these impacts. Footprint

Article 25(iii) The company's GHG emissions across different scopes categorized

Article 22(ii) Significant uncertainties the disclosing entity has considered when ZERO Carbon ZERO Carbon by source type (e.g. combustion processing electricity heating cooling and

assessing its climate adaptation. Footprint Footprintsteam).Article 22(iii) The disclosing entity’s capacity to adjust its strategies and business ZERO Carbon

models over the short medium and long term to adapt to climate change. Footprint Article 26 A disclosing entity shall disclose the standards methods assumptions

or calculation tools used for GHG emissions accounting and state how the

Article 23(i) Adjustments made in the company’s current and future strategies emissions data are consolidated (such as by equity share proportion or financial ZERO Carbon

ZERO Carbon

business models and resource allocation to respond to climate risks and and operating control). If there is a change to the accounting standards methods Footprint

Footprint

opportunities. or assumptions in the reporting period the disclosing entity shall state the

reasons and specific impacts of these changes.Article 23(ii) Actions taken or planned by the company to update the production

ZERO Carbon

processes and equipment to directly or indirectly tackle climate risks and

Footprint Article 27 The disclosing entity shall disclose information on its GHG emissions

opportunities.Section 1 reduction practices including its participation in the various emissions reduction Section 1

Address initiatives emissions reduction targets and measures (e.g. management

Article 23(iii) The transition plan created by the company to address climate risks ZERO Carbon Address Climate strategies funding development of technologies) and the outcomes.Change and opportunities and the fundamental assumptions underpinning the plan. Footprint

Climate

Change The disclosing entity shall disclose for each scope level the amount of GHG

emissions directly reduced by such emissions reduction measures as redesigning

Article 23(iv) The resources allocated by the company to execute the transition ZERO Carbon production procedures updating equipment improving manufacturing processes ZERO Carbon

plan. Footprint and switching fuels and convert the data into metric tons of carbon dioxide Footprint

equivalent. Emissions reductions may be disclosed by each measure used to

ZERO Carbon achieve the reduction.Article 23(v)The progress in executing the company’s transition plan.Footprint The disclosing entity shall disclose its registration and trading activities in relation

to the national projects for voluntary GHG emissions reduction and the China

Article 24 A disclosing entity shall calculate and disclose its total GHG emissions Certified Emission Reduction (CCER) as well as its registration and trading of any

in the reporting period and convert different GHG emissions into metric tons of other emissions reduction initiatives and emissions savings.carbon dioxide equivalent. The disclosing entity is encouraged to disclose Scope 1

and Scope 2 emissions and if able to Scope 3 emissions. Article 28 Any disclosing entity that discloses new technologies products and

Any disclosing entity that uses carbon credits shall disclose the source and services that contribute to decarbonization and carbon neutrality and the related

ZERO Carbon

amount of the carbon credits it uses. Any disclosing entity that participates in R&D progress shall provide an objective and prudent account of the specifics

Footprint

carbon emissions trading shall disclose whether it has completed settlement of the technologies or services developed based on the relevant processes and ZERO Carbon

and whether it has been ordered to take corrective actions or is being formally technologies the R&D investment and progress in the relevant businesses Footprint

investigated by a government agency within the reporting period. approvals or certifications it has obtained its mass production capacity and its

existing orders among other information. The disclosing entity is encouraged

The Exchange encourages disclosing entities to engage a third party to audit or to describe the impacts thereof on its current and future financial positions and

provide assurance on the GHG emissions data and other relevant figures. operating results as well as the possible uncertainties and risks.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 88

S/N Indicators Location S/N Indicators Location

Article 30(i) Information on pollutant discharge including but not limited to Article 32(v) The efforts and achievements of the disclosing entity in reducing

the types names total discharge certified total discharge over-discharge the ecological footprint of its products and their reliance on the ecosystem ZERO Farming

and environmental performance grade (if any) of or in relation to the key biological species and their habitats and biological genetic resources over their Footprint

EMISSIONS

pollutants characteristic pollutants and the controlled substances specified by lifecycles.MANAGEMENT

international environmental conventions. Disclosing entities are encouraged to

present details on their pollutant discharge by category in the dimensions of Article 33(i) Risk assessments of the disclosing entity for environmental

business units or facilities type of source and type of activity. EMISSIONS incidents management protocols to prevent the related risks and the overview

MANAGEMENT

of contingency plans for environmental emergencies.Article 30(ii) The disclosing entity should disclose the technologies and Section 2

methods employed to treat pollutants as well as the building operation EMISSIONS Pollution

and results achieved by pollution control facilities (e.g. reduction in the MANAGEMENT Article 33(ii) The dates locations and duration of the major environmental Control and

concentration/intensity or total amount of discharge). emergencies in the reporting period; the classification of these incidents the Ecosystem Not involvedresponses and the outcome of these responses; their impacts on the company

Article 30(iii) The targets set by th disclosing entity for the amount of discharge Protection

EMISSIONS and the public; and the corrective actions taken.reduction of the key pollutants and the specific actions taken to achieve these

MANAGEMENT

targets.Article 33(iii) Details on any major administrative penalties or criminal charges

Article 30(iv) The impact of pollutant discharge on such groups as its EMISSIONS received by the disclosing entity from an ecological and environmental authority

employees and local communities. MANAGEMENT or other government agencies in the reporting period for an environmental

Not involved

incident including but not limited to violations the reasons for and the amount

Article 30(v) Any major administrative penalties received by and any criminal of the penalties the impacts on the company’s production and operational

liabilities charged against the disclosing entity in the reporting period for EMISSIONS activities and its corrective actions.pollutant discharge and whether there exist significant flaws in the company’s MANAGEMENT

environmental monitoring schemes and risk management practices.Section 2 Article 35(i) An overview of the disclosing entity’s energy usage including but

Pollution Article 31(i) The total amounts (in metric tons) and density (e.g. per unit of not limited to the total direct and indirect consumption (expressed in metric tons

Control and EMISSIONS ZERO Carbon revenue unit of output or facility) of hazardous wastes and non-hazardous of standard coal) of energy (e.g. coal electricity gas or oil) categorized by

Ecosystem MANAGEMENT Footprintwastes produced by the disclosing entity. type the energy consumption structure and the overall energy intensity (e.g.Protection expressed as per unit of output).Article 31(ii) The disclosing entity’s treatment methods and disposal of EMISSIONS

hazardous and non-hazardous wastes. MANAGEMENT Article 35(ii) Details of the disclosing entity’s use of clean energy including but

not limited to wind solar hydro geothermal biomass and marine energy as ZERO Carbon

Article 31(iii) The targets set for the amount of discharge of waste and the EMISSIONS well as the types total amounts and proportions of clean energy used such as Footprint

specific actions taken to achieve these targets. MANAGEMENT natural gas.Article 35(iii) The energy saving goals and the specific actions taken by the

Article 32(i) The discontinuation of any production and operational activities Section 3

ZERO Farming disclosing entity including but not limited to purchasing energy-efficient

and relevant facilities of the disclosing entity that were in the ecological red Resource ZERO Carbon

Footprint production lighting and temperature control equipment and implementing

zones. Utilization Footprintresidual heat and pressure recovery and tiered energy use and any specific

and Circular

Article 32(ii) The efforts and achievements of the disclosing entity in the challenges encountered in the use of energy.Economy

protection and restoration of the areas around the production and operational

ZERO Farming

sites key land and marine ecological functional areas ecological red zones Article 36(i) An overview of the disclosing entity’s usage of water resources

Footprint ZERO Water

nature reserves and other regions with critical ecological functions or including but not limited to total water consumption (expressed in metric tons) Waste

ecologically fragile regions. and usage intensity (e.g. per unit of output).Article 32(iii) The efforts and achievements of the disclosing entity in the Article 36(ii) The water conservation goals of the disclosing entity and the

ZERO Farming ZERO Water

protection of wild plants and wildlife and protection and restoration of natural specific actions taken and any specific challenges encountered in the recycling

Footprint Waste

habitats. and the use of water resources.Article 32(iv) The efforts and achievements of the disclosing entity in the

ZERO Farming Article 37(i) The specific goals and plans the disclosing entity established to ZERO Packaging

protection sustainable use obtainment and benefit-sharing monitoring and

Footprint achieve a circular economy. Waste

early warning and risk management of biological genetic resources.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 89

S/N Indicators Location S/N Indicators Location

Article 37(ii) The specific actions taken in the reporting period toward achieving Article 42(iv) Any achievements of the disclosing entity in innovation and their COMPLIANCE

a circular economy including reducing the use of resources improving resource ZERO Packaging application in promoting the new quality productive forces and the impact on MANAGEMENT

efficiency using renewable resources and preventing and reducing waste Waste the broader economy society environment and stakeholders.Section 3

Resource creation and recycling wastes. Article 43(i) The fields of the disclosing entity’s scientific and technological

Utilization activities such as research and development and the ethical standards in science Not applicableArticle 37(iii): The specific progress and achievements of the disclosing entity in

and Circular and technology it adheres to.attaining the objectives of a circular economy in the reporting period such as

Economy ZERO Packaging Section 2 the recycling and comprehensive utilization of wastes (including the amount of

Waste Innovation- Article 43(ii) Rules within the disclosing entity’s internal management systems

waste recycled) the consumption of renewable resources and the proportion of Driven that concern the ethics of science and technology and the company’s

renewable resources in the total amount of resources consumed. Development Not applicableobservance thereof the establishment of any ethics (review) committee for

and Ethics of science and technology programs and its operations;

Article 39 The disclosing entity shall disclose its contributions to rural Science and

vitalization in the reporting period including but not limited to: Technology Article 43(iii) Any instances of a violation of the ethics of science and technology

(i) If a high proportion of the disclosing entity’s businesses is in the rural and COMMUNITY by the disclosing entity including an overview of such violations the penalties Not applicable

poverty alleviation areas it shall in the context of its business activities disclose ENGAGEMENT imposed by competent authorities the internal investigation and accountability

in detail how its support for rural vitalization and for current progress on poverty processes conducted and the corrective actions taken.alleviation is integrated into its corporate strategies. Article 43(iv) The disclosing entity’s internal and external training on ethics in

science and technology and efforts to raise public awareness on the related Not applicable

Article 39(ii) The specific actions taken by the disclosing entity to support the topics (if any).Section 1 Rural specialty industries and local employment in rural areas in the context of its COMMUNITY

business activities in the rural and poverty alleviation areas as well as other ENGAGEMENT Article 45(i) An overview of the disclosing entity’s supply chain risk management Vitalization

and Social specific actions taken to support rural revitalization.program including but not limited to its objectives and specific plans for supply RESPONSIBLE

chain risk management risk response mechanisms actions taken and their PROCUREMENT

Contributions

Article 39(iii) The specific achievements of the disclosing entity such as the total outcomes.COMMUNITY

investment made and the scope and number of beneficiaries in the reporting

ENGAGEMENT Article 45(ii) The actions of the disclosing entity such as mergers acquisitions

period and the impact on the company’s brand and businesses. or reorganization and technological innovations and the positive outcomes RESPONSIBLE

related to maintaining supply chain security and increasing the company’s PROCUREMENT

Article 40 The disclosing entity shall provide an overview of its contributions competitive edge in supply chain management.to the public and society in the reporting period including but not limited to

COMMUNITY

details on any charitable and volunteer activities organized the amount of

ENGAGEMENT Article 46 If the balance of accounts payable of the disclosing entity (including

funds invested number of personnel and time allocated the outcomes and the notes payable) exceeds RMB 30 billion or represents more than 50 percent of

impact on its brand and businesses. the total assets at the end of the reporting period the disclosing entity shall

Article 42(i) The disclosing entity’s strategies and objectives for technological disclose the amount of overdue accounts payable as of the end of the reporting

COMPLIANCE Section 3

innovation and if investment is involved the arrangements for fundraising and period and the solutions it plans to implement.MANAGEMENT Suppliers and

the safeguards. If the disclosing entity or one of its subsidiaries publicly indicates through the Clients National Enterprise Credit Information Publicity System that it owes an overdue Not applicable

Article 42(ii) Details of the disclosing entity’s innovation activities such as payment to a small and medium-sized enterprise (“SME”) it shall disclose the

Section 2 the creation of institutional systems for R&D and innovation management amount of the overdue payment the payment term for SME suppliers the

Innovation- its involvement in R&D and innovation projects and technology collaboration COMPLIANCE reasons behind the overdue payment whether the overdue payment has led to

Driven projects the amount and percentage of R&D expenditure relative to its MANAGEMENT litigation or arbitration and the solutions.Development operating revenue the number and proportion of R&D personnel and the The Exchange encourages other disclosing entities to make disclosures in line

and Ethics of number of invention patents applied in its principal businesses. with the provisions of the preceding two paragraphs.Science and

Technology Article 42(iii) The R&D progress and achievements of the disclosing entity Article 47(i) The disclosing entity’s establishment execution and specific PRODUCTS AND

professional qualifications and significant awards received including the measures for product and service quality management systems and policies. SERVICES

COMPLIANCE

number of invention patent applications filed and granted and the number of

MANAGEMENT Article 47(ii) Quality management-related certifications received by the

valid patents; its certification as a high-tech enterprise; and national science and PRODUCTS AND disclosing entity and the certification status of its quality management systems

technology awards received in the reporting period. SERVICESfor the major products and services.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 90

S/N Indicators Location S/N Indicators Location

Article 47(iii) Any significant safety or quality liability incidents of the Article 52 The Exchange encourages each disclosing entity in line with

disclosing entity in the reporting period relating to the disclosing entity’s its realities to disclose information on the due diligence it has conducted

PRODUCTS AND

products and services including the nature of such incidents (e.g. during the reporting period in relation to identifying and responding to the

SERVICES STAKEHOLDER

administrative penalties) their impact and the amount of damages and the negative sustainability-related impacts or risks including but not limited to ENGAGEMENT

actions taken in response and the progress on those actions. the organization or personnel carrying out the due diligence the scope of due

Section 1 diligence the procedures for identifying such negative impacts or risks and

Sustainability- the details on its response to the relevant negative impacts and risks.Article 47(iv) The disclosing entity’s establishment and implementation of

PRODUCTS AND

after-sales service and product recall policies the channels for receiving Related

SERVICES

customer complaints and the process and outcome of complaint handling. Governance Article 53(i) The disclosing entity’s establishment and execution of its STAKEHOLDER

Mechanisms

stakeholder engagement rules. ENGAGEMENT

Article 48(i) The development functioning and specific measures of the

Section 3 COMPLIANCE disclosing entity’s data security management system and certifications (if

Suppliers and MANAGEMENTany). Article 53(ii) The channels of the disclosing entity for receiving and responding

Clients STAKEHOLDER to stakeholder comments and suggestions and how they are implemented

Article 48(ii) Details of any data security incidents involving teh disclosing ENGAGEMENT

COMPLIANCE e.g. the method frequency and content of the relevant communications.entity that occurred during the reporting period including impacts financial

MANAGEMENT

amounts involved response measures taken and progress (if any).Article 55(i) The disclosing entity’s establishment and operation of an anti-

COMPLIANCE

Article 48(iii) The development and functioning of the disclosing entity’s COMPLIANCE commercial bribery and anti-corruption risk management system and MANAGEMENT

customer privacy protection system. MANAGEMENT whether a whistleblower protection policy has been established.Article 48(iv) Details on any privacy breach incident that occurred in the Article 55(ii) An assessment of the commercial bribery and corruption risks COMPLIANCE

reporting period including its impact on the disclosing entity the monetary COMPLIANCE faced by the disclosing entity. MANAGEMENT

amount involved and the actions taken in response and the progress on those MANAGEMENT

actions. Article 55(iii) The total count and percentage of the board members

COMPLIANCE

Article 50(i) The employment and compensation policies of the disclosing management-level staff and other employees of the disclosing entity who MANAGEMENT

entity and how they are implemented information including but not limited received anti-commercial bribery and anti-corruption training.to job creation and flexible employment in the reporting period a breakdown

DIVERSITY

of the gender and age distribution of employees at the end of the period

EQUITY &

as well as information on payment of salary and social security labor Article 55(iv) Details about all commercial bribery and corruption incidents

INCLUSION

disputes employee turnover protection of the rights of flexible employees Section 2 involving the disclosing entity that occurred in the reporting period including

and the compliance fairness and transparency of the recruitment and hiring Business the specifics of the resulting dismissals or disciplinary actions against any COMPLIANCE

procedures. Conduct board members management-level staff and employees investigations by MANAGEMENT

competent authorities termination or non-renewal of contracts with business

Article 50(ii) Basic information on occupational health and safety status

partners and any lawsuits against the disclosing entity its board members

of the disclosing entity including but not limited to the identification and

management-level staff or employees.Section 4 assessment of occupational safety risks and their sources the establishment

Employees and implementation of the occupational health and safety management ZERO Accidents

systems the obtainment of certain certifications related training the Culture Article 56(i) The disclosing entity’s establishment operation and specific

investment in and coverage of work-related injury insurance and workplace measures of the management system to prevent unfair competition (e.g. COMPLIANCE

safety liability insurance and the details of any safety accidents that occurred untrue publicity implementing monopoly behaviors and infringing on MANAGEMENT

in the reporting period. commercial secrets).Article 50(iii) General information on the disclosing entity’s employee career

development and training including but not limited to the disclosing entity’s

DIVERSITY Article 56(ii) If the disclosing entity is subject to any litigation or significant

position structure the mechanisms for employee promotion selection and

EQUITY & administrative penalties arise from the its anti-competitive practices in the COMPLIANCE

career development the type frequency and implementation of employee

INCLUSION reporting period it shall disclose the specifics about the litigation the amount MANAGEMENT

training as well as the annual expenditure on training and the training involved the administrative penalties imposed and its corrective actions.coverage rate.ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 91

ESG KPIS

Focus areas Indicators Unit 2025 Focus areas Indicators Unit 2025

CO2 emissions from the use of natural gas tCO2e 64819.90 Own boreholes m

3302434.00

CO2 emissions from the use of biogas produced by tCO2e 0.54 Municipal water m

35266005.19

sewage plants

CO2 emissions from district heating facilities (with tCO e 25042.47 Surface water m3 355013.81

standard heating systems) 2

CO2 emissions from the heat energy consumed tCO2e 89862.91 Water Total water use m

35923453.00

Total CO2 emissions from breweries tCO2e 92801.49 Total water consumption m

35825527.88

GHG

emissions m3/RMB 10000 in

CO2 emissions from refrigerants tCO2e 2938.58 Total water consumption intensity 3.96revenue

GHG emissions (Scope 1) tCO2e 67759.02 Amount of reclaimed water 10000 tonnes 20.12

GHG emissions (Scope 2) tCO2e 25042.47 Ammonia tonnes 19.74

GHG emissions (Scope 1+Scope 2) tCO2e 92801.49 Total phosphorous tonnes 4.00

tCO e/ RMB 10000 in

GHG emissions (Scope 1+Scope 2) intensity 2 0.06 Suspended solids tonnes 53.96

revenue

Pollutants

COD of raw sewage from per hectoliter of

Heat energy from natural gas MWh 319940.27 in kg/hl 0.31

beer produced

wastewater

Heat energy generated by biogas from sewage Amount of sewage from per hectoliter of

MWh 2347.81 hl/hl 0.97

plants beer produced

Heat from district heating facilities (with standard

MWh 85178.48 Average COD of raw sewage g/m3 3252.40

heating systems)

Total consumption of power MWh 164477.64 Total sewage discharge m3 2775533.99

Energy Total thermal energy consumption MWh 407653.79 Total amount of hazardous waste discharge tonnes 91.25

consumption

in production tonnes/RMB 10000 in Direct energy consumption MWh 328272.78 Hazardous waste discharge density 0.0001

Waste revenue

discharge Total amount of non-hazardous waste

Indirect energy consumption MWh 243671.42 tonnes 107491.80

discharge

tonnes/RMB 10000 in

Comprehensive energy consumption MWh 571944.20 Non-hazardous waste discharge density 0.07

revenue

MWh/RMB 10000 in

Comprehensive energy consumption intensity 0.39 Black Smoke (dust) tonnes 14.72

revenue Waste gas

emissions

Percentage of renewable electricity % 100 SOx emissions tonnes 1.04ABOUT THE REPORT KEY ESG PERFORMANCE PRESIDENT’S MESSAGE ABOUT US SIX TTZAB AMBITIONS KEY FOCUS AREAS APPENDIX 92

Focus areas Indicators Unit 2025 Focus areas Indicators Unit 2025

Waste gas

NOx emissions tonnes 34.86 50 or older person 1132emissions

Metal tonnes 35514.00 Number of senior management employees person 81

Glass tonnes 551136.00 Workforce Number of general management employees person 958

Packaging

management

Plastics tonnes 9797.00 Number of blue-collar employees person 1744

Paper tonnes 84875.00 Number of administrative employees person 3866

Number of lost-time accidents of

/ 1 Employee turnover rate % 12.72

employees

Number of employee fatal accidents / 0 Male % 65.50

Work safety

Number of lost-time accidents of

/ 0 Female % 34.50

contractors

Number of contractor fatal accidents / 0 19-29 % 27.40

Total workforce person 6649 30-39 % 37.40

Employee

Number of new employees person 657 turnover 40-49 % 13.60

percentage28

Number of male employees person 4704 50 or older % 21.60

Number of female employees person 1945 Number of senior management employees % 0.80

Permanent employees person 6630 Number of general management employees % 11.20

Workforce Temporary employees person 19 Number of blue-collar employees % 26.00

Full-time employees person 6630 Number of administrative employees % 61.90

Part-time employees (including interns) person 19 Average hours of training per employee h 42.08

Percentage of employees covered by collective bargaining

19-29 person 1096 % 72.90

agreements

30-39 person 2638 Number of employees with legal labor relations % 100

40-49 person 1783

28 Employee turnover percentage = Total employee turnover/Total workforce; Employee turnover rate by category = Employee turnover

by category/Total employee turnover.重啤股份环境、社会和公司治理报告 六个零目标酿造更美好的现在和未来

If you have any questions or suggestions please contact:

Name Xie Yi Name Jane NI

Title Vice president of Corporate Affairs Title Senior Corporate Affairs Manager

Email CNSMChinaCommunication@Carlsberg.aisa Email CNSMChinaCommunication@Carlsberg.aisa

CNSMChinaCommunication@carlsberg.asia CNSMChinaCommunication@carlsberg.asia

Contact Address 12&13F Kingold Century No. 62 Jinsui Road Zhujiang New Contact Address 12&13F Kingold Century No. 62 Jinsui Road Zhujiang New

Town Tianhe District Guangzhou 510623 P.R. China Town Tianhe District Guangzhou 510623 P.R. China

Phone Number 4001600132 Phone Number 4001600132

Website www.cwawrlwsb.cearrlgsbcehrginchain.cao.cmom..ccnn Website www.carlsbergchina.com.cn