ANNUAL REPORT 2022
Company Code: 600132 Abbreviation of the Company: Chongqing Brewery
CHONGQING BREWERY CO., LTD.
ANNUAL REPORT 2022
This document is a translated version of the Chinese
version 2022 Annual Report (《重庆啤酒股份有限公司
Chinese and English texts, Chinese text shall prevail.
ANNUAL REPORT 2022
IMPORTANT STATEMENTS
I. The Board of Directors, Board of Supervisors, Directors, Supervisors and the Senior Management of the
Company guarantee that the information presented in this report is free of any false records, misleading
statements or material omissions, and shall bear individual and joint legal liabilities for the truthfulness,
accuracy and completeness of its contents.
II. All Directors of the Company have attended the board meeting.
III. Pan-China Certified Public Accountants LLP has issued a standard unqualified audit report for the
Company.
IV. Jo?o Miguel Ventura Rego Abecasis, Legal Representative of the Company, Chin Wee Hua, the person in
charge of accounting work and Liu Liping, the person in charge of accounting department (accounting
supervisor) hereby warrant that the financial statements in this annual report are true, accurate and
complete.
V. The proposed profit distribution plan or the proposed plan of capitalization of capital reserves in the
reporting period approved by the resolution of the Board of Directors
The Company plans to distribute cash dividends to all shareholders based on the total share capital of 483,971,198
shares as of December 31, 2022. The total amount of cash dividends is CNY 1,258,325,114.80 (tax included). The
cash dividends to be distributed is derived from the operating profit of daily operation and is a kind of ordinary
dividends. The Company plans to distribute cash dividends of CNY 2.60 per share (tax included). After the
implementation of the dividend distribution plan for 2022, the remaining undistributed profit in the consolidated
statement of the Company is CNY 77.69 million, and the remaining undistributed profit in the statement of the
parent company is CNY 302.83 million. The Company will not use capital reserve to increase share capital in 2022.
VI. Statement on risks of forward-looking statement
√ Applicable □ Not applicable
The annual report involves forward-looking statement such as future plans, which does not form substantive
promises to the investors by the Company. The investors shall pay attention to the investment risks.
VII. Whether the controlling shareholders and their related parties occupy funds non-operationally
No
VIII. Whether there is guarantee provided to external entities in violation of the stipulated decision-making
procedures
No
IX. Whether there are more than half of the directors who cannot guarantee the authenticity, accuracy and
completeness of the annual report disclosed by the Company
No
X. Significant risk statements
The Company has described the possible risks in detail in the report. Please refer to Section III “VI. Discussion and
analysis on the future development of the Company”.
ANNUAL REPORT 2022
XI. Others
□ Applicable √ Not applicable
ANNUAL REPORT 2022
CONTENTS
Financial statements with the signatures and seal of the legal representative, the person in
charge of accounting work and the person in charge of accounting department.
Documents
Original audit report with the seal of the accounting firm as well as the signature and the seal
Available for
of the certified public accountant.
Inspection
The originals of company documents and announcements disclosed publicly on the
newspapers designated by CSRC during the reporting period.
ANNUAL REPORT 2022
SECTION I DEFINITIONS
I. Definitions
In the report, unless otherwise indicated in meanings, the following words have meanings as follows:
Interpretation of common terms
CSRC Refers to China Securities Regulatory Commission
SSE Refers to Shanghai Stock Exchange
Company, the Company, the Refers to Chongqing Brewery Co., Ltd.
listed company
Carlsberg Foundation Refers to Carlsberg Foundation
Carlsberg Refers to Carlsberg A/S
Carlsberg Breweries Refers to Carlsberg Breweries A/S
Carlsberg Brewery HK Refers to Carlsberg Brewery HongKong Limited
Carlsberg Consultancy Refers to Guangzhou Carlsberg Consultancy and Management Services Co.,
Ltd.
Carlsberg Chongqing Refers to Carlsberg Chongqing Brewery Co., Ltd., original Chongqing
Brewery, Chongqing Jianiang Brewery Co., Ltd.
Jianiang
Major assets restructuring, Refers to Major assets purchase of Chongqing Brewery Co., Ltd. and the joint
MAR, the current capital increase in the joint venture & related-party transaction
restructuring
Asset Package A Refers to The collective name of 100% of equity in Carlsberg (China)
Breweries and Trading Company Limited, 100% of equity in
Carlsberg Beer Enterprise Management (Chongqing) Company
Limited, 99% of equity in Carlsberg Brewery (Guangdong)
Company Limited and 100% of equity in Kunming Huashi Brewery
Company Limited held by Carlsberg Consultancy
Asset Package B Refers to The collective name of 100% of equity in Xinjiang Wusu Breweries
Company Limited and 70% of equity in Ningxia Xixia Jianiang
Brewery Company Limited held by Carlsberg Breweries
SECTION II COMPANY BRIEF INTRODUCTION AND KEY
FINANCIAL INDICATORS
I. Company Information
Chinese Name of the Company 重庆啤酒股份有限公司
Chinese Abbreviation of the Company 重庆啤酒
English Name of the Company Chongqing Brewery Co., Ltd.
English Abbreviation of the Company CBC
Legal Representative of the Company Jo?o Miguel Ventura Rego Abecasis
II. Contact Person and Contact Information
Board Secretary Securities Affairs Representative
Name Deng Wei Li Xiaoyu
Contact Address Floor 13, Kingold Century, No.62, Jinsui Floor 13, Kingold Century, No.62, Jinsui
ANNUAL REPORT 2022
Road, Tianhe District, Guangzhou City, Road, Tianhe District, Guangzhou City,
Guangdong Province Guangdong Province
Tel. 4001600132 4001600132
Fax 020-28016518 020-28016518
E-mail CBCSMIR@carlsberg.asia CBCSMIR@carlsberg.asia
III. Basic Information
Company Registered Address No. 9, Hengshan East Road, Dazhulin Sub-district,
High and New Tech Industry Park, Northern New
District, Chongqing
Company Business Address Floor 13, Kingold Century Finance Center, No. 62,
Jinsui Road, Tianhe District, Guangzhou City,
Guangdong Province
Postal Code of Company Business Address 510623
Company Website www.carlsbergchina.com.cn
E-mail CBCSMIR@carlsberg.asia
IV. Information Disclosure and Storage Location
Name and website of the media used by the Company China Securities Journal, Shanghai Securities News,
for disclosure of annual report Securities Times, Securities Daily
Website of stock exchange used by the Company for www.sse.com.cn
disclosure of annual report
Storage location of annual report of the Company Board Office of the Company
V. Stock Profile of the Company
Stock Profile of the Company
Previous Stock
Type of Sock Stock Exchange Stock Abbreviation Stock Code
Abbreviation
Shanghai Stock
A-shares Chongqing Brewery 600132 None
Exchange
VI. Other Related Information
Name Pan-China Certified Public Accountants LLP
Business Address Tower B, China Resources Building, No. 1366,
Accounting Firm
Qianjiang Road, Shangcheng District, Hangzhou
(Domestic) Engaged by the
City, Zhejiang Province
Company
Name of Certified Public Huang Qiaomei, Zhao Xingming
Accountants with Signatures
VII. Key Accounting Data and Financial Indicators in the Past Three Years
(I) Key Accounting Data
Monetary unit: RMB Yuan
YoY growth
Items Year 2022 Year 2021 Year 2020
rate (%)
Operating revenue 14,039,040,539.45 13,119,310,688.30 7.01 10,941,631,163.32
Net profit attributable to 1,263,604,930.09 1,166,243,415.91 8.35 1,076,838,516.18
ANNUAL REPORT 2022
YoY growth
Items Year 2022 Year 2021 Year 2020
rate (%)
shareholders of the
Company
Net profit attributable to
shareholders of the
Company after deducting 1,234,338,183.95 1,142,853,438.97 8.00 473,614,955.09
non-recurring profit or
loss
Net cash flows from
operating activities
YoY growth
December 31, 2022 December 31, 2021 December 31, 2020
rate (%)
Net assets attributable to
shareholders of the 2,056,155,782.63 1,754,545,104.23 17.19 585,289,188.94
Company
Total assets 12,497,542,168.83 11,532,809,144.20 8.37 9,595,373,073.62
(II) Key Financial Indicators
YoY growth rate
Items Year 2022 Year 2021 Year 2020
(%)
Basic EPS (yuan/share) 2.61 2.41 8.35 2.23
Diluted EPS (yuan/share) 2.61 2.41 8.35 2.23
Basic EPS after deducting non-
recurring profit or loss (yuan/share)
Weighted average ROE (%) 69.25 99.69 -30.44 45.55
Weighted average ROE after deducting
non-recurring profit or loss (%)
Remarks on key accounting data and financial indicators in the past three years
□ Applicable √ Not applicable
VIII. Difference in accounting data under domestic and foreign accounting standards
(I) Difference between the net profits and the net assets attributable to shareholders of the listed company
in the financial reports disclosed simultaneously according to the international accounting standard and
China accounting standard
□ Applicable √ Not applicable
(II) Difference between the net profits and the net assets attributable to shareholders of the listed company
in the financial reports disclosed simultaneously according to the foreign accounting standard and China
accounting standard
□ Applicable √ Not applicable
(III) Statement of differences between foreign and domestic accounting standards:
□ Applicable √ Not applicable
IX. Key quarterly financial data in 2022
Monetary unit: RMB Yuan
First quarter Second quarter Third quarter Fourth quarter
(January-March) (April-June) (July-September) (October-December)
ANNUAL REPORT 2022
Operating revenue 3,832,515,081.07 4,103,236,061.48 4,247,364,892.75 1,855,924,504.15
Net profit attributable to shareholders
of the Company
Net profit attributable to shareholders
of the Company after deducting non- 334,829,313.37 380,916,164.92 445,285,432.32 73,307,273.34
recurring profit or loss
Net cash flows from operating
activities
Remarks on differences between quarterly data and data disclosed in periodic report
□ Applicable √ Not applicable
X. Non-recurring profits or loss
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Note No. (if
Items Year 2022 Year 2021 Year 2020
applicable)
Gains/ Losses on disposal of non-
-2,686,096.87 -9,751,391.35 34,164,203.38
current assets
Government grants included in
profit or loss (excluding those
closely related to operating
activities of the Company,
satisfying government policies and
regulations, and continuously
enjoyed with certain quantity/quota
based on certain standards)
Net profit on subsidiaries acquired
through business combination under
common control from the beginning
of the period to the combination date
Gains or losses on changes in fair
value of held-for-trading financial
assets, derivative financial assets,
held-for-trading financial liabilities
and derivative financial liabilities,
and investment income from
disposal of held-for-trading
financial assets, derivative financial
assets, held-for-trading financial
liabilities, derivative financial
liabilities and other debt
investments, excluding those arising
from hedging business related to
operating activities
The reversed provision for
impairment of receivables and
contract assets based on impairment
testing on an individual basis
Other non-operating income or
expenses
Other profit or loss satisfying the
definition of non-recurring profit or
ANNUAL REPORT 2022
Note No. (if
Items Year 2022 Year 2021 Year 2020
applicable)
loss
Less: Enterprise income tax
affected
Non-controlling interest
affected (after tax)
Total 29,266,746.14 23,389,976.94 603,223,561.09
Remarks on other profit or loss satisfying the definition of non-recurring profit or loss and remarks on defining non-
recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria for Public
Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss.
□ Applicable √ Not applicable
XI. Items measured at fair value
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Effect on current
Items Opening balance Closing balance Increase/Decrease
profit before tax
Held-for-trading
financial assets
Other equity
instrument 13,210,379.78 14,303,331.73 1,092,951.95 344,606.28
investments
Derivative financial
assets
Derivative financial
liabilities
Total 514,299,268.67 20,749,024.69 -493,550,243.98 11,667,465.89
XII. Others
□ Applicable √ Not applicable
SECTION III MANAGEMENT’S DISCUSSION AND ANALYSIS
I. Discussion and Analysis on Business Situation
In 2022, external factors affected the Company’s production and sales in some of its key markets. While prioritizing
the health and safety of employees, the Company took proactive measures to seize market opportunities, which
yielded yet another growth in sales, revenue and profit, successfully concluding Sail 22 and laying a solid foundation
for Sail 27.
In 2022, beer enterprises above designated size in China produced 35.687 million kiloliters of beer, up sightly by
outperformed the industry level with a year-on-year growth of 2.4%.
(I) Brands. In 2022, the Company carried on Sail 22 with focused and extensive efforts. With diversified product
mix and brands following the asset restructuring, and a brand portfolio featuring “International Premium Brands +
Local Power Brands”, the Company has continued to drive product premiumization and innovate its sales model.
In terms of local brands, the Company continued to enhance its core competitiveness in key markets and drive
premiumization growth through R&D and innovation. In the first quarter of 2022, the Chongqing brand launched
Prime Brew in the premium price zone, which achieved expected growth and received positive market response. An
ANNUAL REPORT 2022
experience store in collaboration between the brand and "Hou Hot Pot" began soft opening on East Nanjing Road,
Shanghai at the end of 2022, which will further boost the consumption scenario of “eating Chongqing hot pot and
drinking Chongqing beer”. It also represents the Company’s attempt to integrate the two industries—advanced
manufacturing industry and modern service industry.
The Wusu brand continued to strengthen its hardcore image. With Mr. Wu Jing as the new face of the brand, Wusu’s
national visibility heightened rapidly, accelerating its pace of expansion nationwide. In the mean time, the brand’s
product portfolio was further improved. The launch of Wusu Dark Lager and Wusu White Beer in the first quarter
of 2022 effectively drove premiumization and captured new growth opportunities. Wusu Big Big Q started soft
opening in Joy City, Shanghai at the end of 2022, using the concept of barbecue to create an offline experience
scenario for customers to enjoy Wusu.
The Company has continued to invest in the Shancheng brand and bring the brand closer to consumers through
channel marketing activities such as “Beer Open to Win”. In 2022, Shancheng saw double-digit growth in the
Chongqing region.
In respect of international brands, through its new spokespersons and a variety of marketing campaigns with attitude,
Tuborg conveyed its “WHY NOT” brand attitude to young people, expanding its market nationwide and establishing
itself as a young international brand. Tuborg Pure Draft accelerated growth, driving Tuborg’s premiumization and
establishing itself as another hit product alongside Tuborg Green.
Carlsberg saw sustained volume growth by continuing to engage with young consumers through art and innovation.
During the Spring Festival 2022, Carlsberg worked with a world-renowned artist to launch a limited edition
packaging to celebrate the Year of the Tiger, further promoting its brand image as youthful and premium.
Capitalizing on the occasion of its 175th anniversary, Carlsberg launched limited special brews in June 2022, which
quickly sold out. The brand then collaborated with artists to create 175th anniversary commemorative packaging
based on the concept of “City Torrent: Flowing from Denmark to China”, conveying the brand’s pursuit of better
while meeting consumers’ needs for art and quality. Additionally, Carlsberg celebrated 30 years of its partnership
with Liverpool FC by launching limited edition packs and marketing campaigns, which were well-received and
drove consumer purchases.
Kronenbourg 1664 saw heightened brand visibility thanks to its positioning as a symbol of French elegance and the
influence of its global brand spokesperson, Ms. Dilireba. The brand’s “Good Taste with A Twist” positioning further
took hold among consumers. 1664 Prestige, a beer brewed with French champagne yeast, was launched in 2022,
further boosting French romance. The product was awarded the “Premium Selection White Beer New Arrival Award”
by Hurun Report, making it the only award-winning beer in this category.
Somersby saw rapid growth in 2022. The launch of three new flavors—mango lime, watermelon, and elderflower
lime—brought the total number of flavors on offer to five. Its brand awareness continued to grow thanks to a
combination of diverse and effective marketing campaigns.
Craft brands continued to enhance their brand volume and visibility through personalized social media
communication and campaigns. Among them, Jing-A held a Spring Festival Challenge on Douyin (The Chinese
version of Tiktok), Grimbergen revitalized its image. Brooklyn created an American-style dining scene in
partnership with Shake Shack, an Internet-famous hamburger brand, thereby attracting young consumers while
expanding channels and encouraging product tryouts.
(II) Sales. The Company’s position in core markets was strengthened with continued growth in revenue/hl.
The Big City Plan accelerated with the addition of 15 new big cities. Sub-premium and above products accounted
for more than 80% of the total therein. Despite some big cities being affected by external factors, the overall growth
of the Big City Plan was in line with the Company’s expectation. Notably, the average growth rate of the newly
added big cities was higher than that of the overall Big City Plan.
With respect to new retail, e-commerce has enabled brand resources to be maximized. Based on consolidated
partnership with Tmall and JD.com, the Company achieved rapid growth by accelerating business expansion on
Douyin and community group purchase. In addition, the Company innovated its marketing strategy by embracing
ANNUAL REPORT 2022
e-commerce as an important brand-building window. Focusing on effect-based media operations, audience
operations, content operations and creation of platform marketing IP, the Company turned e-commerce events into
brand events, which not only improved brand recognition and favorability, but also greatly increased the number of
new users and conversions. O2O saw rapid growth in GMV, with business increase observed across
catering&takeaway O2O, modern channel O2O and traditional channel O2O. The Company continued to attract
new business partners by collaborating with different industries.
The Company achieved a record high market share in traditional channels by the end of the year. While
strengthening its on-trade channel, the Company also increased its market share in the off-trade channel through
various initiatives, including consumer events, promotional packs, portfolio displays, and improved in-store
implementation standards.
The digitization of the Company’s business processes and sales channels has been accelerated to drive more business
opportunities.
(III) Supply chain. The Company further optimized its supply network layout. In 2022, Xichang Brewery and Korla
Brewery completed capacity expansion, and Wanzhou Brewery resumed production, which effectively supported
the growing market demand. With an additional investment of 462 million yuan, Foshan Brewery will be built into
a new, modern brewery that is green, safe, advanced, and efficient.
Committing to providing consumers with higher quality beer, the Company held a taste evaluation competition. A
number of metrics, including the optimization of fermentation process, yeast activity management, and improving
carbon dioxide purity, were used to improve the result of taste evaluation and meet consumers’ taste for high-quality
beer. For the second year in a row, the Company won the most awards in the International Beer Challenge held by
China Alcoholic Drinks Association, with 11 products awarded, including Chongqing Extra Malt, which was on the
awarded list for the third time.
(IV) ESG. In 2022, the Company successfully completed all tasks under its sustainable development programme
“Together Towards Zero” and launched the ESG programme “Together Towards Zero and Beyond (TTZAB)”.
In terms of “ZERO Accidents Culture”, the Company actively promoted risk assessments for high-risk operations,
implemented work permit requirements and monitored construction sites. A three-level safety training system was
introduced by the Company to enhance employee safety awareness and ability. In 2022, its total number of lost-
time accidents decreased by 92% compared with 2018, effectively ensuring the safety of employees.
In terms of “ZERO Carbon Footprint”, the Company’s breweries have reduced CO2 emissions by 75% per
hectolitres (hl) of beer produced since 2015, exceeding the Group’s target of a 50% reduction by 2022. This
achievement is thanks to the use of 100% renewable electricity at the Company’s breweries since 2020, as well as
improvements in combined energy (thermal and electricity) efficiency. Between 2015 and 2022, the Company
reduced a total of 230,000 tons of CO2, which is equivalent to planting more than 9,000 mu (an equivalent of around
In terms of “ZERO Farming Footprint”, the Company attached great importance to grains recycling. By leveraging
the law of nature and ecosystemic approaches to maximize the potential of spent grains and waste yeast, and
recycling by-products from brewing for agriculture and husbandry purposes, a harmony between the Company and
nature was realized. In 2022, about 190,000 tons of spent grains and approximately1.66 million tons of waste yeast
were collected and recycled by the Company.
In terms of “ZERO Packaging Waste”, the Company used glass bottles made from 60% recycled materials, along
with labels made from eco-friendly ink and PVC-free materials, which minimized environmental pollution caused
by materials. Also, more lightweight glass bottles were sourced during the procurement process, which reduced
In terms of “ZERO Water Waste”, the Company’s breweries have cut water consumption to 2.24 hectolitres (hl)/hl
in 2022 from 3.87 hl/hl in 2015. That is a 42.12 % reduction, beating our 25% target for 2022. In general, its major
breweries reduced their water use to 2.1 hl/hl in 2022, far lower than the industry average of 3.5 hl/hl. Water
efficiency at Dazhulin Brewery in Chongqing was down to 1.77 hl/hl, reaching an industry-leading level globally.
ANNUAL REPORT 2022
In terms of “ZERO Irresponsible Drinking”, the Company participated in the National Responsible Drinking
Awareness Week, and actively communicated responsible drinking messages through brand events such as the
Tuborg Music Festival. In 2022, Chongqing and Tuborg spokespersons jointly advocated for responsible drinking,
urging minors not to drink, and further spreading the idea of responsible drinking to over 4.5 million consumers.
II. Information on the Company's Industry during the Reporting Period
The data of National Bureau of Statistics showed that the output of national above brewery enterprise was 35.687
million kiloliters in 2022, with year-on-year growth of 1.1%.
III. Information on the Companys Business Conditions during the Reporting Period
The Company is mainly engaged in the business of manufacturing and sales of beer products.
In terms of operation mode, the Company implements regional management. In the link of purchase, it adopts the
centralized purchase and scattered orders; in the link of supply, it organizes the production and inventory according
to “determining production based on sales”, and in the link of sales, distributor agency dominates, and the direct
marketing assist.
IV. Analysis of Core Competitiveness during the Reporting Period
√ Applicable □ Not applicable
The company is the operating platform in China of the world-leading Carlsberg Group Denmark. China is the largest
market of Carlsberg Group in the world. According to the Sail 27 strategy towards 2027, "Keep Wining in China"
is listed as one of the strategic priorities of Carlsberg Group to become a successful, professional and attractive beer
company in China.
In terms of market channels, the company has a marketing network covering all provinces, regions and cities across
the country. We have high-quality customer resources, strong brand advantages and stable sales channels in each
dominant market area.
In terms of brand portfolio, the company can meet the diversified needs of consumers for high-quality beer relying
on the strong brand portfolio of "International Premium Brands + Local Power Brands". International brands include
Carlsberg, Tuborg, Kronenbourg 1664, Grimbergen, Brooklyn, Somersby, etc., and local brands include Wusu,
Chongqing, Shancheng, Xixia, Dali, WFSM, Jing-A, etc.
In terms of supply chain network, the company possesses 26 breweries, forming a joint force for efficient operation
by linkage in a wide area in the procurement, production, logistics and other links.
In terms of marketing and promotion, the company improves the efficiency of marketing and promotion by
complementing the overall operation and brand with clearer brand image and richer marketing methods.
V. Main operating conditions during the reporting period
In 2022, the Company sold 2.8566 million kiloliters of beer, an increase of 2.41% compared with 2.7894 million
kiloliters in 2021. The operating revenue in 2022 was 14.039 billion yuan, an increase of 7.01% compared with
billion yuan, an increase of 8.35% compared with 1.166 billion yuan in 2021. Net profit attributable to shareholders
of the Company after deducting non-recurring profit or loss in 2022 amounted to 1.234 billion yuan, an increase of
(I) Main business analysis
Monetary unit: RMB Yuan
ANNUAL REPORT 2022
Current period Preceding period Percentage of
Items
cumulative comparative change (%)
Operating revenue 14,039,040,539.45 13,119,310,688.30 7.01
Operation cost 6,952,428,993.91 6,436,358,227.59 8.02
Selling expenses 2,326,217,227.20 2,212,894,661.26 5.12
Administrative expenses 534,570,348.93 516,877,144.95 3.42
Financial expenses -56,102,848.78 -15,880,844.25 253.27
R&D expenses 110,747,936.06 163,151,284.60 -32.12
Net cash flows from operating
activities
Net cash flows from investing
-388,086,486.41 -1,151,748,524.33 -66.30
activities
Net cash flows from financing
-2,133,485,949.36 -2,013,680,615.14 5.95
activities
Remarks:
Changes in financial expenses is mainly due to the year-over-year increase in interest income.
Changes in R&D expenses is mainly due to the decrease in R&D input.
Changes in net cash flows from investing activities is mainly due to the withdrawal of unmatured structural deposit
at the end of period of last year.
Remarks on significant changes in business type, profit composition or source in the current period.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
(1). Information on main businesses by industry, product, region and sales model
Monetary unit: RMB Yuan
Information on main businesses by industry
Increase or Increase or
Increase or
decrease in decrease in
decrease in
Gross operating operating
gross margin
By industry Operating revenue Operating cost margin revenue cost
compared
(%) compared compared
with the last
with the last with the last
year (%)
year (%) year (%)
-0.29
Beer 13,696,216,606.60 6,702,990,258.86 51.06 6.71 7.35 percentage
point
Information on main businesses by product
Increase or Increase or
Increase or
decrease in decrease in
decrease in
Gross operating operating
gross margin
By product Operating revenue Operating cost margin revenue cost
compared
(%) compared compared
with the last
with the last with the last
year (%)
year (%) year (%)
ANNUAL REPORT 2022
-1.40
International
brand
points
Local brands 8,823,029,875.27 4,427,308,376.26 49.82 6.04 5.45 percentage
point
Information on main businesses by region
Increase or Increase or
Increase or
decrease in decrease in
decrease in
Gross operating operating
gross margin
By region Operating revenue Operating cost margin revenue cost
compared
(%) compared compared
with the last
with the last with the last
year (%)
year (%) year (%)
-1.83
Northwestern
region
points
-0.05
Central region 5,905,954,274.57 3,025,074,418.25 48.78 11.10 11.21 percentage
point
-0.19
Southern
region
point
Information on main businesses by sales model
Increase or Increase or
Increase or
decrease in decrease in
decrease in
Gross operating operating
gross margin
Sales model Operating revenue Operating cost margin revenue cost
compared
(%) compared compared
with the last
with the last with the last
year (%)
year (%) year (%)
Direct
marketing -0.25
(including 67,790,493.66 31,085,716.59 54.14 -9.77 -9.29 percentage
group point
purchase)
-0.30
Wholesale
agency
point
Statement of main businesses by industry, product, region and sales model
Not applicable
(2). Analytical statement of production and sales volume
√ Applicable □ Not applicable
Main Unit Production Sales Inventory Increase or Increase or Increase or
ANNUAL REPORT 2022
products volume volume volume decrease of decrease decrease
production of sales of
volume volume inventory
compared compared volume
with that of with that compared
last year of last year with that
(%) (%) of last year
(%)
International
kl 764,498.79 774,106.28 88,951.65 4.94 6.18 29.41
brand
Local
kl 2,017,694.30 2,082,511.24 197,665.82 0.13 1.08 12.29
brands
Statement of production and sales volume
Not applicable
(3). Performance of major purchase contract and major sales contract
□ Applicable √ Not applicable
(4). Cost analysis statement
Monetary unit: RMB Yuan
By industry
Proportion
Proportion of changes
Proportion
of the in the
of the
amount in amount of
amount in Amount of the Statement
Amount of this the same this period
By industry Cost items this period same period in of
period period of compared
out of the the last year situation
last year out with the
total cost
of the total same period
(%)
cost (%) of last year
(%)
Alcohol,
beverage and Raw
refined tea material 4,353,191,926.22 64.94 4,130,177,575.61 66.15 5.40
manufacturing cost
industry
Alcohol,
beverage and
refined tea Labor cost 581,342,607.96 8.67 592,464,471.79 9.49 -1.88
manufacturing
industry
Alcohol,
beverage and
Production
refined tea 672,881,885.81 10.04 624,542,924.69 10.00 7.74
costs
manufacturing
industry
Alcohol,
beverage and Others 1,095,573,838.87 16.34 896,764,387.39 14.36 22.17
refined tea
ANNUAL REPORT 2022
manufacturing
industry
Total 6,702,990,258.86 100.00 6,243,949,359.48 100.00 7.35
By products
Proportion
Proportion of changes
Proportion
of the in the
of the
amount in amount of
amount in Amount of the Statement
Amount of this the same this period
By product Cost items this period same period in of
period period of compared
out of the the last year situation
last year out with the
total cost
of the total same period
(%)
cost (%) of last year
(%)
Raw
Beer material 4,353,191,926.22 64.94 4,130,177,575.61 66.15 5.40
cost
Beer Labor cost 581,342,607.96 8.67 592,464,471.79 9.49 -1.88
Production
Beer 672,881,885.81 10.04 624,542,924.69 10.00 7.74
costs
Beer Others 1,095,573,838.87 16.34 896,764,387.39 14.36 22.17
Total 6,702,990,258.86 100.00 6,243,949,359.48 100.00 7.35
Statement of cost analysis and other situation
None
(5). The equity change of main subsidiaries during the reporting period caused change of the merge scope
□ Applicable √ Not applicable
(6). Significant changes or adjustment of business, products or services of the Company in the reporting
period
□ Applicable √ Not applicable
(7). Information on major sales customers and suppliers
A. Information on main sales customers of the Company
√ Applicable □ Not applicable
The sales volume of top five customers is RMB 637.7931 million, accounting for 4.54% of the total annual sales;
Where, the sales volume of related party in the sales volume of top five customers is RMB 0, accounting for 0% of
the total annual sales.
The proportion of sales to a single customer during the reporting period exceeds 50% of the total amount; there are
new customers among the top five customers or a few customers are heavily relied on
□ Applicable √ Not applicable
B. Information on main suppliers of the Company
√ Applicable □ Not applicable
The purchase amount of top five suppliers is RMB 1,266.98 million, accounting for 11.95% of the total annual
purchase amount; wherein, the purchase amount of related party in the sales volume of top five suppliers is RMB
The proportion of purchase to a single supplier during the reporting period exceeds 50% of the total amount; there
ANNUAL REPORT 2022
are new suppliers among the top five suppliers or a few suppliers are heavily relied on.
□ Applicable √ Not applicable
Other remarks
None
√ Applicable □ Not applicable
The rise in selling expense is mainly due to increase of market advertising expense to drive the business development.
The rise in administration expense is Mainly due to annual wage adjustment and increase of IT expense to offset
the decrease of intermediary fee.
(1). Details on R&D input
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Amount expensed in the current period 110,747,936.06
Amount capitalized in the current period 0.00
Total R&D input 110,747,936.06
% to total operating revenue 0.79
Proportion of R&D input capitalized (%) 0.00
(2). Information table of R&D personnel
√ Applicable □ Not applicable
Number of the Company’s R&D personnel 1,132
Percentage of the number of R&D personnel in the total 16.73
number of personnel of the Company (%)
Educational background structure of R&D personnel
Category of the educational background structure Number of persons of the educational background
structure
Doctoral candidate 0
Postgraduate 12
Undergraduate 167
Junior college 346
Senior high school and below 607
Age structure of R&D personnel
Category of the age structure Number of persons of the age structure
Below 30 years old (exclusive) 121
ANNUAL REPORT 2022
(3). Statement of situation
□ Applicable √ Not applicable
(4). Reasons for significant changes in the composition of R&D personnel and their effects on the Company’s
future development
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Net cash in operating activities: The net inflow increased by RMB 187.8611 million, mainly due to the increase in
cash received due to sales of goods in this year compared to the same period of last year.
Net cash in investment activities: The net outflow is decreased by RMB 763.662 million, mainly due to withdrawal
of unmatured structural deposit at the end of period of last year.
Net cash in financing activities: The net inflow is increased by RMB 119.8053 million, mainly due to repayment of
bank loan in the same period of last year, absence of related issues this year but more profit distribution than that in
the same period of last year.
(II) Statement of major changes in profits resulted from non-main business
□ Applicable √ Not applicable
(III) Analysis on assets and liabilities
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Percentage of
Items Closing balance % to total December 31, 2021 % to total Reasons for changes
change (%)
Improvement of operating
Cash and bank balances 3,397,877,592.02 27.19 2,355,194,070.43 20.42 44.27 performance and operating
efficiency.
Held-for-trading Decrease in bank structured
financial assets deposits.
Mainly due to the new
Derivative financial
assets
in the current period.
Mainly due to the
improvement in the credit
Accounts receivable 65,511,539.08 0.52 109,244,673.73 0.95 -40.03
management efficiency of
accounts receivable.
Mainly due to the increase
Other receivables 17,619,026.18 0.14 11,830,136.29 0.10 48.93 in land disposal fees
receivable.
Mainly due to the increase
Other current assets 109,533,473.56 0.88 83,454,893.33 0.72 31.25 in prepaid tax and input tax
to be credited.
Mainly due to the Foshan
Construction in progress 395,295,204.91 3.16 162,076,985.24 1.41 143.89
Factory Project.
Mainly due to the new lease
of office in Kingold Century
Right-of-use assets 100,306,926.11 0.80 39,218,000.00 0.34 155.77
Building in the current
period.
Mainly due to changes in
Deferred tax assets 732,407,316.03 5.86 1,062,310,605.52 9.21 -31.06
income tax rates.
ANNUAL REPORT 2022
Mainly due to the
prepayments for
Other non-current assets 89,540,749.40 0.72 3,636,075.76 0.03 2,362.57
construction equipment of
Foshan Factory Project.
Mainly due to the new
Derivative financial
liabilities
in the current period.
Mainly due to the decrease
Tax payables 255,387,461.35 2.04 395,925,319.93 3.43 -35.50 in enterprise income tax
payables.
Mainly due to the new lease
of office in Kingold Century
Lease liabilities 77,928,597.87 0.62 16,951,000.00 0.15 359.73
Building in the current
period.
Other remarks
None
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Industry operational information analysis
√ Applicable □ Not applicable
Please refers to the analysis of the operating information of the alcohol manufacturing industry for details.
ANNUAL REPORT 2022
Operational information analysis on the alcohol manufacturing industry
√ Applicable □ Not applicable
Please refer to Section III “VI. Discussion and analysis on the future development of the Company” of this report
for details.
Existing capacity
√ Applicable □ Not applicable
Unit: million kiloliter
Name of main factory Design capacity Actual capacity
Carlsberg (China) Brewery Industry and Trade Limited 50.00 32.00
Carlsberg Chongqing Brewery Co., Ltd. 40.00 35.00
Chongqing Brewery Yibin Co., Ltd. 35.00 32.00
Ningxia Xixia Jianiang Brewery Co., Ltd. 30.00 27.00
Jiulongpo Branch of Carlsberg Chongqing Brewery Co., Ltd. 28.00 18.00
Carlsberg Tianmuhu Brewery (Jiangsu) Co., Ltd. 26.00 23.00
Xinjiang Wusu Beer Co., Ltd. 25.00 23.00
Kunming Huashi Brewery Co., Ltd. 25.00 24.00
Hechuan Branch of Carlsberg Chongqing Brewery Co., Ltd. 18.00 11.00
Carlsberg Brewery (Anhui) Co., Ltd. 16.00 15.00
Capacity under construction
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Name of capacity under Planned investment Investment amount during Cumulative
construction amount the reporting period investment amount
Foshan newly built capacity
project
Xichang packaging expansion
project
Tianmuhu capacity expansion
project
Tiandao capacity expansion project 1,950 1,062 1,844
Wusu saccharification capacity
expansion project
Expansion project of Korla Factory 11,589 3,740 3,740
Resumption of production project
of Wanzhou Factory
Capacity calculation standard
√ Applicable □ Not applicable
The capacity shall be comprehensively measured according to the time requirements of beer production process and
the fixed assets allocation of the brewery.
ANNUAL REPORT 2022
√ Applicable □ Not applicable
Unit: kl
Finished beer Semi-finished beer (including basic beer)
Inventory impairment risk prompt
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Year- Year-
Year- Major
Product Sales on- Sales-output Sales on-
Output (kl) on-year representative
grade volume (kl) year ratio (%) revenue year
(%) brands
(%) (%)
Wusu,
Carlsberg,
Premium 677,535.72 4.24 673,604.06 1.82 99.42 494,699.91 5.67
Kronenbourg
Tuborg,
Mainstream 1,598,442.21 -1.05 1,656,412.19 2.60 103.63 704,420.75 7.56 Chongqing,
Dali
Shancheng,
Economic 506,215.16 5.89 526,601.27 2.57 104.03 170,501.00 6.25
Tianmuhu
Product grade division standard
√ Applicable □ Not applicable
The product grade is divided according to the consumption price. If the consumption price is RMB 10 or above, it
is premium; if the consumption price is RMB 6-10, it is mainstream; if the consumption price is below RMB 6, it
is economic.
Product structure change and business strategy
√ Applicable □ Not applicable
The company continued to promote the 6+6 brand strategy, actively coped with the influence of external adverse
factors, and finally achieved the development of Carlsberg, Tuborg, Chongqing, Shancheng and other brand
products in different regions through channel construction promotion, new retail and online sales channel expansion
and other measures.
(1). Purchase model
√ Applicable □ Not applicable
The Company mainly adopts the purchase mode of centralized purchase and scattered orders.
(2). Purchase amount
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Categories of raw Current purchase Purchase amount of the Proportion in the total purchase amount
materials amount last period of the current period (%)
ANNUAL REPORT 2022
Raw materials for
brewing
Packaging materials 343,183.76 312,042.00 65.66
Energy 25,403.60 23,748.10 4.86
Total 522,634.76 472,821.10 100.00
(1). Sales model
√ Applicable □ Not applicable
The Company mainly adopts the sales model based on wholesale agency and supplemented by direct marketing.
(2). Sales channel
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Operating revenue Operating revenue Sales volume of this Sales volume of the
Channel type
of this period of the last period period (kl) last period (kl)
Direct marketing
(including group 6,779.05 7,513.39 7,325.31 7,807.26
purchase)
Wholesale agency 1,362,842.61 1,276,019.43 2,849,292.21 2,781,614.96
(3). Regional situation
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Operating
Operating Proportion Sales volume Sales volume Proportion
revenue of
Region name revenue of of this of this period of the last of this
the last
this period period (%) (kl) period (kl) period (%)
period
Northwestern
region
Central region 590,595.43 531,610.82 43.12 1,346,071.46 1,221,355.09 47.12
Southern
region
Region division standard
√ Applicable □ Not applicable
According to the management area, the Company is divided into northwestern region, central region and southern
region.
(4). Information on distributors
√ Applicable □ Not applicable
Unit: Nr.
The quantity of Decreased quantity
Increased quantity during
Region name distributors at the end of during the reporting
the reporting period
the reporting period period
Northwestern region 1,248 453 421
ANNUAL REPORT 2022
Central region 1,329 216 536
Southern region 478 186 355
Statement of situation
□ Applicable √ Not applicable
Information on management of distributors
√ Applicable □ Not applicable
The Company attaches great importance to the capacity building of its distributors, leveraging its distributor network
to implement market planning, channel operation strategies, product promotion strategies and other marketing
strategies.
The Company enhances distribution management through its distributor excellence program. The program assesses
distributors based on eight competency indicators, and gradually forms a hierarchical system of distributors with
corresponding management policies and enablement resources. The Company has established a channel mode and
distributor ability quadrants suitable for local development, scientifically and reasonably set sales regions and
channel segmentations, and gradually improved channel planning, channel coverage and terminal control
capabilities through strategic cooperation and daily operation systems based on the win-win and common
development goals, according to different market stages and competitive environments. This approach aims to
expand the strength of distributors and improve their operational efficiency.
(5). Information on online sales
□ Applicable √ Not applicable
Future online business strategy
√ Applicable □ Not applicable
The company will make full use of its rich brand resources and accelerate its business expansion in social e-
commerce, community group purchase and O2O on the basis of consolidating the cooperation with Tmall and
JD.com, and will give full play to the role of social e-commerce in creating new products and brand building.
Through in-depth cooperation with various business divisions, the community group purchase and EB2B channels
will be further explored to become the most important supplement to the coverage of traditional offline channels
and the new driving force for channel digitalization.
(1). Disclosure of main business compositions of the Company by different types
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Year-on- Year-on- Gross Year-on-
Division type Operating revenue Operating cost
year (%) year (%) margin (%) year (%)
By product grade
Premium 4,946,999,115.28 5.67 1,917,997,267.76 7.09 61.23 -0.51
Mainstream 7,044,207,509.66 7.56 3,783,748,057.04 7.38 46.29 0.09
Economic 1,705,009,981.66 6.25 1,001,244,934.06 7.73 41.28 -0.80
Subtotal 13,696,216,606.60 - 6,702,990,258.86 - - -
By sales channel
Direct marketing (including
group purchase)
Wholesale agency 13,628,426,112.94 6.80 6,671,904,542.27 7.44 51.04 -0.30
Subtotal 13,696,216,606.60 - 6,702,990,258.86 - - -
ANNUAL REPORT 2022
By regional branch
Northwestern region 3,979,442,915.78 -5.09 2,191,358,850.08 -1.84 44.93 -1.83
Central region 5,905,954,274.57 11.10 3,025,074,418.25 11.21 48.78 -0.05
Southern region 3,810,819,416.25 14.57 1,486,556,990.53 15.13 60.99 -0.19
Subtotal 13,696,216,606.60 - 6,702,990,258.86 - - -
Statement of situation
□ Applicable √ Not applicable
(2). Information on cost
√ Applicable □ Not applicable
Monetary unit: RMB ten thousand Yuan
Amount of
Amount of Proportion of the amount in this
Cost items the last Year-on-yea (%)
this period period out of the total cost (%)
period
Raw material cost 435,319.19 413,017.76 64.94 5.40
Labor cost 58,134.26 59,246.45 8.67 -1.88
Production costs 67,288.19 62,454.29 10.04 7.74
Others 109,557.38 89,676.44 16.34 22.17
Total 670,299.03 624,394.94 100.00 7.35
Statement of situation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(V) Analysis of investment situation
Overall analysis of external equity investment
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Financial assets measured at fair value mainly include held-for-trading financial assets, derivative financial assets,
equity investment instruments and derivative financial liabilities of the Company. Please refer to item VII 2, 3, 18
and 34 of Section X for details.
Details on security investment
□ Applicable √ Not applicable
Details on privately fund investment
ANNUAL REPORT 2022
□ Applicable √ Not applicable
Details on derivative investments
√ Applicable □ Not applicable
Pursuant to the “Proposal on Conducting Aluminum Hedging by the Subsidiary of the Company” deliberated and
approved by the Company’s First Extraordinary General Meeting of Shareholders in 2022 and the “Proposal on the
Adjustment of Implementation Plan for Aluminum Hedging” deliberated and approved by the Company’s 2021
Annual General Meeting of Shareholders, the Company and its subsidiaries intend to, in legal compliance without
affecting normal operations, invest in aluminum hedges at an appropriate time using self-owned funds of not more
than USD 70.00 million. As of December 31, 2022, the Company’s position amounted to USD 28,145,570.00, which
has not yet expired.
period
□ Applicable √ Not applicable
(VI) Sales of major assets and equity
□ Applicable √ Not applicable
(VII) Analysis on major entities controlled or invested by the Company
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Name of Place of Business Registered Holding Operating
Categories Business Scope Operating profit Net profit
subsidiaries registration nature capital proportion revenue
Carlsberg Production and
Chongqing Holding Beer 850,000,0 sales of beer
Chongqing 51.42% 14,039,040,539.45 3,387,476,921.46 2,675,360,157.56
Brewery subsidiary industry 00.00 manufacturing
Co., Ltd. and sales
(VIII) Information on structural subjects controlled by the Company
□ Applicable √ Not applicable
VI. Discussion and analysis on the future development of the Company
(I) Industry structure and trend
√ Applicable □ Not applicable
After reaching its sales peak in 2014, China’s beer industry has been continuously declining. Despite a slight
increase in production in 2021 and 2022, the industry capacity has decreased by 27.7% compared with 2014. Against
this backdrop, the landscape of China’s beer industry exhibits the following characteristics:
As they continue to expand their businesses in their respective traditional dominant markets, they also face intense
competition in local markets. In addition, niche brands and imported beers are directly competing with the big five
in certain segments of the market.
health impact. Premiumization is no longer just a commonly held belief within the industry, but has become the
main focus of industry competition, driving sustained growth in sales of mid-to-high-end beers.
ANNUAL REPORT 2022
more diverse. Major brewers are increasingly focusing on craft & specialty beers, cider, alcohol-free brews and
other related products.
development by providing more premium beers to meet consumers’ demand for higher quality beer. Despite the
impact of external factors in recent years, major brewers have shown good resilience and achieved overall good top
and bottom line performance.
With respect to industry trends, the Company’s management remains confident that high-quality development is
both the goal and the path for China’s beer industry. In the new normal of economic development, beer enterprises
can only achieve long-term steady growth if they adhere to a path of high-quality development.
(II) Development strategy of the Company
√ Applicable □ Not applicable
As a member of Carlsberg Group, the company conducts its business under the guidance of Carlsberg Sail 27
strategy. The Sail 27 strategy towards 2027 is built on the solid foundation of Sail 22 and aims to make the company
a successful, professional, and attractive beer company in the markets in which it does business.
Sail 27 has five strategic priorities:
markets;
supply chain E2E; Drive next generation data, process and tecenology;
compass.
strengthening investment in capacity building and the "Together Towards Zero and Beyond" plan, and mitigating
the inflation.
In keeping with Carlsberg Group's purpose purpose of brewing for a better today and tomorrow, the company is
committed to addressing global challenges such as inequality, climate change and water scarcity through the
sustainable development plan of "Together Towards Zero and Beyond", to achieve a series of goals, including "zero
carbon footprint", "zero water waste", "zero farming footprint", "zero packaging waste", "zero irresponsible
drinking" and "zero accidents culture".
(III) Operating plan
√ Applicable □ Not applicable
As of the disclosure date of this report, the Company is cautiously optimistic about macroeconomic outlook and
beer industry prospects for 2023. It is expected that China’s beer industry will enjoy a more favorable development
environment in 2023 as the external environment gradually improves and pro-growth policies continue to be
implemented. However, there remain challenges such as rising costs, intensifying competition, and consumption
recovery not meeting expectations.
The Company expects a mid-to-high single digit revenue growth in 2023. To achieve this business objective, the
Company will carry on Sail 27 with focused and extensive efforts. With diversified product mix and brands
following the asset restructuring, and a brand portfolio featuring “International Premium Brands + Local Power
Brands”, the Company will continue to drive product premiumization and innovate its sales model. The Company
will focus on the following aspects of work:
ANNUAL REPORT 2022
portfolios, and keep driving premiumization. The Chongqing brand will keep exploring ways to interact with the
Chongqing hotpot scene in new markets.
Dali and Tianmuhu will keep enhancing premiumization and market share. The Wind Flower Snow Moon brand
will be revitalized to strengthen its differentiated brand positioning.
Wusu will continue to work with its spokesperson Mr. Wu Jing to enhance brand image and national visibility. The
marketing campaign “WUSU Chanllenge” will be launched to increase interaction between the brand and young
consumers. The campaign will invite influential figures of all walks of life to join the brand in initiating a challenge,
aiming to attracting consumers who enjoy competitions and forming groups to participate in challenges with friends.
Tuborg will continue to emphasize its “WHY NOT” brand attitude. Through a number of topical marketing
campaigns, it will engage with young consumers across the country and create a cool, young and international brand
image by exploring the field of music that young people enjoy. In respect of product portfolio, the Company will
upgrade Tuborg Pure Draft to better serve various consumer segments and offer young people different brand
experiences, meeting diverse consumer needs.
Carlsberg will continue to reinforce its two pillars of art and innovation, strengthen its differentiated brand strength,
and upgrade its theme marketing in peak seasons. A number of marketing campaigns, including collabration with
artists, limited-edition packaging design, and offline immersive activities, will be used to build an international and
premium brand image and meet the demands of young consumers for high-quality experience. This will also help
accelerate the brand’s expansion in key markets and key channels.
Kronenbourg 1664, as a leading super-premium brand, will increment the brand by expanding its product portfolio
in 2023. Its visual identity system will be revamped to highlight the brand’s iconic elements. Top celebrity
endorsement will be leveraged to grow brand visibility. Offline French-style marketing campaigns will be launched,
including the release of limited editions in collaboration with French fashion brands and Chinese trendy brands.
Online marketing events will be reinforced, including social-scene-based content and recommendations, to appeal
to young people, and offer a more diversified brand experience as the brand continues to scale new heights in the
industry.
Somersby will enhance brand visibility across the country through a new brand-themed video featuring Ms. Zhao
Lusi, the brand’s new spokesperson. The video will highlight how the brand blends perfectly with various settings,
including responsible drinking demonstration and camping. In addition, Somersby will also actively leverage the
camping trend to penetrate into its target consumers’ daily life from online to offline. It will continue to raise brand
awareness through diverse and efficient marketing campaigns.
Craft brands will continue to “break the circle” through creative marketing campaigns. Jing-A will boost its brand
volume through crossover collaboration, Brooklyn will expand consumer groups and channels by launching brews
with greater drinkability. Grimbergen will continue to build its premium image among young consumers by reviving
its image.
and consolidate market share of its core beer. The Company will continue to expand its Big City Plan while
optimizing its product portfolio and strengthening its implementation in key markets. Additionally, the Company
will continue to digitize its sales channels.
In key on-trade markets, the Company will use its multi-brand product portfolio strategy to capitalize on the
recovery and growth of dinning and entertainment sectors. The Company will actively expand a number of high-
quality points of purchase, and develop effective products and packaging to boost the vibrancy and promotions of
these points of purchase. Also, the Company will improve the capacity building of channel distributors to drive
sales.
In terms of traditional retail, the Company will continue to drive growth from off-trade channels while maintaining
sales growth from large business formats and on-trade channels. Also, the Company will further optimize channel
management and implement refined strategies and toolkits tailored to different markets.
In respect of near field retail, in addition to convenience stores, community stores, small and medium-sized
ANNUAL REPORT 2022
community chain supermarkets and other small formats, there are also community group purchase and O2O.
Community group purchase has effectively improved the distribution of the Company’s various brands in traditional
channels, while O2O has enhanced sales. For B2C e-commerce, the focus in 2023 is to accelerate the development
of social media e-commerce channels such as Douyin, and play a more important role in new product creation and
brand building.
The Company will build a more efficient and differentiated distributor management system, implementing refined
management. At the same time, it will provide more diverse and differentiated training content for personnel at all
levels within distributors, improve the learning system for distributors, and, in particular, strengthen direct
communication with distributors by utilizing live streaming platforms. By setting up differentiated capacity building
programs for distributors, management teams and sales staff, the operation and management capabilities of
distributors will be improved.
improve logistics and transportation efficiency. The Company’s bottle recycling network will be optmized to
enhance bottle recycling rate. With respect to safety, the Company will continue to promote the ZERO Accidents
culture, improving the quality of its three-level safety retraining, and strengthening work safety analysis and work
permit implementation. The Company will launch the “Hundred-Person Plan” for taste evaluation to improve the
ability of its breweries in taste assessment. Reclaimed water recycling will be introduced by the Company at over
five breweries as part of its commitment to reducing water consumption. Additional measures will be taken to
further cut carbon emissions, including the use of renewable electricity, heat loss reduction, installing biogas boilers,
and adopting solar panels.
global challenges such as inequality, climate change and water scarcity. TTZAB builds upon its current focus on
“ZERO Carbon Footprint,” “ZERO Water Waste,” “ZERO Irresponsible Drinking,” and “ZERO Accidents Culture”
by adding “ZERO Farming Footprint” and “ZERO Packaging Waste.” In 2023, we will continue to promote
Carlsberg’s TTZAB programme in the Company.
(IV) Potential business risks
√ Applicable □ Not applicable
rise, while marketing expenses will keep increasing as a result of premiumization.
and expand into the Company’s market regions, intensifying competitions in mid-to-high-end markets.
(V) Others
□ Applicable √ Not applicable
VII. Statement of situation and cause that the Company does not disclose according to the criterion due to
inapplicable criteria or special causes concerning the state secret and business secret
□ Applicable √ Not applicable
SECTION IV CORPORATE GOVERNANCE
I. Statement of the corporate governance
√ Applicable □ Not applicable
The Company continuously improved its corporate governance structure, established and improved its internal
ANNUAL REPORT 2022
management and control system, continued to carry out corporate governance activities, promoted the standardized
operation of the Company and improved the level of corporate governance in strict accordance with the requirements
of the Company Law, the Securities Law, the Governance Code for Listed Companies, and the Rules for Listing on
Shanghai Stock Exchange, and other laws and regulations during the reporting period.
During the reporting period, the Company convened the Annual General Meeting of Shareholders once, and the
Extraordinary General Meeting of Shareholders for 3 times. The Company adjusted and standardized the
organizational behavior of the General Meeting of Shareholders, increased the efficiency of General Meeting of
Shareholders, and ensured the shareholders, especially minority shareholders to exercise the rights of shareholders
by law in strict accordance with the Articles of Association and Precedural Rules of the General Meeting of
Shareholders.
The Company convened the Board Meeting for 11 times, Audit Committee meeting for 8 times, Nomination
Committee meeting for 4 times, Strategy and Development Committee meeting for once, and Remuneration and
Appraisal Committee meeting for 2 times during the reporting period. The Board of Directors performed relevant
deliberation and decision-making procedures for major issues within the scope of its authority, and carefully
implemented all resolutions made at the General Meeting of Shareholders in strict accordance with provisions of
the Articles of Association and Precedural Rules of the Board of Directors. Each special committee is responsible
for effectively promoting the standard operation and scientific decision-making of the Board of Directors by itself.
During the reporting period, the Board of Directors completed the general election. The members of the Board of
Directors have rich working experience in beer industry and knowledge in accounting, finance, law and other aspects,
and are able to fully provide professional and constructive suggestions for the company’s important decisions,
carefully perform duties, and fully safeguard the interests of the Company and all shareholders.
The Company convened the Meeting of Board of Supervisors for 5 times during the reporting period. During the
reporting period, the Board of Supervisors of the Company completed the general election. Each member of the
Board of Supervisors strictly abided by provisions of the laws and regulations, the Articles of Associations and the
Procedural Rules of the Board of Supervisors by actively performing their supervision duties in the Company’s
financial condition, related-party transactions, regular reports and performance of directors, senior management,
etc., so as to maintain the interests of the Company and all shareholders.
During the reporting period, the controlling shareholders of the company did not occupy non-operating funds with
the listed company, and the listed company did not provide external guarantees for the controlling shareholders.
The Company fully respected and protected the legitimate interests and rights of banks and other creditors,
employees, consumers, and suppliers, and actively carried out cooperation, coordinated and balanced the interests
of relevant parties, and jointly promoted the sustainable, healthy and harmonious development of the Company in
line with the principle of mutual benefit and good faith.
During the reporting period, the Company improved the internal control system, standardized the related-party
transactions, and urged the controlling shareholders and actual controllers to perform commitment in strict
accordance with the requirement of laws and regulations. The Company performed relevant decision-making
procedures for related party transactions with related parties, and the independent director issued their objective and
just independent opinions to ensure the justice and fairness of related party transactions not to damage the interests
of investors, especially minority investors.
During the reporting period, the Company actively strengthened its contact with CSRC and Stock Exchange and
ANNUAL REPORT 2022
truly, accurately, completely and timely completed information disclosure of various regular reports and temporary
announcement in strict accordance with the relevant provisions of the CSRC, the Stock Exchange and the
Company’s Rules on Information Disclosure Management, etc., so as to ensure that all shareholders, especially
minority shareholders, could fairly and timely obtain the Company’s information and assess risks.
Board Office of the Company is responsible for management of the investor relationship by keeping the
communication channel between the investors and the Company open through answering the investor hotline,
receiving the investor visitors, attending the investor telephone conference, brokerage strategy meeting, or reverse
roadshow, etc., so as to ensure that the investors could accurately and timely know the Company’s information and
exercise their legal rights. During the reporting period, the Company held four investor conference for regular
reports all year round, and obtained the effective expansion of breadth and depth of communicating with investors.
The Company kept the Company’s inside information confidential and implemented registration & filing of insiders
in strict accordance with the requirements of CSRC and SSE, the Insiders Registration Management System and the
Rules for Internal Reporting of Key Information. In addition, the company carried out relevant trainings to
effectively prevent insider trading and other securities violations.
During the reporting period, according to the demand for hedging business, the Company formulated the Hedging
Business Management System and supporting rules to standardize the hedging business deliberation procedure,
report system, risk control, etc.
Whether the Company’s governance is significantly different from the laws, administrative regulations and the
provisions of CSRC on governance of the listed company; If any, the reasons shall be given.
□ Applicable √ Not applicable
II. Special measures taken by the Company’s controlling shareholders and actual controllers to ensure the
independence of the Company’s assets, personnel, finance, organization and business, etc., and solutions
made to affect the Company’s independence and their working progress and follow-up work plans
□ Applicable √ Not applicable
Availability of the same or similar business engaged by the controlling shareholders, actual controllers and other
units under its control as or to that of the Company, and the effect of horizontal competition or its significant changes
on the Company, solutions taken, progress on solution and follow-up solution plan
√ Applicable □ Not applicable
At the end of 2020, the Company completed major asset restructuring, all beer assets and businesses (excluding the
listed company and its holding subsidiaries) in China Mainland controlled by Carlsberg was injected into the listed
company. Carlsberg did not control any beer assets or business (excluding the listed company and its holding
subsidiaries) in China Mainland, nor would it directly or indirectly engage in businesses which are in competition
with the listed company through entities under its control.
At the same time, during the restructuring, Carlsberg and Carlsberg Breweries respectively made commitments as
follows to avoid horizontal competition, (I) restated the obligation of avoiding horizontal competition that should
be performed by the actual controllers and controlling shareholders of the listed company; (II) In order to fully avoid
occurrence of future potential horizontal competition, Carlsberg and Carlsberg Breweries also made additional
voluntary arrangements for the equity of subsidiaries not controlled by Carlsberg that was not included in
restructuring and involved the beer assets and business in Chinese Mainland. Please refer to Section VI - “(I)
Commitment matters of the Company’s actual controllers, shareholders, related parties, purchasers, the Company
ANNUAL REPORT 2022
and other related parties during the reporting period or lasting to the reporting period”.
III. Brief introduction of the General Meeting of Shareholders
Date for
Query indexes on
Session number of Holding disclosure of
specified website for Resolutions made at the meeting
meetings date published
published resolutions
resolutions
The First 2022- www.sse.com.cn 2022-03-15 The detailed contents are shown in
Extraordinary 03-14 the Announcement of Resolutions of
General Meeting of the First Extraordinary General
Shareholders in Meeting of Shareholders of
General Meeting of 05-25 the Announcement of Resolutions of
Shareholders the 2021 Annual General Meeting of
Shareholders of Chongqing Brewery
Co., Ltd. (Announcement No.: 2022-
The Second 2022- www.sse.com.cn 2022-07-14 The detailed contents are shown in
Extraordinary 07-13 the Announcement of Resolutions of
General Meeting of the Second Extraordinary General
Shareholders in Meeting of Shareholders of
The Third 2022- www.sse.com.cn 2022-12-03 The detailed contents are shown in
Extraordinary 12-02 the Announcement of Resolutions of
General Meeting of the Third Extraordinary General
Shareholders in Meeting of Shareholders of
Preferred shareholders whose voting rights are restored request convening the Extraordinary General Meeting of
Shareholders
□ Applicable √ Not applicable
Statement of the General Meeting of Shareholders
□ Applicable √ Not applicable
ANNUAL REPORT 2022
IV. Information on directors, supervisors and senior executives
(I) Information on changes in shareholding and compensation of directors, supervisors and senior executives currently in office and quitted during the reporting
period
√ Applicable □ Not applicable
Unit: Share
Number of Number of Increase or Reason for Total pre-tax compensation Whether receiving
Starting date of Ending date of shares held at shares held at decrease of increase or acquired from the Company compensation from
Name Title (Note) Gender Age
tenure tenure the beginning the end of the shares within decrease during the reporting period related parties of
of the year year the year changes (RMB ten thousand) the Company
Jo?o Miguel Ventura Rego Chairman of the Male 51 December 2, May 25, 2025 0 0 0 0 Yes
Abecasis Board of Directors 2022
Gavin Stuart Brockett Director Male 61 March 14, 2022 May 25, 2025 0 0 0 0 Yes
Andrew Douglas Emslie Director Male 44 July 13, 2022 May 25, 2025 0 0 0 0 Yes
Lee Chee Kong Director, President Male 51 Director: May 25, 2025 0 0 0 879.84 No
January 23, 2019
President:
January 1, 2021
Chin Wee Hua Director, Vice Male 51 Director: May 25, 2025 0 0 0 391.28 No
President March 9, 2017
Vice president:
January 1, 2021
Lv Yandong Director Male 48 May 6, 2016 May 25, 2025 0 0 0 297.74 No
Yuan Yinghong Independent Female 57 May 25, 2022 May 25, 2025 0 0 0 6.77 No
Director
Sheng Xuejun Independent Male 53 May 25, 2022 May 25, 2025 0 0 0 6.77 No
Director
Zhu Qianyu Independent Female 47 May 25, 2022 May 25, 2025 0 0 0 6.77 No
Director
Kuang Qi Chairman of the Male 45 May 18, 2021 May 25, 2025 0 0 0 162.75 No
Board of
Supervisors
Huang Minlin Supervisor Male 43 May 4, 2018 May 25, 2025 0 0 0 202.82 No
Chen Changli Employee Male 59 May 6, 2016 May 25, 2025 1,171 1,171 0 204.14 No
Representative
Supervisor
Deng Wei Board Secretary Male 50 August 22, 2006 May 25, 2025 0 0 0 136.88 No
Leonard Cornelis Jorden Chairman of the Male 64 January 2, 2019 February 16, 0 0 0 0 Yes
Evers (quitted) Board of Directors 2022
Ulrik Andersen (quitted) Chairman of the Male 58 February 16, June 9, 2022 0 0 0 0 Yes
Board of Directors 2022
ANNUAL REPORT 2022
Ulrik Andersen (quitted) Director Male 59 January 13, 2021 November 15, 0 0 0 0 Yes
Gong Yongde (Quitted due Independent Male 60 May 7, 2019 May 25, 2022 0 0 0 4.17 No
to expiration of the term of Director
office)
Dai Zhiwen (Quitted due to Independent Male 51 May 7, 2019 May 25, 2022 0 0 0 4.17 No
expiration of the term of Director
office)
Li Xianjun (Quitted due to Independent Male 55 May 6, 2016 May 25, 2022 0 0 0 4.17 No
expiration of the term of Director
office)
Total / / / / / 1,171 1,171 0 / 2,308.27 /
Name Main work experiences
Jo?o Miguel Ventura 51 years old. Portuguese. Jo?o obtained Business Management Degree from Universidade Católica Portuguesa in 1995. He has been with Carlsberg since 2011 as CCO and
Rego Abecasis later CEO of Super Bock in Portugal and then in 2016 as VP for Challenger Markets in the Western Europe region. In 2017, he became Managing Director of French
business Kronenbourg, and in 2019, he became Group Chief Commercial Officer and a member of Executive Committee. Before joining Carlsberg, Jo?o held a range of
sales and marketing roles at Unilever. He has been serving as EVP Asia in Carlsberg Group since September 2022. He is currently the Chairman of the Company.
Gavin Stuart Brockett 61 years old. South African. He obtained the Bachelor’s Degree in Commerce and Bachelor’s Degree in Accounting from the University of the Witwatersrand (South Africa)
respectively in 1983 and 1985 and qualified as a chartered accountant in 1988. He joined SABMiller in 1991 and successively held several senior financial leadership
positions in South Africa and Europe, including the chief financial officer in Plzensky Pradroj (Czech Republic) and Birra Peroni (Italy). From 2010 to 2012, he held the
VP Finance Asia role in Carlsberg, a period in the wine industry as the chief financial officer of Accolade Wines followed, and then a return to Carlsberg as the Chief
Operating Officer of Carlsberg China in 2014. Most recently for Levi Strauss & Co he was the CFO of the Asia region from 2016 to 2017 and thereafter he served as the
Senior Vice President and Global Controller for Levi Strauss & Co. in the United States until 2021. In January 2022, he rejoined Carlsberg to act as the VP Finance of Asia.
He currently serves as the director of the Company.
Andrew Douglas Emslie 44 years old. British. He obtained a BA (Hons) degree in Accounting & Law from the University of Manchester, England in 2001. He completed the Legal Practice Course
from the College of Law in Chester, England in 2002 and qualified as a Solicitor in England and Wales in 2004. Andrew has since worked for a number of leading
international law firms in the UK, Australia and Asia with a focus on cross-border mergers & acquisitions and joint ventures. During his career, Andrew has held senior
leadership positions as in-house counsel, based in Asia, with listed multinational companies, including Ensco, Maersk and Olam. Before Carlsberg, Andrew was Vice
President of Legal at Olam International from June 2016 to July 2019. In August 2019, he joined Carlsberg and currently serves as Vice President and Asia Head of Legal
& Compliance. He currently serves as the director of the Company.
Lee Chee Kong 51 years old. Malaysian. He graduated from University Utara Malaysia in Marketing. Before joining Carlsberg, he served as the President of Asia Region and Managing
Director of China at HILDING ANDERS (SLUMBERLAND). Before that, he also worked as Managing Director of HEINZ China, and served managing roles in China
and Asia Pacific Division at COLGATE-PALMOLIVE for a long time. Now he is the Director of the Company and President of the Company/Carlsberg China.
Chin Wee Hua 51 years old. Malaysian. He graduated from the University of Western Australia with Bachelor of Commerce degree, majoring in Accounting and Finance and also
obtained the MBA degree from University of Leicester UK. He is a registered Australian Certified Public Accountant. From 2001 to 2008, he served as Finance
Director in Alstom Asia Pacific (Malaysia) Sdn Bhd. From 2009 to 2014, he held position as Finance Director of Wuhan Boiler Company Limited. From 2015 to 2016,
ANNUAL REPORT 2022
he was Asia Finance Director in GE Grid Solutions Pte Ltd. Now he is the Director of the Company and VP Finance of the Company / Carlsberg China.
Lv Yandong 48 years old. Chinese. He obtained a master’s degree of Mechanical and Electronic Engineering from Harbin Institute of Technology. He served as the Director of Supply
Chain in Carlsberg Huizhou and the Deputy General Manager of CBC successively. Before joining Carlsberg, he had engaged in technical and management in Harbin
Electronic and Machinery Co. Ltd., Guangzhou P & G and Pepsi successively. He served as the Director of Supply Chain in Carlsberg Huizhou and the Deputy General
Manager of CBC successively. He is currently serving as the VP Supply Chain of Carlsberg China. Now he is the Director of the Company and VP Supply Chain of
Carlsberg China.
Yuan Yinghong 57 years old. Chinese. She is a Bachelor of Management, Economics and Management, South China Normal. She has the professional qualifications of certified public
accountant, certified internal auditor and the professional titles of accountant and auditor. She has over 30-year accounting experience and once served as deputy section
chief of the Culture and Health Department and section chief of the Industry Department of the directly affiliated branch of the Guangdong Audit Office. She is the Deputy
Secretary of Guangzhou Institute of Certified Public Accountants, Secretary of Industry Discipline Inspection Commission, and an expert in the evaluation expert database
of SASAC of Guangdong Province. As present, she is concurrently serving as independent directors in Hao Lai Ke(603898.SH), GZ Hengyun A (000531.SZ), Winsun Bio
(839729.BJ) and Jinhao Medical (872925.BJ). She is the independent director of the Company.
Sheng Xuejun 53 years old. Chinese. He is a visiting Scholar of University of Oxford in Britain, Post Doctor of University of Aix-Marseille in France and Senior Research Scholar of The
University of New South Wales. “New Century Excellent Talent Support Plan” candidate of Ministry of Education, Distinguished Professor of Bayu Scholar and Chongqing
“Hundred-Thousand-Ten Thousand Project Leading Talent”. He ever served as the Vice Chairman of Academic Degree Committee of Southwest University of Political
Science & Law, Dean of Economic Law School, and Deputy Chief Judge and Judge of the Second Court of Civil Trial of The Supreme People’s Court. Now he is the
Professor and Doctoral Supervisor of Southwest University of Political Science & Law, and Academic Leader of National Key Discipline Economic Law. He serves as
Managing Director of Chinese Society of International Economic Law (CSIEL), Managing Director of China Banking Law Society, Managing Director of Institute of
Securities Law of CLS, Director of China Association for Legal Education, Vice Chairman of Chongqing Civil Law and Economic Law Institute, and Legislation Review
Expert of Chongqing Municipal People’s Government as additional posts. Now he is the Independent Director of Chongqing Department Store (600279.SH) and Chongqing
Iron & Steel (601005.SH). He is the independent director of the Company.
Zhu Qianyu 47 years old. Chinese. She is a Doctor of Huazhong University of Science and Technology School of Economics, Post Doctor of Finance Department at Guanghua School
of Management of Peking University, and Visiting Scholar of Griffith University Business School in Australia. He serves as the Associate Professor and Master supervisor
of Renmin University of China, Researcher of Institute of Rural Economy and Finance of Renmin University of China, Researcher of National Academy of Development
and Strategy, Renmin University of China, and Project Training and Evaluation Expert of The World Bank and The National Rural Revitalization Administration. He is the
Independent Director of CSG A (000012.SZ) and Kingfa (600413.SH) as additional posts at present. She is the independent director of the Company.
Kuang Qi 45 years old. Chinese. He graduated from Jinan University in 2000 with double bachelor’s degree in Economics and Laws and obtained the Chinese legal profession
qualification certificate. His previous work experiences include the Deputy Director of legal affairs of Amway (China) Daily-Use Commodity Co., Ltd. and legal consultant
of Heinz (China) Investment Company Co., Ltd. Before joining Carlsberg, he acted as the senior legal consultant of Mead Johnson Nutrition (China) Co., Ltd. He is the
Senior Legal Director and Chairman of the Board of Supervisors of the Company now.
Huang Minlin 43 years old. Chinese. He graduated from The Hong Kong University of Science and Technology with a Bachelor's Degree in Accounting and is a member of the Hong
Kong Institute of Certified Public Accountants. He worked in KPMG Hong Kong as the Audit Manager from 2004 to 2010. He joined Carlsberg Asia in 2010 and
successively served as the Regional Supply Chain Financial Director and regional Financial Director. He is currently the Senior Finance Director and Supervisor of the
Company.
Chen Changli 59 years old. Chinese. He previously served as the packaging workshop director and deputy general manager of the Company and the deputy general manager of Chongqing
ANNUAL REPORT 2022
Brewery Group Company, etc. He is currently the Party secretary of the Company, the Chairman of the Trade Union and the supervisor acted by the staff representative of
the Company.
Deng Wei 50 years old. Chinese. He owns the MBA Degree of the College of Business Administration of Chongqing University. From 1997 to 2000, he took part in sale and business
team management work of Life Insurance Marketing Department of PING An Chongqing Branch; In October 2000, he joined Chongqing Brewery (Group) Co., Ltd., and
was responsible for foreign acquisition and combination and integration of combination and acquisition enterprise together with assets management department and the
team. From 2006 to present, he serves as Board Secretary of the Company.
Roland Arthur Lawrence 64 years old. Australian. He obtained the Master’s Degree in Entrepreneurship from the University of Melbourne, Graduate Diploma in Business from Deakin University
(Quitted) Australia, Graduate Diploma in Education Science and BA-Honours from the National University of Singapore, and the certification of CPA Australia (FCPA). He mainly
worked in Coles Myer Group in Australia, served as General Manager of Financial Department of Coles Group and General Manager of Financial Department of Coles
Supermarkets before 2008. He served as Senior Vice President and Chief Financial Officer of WalMart (China) from 2008 to 2011. After that, he joined Carlsberg Asia to
act as the Vice President of Finance. In February 2022, he was retired from Carlsberg and thus resigned from the positions of Director & Chairman of the Company.
Leonard Cornelis Jorden 58 years old. Dutch. He graduated from Erasmus University Rotterdam with the Master Degree of Business Administration in 1990. He had taken several management
Evers positions in Heineken since 1990, including the director & general manager of Heineken in Vietnam from 2013 to 2019 and the director & general manager in Asian-Pacific
(Quitted) region in 2019, and was responsible for the operation of Heineken in Singapore, Malaysia, Papua New Guinea, Australia, New Zealand, Laos, Sri Lanka, Philippines, New
Caledonia and Solomon Islands. On July 1, 2021, he joined Carlsberg Group and served as the executive vice president of Asia and the member of the Executive Committee
of Carlsberg Group. In June 2022, due to personal reasons, he quitted Carlsberg, and resigned the post of Director and President of the Company.
Ulrik Andersen 59 years old, Danish. He obtained the Master of Law of University of Copenhagen in 1990, and obtained the Master of Law of University of Bristol England in 1998; He
(Quitted) obtained the Danish legal profession qualification in 1992 to be a lawyer practicing in Denmark, and also practiced as a lawyer in the international law firms in London and
Copenhagen. In 1998, he joined in Carlsberg Group, and was appointed as the General Counsel of Carlsberg Group in 2001. In November 2022, he resigned the post of
Director of the Company due to adjustment on work content.
Gong Yongde 60 years old, Member of The National Committee of the 14th Chinese People’s Political Consultative Conference, and Vice Chairman of Guangdong’s Association for
(Quitted due to expiration Promotion of Cooperation between Guangdong, Hong Kong & Macao and Entrepreneurs Union of Guangdong-Hong Kong-Macao Greater Bay Area. Mr. Gong graduated
of the term of office) from the University of Liverpool England in 1984. He is the member of the Institute of Chartered Accountants in England and Wales and the senior member of the Hong
Kong Institute of Certified Public Accountants, and he is also the senior member of the Tax Institute of Hong Kong and served as its chairman from 2007 to 2009. Mr. Gong
became a partner of the Klynveld Peat Marwick Goerdeler (“KPMG”) in 1997, the head of Chinese tax affairs in Hong Kong and Southern China in 2001, the chief partner
of KPMG Shenzhen Institute in 2006 and the chief partner of KPMG South China in 2010. He served as the Vice Chairman of KPMG China from 2013 to 2017 and the
Senior Consultant of KPMG from 2018 to 2019. Mr. Gong served as Independent Non-executive Director of ORIX (Asia) Co., Ltd. respectively from 2020; He has been
serving as the member of the Board of Directors and the Audit Committee of Ebram International Online Dispute Resolution Center Limited and the independent non-
executive director of Kingboard Laminates Holdings Limited respectively from May and June 2021. He was appointed as the independent non-executive director and
chairman of A SPAC (HK) Acquisition Corp. and the independent non-executive director of SmarTone Telecommunications Holdings Ltd. In March 2022. He was an
Independent Director of the 9th Board of Directors of the Company, and he quitted due to expiration of the term of office in May 2022.
Dai Zhiwen 51 years old, the Master of Tax Law from the New York University U.S., the Master of Law from the University of Virginia U.S. and the Bachelor of Laws from the Peking
(Quitted due to expiration University, a lawyer practicing in China and has passed New York lawyer qualification test. He is currently the partner of Beijing AnJie Law Firm, and also serves as a
of the term of office) member of Professional Committee on Legal Affairs of Private Equity and Equity Investment of Beijing Lawyers Association, and a member of International Business
Research Society of Beijing Chaoyang Lawyers Association. He served as the Chinese Law Consultant of Hayth & Kerly Law Firm U.S., a lawyer of Zhong Lun Law
ANNUAL REPORT 2022
Firm, legal adviser of Shell (China) Co., Ltd., a lawyer of Baker & McKenzie U.S., a lawyer of Morrison & Foerster U.S. and a partner of Llinks Law Offices and Zhong
Lun Law Firm successively. He was an Independent Director of the 9th Board of Directors of the Company, and he quitted due to expiration of the term of office in May
Li Xianjun 55 years old, he obtained the Doctor of Economic from School of Economics, Jilin University. He is currently the director of Automotive Development Research Center of
(Quitted due to expiration School of Vehicle and Mobility, Tsinghua University, director of Industrial System Engineering Discipline, doctoral supervisor with the research direction of competitive
of the term of office) strategy and innovation strategy; He is also an adviser to the strategic investment committee of China North Industries Group Corporation Limited, and a member of the
modern management branch of China Society of Automotive Engineers. He served as the director of Consulting Center of China Enterprise Confederation, General Manager
of Zhongqi Gongyi Enterprise Management Consulting Company, the Executive Director of China Enterprise Directors Association, an independent director of Tianjin
FAW XIALI Automobile Co., Ltd., the director of Automotive Development Research Center of Automotive Engineering Department of Tsinghua University, and the
director of Advanced R&D Center, the director of Industrial System Engineering Discipline successively. He is a Visiting Scholar of the University of California-Berkeley,
Haas School of Business. He provided strategic and management consulting services for more than 30 domestic and foreign enterprises, including the German Volkswagen
headquarters, Ford Asia-Pacific, SAIC Motor, FAW Group, Haier Group, China National Petroleum Corporation and Nomura Japan. He was an Independent Director of
the 9th Board of Directors of the Company, and he quitted due to expiration of the term of office in May 2022.
Statement of other information
□ Applicable √ Not applicable
ANNUAL REPORT 2022
(II) Service of directors, supervisors and senior executives currently in office and quitted during the
reporting period
√ Applicable □ Not applicable
Starting Ending
Name of Title in shareholder
Name of the shareholder unit date of date of
employees units
tenure tenure
Jo?o Miguel Carlsberg Brewery Malaysia Berhad Director 2022-10
Ventura Rego
Abecasis
Jo?o Miguel Lao Brewery Co., Ltd. Director/Shareholder 2022-10 2025-10
Ventura Rego Representative
Abecasis
Jo?o Miguel Carlsberg Brewery Hong Kong Director 2022-11
Ventura Rego Limited
Abecasis
Jo?o Miguel Caretech Ltd. Director 2022-11
Ventura Rego
Abecasis
Jo?o Miguel Carlsberg Vietnam Breweries Ltd. Chairman 2023-01 2027-04
Ventura Rego
Abecasis
Gavin Stuart Myanmar Carlsberg Co., Ltd. Director 2022-01
Brockett
Gavin Stuart Carlsberg Brewery Malaysia Berhad Director 2022-02
Brockett
Gavin Stuart Lao Brewery Co., Ltd. Director 2022-04
Brockett
Andrew Douglas CB Distribution Co., Ltd. Director 2020-07
Emslie
Andrew Douglas Carlsberg Indochina Ltd. Director 2020-07
Emslie
Andrew Douglas Myanmar Carlsberg Co., Ltd. Director 2020-11
Emslie
Andrew Douglas Paduak Holding Pte. Ltd. Director 2020-12
Emslie
Andrew Douglas Carlsberg Asia Pte. Ltd. Director 2020-12
Emslie
Andrew Douglas Lao Brewery Co., Ltd. Director 2021-03
Emslie
Andrew Douglas Carlsberg Vietnam Breweries Director 2021-04
Emslie Limited
Andrew Douglas Cambrew Ltd. Director 2022-01
Emslie
Lee Chee Kong Lanzhou Huanghe Jianiang Brewery Deputy Chairman 2019-07
Company Limited
ANNUAL REPORT 2022
Lee Chee Kong Jiuquan West Brewery Co., Ltd. Deputy Chairman 2019-07
Lee Chee Kong Qinghai Huanghe Jianiang Brewery Deputy Chairman 2019-07
Co., Ltd.
Lee Chee Kong Tianshui Huanghe Jianiang Brewery Deputy Chairman 2019-07
Co., Ltd.
Lee Chee Kong Capital Brewing Company Limited Director 2019-02
Lee Chee Kong G-Shell Asia Pacific Limited Director 2019-02
Lee Chee Kong Jing-A Brewing Company Limited Director 2019-02
Lee Chee Kong Beijing Shouniang Jinmai Trading Director 2019-02
Co., Ltd.
Lee Chee Kong G-Shell Asia (Beijing) Catering Co., Director 2019-02
Ltd.
Chin Wee Hua Lanzhou Huanghe Jianiang Brewery Director 2017-06
Company Limited
Chin Wee Hua Jiuquan West Brewery Co., Ltd. Director 2017-03
Chin Wee Hua Qinghai Huanghe Jianiang Brewery Director 2017-06
Co., Ltd.
Chin Wee Hua Tianshui Huanghe Jianiang Brewery Director 2017-04
Co., Ltd.
Lv Yandong Guangzhou Carlsberg Consultancy Chairman 2020-12
and Management Services Co., Ltd.
Kuang Qi Guangzhou Carlsberg Consultancy Supervisor 2021-12
and Management Services Co., Ltd.
Kuang Qi Beijing Shouniang Jinmai Trading Supervisor 2022-01
Co., Ltd.
Kuang Qi G-Shell Asia (Beijing) Catering Co., Supervisor 2022-01
Ltd.
Roland Arthur Carlsberg Vietnam Breweries Director 2018-07 2022-02
Lawrence Limited
Roland Arthur Carlsberg Brewery Hong Kong Director 2013-06 2022-01
Lawrence
Roland Arthur Carlsberg Hong Kong Limited Director 2013-03 2022-01
Lawrence
Roland Arthur Fine Sino Investment Limited Director 2013-05 2022-02
Lawrence
Roland Arthur Carlsberg Brewery Malaysia Berhad Director 2012-08 2022-02
Lawrence
Roland Arthur Gorkha Breweries Private Limited Director 2012-09 2022-02
Lawrence
Roland Arthur Lao Brewery Co., Ltd. Director 2013-03 2022-04
Lawrence
Roland Arthur Myanmar Carlsberg Co., Ltd. Director 2014-06 2022-02
Lawrence
Roland Arthur MCCL Dis Co., Ltd. Director 2016-02 2022-02
Lawrence
Roland Arthur Carlsberg Asia Pte Ltd. Director 2018-11 2022-02
ANNUAL REPORT 2022
Lawrence
Roland Arthur Cambrew Limited Director 2018-09 2022-02
Lawrence
Roland Arthur Angkor Beverage Co., Ltd. Director 2018-09 2022-02
Lawrence
Roland Arthur Cambrew Pte Ltd. Director 2019-01 2022-02
Lawrence
Roland Arthur Caretech Limited Director 2019-02 2022-01
Lawrence
Leonard Cornelis Carlsberg Brewery Hong Kong Director 2021-08 2022-06
Jorden Evers Limited
Leonard Cornelis Carlsberg Hong Kong Limited Director 2021-08 2022-06
Jorden Evers
Leonard Cornelis Caretech Limited Director 2021-08 2022-06
Jorden Evers
Leonard Cornelis Carlsberg Brewery Malaysia Berhad Director 2021-07 2022-06
Jorden Evers
Leonard Cornelis Lao Brewery Co., Ltd. Director 2021-09 2022-06
Jorden Evers
Ulrik Andersen Carlsberg Insurance A / S Director 2005-02
Ulrik Andersen Carlsberg Integrated Information Director 2015-11
Technology A / S
Ulrik Andersen Carlsberg Shared Services Sp.z.o.o. Director 2007-01
Ulrik Andersen Carlsberg Chongqing Limited Director 2009-01
Ulrik Andersen Carlsberg Ejendomme Holding A / S Director 2009-12
Ulrik Andersen Carlsberg Finans A / S Chairman 2004-03
Ulrik Andersen Carlsberg Central Office A/S Chairman 2005-12
Ulrik Andersen Carlsberg Invest A / S Director 2002-03
Ulrik Andersen Carlsberg International A/S Chairman 2001-09
Ulrik Andersen Ejendomsaktieselskabet Tuborg Director 2009-12
Nord C
Ulrik Andersen Boliginteressentskabet Tuborg Director 2015-12
Ulrik Andersen Carlsberg Supply Company AG Director 2013-03
Ulrik Andersen Baltika Brewery LLC Director 2013-03
√ Applicable □ Not applicable
Name of Position held in other Starting date Ending date
Name of other units
employees units of tenure of tenure
Yuan Yinghong Guangzhou Institute of Certified Deputy Secretary 2001-08
Public Accountants General and
Secretary of Industry
Discipline Inspection
Commission
Yuan Yinghong Guangzhu Holike Creative Home Independent Director 2022-01 2023-08
Co., Ltd.
ANNUAL REPORT 2022
Yuan Yinghong Guangzhou Hengyun Enterprises Independent Director 2021-01 2024-03
Holding Ltd.
Yuan Yinghong Guangdong Winsun Pharm Co., Independent Director 2020-04 2023-12
Ltd.,
Yuan Yinghong Huizhou Jinghao Medical Independent Director 2020-12 2023-12
Technology Co., Ltd.
Sheng Xuejun Southwest University of Political Professor, Doctoral 2010-01
Science & Law Supervisor
Sheng Xuejun Southwest University of Political Dean of Institute of 2018-12
Science & Law FinTech Law
Research
Sheng Xuejun Guilin Tourism Corporation Limited Independent Director 2023-03 2026-03
Sheng Xuejun Chongqing Department Store Co., Independent Director 2020-10 2023-10
Ltd.
Sheng Xuejun Chongqing Iron & Steel Limited by Independent Director 2021-08 2024-06
Share Ltd.
Zhu Qianyu Renmin University of China Associate professor 2010-03
and master
supervisor;
Researcher of Rural
Economy and
Finance; Researcher
of National Academy
of Development and
Strategy
Zhu Qianyu CSG Holding Co., Ltd. Independent Director 2019-04 2023-05
Zhu Qianyu KINGFA SCI. & TECH. CO., LTD. Independent Director 2021-01 2024-01
Gong Yongde National Committee of CPPCC Member 2018-02
Gong Yongde Supreme Genius Consulting Chairman 2019-08
Company Limited
Gong Yongde Sun Hung Kai Development (China) Tax advisor of China 2019-10
Limited
Gong Yongde ORIX ASIA LIMITED Independent Director 2020-09
Gong Yongde eBRAM International Online Director 2021-05
Dispute Resolution Centre Limited
Gong Yongde Kingboard Laminates Holdings Independent Director 2021-06
Limited
Gong Yongde SmarTone Telecommunications Independent Director 2022-03
Holdings Ltd.
Gong Yongde ASPAC(HK)ACQUISITIONCORP. Independent Director 2022-03
Gong Yongde Tax Institute of Hong Kong Advisor 2019-09
Dai Zhiwen Beijing AnJie Law Firm Partner
Dai Zhiwen Professional Committee on Legal Member
Affairs of Private Equity and Equity
Investment of Beijing Lawyers
Association
ANNUAL REPORT 2022
Dai Zhiwen International Business Research Member
Society of Beijing Chaoyang
Lawyers Association
Li Xianjun Automotive Development Research Director, doctoral
Center of School of Vehicle and supervisor and
Mobility, Tsinghua University and researcher
Industrial System Engineering
Discipline
Li Xianjun Strategic Investment Committee of Advisor
China North Industries Group
Corporation Limited
Li Xianjun The modern management branch of Member
SAE-China
(III) Information on remuneration of directors, supervisors and senior executives
√ Applicable □ Not applicable
Decision-making procedures on the During the reporting period, the allowance for independent directors
remuneration of directors, supervisors was implemented in accordance with the provisions of the
and senior executives Independent Director System of Chongqing Brewery Co., Ltd.
deliberated and approved by the General Meeting of Shareholders;
The allowance for directors was proposed by the Remuneration and
Appraisal Committee of the Board of Directors, submitted to the
Board of Directors for deliberation and approval, and then was
implemented with the approval of the General Meeting of
Shareholders; The allowance for supervisors was deliberated and
approved by the Board of Supervisors of the Company and then was
implemented with the approval of the General Meeting of
Shareholders. The remuneration of senior executives was
implemented based on the Administrative Measures for the
Remuneration and Performance Appraisal of Senior Executives
proposed by the Remuneration and Appraisal Committee of the Board
of Directors, with the deliberation and approval of the Board of
Directors of the Company.
Basis of confirmation on the During the reporting period, the allowance for independent directors
remuneration of directors, supervisors was implemented in accordance with the provisions of the
and senior executives Independent Director System of Chongqing Brewery Co., Ltd.
deliberated and approved by the General Meeting of Shareholders;
Except for independent directors, other directors and supervisors are
not paid for their positions as directors or supervisors in the company.
The remuneration for senior executives shall be based on the
Administrative Measures for the Remuneration and Performance
Appraisal of Senior Executives approved by the Board of Directors
and the business performance of the current year determined in the
Audit Report issued by the accounting firm, and be assessed and
confirmed by the Remuneration and Appraisal Committee of the
Board of Directors.
Information on compensation paid to During the reporting period, the allowances for independent directors
ANNUAL REPORT 2022
directors, supervisors and senior shall be paid by the Company monthly; The basic remuneration of
executives senior executives was paid by the Company monthly. The
performance remuneration was paid by the Company after the
assessment by the Remuneration and Appraisal Committee of the
Board of Directors.
Total compensation paid to all the 23.0827 million
directors, supervisors and senior
executives at the end of the reporting
period
(IV) Information on changes in directors, supervisors and senior executives of the Company
√ Applicable □ Not applicable
Name Title held Status of change Reasons for change
Jo?o Miguel Ventura Chairman Elected He became the member and Chairman
Rego Abecasis of the tenth Board of Directors through
by-election
Gavin Stuart Brockett Director Elected He became the member of the ninth
Board of Directors through by-election
and the member of the tenth Board of
Directors through general election
Andrew Douglas Emslie Director Elected He became the member of the ninth
Board of Directors through by-election
Roland Arthur Lawrence Chairman Quitted Retired
Leonard Cornelis Jorden Chairman Quitted Personal reasons
Evers
Ulrik Andersen Director Quitted Change of work contents
Gong Yongde Independent Director Quitted Expiration of the term of office
Dai Zhiwen Independent Director Quitted Expiration of the term of office
Li Xianjun Independent Director Quitted Expiration of the term of office
(V) Statement of the punishment from the securities regulatory institutions in last three years
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
V. Information on the Board Meeting held during the reporting period
Session number of meetings Holding date Resolutions made at the meeting
The twenty-third meeting of 2022-02-16 Please refer to “L No. 2022-004” Announcement disclosed by
the ninth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on February 17th, 2022 for details.
The twenty-fourth meeting 2022-03-14 Please refer to “L No. 2022-008” Announcement disclosed by
of the ninth Board of the Company on the website (www.sse.com.cn) of Shanghai
Directors Stock Exchange on March 15th, 2022 for details.
The twenty-fifth meeting of 2022-03-31 Please refer to “L No. 2022-010” Announcement disclosed by
the ninth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
ANNUAL REPORT 2022
Stock Exchange on April 2nd, 2022 for details.
The twenty-sixth meeting of 2022-04-27 Please refer to “L No. 2022-015” Announcement disclosed by
the ninth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on April 27th, 2022 for details.
The first Meeting of the 2022-05-26 Please refer to “L No. 2022-021” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on May 27th, 2022 for details.
The second Meeting of the 2022-06-20 Please refer to “L No. 2022-026” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on June 21st, 2022 for details.
The third meeting of the 2022-08-10 Please refer to “L No. 2022-033” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on August 12th, 2022 for details.
The fourth Meeting of the 2022-08-16 Please refer to “L No. 2022-035” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on August 18th, 2022 for details.
The fifth Meeting of the 2022-10-26 Please refer to “L No. 2022-037” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on October 28th, 2022 for details.
The sixth meeting of the 2022-11-15 Please refer to “L No. 2022-042” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on November 16th, 2022 for details.
The seventh Meeting of the 2022-12-02 Please refer to “L No. 2022-047” Announcement disclosed by
tenth Board of Directors the Company on the website (www.sse.com.cn) of Shanghai
Stock Exchange on December 3rd, 2022 for details.
VI. Information on duty performance of directors
(I) Information on directors attending the Board Meeting and General Meeting of Shareholders
Information
on attendance
at the
Information on attendance at the Board Meeting
General
Meeting of
Whether to Shareholders
Name of be an Whether
Number
directors independent to fail to
of Board Number of
director Number of attend
Meeting Number of Number of Number attendance at
attendance by the
to be personal entrusted of the General
communication meeting
attended attendance attendance absence Meeting of
way in person
in this Shareholders
twice in
year
a row
Jo?o Miguel
Ventura Rego No 1 1 1 0 0 No 1
Abecasis
Gavin Stuart
No 10 10 10 0 0 No 3
Brockett
Andrew
No 5 5 5 0 0 No 2
Douglas
ANNUAL REPORT 2022
Emslie
LeeCheeKong No 11 11 3 0 0 No 4
ChinWeeHua No 11 11 1 0 0 No 4
Lv Yandong No 11 11 4 0 0 No 4
Yuan
Yes 7 7 3 0 0 No 3
Yinghong
Sheng Xuejun Yes 7 7 7 0 0 No 3
Zhu Qianyu Yes 7 7 7 0 0 No 2
Roland Arthur
Lawrence No 0 0 0 0 0 No 0
(Quitted)
Leonard
Cornelis
No 5 5 5 0 0 No 2
Jorden Evers
(Quitted)
Ulrik
Andersen No 9 9 9 0 0 No 3
(Quitted)
Gong Yongde
(Quitted due to
expiration of Yes 4 4 4 0 0 No 1
the term of
office)
Dai Zhiwen
(Quitted due to
expiration of Yes 4 4 4 0 0 No 1
the term of
office)
Li Xianjun
(Quitted due to
expiration of Yes 4 4 4 0 0 No 2
the term of
office)
Statement of failure to attend in person at the Board Meeting for two successive times
□ Applicable √ Not applicable
Number of convening the Board Meeting within one
year
Including: Number of convening site meeting 0
Number of convening meeting by communication way 1
Number of convening meeting by site combining with
communication way
(II) Information on objection to related issues of the Company raised by the directors
□ Applicable √ Not applicable
(III) Others
□ Applicable √ Not applicable
VII. Information on special committee under the Board of Directors
√ Applicable □ Not applicable
ANNUAL REPORT 2022
(1). Information on members of special committee under the Board of Directors
Category of special committee Name of members
Audit Committee Audit Committee of the ninth Board of Directors: Gong Yongde, Dai
Zhiwen, Li Xianjun, Chin Wee Hua, Roland Arthur Lawrence (Gavin Stuart
Brockett was appointed as Member after Roland Arthur Lawrence quitted)
Audit Committee of the tenth Board of Directors: Yuan Yinghong, Sheng
Xuejun, Zhu Qianyu, Chin Wee Hua, Gavin Stuart Brockett
Nomination Committee Nomination Committee of the ninth Board of Directors: Dai Zhiwen, Li
Xianjun, Ulrik Andersen
Nomination Committee of the tenth Board of Directors: Sheng Xuejun, Zhu
Qianyu, Ulrik Andersen (Andrew Douglas Emslie was appointed as Member
after Ulrik Andersen quitted)
Remuneration and Appraisal Remuneration and Appraisal Committee of the ninth Board of Directors:
Committee Gong Yongde, Dai Zhiwen, Leonard Cornelis Jorden Evers
Remuneration and Appraisal Committee of the tenth Board of Directors: Zhu
Qianyu, Yuan Yinghong, Leonard Cornelis Jorden Evers (Gavin Stuart
Brockett was appointed as Member after Leonard Cornelis Jorden Evers
quitted, and Jo?o Miguel Ventura Rego Abecasis was appointed as Member
upon adjustment)
Strategy Committee Strategy Committee of the ninth Board of Directors: Lee Chee Kong, Chin
Wee Hua, Lv Yandong, Gong Yongde, Roland Arthur Lawrence (Leonard
Cornelis Jorden Evers was appointed as Member after Roland Arthur
Lawrence quitted)
Strategy Commission of the tenth Board of Directors: Lee Chee Kong, Chin
Wee Hua, Lv Yandong, Leonard Cornelis Jorden Evers, Yuan Yinghong
(Gavin Stuart Brockett was appointed as Member after Leonard Cornelis
Jorden Evers quitted, and Jo?o Miguel Ventura Rego Abecasis was appointed
as Member upon adjustment).
(2). During the reporting period, the Audit Committee held meetings for 8 times
Holding date Meeting content Major opinions and Information on other
recommendations performance of duties
Hedging by the Subsidiary of the agreed to submit these
Company and Proposal on the proposals to the Board of
Investment of Short-Term Bank Directors for deliberation
Financial Products by the Subsidiary and reminded the
of the Company were deliberated and management team of
approved at the first meeting of the noticing the risk
Audit Committee of the ninth Board management and control.
of Directors in 2022.
Accountants reported and conducted a detailed
communicated the major issues understanding and
concerned and found at preliminary communication of key
review stage of 2021 financial audit audit matters, other
and internal control audit at the important matters, and
ANNUAL REPORT 2022
second meeting of the Audit internal control audits in
Committee of the ninth Board of the audit work, and paid
Directors in 2022. special attention to the
completion of
performance
commitments.
Statements Audit and Internal Control agreed to submit these focused on the progress of
Audit Performed by Pan-China proposals to the Board of tax planning project.
Certified Public Accountants LLP for Directors for deliberation.
the Year of 2021; Proposal on
Changes in Accounting Policy for the
Year of 2021; CBC 2021 Annual
Report and Executive Summary; CBC
on the Dividends Distribution Plan
for the Year of 2021; Evaluation
Report on the CBC Internal Control
for the Year of 2021; Annual
Performance Report of the Audit
Committee of the 9th Board of
Directors for the Year of 2021 and
Proposal on the Appointment of Pan-
China Certified Public Accountants
LLP to be the Auditor of the
Company’s Financial Report and
Internal Control for the Year of 2022
were deliberated and approved at the
third meeting of the Audit Committee
of the ninth Board of Directors in
Adjustment of Implementation Plan agreed to submit these focused on the progress of
for Aluminum Hedging, and Proposal proposals to the Board of tax planning project.
on the Adjustment of the Estimation of Directors for deliberation.
Daily Related Party Transactions of
the Company for 2022 were
deliberated and approved at the fourth
meeting of the Audit Committee of
the ninth Board of Directors in 2022.
Blanc Royalty Rate was deliberated agreed to submit the
and approved at the first meeting of proposal to the Board of
the Audit Committee of the tenth Directors for deliberation.
Board of Directors in 2022.
deliberated and approved at the agreed to submit the
ANNUAL REPORT 2022
second meeting of the Audit proposal to the Board of
Committee of the tenth Board of Directors for deliberation.
Directors in 2022.
and approved at the third meeting of agreed to submit the
the Audit Committee of the tenth proposal to the Board of
Board of Directors in 2022. Directors for deliberation.
Dividend Distribution Plan of agreed to submit the
Carlsberg Chongqing Brewery proposal to the Board of
Company Limited; Proposal on the Directors for deliberation.
Estimation of Daily Related Party
Transactions in 2023, and Proposal
on the Investment of Short-Term Bank
Financial Products in 2023 were
deliberated and approved at the fourth
meeting of the Audit Committee of
the tenth Board of Directors in 2022.
(3). During the reporting period, the Nomination Committee held 4 meetings.
Holding date Meeting content Major opinions and Information on other
recommendations performance of duties
Gavin Brockett as the Director of the Committee considered
ninth Board of Directors of the that the candidate’s
Company was deliberated and qualification conforms to
approved at the first meeting of the relevant provisions of the
Nomination Committee of the ninth Company Law and the
Board of Directors in 2022. Articles of Association
and agreed to submit the
nomination to the Board
of Directors for
deliberation.
Director Candidates for the tenth Committee considered
Board of Directors was deliberated that the candidates’
and approved at the second meeting of qualifications conform to
the Nomination Committee of the relevant provisions of the
ninth Board of Directors in 2022. Company Law and the
Articles of Association
and agreed to submit the
nominations to the Board
of Directors for
deliberation.
Andrew Emslie as the Director of the Committee considered
Company was deliberated and that the candidate’s
ANNUAL REPORT 2022
approved at the first meeting of the qualification conforms to
Nomination Committee of the tenth relevant provisions of the
Board of Directors in 2022. Company Law and the
Articles of Association
and agreed to submit the
nomination to the Board
of Directors for
deliberation.
Jo?o Abecasis as the Director of the Committee considered
tenth Board of Directors of the that the candidate’s
Company was deliberated and qualification conforms to
approved at the second meeting of the relevant provisions of the
Nomination Committee of the tenth Company Law and the
Board of Directors in 2022. Articles of Association
and agreed to submit the
nomination to the Board
of Directors for
deliberation.
(4). During the reporting period, the Remuneration and Appraisal Committee held 2 meetings
Holding date Meeting content Major opinions and Information on other
recommendations performance of duties
Evaluation of the Performance Appraisal Committee
and Remuneration of the Senior considered that the
Management for the Year of 2021 remuneration of the
was deliberated and approved at company's senior
the first meeting of Remuneration management in 2021
and Appraisal Committee of the conforms to the provisions
ninth Board of Directors in 2022. of Administrative
Measures for the
Remuneration and
Performance Appraisal of
Senior Management, and
agreed to submit the
proposal to the Board of
Directors for deliberation.
Remuneration and Performance Appraisal Committee
Appraisal Plan for Senior agreed to submit the
Management was deliberated and proposal to the Board of
approved at the first meeting of Directors for deliberation.
the Remuneration and Appraisal
Committee of the tenth Board of
Directors in 2022.
ANNUAL REPORT 2022
(5). During the reporting period, the Strategy Committee held 1 meeting.
Holding date Meeting content Major opinions and Information on other
recommendations performance of duties
Budget for the Year of 2022 was agreed to the proposal.
deliberated and approved at the
first meeting of Strategy
Committee of the ninth Board of
Directors in 2022.
(6). Specific circumstances with objections
□ Applicable √ Not applicable
VIII. Statement of the Company’s risks found by the Board of Supervisors
□ Applicable √ Not applicable
The Board of Supervisors has no objection to the supervisory matters during the reporting period.
IX. Information on employees of parent company and main subsidiaries at the end of reporting period
(I) Information of employees
Number of employees on active duty in the parent
company
Number of employees on active duty in the main
subsidiaries
Total number of employees on active duty 6,765
Number of retired employees of whom the cost shall be
undertaken by the parent company and main subsidiary
Profession constitution
Classification of profession constitution Number of profession constitution
Production personnel 1,962
Sales personnel 2,988
Technical personnel 1,289
Financial personnel 256
Administrative personnel 88
Others 182
Total 6,765
Educational status
Classification of educational status Quantity (Person)
Postgraduate 177
Undergraduate 1,535
Junior college 2,250
Senior high school and below 2,803
Total 6,765
(II) Remuneration policy
√ Applicable □ Not applicable
ANNUAL REPORT 2022
During the reporting period, the compensation policy for employees of the Company was based on the economic
benefit and business performance of the Company. According to the Company’s annual beer production and sales
volume and profit situation, and considering the market remuneration situation, the salary growth ratio of all
employees was determined. The year-end incentive assessment linked to the Company’s performance was
implemented to middle and above management personnel. KPI performance indicator assessment was implemented
in the production workshop, which was combined with product quality, various consumption indicators and
production efficiency. The salary of the Company’s employees consisted of fixed salary, performance assessment
salary and year-end dividend.
(III) Training plan
√ Applicable □ Not applicable
The Company has a perfect employee training mechanism, that is, it will make training plans according to business
development needs every year, and organize to carry out trainings.
During the reporting period, the Company opened the leadership courses such as 3A Leadership - Synergy, 3A
Leadership - Daring to Take Responsibility, 3A Leadership - Putting Into Practice, New Generation Management,
DDI copyright course Improvement of Management Execution Ability, Incentive Deployment and Retaining Talents
and Target Selection for the ability improvement of the key talents and team manager, in which the targeted action
learning project Tiger Program was held respectively for the sales director and manager levels and the CE Basic
Module Optimization - Organization Management was held for the supply chain manager level; For the young talent
ability building and development, the young talent item was upgraded, which was divided into three items of
“Comprehensive Management Trainees”, “Supply Chain Management Trainees” and “Special Sales Talents” as the
talent reserves of the organization, and the training of courses such as 7 Habits of Highly-Efficiency Talents, Time
Management and Role Transition of Professionals, etc. was provided; For the ability improvement and development
of all staff, such courses as Financial Training for Non-Financial Manager - Basic Edition, Financial Training for
Non-Financial Manager – Intermediate Edition, Situational Leadership II, Effective Coaching, and CarlsTalk or
other sharing were provided to help the Company’s rapid development.
The sales team organized the theme training of Eight Driving Forces, Eight Steps of Visiting, Sales Skill, Distributor
Improvement, Shift Practical Operation Teaching of Enabling Sales Specialists, Taste and Art of Beer, etc., to
continue to build the ability of sales team; Launched more targeted training contents of Terminal Development and
Management of Catering, Terminal Development and Management of Entertainment, Joint Business Plan of Key
Terminal, etc.; At the same time, the Win-Win Negotiation, Big Shot Sharing and other training and sharing were
provided to improve the negotiation ability of sales personnel and promote the completion of sales target.
In terms of the supply chain, the Company continued to deepen the lean production, enhanced the systematic and
standard awareness of factory construction, launched Training on Basic Awareness of Carlsberg Excellent System,
Introduction of Four Supports of Carlsberg, Root Cause Analysis and Problem Solving, Sensory Taste Training and
EHS Training, and improved the work efficiency while promoting the standard awareness of the front-line
employees.
(IV) Information on labor outsourcing
√ Applicable □ Not applicable
Sum of working hours of labor outsourcing 3,413,570h
Remuneration sum paid for labor outsourcing RMB 160,581,100
X. Profit distribution or the plan of capital reserve converted into share capital
(I) Information on preparation, implementation or adjustment of cash dividends policy
√ Applicable □ Not applicable
ANNUAL REPORT 2022
According to the Corporation Law of the People's Republic of China, Accounting Standards and Articles of
Association, the Company propose below dividend distribution plan after considering the operation and
shareholder’s interest.
The Company plans to distribute cash dividends to all shareholders based on the total share capital of 483,971,198
shares as of December 31, 2022. The total amount of cash dividends is CNY 1,258,325,114.80 (tax included). The
cash dividends to be distributed is derived from the operating profit of daily operation and is a kind of ordinary
dividends. The Company plans to distribute cash dividends of CNY 2.60 per share (tax included). After the
implementation of the dividend distribution plan for 2022, the remaining undistributed profit in the consolidated
statement of the Company is CNY 77.69 million, and the remaining undistributed profit in the statement of the
parent company is CNY 302.83 million. The Company will not use capital reserve to increase share capital in 2022.
(II) Special statement of cash dividend policies
√ Applicable □ Not applicable
Whether the provisions of the Articles of Association or the √Yes □ No
requirements of resolutions made at the General Meeting of
Shareholders are met
Whether the dividend standards and proportion are specific and clear √Yes □ No
Whether relevant decision-making procedures and mechanisms are √Yes □ No
complete
Whether independent directors fulfill their duties and exert their due √Yes □ No
roles
Whether minority shareholders have the opportunities to fully √Yes □ No
express opinions and appeals and whether their legal rights and
interests are protected fully
(III) During the reporting period, the Company profited and the parent company’s profit for distribution
to the shareholders was positive, but in case of no cash dividend distribution plan presented, the
Company should, in details, disclose the cause, as well as the purpose and use plan of the undistributed
profit
□ Applicable √ Not applicable
(IV) Information on profit distribution and capital accumulation fund transferred to capital stock during
this reporting period
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Number of distributed bonus share (s) every 10 shares
(Share)
Number of dividend payout every 10 shares (RMB) 26.00
(tax-inclusive)
Number of increase by transferring every 10 shares
(Share)
Amount of cash dividends (tax-inclusive) 1,258,325,114.80
Net profits attributable to common shareholders of the
listed company in consolidated statements in dividend- 1,263,604,930.09
receiving year
Proportion (%) accounting for net profits attributable 99.58
ANNUAL REPORT 2022
to common shareholders of the listed company in
consolidated statements (%)
Amount of buy-back of share in cash to be included in
the cash dividends
Cumulative dividend amount (tax-inclusive) 1,258,325,114.80
Proportion of cumulative dividend amount to net
profits attributable to common shareholders of the 99.58
listed company in consolidated statements (%)
XI. Information on the Company’s equity incentive plan, employee shareholding plan or other employee
incentives and its influence
(I) Incentive matters are already disclosed in the interim announcement and without progress or changes
of subsequent execution
□ Applicable √ Not applicable
(II) Information on incentives not disclosed in the interim announcement or with subsequent progress
Information on equity incentive
□ Applicable √ Not applicable
Other remarks
□ Applicable √ Not applicable
Information on employee shareholding plan
□ Applicable √ Not applicable
Other incentive measures
□ Applicable √ Not applicable
(III) Information on equity incentive awarded to directors and senior executives during the reporting
period
□ Applicable √ Not applicable
(IV) Information on the establishment and implementation of the evaluation system and incentive
mechanism for the senior executives during the reporting period
√ Applicable □ Not applicable
According to the need to establish a modern corporate system, the Company implemented the appointment system
to senior executives, and established a fair and transparent performance evaluation and incentive mechanism for
directors, supervisors and senior executives, to urge executives to fulfill the obligation of good faith and diligence,
clarify their rights and responsibilities, and give play to the positivity and creativity of senior executives. The
management team supervised the daily performance of senior executives in accordance with Rules on the Work of
General Manager and Company Financial Management System. The Company conducted year-end evaluation to
senior executives, and awards and punishments according to the business objectives set at the beginning of the year
and the remuneration system for senior executives approved by the General Meeting of Shareholders.
XII. Information on establishment and implementation of internal control systems during the reporting
period
√ Applicable □ Not applicable
ANNUAL REPORT 2022
The Company evaluates and revises the control process related to business in this year. During the reporting period,
the Company provides training in risk and internal control policy for internal control staffs. The internal audit
department is responsible for auditing special processes such as assets management process, personal information
protection compliance process, distributor management process, commodity futures hedging process and human
resource process.
Statement of great defects in internal control during the reporting period
□ Applicable √ Not applicable
XIII. Information on management control on the subsidiaries during the reporting period
√ Applicable □ Not applicable
According to enterprise internal control system, the Company continuously evaluates the effectiveness of internal
control of subsidiaries, and supervises the internal control through special process audit.
The Company has not purchased new subsidiaries during the reporting period.
XIV. Statement on relevant situation of internal control audit report
√ Applicable □ Not applicable
Pan-China Certified Public Accountants LLP engaged by the Company conducted an audit on the effectiveness of
internal control related to financial reports of the Company and issued a standard unqualified audit report. 2022
Internal Control Audit Report of the Company refers to the website of SSE.
Whether internal control audit report is disclosed: Yes
Type of internal control audit report opinion: Standard unqualified opinion
XV. Information on rectification of problems found by the listed company through special governance
actions
In strict accordance with the List of Special Self-inspection of Governance for Listed Companies, the Company
analyzes carefully, and the major assets restructuring that the horizontal competition among controlling shareholders,
actual controllers and listed companies founded in self-inspection having been completed at the end of December
The circumstance with qualification of failure for cash dividend in 2020 was found in self-inspection, because the
listed company should raise necessary fund for settling profit/loss of transitional period of reorganized and
contributed assets and daily management expenditure with Carlsberg Chongqing Brewery (formerly known as
“Chongqing Jianiang”), and after major assets restructuring was completed, the business of listed company has been
totally injected into Carlsberg Chongqing Brewery without operating cash flow, and Carlsberg Chongqing Brewery
could not pay dividend to the listed company temporarily due to negative profit available for distribution.
Considering the robustness of company operation, adequacy of cash flow and long-term development, the Company
didn’t distribute cash dividend in 2020. In 2021, the Company has distributed the cash dividend RMB 2.00 (tax-
inclusive) per share, a total of RMB 968 million according to the provision and guideline of dividend of CSRC and
SSE and company dividend policy.
In addition, the circumstance that the independent director of the listed company works on site for less than 10
working days due to external restrictions was found in self-inspection, and the listed company would provide each
convenient condition to safeguard the duty performance of independent directors on site.
XVI. Others
□ Applicable √ Not applicable
ANNUAL REPORT 2022
SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITIES
I. Environmental information
Whether the environmental protection mechanism has Yes
been established
Environmental protection fund (in unit of: RMB ten i.e., RMB 17,260,000.
thousand) has been invested during the reporting period
(I) Statement of the environment protection of the Company belonging to the heavy pollution units as
prescribed by the environment protection department and its major subsidiaries
√ Applicable □ Not applicable
√ Applicable □ Not applicable
Name of
Number Pollutant Total Total
major Excessive
Company Discharge of Distribution Discharge discharge amount discharge
pollutants and discharge
name mode discharge information concentration standards of amount
characteristic information
outlet implemented discharge approved
pollutants
Be GB19821-
Wanzhou discharged 2005
COD: COD: COD:
Branch of into the Discharge
Northwest 101mg/l 0.05454t 22.91t
Carlsberg urban pipe Standard of Non-
Wastewater 1 of the Ammonia Ammonia Ammonia
Chongqing network Pollutants for exceeding
factory nitrogen: nitrogen: nitrogen:
Brewery Co., after Beer Industry
Ltd. qualified pretreatment
treatment standard
Be GB19821-
Carlsberg
discharged 2005
Chongqing COD: COD: COD:
into the Discharge
Brewery Co., Northeast 100.99mg/L 17.325t 376.78t
urban pipe Standard of Non-
Ltd. Wastewater 1 corner of Ammonia Ammonia Ammonia
network Pollutants for exceeding
(Mawang the factory nitrogen: nitrogen: nitrogen:
after Beer Industry
Township 15.94mg/L 2.687t 33.91t
qualified pretreatment
Factory)
treatment standard
GB19821-
Discharge
Standard of
Be Pollutants for
Carlsberg discharged Beer Industry
COD: COD: COD:
Chongqing into the pretreatment
Brewery Co., urban pipe North in the standard and Non-
Wastewater 1 Ammonia Ammonia Ammonia
Ltd. network factory GB31962- exceeding
nitrogen: nitrogen: nitrogen:
(Dazhulin after 2015
Factory) qualified Wastewater
treatment Quality
Standards for
Discharge to
Municipal
Sewers
Be GB19821-
Hechuan discharged 2005
COD: COD: COD:
Branch of into the Pretreatment
North gate 200mg/L 25.38t 66.26t
Carlsberg urban pipe standards for Non-
Wastewater 1 in the Ammonia Ammonia Ammonia
Chongqing network beer exceeding
factory nitrogen: nitrogen: nitrogen:
Brewery Co., after enterprises
Ltd. qualified Discharge
treatment Standard of
ANNUAL REPORT 2022
Pollutants for
Beer Industry
GB19821-
Be 2005
Liangping discharged COD: 240.94 Pretreatment
COD: COD:
Branch of into the mg/L standards for
Out of the 27.25t 429.45t
Carlsberg urban pipe Ammonia beer Non-
Wastewater 1 gate of the Ammonia Ammonia
Chongqing network nitrogen: enterprises exceeding
factory nitrogen: nitrogen:
Brewery Co., after 13.88 mg/L Discharge
Ltd. qualified Standard of
treatment Pollutants for
Beer Industry
Be
discharged GB19821-
COD: COD: COD:
Chongqing into the 2005
Brewery urban pipe South of the Discharge Non-
Wastewater 1 Ammonia Ammonia Ammonia
Yibin Co., network factory Standard of exceeding
nitrogen: nitrogen: nitrogen:
Ltd. after Pollutants for
qualified Beer Industry
treatment
Be GB19821-
discharged 2005
COD: COD: COD:
Chongqing into the Discharge
Beer urban pipe West in the Standard of Non-
Wastewater 1 Ammonia Ammonia Ammonia
Panzhihua network factory Pollutants for exceeding
nitrogen: nitrogen: nitrogen:
Co., Ltd. after Beer Industry
qualified pretreatment
treatment standard
Be
discharged GB19821-
into the 2005
urban pipe Pretreatment
Hunan COD: COD: COD:
network standards for
Chongqing 166 mg/L 15.55t 55t
after West of the beer Non-
Brewery Wastewater 1 Ammonia Ammonia Ammonia
pretreatment factory enterprises exceeding
Grandmen nitrogen: nitrogen: nitrogen:
and enter the Discharge
Co., Ltd. 0.98 mg/L 0.16t 21t
urban Standard of
sewage Pollutants for
treatment Beer Industry
station
Be
discharged GB19821-
into the 2005
Yongzhou
urban pipe Pretreatment
Branch of COD: COD: COD:
network standards for
Hunan 147 mg/L 1.834t 39t
after South of the beer Non-
Chongqing Wastewater 1 Ammonia Ammonia Ammonia
pretreatment factory enterprises exceeding
Brewery nitrogen: nitrogen: nitrogen:
and enter the Discharge
Grandmen 0.73 mg/L 0.344t 8t
urban Standard of
Co., Ltd.
sewage Pollutants for
treatment Beer Industry
station
GB19821-
Be 2005
Chongqing discharged Pretreatment
COD: COD: COD:
Brewery into the standards for
Group urban pipe East of the beer Non-
Wastewater 1 Ammonia Ammonia Ammonia
Chengdu network factory enterprises exceeding
nitrogen: nitrogen: nitrogen:
Bock Beer after Discharge
Co., Ltd. qualified Standard of
treatment Pollutants for
Beer Industry
Kunming Discharge Southwest COD: GB19821- COD: COD:
Non-
Huashi Wastewater after 1 of the 113.19mg/L 2005 16.50t 158.37t
exceeding
Brewery Co., qualified factory Ammonia Discharge Ammonia Ammonia
ANNUAL REPORT 2022
Ltd. treatment nitrogen: Standard of nitrogen: nitrogen:
Beer Industry
pretreatment
standard and
GB31962-
Wastewater
Quality
Standards for
Discharge to
Municipal
Sewers
GB19821-
Carlsberg 2005
COD: COD: COD:
(China) Discharge Discharge
Northwest 71.77mg/L 18.14t 312.59t
Brewery after Standard of Non-
Wastewater 1 of the Ammonia Ammonia Ammonia
Industry and qualified Pollutants for exceeding
factory nitrogen: nitrogen: nitrogen:
Trade treatment Beer Industry
Limited pretreatment
standard
GB19821-
Discharge
COD:
COD: Standard of COD:
Carlsberg Discharge 15.27t
Northwest 52 mg/L Pollutants for 11.2t
Brewery after Ammonia Non-
Wastewater 1 of the Ammonia Beer Industry Ammonia
(Guangdong) qualified nitrogen: exceeding
factory nitrogen: and DB44/26- nitrogen:
Co., Ltd. treatment 2.86t
Discharge
Limit of Water
Pollutants
GB19821-
Discharge to
COD: 2005
municipal COD: COD:
Carlsberg 108 mg/L Discharge
sewage 13.811t 118.82t
Brewery West side of Ammonia Standard of Non-
Wastewater treatment 1 Ammonia Ammonia
(Jiangsu) the factory nitrogen: Pollutants for exceeding
plant after nitrogen: nitrogen:
Co., Ltd. 4.16 mg/L Beer Industry
being up to 0.79t 15.36t
pretreatment
standard
standard
GB19821-
COD: COD: COD:
Carlsberg Discharge 2005
Northeast 62mg/L 13t 53.23t
Brewery after Discharge Non-
Wastewater 1 of the Ammonia Ammonia Ammonia
(Anhui) Co., qualified Standard of exceeding
factory nitrogen: nitrogen: nitrogen:
Ltd. treatment Pollutants for
Beer Industry
Discharge to
GB19821-
Carlsberg municipal COD: COD: COD:
Tianmuhu sewage 262.86mg/L 11.95t 71.7t
West side of Discharge Non-
Brewery Wastewater treatment 1 Ammonia Ammonia Ammonia
the factory Standard of exceeding
(Jiangsu) plant after nitrogen: nitrogen: nitrogen:
Pollutants for
Co., Ltd. being up to 15.47mg/L 3.69t 5.4t
Beer Industry
standard
GB19821-
Discharge
Standard of
COD: COD: COD:
Discharge Pollutants for
Xinjiang Northwest 105.12mg/L 22.5t 301t
after Beer Industry Non-
Wusu Beer Wastewater 1 corner in Ammonia Ammonia Ammonia
qualified pretreatment exceeding
Co., Ltd. the factory nitrogen: nitrogen: nitrogen:
treatment standard and
GB31962-
Wastewater
Quality
ANNUAL REPORT 2022
Standards for
Discharge to
Municipal
Sewers
GB19821-
Discharge
Standard of
Pollutants for
Beer Industry COD:
Xinjiang
Discharge pretreatment 23.49 t
Wusu Northwest
after COD: standard and COD: Ammonia Non-
Brewery Wastewater 1 corner in
qualified 36mg/L GB31962- 6.72t; nitrogen: exceeding
(Wusu) Co., the factory
treatment 2015 2.35 t
Ltd.
Wastewater
Quality
Standards for
Discharge to
Municipal
Sewers
GB19821-
Discharge
Standard of
Pollutants for
Beer Industry
Xinjiang COD: COD: COD:
Discharge pretreatment
Wusu Southeast 75.93mg/L 3.606t 18t
after standard and Non-
Brewery Wastewater 1 of the Ammonia Ammonia Ammonia
qualified GB31962- exceeding
(Yining) Co., factory nitrogen: nitrogen: nitrogen:
treatment 2015
Ltd. 0.635mg/L 1.2946t 11.025t
Wastewater
Quality
Standards for
Discharge to
Municipal
Sewers
Negotiated
discharge COD:
Be
standard in No total
discharged
Xinjiang COD: modification COD: output
into the
Wusu Southwest 2000mg/L list of 0.643t requirement
urban pipe Non-
Brewery Wastewater 1 of the Ammonia GB19821- Ammonia Ammonia
network exceeding
(Korla) Co., factory nitrogen: 2005 nitrogen: nitrogen:
after
Ltd. 25mg/L Discharge 0.005t No total
qualified
Standard of output
treatment
Pollutants for requirement
Beer Industry
GB19821-
Discharge
Standard of
Pollutants for
Beer Industry
Xinjiang COD: COD: COD:
Discharge pretreatment
Wusu 61mg/L 8.75t 28t
after West side of standard and Non-
Brewery Wastewater 1 Ammonia Ammonia Ammonia
qualified the factory GB31962- exceeding
(Aksu) Co., nitrogen: nitrogen: nitrogen:
treatment 2015
Ltd. 2.89mg/L 0.18t 5.25t
Wastewater
Quality
Standards for
Discharge to
Municipal
Sewers
Ningxia Discharge Southwest COD: GB19821- COD: COD: Non-
Wastewater 1
Xixia after of the 68.2mg/L 2005 13.113t 300t exceeding
ANNUAL REPORT 2022
Jianiang qualified factory Ammonia Discharge Ammonia Ammonia
Brewery Co., treatment nitrogen: Standard of nitrogen: nitrogen:
Ltd. 2.7mg/L Pollutants for 0.579t 9t
Beer Industry
pretreatment
standard and
GB31962-
Wastewater
Quality
Standards for
Discharge to
Municipal
Sewers
√ Applicable □ Not applicable
In 2022, the Company's pollution control facilities operated stably, with all pollutants being discharged by meeting
standards. All pollutants were qualified in the environmental protection inspection by environmental protection
departments at all levels.
licensing for environmental protection
√ Applicable □ Not applicable
Carlsberg (Foshan) Co., Ltd. newly built the beer project with 500,000kl annual output, and obtained the approval
(FHSF [2022] No. 98) of environmental impact statement on December 19, 2022;
Xinjiang Wusu Beer (Korla) Phase 3 Expansion Project was implemented, environmental impact assessment reply
No. BHPJH [2022] No. 82;
√ Applicable □ Not applicable
The Company has attached importance to environmental emergency early warning and risk prevention and control,
and has established complete environmental risk prevention and control measures. Each brewery of the Company
has formulated the Emergency Plan for Emergent Environmental Incidents and Environmental Risk Assessment
Report, and put them on filing in relevant environmental protection departments. The Company can correctly cope
with local or regional environmental pollution accidents caused by emergency environmental pollution and
ecological damage, and ensure that the field emergency treatment can be quickly and effectively carried out to
protect the brewery and surrounding environment as well as the life and property of the people in residential areas
and prevent emergency environmental pollution accidents.
√ Applicable □ Not applicable
Each brewery of the Company has prepared the environmental protection self-monitoring scheme to conduct self-
monitoring on various pollutant factors. The Company implements Discharge Standard of Pollutants for Beer
Industry (GB19821-2005) and ISO14001 environmental management system and internal SHAPE system
(environmental health and safety excellence assessment system).
period
□ Applicable √ Not applicable
ANNUAL REPORT 2022
□ Applicable √ Not applicable
(II) Statement of environmental protection of companies other than key pollutant discharging units
√ Applicable □ Not applicable
Name of
Number Pollutant Total Total
major Excessive
Company Discharge of Distribution Discharge discharge amount discharge
pollutants and discharge
name mode discharge information concentration standards of amount
characteristic information
outlet implemented discharge approved
pollutants
COD: GB19821-2005 COD: COD:
Chongqing Discharge
North and 3500mg/L Discharge 3.76t 105t
Brewery after Non-
Wastewater 1 south of the Ammonia Standard of Ammonia Ammonia
Xichang qualified exceeding
factory nitrogen: Pollutants for nitrogen: nitrogen:
Co., Ltd. treatment
Be
discharged
into the
Fuling urban pipe
COD: 30.652 GB19821-2005 COD: COD:
Branch of network Out of the
mg/l Discharge 0.728t 143.18t
Carlsberg after main Non-
Wastewater 1 Ammonia Standard of Ammonia Ammonia
Chongqing pretreatment entrance of exceeding
nitrogen: Pollutants for nitrogen: nitrogen:
Brewery and enter the the factory
Co., Ltd. urban
sewage
treatment
station
Be
Shizhu discharged
COD: GB19821-2005 COD: COD:
Branch of into the park
Northwest 199mg/L Discharge 26.62t 143.18t
Carlsberg pipe Non-
Wastewater 1 corner in Ammonia Standard of Ammonia Ammonia
Chongqing network exceeding
the factory nitrogen: Pollutants for nitrogen: nitrogen:
Brewery after
Co., Ltd. qualified
treatment
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(III) Information favorable to ecological protection, pollution prevention and control, and
environmental responsibility performance
√ Applicable □ Not applicable
The Company paid high attention to rational utilization of water resources, and achieved the goal of unit water
consumption in 2022 set by the Group falling by 25% in advance.
Through lean production and management, we took a series of water saving measures, including water-saving
transformation of bottle washer, packaged water reclamation project, water-saving vacuum pump and reclaimed
water reuse project, and constantly reduced the unit water consumption. The water use efficiency reduced from
in 2022 saved more than 2,070,000kl compared with that in 2015, equivalent to 8,000,000 standard swimming pools
ANNUAL REPORT 2022
of Olympic Games.
In 2022, the water saving efficiency of the Company won multiple honors:
Liangping Branch (Liangping Brewery) subordinated to the Company won 2022 Chongqing level “Water Efficiency
Leader”.
Enterprise”.
(IV) Measures taken for reducing carbon emissions during the reporting period and their effects
Whether to take carbon reduction measures Yes
Reduce emission of carbon dioxide equivalent (in unit 97,742
of: ton)
Type of carbon emission reduction measures (such as Apply carbon emission reduction technology in
power generation with clean energy, carbon emission production process and optimize the energy structure.
reduction technology in production process, research
and development and production of new products
contributive to carbon emission reduction)
Specific description
√ Applicable □ Not applicable
In order to reduce the carbon emission of beer production link, the Company actively takes the energy saving and
emission reduction actions, and continues to increasing the energy saving and technological transformation of
production technology and investment in energy structure optimization.
Through performance benchmarking management, good practical application and lean production, the Company
continues to improve the energy use efficiency and reduce the carbon emission of factory production link.
Meanwhile, it actively develops the energy saving and technological transformation products, including application
of low-voltage dynamic boiling technology, comprehensive utilization of thermal energy, boiler efficiency
promotion, energy saving and transformation of bottle washer and sterilization machine.
In contrast with that in 2018, the Company’s comprehensive energy consumption in 2022 reduced by 20%.
The Company actively explores the alternative solution of clean energy, and tries to replace the traditional fossil
energy with marsh gas and other new energies. In addition, the Company devotes to promoting the use ratio of
renewable electricity of brewing link. In 2022, the Company used 157,142MWH green power in the proportion of
by more than 75% compared with that in 2015, and a total of 230,000t carbon dioxide was decreased, equivalent to
In order to reduce the carbon emission of logistics transportation link, the Company used electric forklift instead of
diesel forklift in each brewery, and effectively reduced 2.24t carbon emission in contrast with that in 2021. While
vigorously promoting the electrification of logistics fleet, the Company continues to propel the forklift battery
replacement project, and replaces the traditional lead-acid battery with more eco-friendly lithium-ion battery. In
addition, the Company cooperates with the logistics supplier, strictly monitors the use of fuel of logistics link,
provides training for driver on fuel efficiency, and promotes the energy saving consciousness and environmental
performance of suppliers.
In the cooling storage link, the Company positively coordinates with the requirement of “any new refrigerator must
be used with LED lighting and eco-friendly refrigerant” proposed by the group, and purchases the new refrigerator
used with eco-friendly refrigerant. In addition, while the Company uses the refrigerant free of Freon and energy
ANNUAL REPORT 2022
saving freezer to effectively reduce the emission of greenhouse gas generated by refrigerant while reducing 10%
terminal energy consumption. The Company began to carry out energy saving freezer project from 2021, and
purchased about 18,000 energy saving freezers every year.
II. Information on social responsibility
(I) Whether to disclose the social responsibility report, sustainable development report or ESG report alone
√ Applicable □ Not applicable
For details, please refer to the 2022 Environmental, Social and Governance Report disclosed by the Company on
the website of Shanghai Stock Exchange (www.sse.com.cn) on the same day.
(II) Information on social responsibility works
√ Applicable □ Not applicable
External donation and public welfare project Quantity / content Statement of situation
Total input (RMB ten thousand) 29.8 Please refer to the following specification.
Including: Funds (RMB ten thousand) 29.8
Material discount (RMB ten thousand)
Number of people (Person)
Specific description
√ Applicable □ Not applicable
Municipal Party Committee of the Communist Youth League and Chongqing Brewery Yibin Co., Ltd. was held,
and a total of RMB 0.2 million charity grant was awarded to 60 freshmen on site.
University” of universities in Chongqing, Chongqing Brewery Co., Ltd. invested expenditure in construction of
each “Top 10 league and student union work brands” supporting project, a total of RMB 0.098 million, benefiting
thousands of people.
III. Information on consolidating and expanding the achievements in poverty alleviation and rural
revitalization
□ Applicable √ Not applicable
Specific description
□ Applicable √ Not applicable
ANNUAL REPORT 2022
SECTION VI SIGINIFICANT EVENTS
I. Fulfillment of commitments
(I) The commitment matters of the Company’s actual controllers, shareholders, related parties, purchasers, the Company and other related parties during the
reporting period or lasting to the reporting period
√ Applicable □ Not applicable
Plan for the
Whether Whether
Time and next step in
there is a timely and Specific reasons in
Background of Types of Committing duration of case of
Content of commitments duration of strict case of failure of
commitments commitments parties commitme failure of
the commitment timely fulfillment
nts timely
fulfillment is conducted
fulfillment
The listed company has the legal and The 36 registered
complete ownership of the assets to trademarks of The listed
be injected by Chongqing Brewery, Chongqing Brewery company
and the listed company truly holds were seized on Dec. 2, will
such assets, and is free from any 2020 due to continue to
events of holding them for others or litigations, including following
for the benefit of others by ten registered up the
Commitments
entrustment or trust; there are no trademarks of the trademark
related to major Listed
Asset injection other rights such as mortgages or Long-term No No “Shancheng” series transfer
asset company
pledges on such assets, no other and 26 registered procedures
restructuring
interest arrangements prohibiting or trademarks of the and update
restricting transfer of such assets, nor “Chongqing” series. the progress
any restrictions such as seizure, On Dec. 9, 2020, the after the
sealing up or freeze of such assets by listed company completion
law enforcement departments that obtained a ruling of the
restrict the rights on such assets or issued by the transfer.
other circumstances that hinder the Chongqing No. 1
ANNUAL REPORT 2022
transfer of ownership; the ownership Intermediate People’s
of such assets is clear, with no Court, which ruled to
ownership disputes or potential unseal the seized
disputes of any kind, and with no assets of Chongqing
internal decision-making obstacles Brewery.
or substantive legal obstacles to the In order to ensure the
assignment or transfer of such assets. normal use of such
At the same time, the listed company trademarks by
guarantees that this situation will Chongqing Jianiang
continue until the assets intended to before the change of
be injected to Chongqing Brewery registration of such
are transferred to Chongqing trademarks to the
Jianiang. name of Chongqing
Jianiang (renamed as
“Carlsberg
Chongqing”),
Chongqing Brewery
signed a Trademark
Licensing Contract
with Chongqing
Jianiang on Dec. 2,
Chongqing Jianiang
to use such
trademarks during the
period from the
delivery date to the
expiration date of
such trademarks.
ANNUAL REPORT 2022
In January 2021, the
Company received
the Civil Ruling Paper
and other documents
issued by the
Chongqing No. 1
Intermediate People’s
Court, and according
to the application for
property preservation
in the litigation filed
by Chongqing Jiawei
Beer Co. Ltd. to the
Chongqing No. 1
Intermediate People’s
Court, the Company’s
trademarks seized in
the litigation
(hereinafter referred
to as “Subsequently
Restricted
Trademarks”)
included 15 registered
trademarks of the
“Shancheng” series
and 88 registered
trademarks of the
“Chongqing” series
held by the listed
ANNUAL REPORT 2022
company.
The duration of
seizure is three years
(Jan. 4, 2021 –Jan. 3,
In July 2022, the
Company received
the Enforcement
Ruling Paper (No. 1
of Yu 01 ZB No. 528
(2020)) issued by the
Chongqing No. 1
Intermediate People’s
Court, which ruled to
lift the seizure of the
rights of the above-
mentioned registered
trademarks of the
Company (including
trademarks of the
“Shancheng” series
and 88 registered
trademarks of the
“Chongqing” series)
that were ruled in the
Civil Ruling Paper
(No. 2 of Yu 01 MC
No. 988 (2020) and
ANNUAL REPORT 2022
the Notice on
Assisting the
Enforcement (No. 1 of
Yu 01 ZB No. 528
(2020)). In July 2022,
the Company
submitted a request to
the State Intellectual
Property
Administration for
resuming the review
of the transfer
application.
These trademarks are
not core trademarks
required for
production and
operation, and most of
them are protective
trademarks.
Considering that the
listed company has
authorized Chongqing
Jianiang to use such
trademarks until the
expiration date of
such trademarks, and
such trademarks have
been in the process of
ANNUAL REPORT 2022
transfer, the above
matters will not have a
material adverse
impact on the
production and
operation of the listed
company, nor will
they commit material
breach of relevant
commitments.
the independence of the listed
company from Carlsberg and its
affiliates in terms of business, assets,
finance, personnel and institutions,
will strictly abide by relevant
regulations of CSRC on the
independence of listed companies,
Commitments
and will not use the control of the
related to major
Others Carlsberg listed company to violate the Long-term No Yes
asset
standard operating procedures of the
restructuring
listed company, interfere in the
business decisions of the listed
company, or damage the legitimate
rights and interests of the listed
company and other shareholders;
improving the governance
mechanism of the listed company,
ANNUAL REPORT 2022
improving the integrity of the assets
of the listed company, enhancing the
independence of the listed company,
and helping the listed company
maintain independence in terms of
personnel, procurement, production,
sales and intellectual property rights,
which is in line with the interests of
the listed company and all its
shareholders. After the completion
of the restructuring, Carlsberg will
give full play to the active role of a
controlling shareholder and assist
the listed company to further
strengthen and improve the
governance structure of the listed
company.
Carlsberg commits that, if it
violates the above commitments and
thus causes losses to the listed
company, it will bear corresponding
compensations according to law.
to maintain the independence of the
Commitments
listed company from Carlsberg
related to major Carlsberg
Others Breweries and its affiliates in Long-term No Yes
asset Breweries
terms of business, assets, finance,
restructuring
personnel and institutions, will
strictly abide by relevant regulations
ANNUAL REPORT 2022
of CSRC on the independence of
listed companies, and will not use
the control of the listed company to
violate the standard operating
procedures of the listed company,
interfere in the business decisions of
the listed company, or damage the
legitimate rights and interests of the
listed company and other
shareholders;
improving the governance
mechanism of the listed company,
improving the integrity of the assets
of the listed company, enhancing the
independence of the listed company,
and helping the listed company
maintain independence in terms of
personnel, procurement, production,
sales and intellectual property rights,
which is in line with the interests of
the listed company and all its
shareholders. After the completion
of the restructuring, Carlsberg
Breweries will give full play to the
active role of a controlling
shareholder and assist the listed
company to further strengthen and
improve the governance structure of
ANNUAL REPORT 2022
the listed company.
Carlsberg Breweries also commits
to urge Carlsberg Hong Kong and
Carlsberg Chongqing to abide by
and implement the above
commitments to avoid harming the
interests of the listed company and
other shareholders.
Carlsberg Breweries commits that,
if it violates the above commitments
and thus causes losses to the listed
company, it will bear corresponding
compensations according to law.
During the period when the
Carlsberg Foundation and Carlsberg
Breweries control the listed
company:
restructuring, Carlsberg and
Commitments Carlsberg Carlsberg Breweries will minimize
Resolution of
related to major and and regulate related-party
related-party Long-term No Yes
asset Carlsberg transactions between Carlsberg,
transactions
restructuring Breweries Carlsberg Breweries and their
affiliates and the listed company and
enterprises controlled by the listed
company in accordance with
relevant laws and regulations;
related-party transactions, Carlsberg
ANNUAL REPORT 2022
and Carlsberg Breweries commit to
follow the principles of fairness,
impartiality and openness of the
market, sign agreements according
to law, perform legal procedures,
ensure the legality of the decision-
making procedures of related-party
transactions as well as the fairness
and reasonableness of transaction
prices and conditions and other
terms of agreements, and not to harm
the legitimate rights and interests of
the listed company and other
shareholders through related-party
transactions.
Carlsberg and Carlsberg Breweries
commit that, if they violate the above
commitments and thus cause losses
to the listed company, they will bear
corresponding compensations
according to law.
It is confirmed that Xinjiang plants
intended to be shut down have
Commitments completely ceased operations, and
Resolution of
related to major Carlsberg Carlsberg Consultancy commits that
intra-industry Long-term No Yes
asset Consultancy such Xinjiang plants will not directly
competition
restructuring or indirectly engage in businesses
competing with Chongqing Brewery
Co. Ltd. (the listed company) and
ANNUAL REPORT 2022
subsidiaries controlled by the listed
company in China in the future.
Carlsberg Consultancy commits that,
if it violates the above commitments
and thus causes losses to the listed
company, it will bear corresponding
compensations according to law.
During the period when the
Carlsberg Foundation controls the
listed company or when Carlsberg
Breweries is the controlling
shareholder of the listed company:
restructuring, Carlsberg, Carlsberg
Breweries and other enterprises
controlled by them other than the
Commitments Carlsberg listed company and subsidiaries
Resolution of
related to major and controlled by the listed company
intra-industry Long-term No Yes
asset Carlsberg shall not directly or indirectly
competition
restructuring Breweries engage in businesses competing with
the listed company and subsidiaries
controlled by it in mainland China.
controlled by Carlsberg and
Carlsberg Breweries, which are not
included in the scope of the
restructuring and involve beer assets
and businesses in mainland China,
Carlsberg and Carlsberg Breweries
ANNUAL REPORT 2022
commit as follows:
(1) For companies not controlled by
Carlsberg and Carlsberg Breweries,
which are defined as Sino-foreign
joint ventures as of the date of this
letter (including Qinghai Huanghe
Jianiang Beer Co. Ltd., Tianshui
Huanghe Jianiang Beer Co. Ltd.,
Lanzhou Huanghe Jianiang Beer Co.
Ltd., Jiuquan West Brewery Co. Ltd.
and Tibet Lhasa Beer Co. Ltd.), a)
if relevant joint venture parties agree
in the future to acquire all or part of
the equities directly and/or indirectly
held by Carlsberg and Carlsberg
Breweries in such companies on fair
and reasonable terms, Carlsberg and
Carlsberg Breweries commit to sell
all or part of the equities held in such
companies to the joint venture
parties and not to increase their
shareholding in such companies in
the future, except as described in
item c) below; b) if relevant joint
venture parties agree in the future to
sell all or part of the equities held by
them in such companies to the listed
company, and the business
performance and asset quality of
ANNUAL REPORT 2022
relevant companies are qualified for
the injection into the listed company,
Carlsberg and Carlsberg Breweries
commit to sell all the equities held by
them to the listed company on the
same terms or inject the equities into
the listed company in other feasible
ways at the same time as the joint
venture parties sell all or part of the
equities held by them in such
companies to the listed company; c)
if relevant joint venture parties agree
in the future to sell all or part of the
equities held by them but do not
agree to sell such equities to the
listed company, and the business
performance and asset quality of
relevant companies are qualified for
the injection into the listed company,
Carlsberg and Carlsberg Breweries
commit to exercise the pre-emptive
right in respect of the above-
mentioned equities intended to be
sold as instructed by the listed
company, and sell the equities of
relevant companies (including the
above-mentioned equities acquired
through the exercise of the pre-
emptive right and the equities
ANNUAL REPORT 2022
originally held by Carlsberg and
Carlsberg Breweries) to the listed
company on the same terms (if
relevant joint venture parties still
hold part of the equities at that time,
Carlsberg and Carlsberg Breweries
will be subject to relevant joint
venture parties’ waiver of the
exercise of the pre-emptive right and
the procedures stipulated in the
Articles of Association) or inject the
equities into the listed company in
other feasible ways upon completion
of the purchase; d) Except as
described in item c) above, Carlsberg
and Carlsberg Breweries commit not
to seek control of such companies in
any way.
(2) For the company not controlled
by Carlsberg and Carlsberg
Breweries, which is defined as a
wholly foreign-owned enterprise as
of the date of this letter (i.e. Jing-A
Brewing Co. Ltd.), if Carlsberg and
Carlsberg Breweries acquire direct
and/or indirect control of the
company in the future and the
company’s business performance
and asset quality are qualified for the
ANNUAL REPORT 2022
injection into the listed company,
Carlsberg and Carlsberg Breweries
commit to sell the equities directly
and/or indirectly held by them in the
company to the listed company or
inject the equities into the listed
company in other feasible ways; if
the listed company decides to waive
the purchase according to its
business development needs and
through the internal decision-making
process, Carlsberg and Carlsberg
Breweries commit to sell the equities
directly and/or indirectly held by
them in the company to an unrelated
third party.
The fulfillment of the above
commitments shall be subject to the
national laws, regulations and
industry policies, the requirements
of administrative approval, and the
internal decision-making procedures
of the listed company.
restructuring, Carlsberg and
Carlsberg Breweries (including
wholly-owned enterprises,
enterprises controlled by them and
branches at all levels) obtain
ANNUAL REPORT 2022
investment opportunities directly
competing with the main businesses
or main products of the listed
company in mainland China, which
the listed company intends to
participate in and has the ability to
operate and relevant third parties
agree to provide to the listed
company on reasonable terms,
Carlsberg and Carlsberg Breweries
commit to prompt the third party to
negotiate in good faith with the listed
company so as to enable the listed
company to implement such
investment opportunities.
If the aforesaid future investment
opportunities in mainland China do
not directly compete with the main
businesses or main products of the
listed company, or the listed
company does not intend to or
temporarily does not have the ability
to operate such investment
opportunities, or a third party refuses
to provide such opportunities to the
listed company, Carlsberg and
Carlsberg Breweries may make
investment or acquisition under the
premise of complying with the
ANNUAL REPORT 2022
contents described in item 1 of this
commitment letter.
Carlsberg and Carlsberg Breweries
also commit to urge Carlsberg
Breweries Hong Kong Limited and
Carlsberg Chongqing Ltd. to abide
by and implement the above
commitments so as to avoid harming
the interests of the listed company
and other shareholders.
Carlsberg and Carlsberg Breweries
commit that if they violate the above
commitments and thus cause losses
to the listed company, they will bear
corresponding compensations
according to law.
The restructuring will greatly
improve the profitability of the listed
company, and it is expected that
there will be no dilution of
All directors
Commitments immediate returns after the
and senior
related to major restructuring, but it cannot
Others management Long-term No Yes
asset completely rule out the possibility
of the listed
restructuring that its future profitability will be
company
less than expected. To further reduce
the risk of the possible dilution of
immediate returns of the listed
company, all directors and senior
ANNUAL REPORT 2022
management of the listed company
(individually and collectively
referred to as “I”) hereby commit as
follows:
benefits to other units or individuals
free of charge or on unfair terms, nor
to harm the interests of the listed
company in any other ways.
commitments and thus cause losses
to the listed company or investors, I
am willing to bear the liability of
compensation to the listed company
or investors according to law.
The restructuring will greatly
improve the profitability of the listed
company, and it is expected that
there will be no dilution of
immediate returns after the
Commitments restructuring, but it cannot
related to major Carlsberg completely rule out the possibility
Others Long-term No Yes
asset Breweries that its future profitability will be
restructuring less than expected. To further reduce
the risk of the possible dilution of
immediate returns of the listed
company, Carlsberg Breweries, as
the controlling shareholder of the
listed company, hereby commits
ANNUAL REPORT 2022
that:
operation and management activities
of the listed company beyond its
authority, and will not encroach on
the interests of the listed company.
company has signed the Profit
Forecast and Compensation
Agreement with effective conditions
with relevant parties including
Carlsberg Breweries, providing
legally binding safeguards to avoid
the dilution of immediate returns
caused by the restructuring.
above commitments and thus cause
losses to the listed company or
investors, Carlsberg Breweries is
willing to bear the liability of
compensation to the listed company
or investors according to law.
The restructuring will greatly
improve the profitability of the listed
Commitments
company, and it is expected that
related to major
Others Carlsberg there will be no dilution of Long-term No Yes
asset
immediate returns after the
restructuring
restructuring, but it cannot
completely rule out the possibility
ANNUAL REPORT 2022
that its future profitability will be
less than expected. To further reduce
the risk of the possible dilution of
immediate returns of the listed
company, Carlsberg hereby commits
that:
operation and management activities
of the listed company beyond its
authority, and will not encroach on
the interests of the listed company.
company has signed the Profit
Forecast and Compensation
Agreement with effective conditions
with relevant parties, providing
legally binding safeguards to avoid
the dilution of immediate returns
caused by the restructuring.
commitments and thus cause losses
to the listed company or investors,
Carlsberg is willing to bear the
liability of compensation to the listed
company or investors according to
law.
Commitments Resolution of In case of defects in the ownership or
Carlsberg
related to major defects of land related procedures of any buildings, Long-term No Yes
Breweries
asset and other structures, land use rights,
ANNUAL REPORT 2022
restructuring property rights construction projects and production
lines owned or rented by companies
of Package B and/or subsidiaries
controlled by them before the
completion of the restructuring,
resulting in the failure of normal use
of the above-mentioned buildings,
structures, land, construction
projects or production lines by
companies of Package B and/or
subsidiaries controlled by them, or
causing
litigations/arbitrations/disputes
between companies of Package B
and/or subsidiaries controlled by
them and other third parties as well
as administrative penalties imposed
by relevant competent authorities,
Carlsberg Breweries commits to bear
all losses, damages and expenses
incurred to Chongqing Jianiang Beer
Co. Ltd. and the listed company
according to law, including but not
limited to all losses and expenses
incurred due to litigations or
arbitrations, fines, suspension of
production or business, searching for
alternative venues and relocation.
Commitments Resolution of Carlsberg In case of defects in the ownership or Long-term No Yes
ANNUAL REPORT 2022
related to major defects of land Consultancy related procedures of any buildings,
asset and other structures, land use rights,
restructuring property rights construction projects and production
lines owned or rented by companies
of Package A and/or subsidiaries
controlled by them before the
completion of the restructuring,
resulting in the failure of normal use
of the above-mentioned buildings,
structures, land, construction
projects or production lines by
companies of Package A and/or
subsidiaries controlled by them, or
causing
litigations/arbitrations/disputes
between companies of Package A
and/or subsidiaries controlled by
them and other third parties as well
as administrative penalties imposed
by relevant competent authorities,
Carlsberg Consultancy commits to
bear all losses, damages and
expenses incurred to Chongqing
Jianiang Beer Co. Ltd. and the listed
company according to law, including
but not limited to all losses and
expenses incurred due to litigations
or arbitrations, fines, suspension of
production or business, searching for
ANNUAL REPORT 2022
alternative venues and relocation.
In case of defects in the payment of
five social insurances and the
housing fund made by companies of
Package B and/or subsidiaries
controlled by them before the
completion of the restructuring,
resulting in recovery or
supplementary payment required by
Commitments
relevant government departments, or
related to major Carlsberg
Others penalties imposed by relevant Long-term No Yes
asset Breweries
government departments or
restructuring
requirement of bearing any form of
legal liability, thereby causing any
losses, damages and expenses to
Chongqing Jianiang Beer Co. Ltd.
and the listed company, Carlsberg
Breweries commits to bear the above
losses and expenses according to
law.
In case of defects in the payment of
five social insurances and the
housing fund made by companies of
Commitments
Package A and/or subsidiaries
related to major Carlsberg
Others controlled by them before the Long-term No Yes
asset Consultancy
completion of the restructuring,
restructuring
resulting in recovery or
supplementary payment required by
relevant government departments, or
ANNUAL REPORT 2022
penalties imposed by relevant
government departments or
requirement of bearing any form of
legal liability, thereby causing any
losses, damages and expenses to
Chongqing Jianiang Beer Co. Ltd.
and the listed company, Carlsberg
Consultancy commits to bear the
above losses and expenses according
to law.
Carlsberg Hong Kong commits that
the net profits of the 48.58% of the
equity of Chongqing Jianiang
realized in 2020, 2021 and 2022,
which are attributable to the owners
of the parent company after
deducting non-recurring profits and
losses, will be no less than
Commitments
Profit forecast RMB48.9771 million, RMB58.9149
related to major Carlsberg
and million and RMB62.1098 million. 3 years Yes Yes
asset Hong Kong
compensation Upon the expiration of the
restructuring
performance commitment period,
Chongqing Brewery shall engage an
audit institution as provided in the
Securities Law of the People’s
Republic of China to conduct an
impairment test (hereinafter referred
to as the “Impairment Test”) on the
underlying assets when issuing the
ANNUAL REPORT 2022
annual financial report, and issue a
special audit report within 30
business days after issuing the
annual financial report for the last
year of the performance
commitment period. After the
Impairment Test: the total amount of
the compensation made after the
impairment test of the 48.58% of the
equity of Chongqing Jianiang and
the compensation made for the
performance commitment shall not
exceed the transaction price of the
transfer of the equity of Chongqing
Jianiang (i.e. RMB 643.4421
million), and if the ending
impairment amount of the 48.58% of
the equity of Chongqing Jianiang is
greater than the accumulated amount
of the compensation made by
Carlsberg Hong Kong for the
transfer of the equity of Chongqing
Jianiang during the performance
commitment period, then, subject to
the aforementioned provisions,
Carlsberg Hong Kong shall
compensate Chongqing Brewery for
the difference in cash in accordance
with provisions of the Profit Forecast
ANNUAL REPORT 2022
and Compensation Agreement.
Carlsberg Breweries and Carlsberg
Consultancy commit that the
aggregated net profits of all the
underlying companies involved in
asset Package A and asset Package B
realized in 2020, 2021 and 2022,
which are attributable to the owners
of the parent company after
deducting non-recurring profits and
losses, will be no less than
RMB565.4003 million,
RMB767.6368 million and
Carlsberg
Commitments RMB808.9071 million. Upon the
Profit forecast Breweries
related to major expiration of the performance
and and 3 years Yes Yes
asset commitment period, Chongqing
compensation Carlsberg
restructuring Brewery shall engage an audit
Consultancy
institution as provided in the
Securities Law of the People’s
Republic of China to conduct an
impairment test (hereinafter referred
to as the “Impairment Test”) on the
underlying assets when issuing the
annual financial report, and issue a
special audit report within 30
business days after issuing the
annual financial report for the last
year of the performance
commitment period. After the
ANNUAL REPORT 2022
Impairment Test: the total amount of
the compensation made after the
impairment test of asset Package A
and asset Package B and the
compensation made for the
performance commitment shall not
exceed the total transaction price of
asset Package A and asset Package B
(i.e. RMB7,169,984,224.04). If the
ending impairment amount of asset
Package A and asset Package B is
greater than the accumulated amount
of the capital increased in
Chongqing Jianiang and the
compensation for the purchase of
asset Package B by Carlsberg
Breweries and Carlsberg
Consultancy during the performance
commitment period, then, subject to
the aforementioned provisions,
Carlsberg Breweries and Carlsberg
Consultancy shall compensate
Chongqing Jianiang for the
difference in cash in accordance with
provisions of the Profit Forecast and
Compensation Agreement.
ANNUAL REPORT 2022
(II) Realization of profit forecasts for the Company’s assets or projects and its reasons if there are profit
forecasts for assets or projects and the reporting period is still in the profit forecast period
√ Realized □ Not Realized □ Not Applicable
In 2020, the Company completed the major asset restructuring. For the performance commitments of the underlying
assets in 2020, 2021 and 2022 as agreed in the restructuring report, the Company engaged Pan-China Certified
Public Accountants LLP to issue the Commitments Verification Report numbered PCCPACVR [2023] 8-151 and
PCCPACVR [2023] 8-152. Details are as follows.
Monetary unit: RMB Ten Thousand Yuan
Net profit after deducting Net profit after deducting
Realization
Items non-recurring profit and non-recurring profit and Differences
rate (%)
loss committed in 2022 loss realized in 2022
Asset Package A
and Asset Package 80,890.71 170,907.06 90,016.35 211.28
B
of Chongqing 6,210.98 16,830.97 10,619.99 270.99
Jianiang
(III) Completion of performance commitments and its impact on goodwill impairment test
□ Applicable √ Not applicable
II. Non-operational occupation of funds by controlling shareholders and other related parties during the
reporting period
□ Applicable √ Not applicable
III. Illegal guarantee situation
□ Applicable √ Not applicable
IV. Statement of the Company’s Board of Directors on the “Nonstandard Auditor’s Report” provided by
the Accounting Firm
□ Applicable √ Not applicable
V. Analytical descriptions of the Company on the causes and influence of the Accounting Policy, Accounting
Estimate Changes or Major Accounting Error Correction
(I) Analytical Descriptions of the Company on the Causes and Influence of the Accounting Policy and
Accounting Estimate Changes
√ Applicable □ Not applicable
Please refer to Section X Financial Report “V. Important accounting policies and accounting estimates 44” of the
report for details.
(II) Analytical Descriptions of the Company on the Causes and Influence of Major Accounting Error
Correction
□ Applicable √ Not applicable
(III) Information on Communication with Former Certified Public Accountants
□ Applicable √ Not applicable
ANNUAL REPORT 2022
(IV) Other remarks
□ Applicable √ Not applicable
VI. Engagement and dismissal of accounting firms
Monetary unit: RMB Ten Thousand Yuan
Current engagement
Name of domestic accounting firms Pan-China Certified Public Accountants LLP
Remuneration 180
Audit service period 10
Certified Public Accountants Huang Qiaomei, Zhao Xingming
Certified Public Accountants’ continuous years for
audit services
Name Remuneration
Pan-China Certified Public
Accounting firm of internal control audit 120
Accountants LLP
Financial consultant
Sponsor
Remarks on engagement and dismissal of accounting firms
√ Applicable □ Not applicable
Pursuant to the “Proposal on the Appointment of Pan-China Certified Public Accountants LLP to be the Auditor of
the Company’s Financial Report and Internal Control for the Year of 2022” deliberated and approved by the
Company’s 2021 Annual General Meeting of Shareholders, the Company intended to pay remuneration of 1.80
million yuan for annual audit and remuneration of 1.20 million yuan for internal control audit, totaling 3.00 million
yuan, to Pan-China Certified Public Accountants LLP.
Remarks on the change of accounting firm during the audit period
□ Applicable √ Not applicable
VII. Information on facing delisting risk
(I) Reasons of being given delisting risk warning
□ Applicable √ Not applicable
(II) Measures to be taken by the Company
□ Applicable √ Not applicable
(III) Information on and reasons for termination of listing
□ Applicable √ Not applicable
VIII. Relevant matters of bankruptcy reorganization
□ Applicable √ Not applicable
IX. Major litigation and arbitration matters
ANNUAL REPORT 2022
√ The Company has major litigation and arbitration matters in this year. □ The Company has no major litigation
and arbitration matters in this year.
(I) Litigation and arbitration matters already disclosed in the interim announcements and without
subsequent progress
√ Applicable □ Not applicable
Summary and types of the matters Query index
On September 27, 2020, Chongqing Jiawei, the Please refer to “L No. 2020-043”, “L No. 2021-005”
shareholding subsidiary of the listed company, filed a and “L No. 2022-025” Announcements disclosed by the
lawsuit against contract dispute of the Company to Company on the website (www.sse.com.cn) of
Chongqing Municipal First Intermediate People’s Shanghai Stock Exchange on October 9, 2020,
Court; February 5, 2021 and June 14, 2022 for details.
On January 28, 2021, Chongqing Jiawei changed claim
to RMB 822 million, and increased the joint defendants
to 13;
On March 30, 2021, Chongqing No. 1 Intermediate
People's Court organized the first pretrial conference.
Chongqing Jiawei submitted a new petition and a new
defendant in court, with the claimed amount remaining
unchanged. The pretrial conference didn’t conduct a
substantial trial of the case, but only checked the
situation of each party and made a brief inquiry on the
procedural issues of the case.
The second pretrial conference was held on July 7,
opinions, submitted evidences and checked the original
evidences.
The third pretrial conference was held during the
period from October 26 to 28, 2021.
The hearing was held from March 7 to March 8, 2022;
On May 31, 2022, Chongqing Jiawei applied for
withdrawing prosecution, and Chongqing Municipal
First Intermediate People’s Court had ruled and
approved it.
ANNUAL REPORT 2022
(II) Information on litigation and arbitration matters not disclosed in the interim announcements or with subsequent progress
√ Applicable □ Not applicable
Monetary unit: RMB million Yuan
Whether the
During the litigation Information on
Party Type of Amount
reporting (arbitration) Results of the execution of
Defendant bearing litigation Basic information of the litigation involved in Information on litigation (arbitration)
period: forms the litigation (arbitration) adjudication of
(applied) joint and (arbitration) the litigation progress
Plaintiff expected and impacts the litigation
liabilities arbitration (arbitration)
(applicant) liabilities and (arbitration)
amounts
The first hearing was held on May 7,
On March 5, 2021, Chongqing
July 15, 2021; The third hearing was
Jianiang, a holding subsidiary of The final judgment of
Chongqing held on October 20, 2021; On
the listed company, filed a litigation the case does not affect
Jianiang November 26, 2021, the Company
to Chongqing No. 5 Intermediate the normal right of
Brewery Co., received the ruling of the first instance
Chongqing People's Court for Chongqing continuing distribution
Ltd. (now for rejection of prosecution, but it
Jiawei Distributed Jiawei, a joint-stock subsidiary of of right, and the
renamed as 116.5 No refused to obey, so it instituted an
Brewery profits Chongqing Jianiang refusing to Company will take
Carlsberg appeal to Chongqing High People’s
Co., Ltd. distribute the profits in 2019 and further measures to
Chongqing Court; On January 6, 2023, it held a
Brewery Co., hearing in the second instance.
Chongqing Brewery changed the the undistributed
Ltd.) Chongqing High People’s Court made
amount of litigation to RMB 117 profit.
a final judgment for rejecting an appeal
million.
and affirming original judgment on
February 28, 2023.
Chongqing Jiawei paid the principal
amount of RMB 7,658,311.54 to the
listed company on June 30, 2021. The
listed company withdrew the claim for
On January 13, 2021, the listed
payment of the principal. On July 5, It was confirmed in the
company filed a litigation to the Chongqing
Chongqing 2021, the Court made a first-instance final judgment of this
Chongqing People's Court of Dadukou District, Jiawei has paid
Jiawei Contract judgment on the overdue interest case that Chongqing
Brewery Co., requiring Chongqing Jiawei to pay 10.01 No overdue
Brewery disputes payment and ordered Chongqing Jiawei was obligated
Ltd. the sales expenses and interest on interests to the
Co., Ltd. Jiawei to pay the overdue interest of to pay sales expenses
overdue payment from June to Company.
RMB 52,983.99. The listed company to the Company.
December 2020.
disobeyed the judgment of the first
instance and then instituted an appeal to
Chongqing No. 5 Intermediate People’s
Court. On February 11, 2022, the
ANNUAL REPORT 2022
Company received the judgment of
second instance, in which the appeal
was rejected and the original judgment
was held.
On December 24, 2021, the Company
received the ruling of the first instance
On March 12, 2021, Carlsberg
for rejection of prosecution, but it
Chongqing Brewery, a subsidiary
refused to obey, so it instituted an
Chongqing controlled by the listed company,
appeal to Chongqing High People’s
Jianiang filed a lawsuit against Risun Group,
Court;
Brewery Co., Chongqing a major shareholder of Chongqing
On August 26, 2022, the Company
Ltd. (now Risun Jiawei for its long-term illegal
Capital received the ruling of the last instance
renamed as Industrial occupation of capital of Chongqing 711 No
occupation for withdrawal of the first instance, and
Carlsberg Group Co., Jiawei not through the resolution
instructed Chongqing No. 5
Chongqing Ltd. procedures of Chongqing Jiawei,
Intermediate People’s Court to hear the
Brewery Co., requiring the latter to refund the
case;
Ltd.) capital of RMB 700 million it
On April 14, 2023, Chongqing No. 5
occupied and interests to the third
Intermediate People’s Court held a
person Chongqing Jiawei.
hearing for the case and the Company
changed claim to RMB 711 million.
ANNUAL REPORT 2022
(III) Other remarks
□ Applicable √ Not applicable
X. Suspected violation of laws and regulations, penalty to and rectification of the listed company and its
directors, supervisors, senior executives, controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI. Statement of the honesty condition of the Company and its controlling shareholders and actual
controllers during the reporting period
□ Applicable √ Not applicable
XII. Major related-party transactions
(I) Related-party transactions relevant to daily operation
implementation
√ Applicable □ Not applicable
Summary of the matters Query index
Pursuant to the “Proposal on the Estimation of Daily Please refer to the announcements of “L No. 2021-
Related Party Transactions in 2022” deliberated and 038”, “L No. 2022-018” and “L 2022-027”
approved by the Company’s Third Extraordinary Announcement disclosed by the Company on the
General Meeting of Shareholders in 2021 dated website of Shanghai Stock Exchange (www.sse.
December 1, 2021, the amount of daily related party com.cn) on November 13, 2021, April 29, 2022 and
transactions in 2022 is expected to not exceed 326.372 June 21, 2022 respectively for details.
million yuan.
Later, due to the increase in the sales to or purchases
from related parties in 2022, the amount of daily related
party transactions for sales or purchases in 2022 is
expected to increase by 40 million yuan pursuant to the
“Proposal on the Adjustment of the Estimation of Daily
Related Party Transactions of the Company for 2022”
deliberated and approved by the Company’s 2021
Annual General Meeting of Shareholders dated May
Pursuant to the “Proposal on the Adjustment of 1664
Blanc Royalty Rate” deliberated and approved by the
Company’s Second Extraordinary General Meeting of
Shareholders in 2022 dated July 13, 2022, the license
fees of daily related party transactions are expected to
increase by 6.3 million yuan due to the adjustment of
royalty rate of 1664 Blanc in the global market.
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
ANNUAL REPORT 2022
(II) Related party transactions accrued from the assets or equity acquisition and sales
implementation
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Please refer to (II) of Section VI “I. Fulfillment of commitments” of the report for details.
(III) Major related-party transactions of joint investments abroad
implementation
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Related party creditor's rights and debt
implementation
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(V) Financial business between the Company and associated financial companies, and between financial
companies controlled by the Company and its related party
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
ANNUAL REPORT 2022
XIII. Information on major contracts and its performance
(I) Trusteeship, contracting and leasing matters
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(II) Information on guarantee
□ Applicable √ Not applicable
(III) Information on entrusting others with the management of cash assets
(1) Situation of overall entrusted financial management
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Type Source of fund Amount incurred Undue balance Overdue amount unrecovered
Bank financing Self-owned funds 1,500,000,000 0 0
Other situations
□ Applicable √ Not applicable
(2) Information on single entrusted financial management
√ Applicable □ Not applicable
ANNUAL REPORT 2022
Monetary unit: RMB Yuan
Whether
there is Withdrawal
Types of Amount of Starting date Ending date Whether
Investment Remuneration Annualized Expected Actual Information entrusted amount of
entrusted entrusted of entrusted of entrusted Source go through
Trustee direction of determination rate of revenue revenue or on actual finance impairment
finance finance finance finance of fund legal
funds method return (if any) loss recovery management provision
management management management management procedures
plan in the (if any)
future
Guaranteed
RMB non-
ANZ
redeemable
Bank Due principal
HIBOR
(China) November February 28, Bank and interest
daily 500,000,000 Revenue 2.45% 3,096,527.78 3,096,527.78 Withdraw Yes Yes
Co., Ltd. 29, 2021 2022 financing recovered in a
interval
Shanghai lump-sum
cumulative
Branch
structured
investment
Standard
Interval Due principal
Chartered
cumulative January 10, April 11, Bank and interest
Bank 500,000,000 Revenue 2.45% 3,054,109.60 3,054,109.60 Withdraw Yes Yes
structured 2022 2022 financing recovered in a
(China)
deposits lump-sum
Limited
Guaranteed
RMB non-
ANZ
redeemable
Bank Due principal
HIBOR
(China) March 22, Bank and interest
daily 500,000,000 June 22, 2022 Revenue 2.45% 3,130,555.56 3,130,555.56 Withdraw Yes Yes
Co., Ltd. 2022 financing recovered in a
interval
Shanghai lump-sum
cumulative
Branch
structured
investment
Guaranteed
RMB non-
ANZ
redeemable
Bank Due principal
HIBOR
(China) September Bank and interest
daily 500,000,000 June 22, 2022 Revenue 2.45% 3,130,555.56 3,130,555.56 Withdraw Yes Yes
Co., Ltd. 22, 2022 financing recovered in a
interval
Shanghai lump-sum
cumulative
Branch
structured
investment
ANNUAL REPORT 2022
Other situations
□ Applicable √ Not applicable
(3) Impairment provision of entrusted financial management
□ Applicable √ Not applicable
(1) Information on overall entrusted loans
□ Applicable √ Not applicable
Other situations
□ Applicable √ Not applicable
(2) Information on single entrusted loans
□ Applicable √ Not applicable
Other situations
□ Applicable √ Not applicable
(3) Depreciation provisions of entrusted loans
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Other material contracts
□ Applicable √ Not applicable
XIV. Description on other major matters that will significantly affect the value judgment and
investment decisions made by investors
□ Applicable √ Not applicable
SECTION VII CHANGES IN SHARES AND INFORMATION
ABOUT SHAREHOLDERS
I. Information on changes in share capital
(I) Table of share change
During the reporting period, the sum of shares and share capital structure has no change.
□ Applicable √ Not applicable
such as earnings per share, net assets per share (if any)
□ Applicable √ Not applicable
ANNUAL REPORT 2022
regulatory institutions
□ Applicable √ Not applicable
(II) Information on changes in restricted shares
□ Applicable √ Not applicable
II. Information on securities issuance and listing
(I) Information on issuance of securities as of the reporting period
□ Applicable √ Not applicable
Statement on the issuance of securities as of the reporting period (please specify separately for bonds with
different interest rates during the duration):
□ Applicable √ Not applicable
(II) Information on changes in the Company's total shares and shareholder structure as well as in
assets and liabilities structure
□ Applicable √ Not applicable
(III) Information on existing internal staff shares
□ Applicable √ Not applicable
III. Information on shareholders and actual controllers
(I) Total number of shareholders
Total number of shareholders of common stocks as 21,923
of the end of the reporting period (Nr.)
Total number of common shareholders at the end 26,738
of the previous month before the annual report
disclosure date (Nr.)
Total number of preferred shareholders with the Not applicable
voting rights recovered as of the end of reporting
period (Nr.)
Total number (Nr.) of preferred shareholders with Not applicable
the voting right recovered at the end of the
previous month before the disclosure date of
annual report
(II) Shareholding table of top ten shareholders and top ten shareholders of tradable shares (or
shareholders without limited sales condition) as of the end of the reporting period
Unit: Share
Information on shareholdings of top ten shareholders
Increase Quantity Information on pledge,
Quantity of
or of shares mark or freeze
shares held Proportion Nature of
Name (full names) of shareholders decrease with
at the end of (%) shareholders
during limited Share status Quantity
the period
the sales
ANNUAL REPORT 2022
reporting conditions
period
Overseas
Carlsberg Brewery Hong Kong Limited 0 205,882,718 42.54 0 None
legal person
Overseas
CARLSBERGCHONGQINGLIMITED 0 84,500,000 17.46 0 None
legal person
Hong Kong Securities Clearing Overseas
-113,609 41,393,158 8.55 0 Unknown
Company Limited legal person
China Construction Bank Corporation –
Yinhua Fuyu Theme Hybrid Securities 10,897,612 2.25 0 Unknown Others
Investment Fund
China Construction Bank Corporation –
Huitianfu Consumption Industry Hybrid 2,200,000 0.45 0 Unknown Others
Securities Investment Fund
China Merchants Bank Company Co.,
Ltd. - Hongde Ruize Hybrid Securities 0 2,052,877 0.42 0 Unknown Others
Investment Fund
National Social Insurance Fund Portfolio
China Merchants Bank Company Co.,
Ltd. – Hongde Ruiyuan Three-year
Holding Period Flexible Allocation
Mixed Securities Investment Funds
China Construction Bank Corporation –
Penghua Zhongzheng Liquor trading
open-end index securities investment
fund
China Construction Bank Corporation-
Huashang Intelligent Life Flexible
Configuration Hybrid Securities
Investment Fund
Information on shareholdings status of top ten shareholders without limited sales conditions
Quantity of circulation shares without Category and quantity of shares
Name of shareholders
limited sales conditions Category Quantity
Carlsberg Brewery Hong Kong Limited 205,882,718 RMB common shares 205,882,718
CARLSBERGCHONGQINGLIMITED 84,500,000 RMB common shares 84,500,000
Hong Kong Securities Clearing Company
Limited
China Construction Bank Corporation – Yinhua
Fuyu Theme Hybrid Securities Investment 10,897,612 RMB common shares 10,897,612
Fund
China Construction Bank Corporation –
Huitianfu Consumption Industry Hybrid 2,200,000 RMB common shares 2,200,000
Securities Investment Fund
China Merchants Bank Company Co., Ltd. -
Hongde Ruize Hybrid Securities Investment 2,052,877 RMB common shares ·2,052,877
Fund
National Social Insurance Fund Portfolio 118 1,994,468 RMB common shares 1,994,468
China Merchants Bank Company Co., Ltd. –
Hongde Ruiyuan Three-year Holding Period
Flexible Allocation Mixed Securities
Investment Funds
China Construction Bank Corporation –
Penghua Zhongzheng Liquor trading open-end 1,788,499 RMB common shares 1,788,499
index securities investment fund
China Construction Bank Corporation-
Huashang Intelligent Life Flexible
Configuration Hybrid Securities Investment
Fund
Among the top ten shareholders without limited sales conditions, CARLSBERG
Statement of related relationships or concerted CHONGQING LIMITED and Carlsberg Brewery HongKong Limited are both controlled by
actions between above shareholders Carlsberg Brewery. China Merchants Bank Company Co., Ltd. - Hongde Ruize Hybrid
Securities Investment Fund and China Merchants Bank Company Co., Ltd. – Hongde
ANNUAL REPORT 2022
Ruiyuan Three-year Holding Period Flexible Allocation Mixed Securities Investment Funds
are both managed by Hongde Fund Management Co., Ltd. It is unknown if there is any related
relationship between other shareholders or they are persons acting in concert.
Number of shareholdings of top ten shareholders with limited sales conditions and limited sales conditions
□ Applicable √ Not applicable
(III) Strategic investor or general legal entity becoming top ten shareholders due to rights issue
□ Applicable √ Not applicable
IV. Information on controlling shareholders and actual controllers
(I) Information on controlling shareholders
√ Applicable □ Not applicable
Name Carlsberg Breweries A/S
Principal or legal representative HenrikPoulsen
Date of establishment June 29, 2000
Main business Brew, produce and sell beer in Denmark and
foreign markets, provide process and technical
services of beer business, and operate or
participate in other industries related to beer
business.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
shareholders
√ Applicable □ Not applicable
ANNUAL REPORT 2022
(II) Situation of actual controllers
√ Applicable □ Not applicable
Name Carlsberg Foundation
Principal or legal representative Not applicable
Date of establishment September 25, 1876
Main business Cultivate and support the natural sciences,
mathematics, philosophy, anthropology and
sociology and provide funds.
Information on equities of other domestic and Hold 29% equities of Carlsberg
foreign listed holding and equity participation
companies during the reporting period
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
controller
√ Applicable □ Not applicable
ANNUAL REPORT 2022
□ Applicable √ Not applicable
(III) Other situation about controlling shareholders and actual controllers
□ Applicable √ Not applicable
V. The cumulative shares pledged by the Company’s controlling shareholders or the first majority
shareholder and other persons acting in concert with him/her accounted for more than 80% of
the Company’s total shares
□ Applicable √ Not applicable
VI. Other corporate shareholders holding more than 10% of shares
√ Applicable □ Not applicable
Monetary unit: RMB Yuan
Information on
Name of Principal or main
Date of Organization Registered
corporate legal businesses or
establishment code capital
shareholder representative management
activities, etc.
CARLSBERG Not applicable June 12, 1995 Not applicable GBP 1 Hold and
CHONGQING develop the
LIMITED shares and
businesses held
by
CARLSBERG
CHONGQING
LIMITED in
Asia-Pacific
ANNUAL REPORT 2022
Region
VII. Statement on shareholding reduction restriction
□ Applicable √ Not applicable
VIII. Information on implementation of share repurchase during the reporting period
□ Applicable √ Not applicable
SECTION VIII INFORMATION ON PREFERRED STOCKS
□ Applicable √ Not applicable
SECTION IX INFORMATION ON BONDS
I. Corporate bonds, enterprise bonds and debt financing instruments of non-financial business
□ Applicable √ Not applicable
II. Information on convertible corporate bonds
□ Applicable √ Not applicable
SECTION X FINANCIAL REPORT
I. Auditor’s Report
√ Applicable □ Not applicable
AUDITOR’S REPORT
PCCPAAR [2023] No8-148.
To the Shareholders of Chongqing Brewery Co., Ltd.:
I. Audit Opinion
We have audited the accompanying financial statements of Chongqing Brewery Co., Ltd. (the “Company”),
which comprise the consolidated and parent company balance sheets as at December 31, 2022, the
consolidated and parent company income statements, the consolidated and parent company cash flow
statements, and the consolidated and parent company statements of changes in equity for the year then
ended, as well as notes to financial statements.
In our opinion, the attached financial statements present fairly, in all material respects, the financial
position of the Company as at December 31, 2022, and of its financial performance and its cash flows for
the year then ended in accordance with China Accounting Standards for Business Enterprises.
ANNUAL REPORT 2022
II. Basis for Audit Opinion
We conducted our audit in accordance with China Standards on Auditing. Our responsibilities under those
standards are further described in the Certified Public Accountant’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the
China Code of Ethics for Certified Public Accountants, and we have fulfilled other ethical responsibilities.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
III. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not express a
separate opinion on these matters.
(I) Revenue recognition
Please refer to item V 38 and VII 61 of this section for details. In 2022, the operating revenue of the
Company amounted to 14,039,040,539.45 yuan, of which, 13,696,216,606.60 yuan was from main
operations. As operating revenue is one of the key performance indicators of the Company, there might be
inherent risks that the Company’s management (the “Management”) adopts inappropriate revenue
recognition to achieve specific goals or expectations, we have identified revenue recognition as a key audit
matter.
Our main audit procedures for revenue recognition are as follows:
(1) We obtained understandings of key internal controls related to revenue recognition and sales rebate,
assessed the design of these controls, determined whether they had been executed, and tested the
effectiveness of the operation;
(2) We checked sales contracts by sampling method, identified terms related to the point in time when the
customer obtained the control over relevant goods, and assessed whether the revenue recognition policy
was in compliance with regulations of China Accounting Standards for Business Enterprises;
(3) We performed analysis procedure on operating revenue and gross margin, so as to identify whether
there are significant or abnormal fluctuations and find out the reason of fluctuations;
(4) We checked supporting documents related to revenue recognition by sampling method, including sales
contracts, orders, delivery lists, discount record and approval sheets, sales invoices, client acceptance
receipts, etc.;
(5) We performed confirmation procedures on current sales amount from main customers by sampling
method in combination with confirmation procedure of accounts receivable and contract liabilities;
ANNUAL REPORT 2022
(6) We performed cut-off tests on the revenue recognized around the balance sheet date, and assessed
whether the revenue was recognized in the appropriate period; and
(7) We checked whether information related to operating revenue had been presented appropriately in the
financial statements.
(II) Impairment of goodwill
Please refer to item V 30 and VII 28 of this section for details. As of December 31, 2022, the cost of
goodwill amounted to 718,230,066.13 yuan, with provision for impairment of 19,037,610.07 yuan, and
the carrying amount amounted to 699,192,456.06 yuan.
For asset group or asset group portfolio related to goodwill, if there is objective evidence indicating
impairment loss, the Management performs impairment test on goodwill together with related asset group
or asset group portfolio at the end of each period, and the recoverable amount of related asset group or
asset group portfolio is determined based on the estimated present value of future cash flows. Key
assumptions adopted in the impairment test include: revenue growth rate in detailed forecast period,
growth rate in perpetual forecast period, gross margin, discount rate, etc. As the amount of goodwill is
significant and impairment test involves significant judgment of the Management, we have identified
impairment of goodwill as a key audit matter.
Our main audit procedures for impairment of goodwill are as follows:
(1) We obtained understandings of key internal controls related to impairment of goodwill, assessed the
design of these controls, determined whether they had been executed, and tested the effectiveness of their
operation;
(2) We reviewed the present value of future cash flows estimated by the Management in previous years
and the actual operating results, and assessed the accuracy of the Management’s historical estimations;
(3) We obtained understandings of and assessed the competency, professional quality and objectivity of
external appraisers engaged by the Management;
(4) We assessed the reasonableness and consistency of impairment test method adopted by the
Management;
(5) We assessed the reasonableness of key assumptions used in impairment test and reviewed whether
relevant assumptions were consistent with overall economy environment, industry condition, management
situation, historical experience, etc.;
(6) We tested the accuracy, completeness and relativity of data used by the Management in the impairment
test and reviewed the internal consistency of related information in the impairment test;
(7) We tested whether the calculation of estimated present value of future cash flows was accurate; and
ANNUAL REPORT 2022
(8) We checked whether information related to impairment of goodwill had been presented appropriately
in the financial statements.
IV. Other Information
The Management is responsible for the other information. The other information comprises the
information included in the Company’s annual report, but does not include the financial statements and
our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of the other
information, we are required to report that fact. We have nothing to report in this regard.
V. Responsibilities of the Management and Those Charged with Governance for the Financial
Statements
The Management is responsible for preparing and presenting fairly the financial statements in accordance
with China Accounting Standards for Business Enterprises, as well as designing, implementing and
maintaining internal control relevant to the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
VI. Certified Public Accountant’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with China Standards on Auditing will always detect a material misstatement
when it exists. Misstatement can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
We exercise professional judgment and maintain professional skepticism throughout the audit performed
in accordance with China Standards on Auditing. We also:
(I) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
ANNUAL REPORT 2022
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(II) Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.
(III) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management.
(IV) Conclude on the appropriateness of the Management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
(V) Evaluate the overall presentation, structure and content of the financial statements, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within the Company to express an opinion on the financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain sole
responsibility for our audit opinion.
We communicate with those charged with governance regarding the planned audit scope, time schedule
and significant audit findings, including any deficiencies in internal control of concern that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
ANNUAL REPORT 2022
Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant: Huang Qiaomei
(Engagement Partner)
Hangzhou · China Chinese Certified Public Accountant: Zhao Xingming
Date of Report: April 26, 2023
ANNUAL REPORT 2022
II. Financial Statements
Consolidated balance sheet
As at December 31, 2022
Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Yuan
Note
Items December 31, 2022 December 31, 2021
No.
Current assets:
Cash and bank balances 1 3,397,877,592.02 2,355,194,070.43
Settlement funds
Loans to other banks
Held-for-trading financial assets 2 501,088,888.89
Derivative financial assets 3 3,829,356.40
Notes receivable
Accounts receivable 5 65,511,539.08 109,244,673.73
Receivables financing
Advances paid 7 43,187,607.98 45,117,660.67
Premiums receivable
Reinsurance accounts receivable
Reinsurance reserve receivable
Other receivables 8 17,619,026.18 11,830,136.29
Including: Interest receivable
Dividend receivable
Financial assets under reverse repo
Inventories 9 2,166,477,563.20 1,886,751,987.27
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 13 109,533,473.56 83,454,893.33
Total current assets 5,804,036,158.42 4,992,682,310.61
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 17 296,599,881.05 240,320,800.68
Other equity instrument investments 18 14,303,331.73 13,210,379.78
Other non-current financial assets
Investment property
Fixed assets 21 3,680,691,105.17 3,705,081,241.59
Construction in progress 22 395,295,204.91 162,076,985.24
Productive biological assets
Oil & gas assets
Right-of-use assets 25 100,306,926.11 39,218,000.00
Intangible assets 26 685,169,039.95 615,080,288.96
Development expenditures
Goodwill 28 699,192,456.06 699,192,456.06
Long-term prepayments
Deferred tax assets 30 732,407,316.03 1,062,310,605.52
Other non-current assets 31 89,540,749.40 3,636,075.76
Total non-current assets 6,693,506,010.41 6,540,126,833.59
Total assets 12,497,542,168.83 11,532,809,144.20
ANNUAL REPORT 2022
Note
Items December 31, 2022 December 31, 2021
No.
Current liabilities:
Short-term borrowings
Central bank loans
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities 34 2,616,336.56
Notes payable
Accounts payable 36 2,497,671,747.37 2,212,689,178.11
Advances received
Contract liabilities 38 1,614,042,546.14 1,732,741,425.80
Financial liabilities under repo
Absorbing deposit and interbank
deposit
Deposit for agency security transaction
Deposit for agency security
underwriting
Employee benefits payable 39 399,367,324.65 512,763,340.97
Tax payables 40 255,387,461.35 395,925,319.93
Other payables 41 3,490,319,176.38 2,971,960,641.25
Including: Interest payable
Dividend payable
Handling fee and commission payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 44 27,809,237.78 33,979,353.25
Total current liabilities 8,311,219,422.44 7,882,373,251.99
Non-current liabilities:
Insurance policy reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 47 77,928,597.87 16,951,000.00
Long-term payables
Long-term employee benefits payable 49 154,407,707.35 163,668,974.22
Provisions 50 31,657,899.75 31,862,723.02
Deferred income 51 256,611,695.14 254,683,905.82
Deferred tax liabilities 30 42,694,067.15 54,974,049.35
Other non-current liabilities
Total non-current liabilities 563,299,967.26 522,140,652.41
Total liabilities 8,874,519,389.70 8,404,513,904.40
Equity:
Share capital 53 483,971,198.00 483,971,198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 55 7,728,100.00 2,075,145.00
Less: Treasury shares
Other comprehensive income 57 -13,542,920.53 -13,838,109.84
Special reserve
ANNUAL REPORT 2022
Note
Items December 31, 2022 December 31, 2021
No.
Surplus reserve 59 241,985,599.00 241,985,599.00
General risk reserve
Undistributed profit 60 1,336,013,806.16 1,040,351,272.07
Total equity attributable to the parent
company
Non-controlling interest 1,566,866,996.50 1,373,750,135.57
Total equity 3,623,022,779.13 3,128,295,239.80
Total liabilities & equity 12,497,542,168.83 11,532,809,144.20
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
Parent company balance sheet
As at December 31, 2022
Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Yuan
Note
Items December 31, 2022 December 31, 2021
No.
Current assets:
Cash and bank balances 705,386,630.22 606,616,362.91
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing
Advances paid
Other receivables 2 4,353,422.01 216,585.47
Including: Interest receivable
Dividend receivable
Inventories
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 451,891.89 1,312,005.84
Total current assets 710,191,944.12 608,144,954.22
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 3 1,695,066,358.71 1,695,066,358.71
Other equity instrument investments
Other non-current financial assets
Investment property
Fixed assets 597,383.01 1,452,968.55
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets 3,612,273.62
Intangible assets 5,263,493.45
ANNUAL REPORT 2022
Note
Items December 31, 2022 December 31, 2021
No.
Development expenditures
Goodwill
Long-term prepayments
Deferred tax assets
Other non-current assets
Total non-current assets 1,699,276,015.34 1,701,782,820.71
Total assets 2,409,467,959.46 2,309,927,774.93
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,970,831.46 8,307,002.70
Advances received
Contract liabilities
Employee benefits payable 16,766,079.43 17,413,484.57
Tax payables 992,135.97 588,351.37
Other payables 29,398,503.34 28,326,799.18
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities
Total current liabilities 49,473,354.09 54,635,637.82
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 3,384,255.31
Long-term payables
Long-term employee benefits payable 58,798,007.24 59,116,000.00
Provisions
Deferred income
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 62,182,262.55 59,116,000.00
Total liabilities 111,655,616.64 113,751,637.82
Equity:
Share capital 483,971,198.00 483,971,198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 29,273,418.97 23,620,463.97
Less: Treasury shares
Other comprehensive income -18,577,000.00 -17,195,000.00
Special reserve
Surplus reserve 241,985,599.00 241,985,599.00
Undistributed profit 1,561,159,126.85 1,463,793,876.14
Total equity 2,297,812,342.82 2,196,176,137.11
Total liabilities & equity 2,409,467,959.46 2,309,927,774.93
ANNUAL REPORT 2022
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
Consolidated income statement
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Total operating revenue 14,039,040,539.45 13,119,310,688.30
Including: Operating revenue 61 14,039,040,539.45 13,119,310,688.30
Interest income
Premiums earned
Revenue from handling charges and
commission
II. Total operating cost 10,788,719,947.64 10,205,460,291.83
Including: Operating cost 61 6,952,428,993.91 6,436,358,227.59
Interest expenses
Handling charges and commission
expenditures
Surrender value
Net payment of insurance claims
Net provision of insurance policy reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 62 920,858,290.32 892,059,817.68
Selling expenses 63 2,326,217,227.20 2,212,894,661.26
Administrative expenses 64 534,570,348.93 516,877,144.95
R&D expenses 65 110,747,936.06 163,151,284.60
Financial expenses 66 -56,102,848.78 -15,880,844.25
Including: Interest expenses 3,696,843.83 14,186,774.78
Interest income 65,718,589.46 36,050,785.69
Add: Other income 67 57,632,082.82 51,070,054.28
Investment income (or less: losses) 68 67,946,546.26 58,104,550.46
Including: Investment income from
associates and joint ventures
Gains from derecognition of financial
assets at amortized cost
Gains on foreign exchange (or less:
losses)
Gains on net exposure to hedging risk (or
less: losses)
Gains on changes in fair value (or less:
losses)
Credit impairment loss 71 2,461,066.24 850,058.41
Assets impairment loss 72 -81,390,922.88 -79,260,753.58
Gains on asset disposal (or less: losses) 73 1,996,546.49 1,835,601.88
III. Operating profit (or less: losses) 3,298,965,910.74 2,947,538,796.81
Add: Non-operating income 74 7,148,130.08 8,498,314.32
Less: Non-operating expenses 75 7,335,219.97 14,957,096.30
IV. Profit before tax (or less: total loss) 3,298,778,820.85 2,941,080,014.83
Less: Income tax expenses 76 711,879,179.42 541,923,818.55
ANNUAL REPORT 2022
Note Current period Preceding period
Items
No. cumulative comparative
V. Net profit (or less: net loss) 2,586,899,641.43 2,399,156,196.28
(I) Categorized by the continuity of operations
(or less: net loss)
operations (or less: net loss)
(II) Categorized by the portion of equity ownership
of parent company (or less: net loss)
controlling shareholders (or less: net loss)
VI. Other comprehensive income after tax 77 1,934,967.86 2,908,893.29
(I) Items attributable to the shareholders of
the parent company
profit or loss
(1) Remeasurements of the net defined
benefit plan
(2) Items under equity method that will
not be reclassified to profit or loss
(3) Changes in fair value of other equity
instrument investments
(4) Changes in fair value of own credit
risk
loss
(1) Items under equity method that may
be reclassified to profit or loss
(2) Changes in fair value of other debt
investments
(3) Profit or loss from reclassification of
financial assets into other comprehensive
income
(4) Provision for credit impairment of
other debt investments
(5) Cash flow hedging reserve 77 474,775.84
(6) Translation reserve
(7) Others
(II) Items attributable to non-controlling
shareholders
VII. Total comprehensive income 2,588,834,609.29 2,402,065,089.57
(I) Items attributable to the shareholders
of the parent company
(II) Items attributable to non-controlling
shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 2.61 2.41
(II) Diluted EPS (yuan per share) 2.61 2.41
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
ANNUAL REPORT 2022
Parent company income statement
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Operating revenue
Less: Operating cost
Taxes and surcharges 630,058.00 917,244.16
Selling expenses
Administrative expenses 88,601,849.69 71,238,699.14
R&D expenses
Financial expenses 3,240,694.54 7,209,408.01
Including: Interest expenses 7,534,478.52 6,535,672.37
Interest income 6,516,985.30 1,363,094.76
Add: Other income 226,665.56 471,630.02
Investment income (or less: losses) 5 1,155,407,400.00 858,714,000.00
Including: Investment income from
associates and joint ventures
Gains from derecognition of financial
assets at amortized cost
Gains on net exposure to hedging risk (or
less: losses)
Gains on changes in fair value (or less:
losses)
Credit impairment loss -217,728.25 -1,143.55
Assets impairment loss -330.53
Gains on asset disposal (or less: losses) 2,313,747.57
II. Operating profit (or less: losses) 1,065,257,152.12 779,819,135.16
Add: Non-operating income 50,084.90
Less: Non-operating expenses 6,935.03
III. Profit before tax (or less: total loss) 1,065,307,237.02 779,812,200.13
Less: Income tax expenses -409.69 6,251,717.46
IV. Net profit (or less: net loss) 1,065,307,646.71 773,560,482.67
(I) Net profit from continuing operations (or
less: net loss)
(II) Net profit from discontinued operations
(or less: net loss)
V. Other comprehensive income after tax -1,382,000.00 -1,141,000.00
(I) Not to be reclassified subsequently to
-1,382,000.00 -1,141,000.00
profit or loss
-1,382,000.00 -1,141,000.00
benefit plan
be reclassified to profit or loss
instrument investments
(II) To be reclassified subsequently to profit
or loss
reclassified to profit or loss
investments
ANNUAL REPORT 2022
Note Current period Preceding period
Items
No. cumulative comparative
financial assets into other comprehensive
income
other debt investments
VI. Total comprehensive income 1,063,925,646.71 772,419,482.67
VII. Earnings per share (EPS):
(I) Basic EPS (yuan per share)
(II) Diluted EPS (yuan per share)
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
Consolidated cash flow statement
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Cash flows from operating activities:
Cash receipts from sale of goods or
rendering of services
Net increase of client deposit and interbank
deposit
Net increase of central bank loans
Net increase of loans from other financial
institutions
Cash receipts from original insurance
contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit and
investment
Cash receipts from interest, handling
charges and commission
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security
transaction
Receipts of tax refund 63,437,941.07
Other cash receipts related to operating
activities
Subtotal of cash inflows from operating
activities
Cash payments for goods purchased and
services received
Net increase of loans and advances to
clients
Net increase of central bank deposit and
interbank deposit
Cash payments for insurance indemnities
ANNUAL REPORT 2022
Note Current period Preceding period
Items
No. cumulative comparative
of original insurance contracts
Net increase of loans to others
Cash payments for interest, handling
charges and commission
Cash payments for policy bonus
Cash paid to employees 1,638,870,963.42 1,409,253,997.79
Cash payments for taxes 2,385,111,985.13 2,348,862,111.52
Other cash payments related to operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
II. Cash flows from investing activities:
Cash receipts from withdrawal of
investments
Cash receipts from investment income 344,606.28 50,041,498.38
Net cash receipts from the disposal of fixed
assets, intangible assets and other long- 11,975,166.19 9,143,987.03
term assets
Net cash receipts from the disposal of
subsidiaries & other business units
Other cash receipts related to investing
activities
Subtotal of cash inflows from investing
activities
Cash payments for the acquisition of fixed
assets, intangible assets and other long- 912,818,007.38 725,336,585.84
term assets
Cash payments for investments 1,000,000,000.00 2,000,000,000.00
Net increase of pledged borrowings
Net cash payments for the acquisition of
subsidiaries & other business units
Other cash payments related to investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
-388,086,486.41 -1,151,748,524.33
activities
III. Cash flows from financing activities:
Cash receipts from absorbing investments
Including: Cash received by subsidiaries
from non-controlling shareholders as
investments
Cash receipts from borrowings
Other cash receipts related to financing
activities
Subtotal of cash inflows from financing
activities
Cash payments for the repayment of
borrowings
Cash payments for distribution of
dividends or profits and for interest 2,099,760,024.96 856,857,615.14
expenses
ANNUAL REPORT 2022
Note Current period Preceding period
Items
No. cumulative comparative
Including: Cash paid by subsidiaries to
non-controlling shareholders as dividend 1,131,817,628.96 844,681,498.62
or profit
Other cash payments related to financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-2,133,485,949.36 -2,013,680,615.14
activities
IV. Effect of foreign exchange rate changes
on cash & cash equivalents
V. Net increase in cash and cash
equivalents
Add: Opening balance of cash and cash
equivalents
VI. Closing balance of cash and cash
equivalents
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
Parent company cash flow statement
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Cash flows from operating activities:
Cash receipts from sale of goods or
rendering of services
Receipts of tax refund 2,176,563.95
Other cash receipts related to operating
activities
Subtotal of cash inflows from operating
activities
Cash payments for goods purchased and
services received
Cash paid to employees 54,988,880.90 47,333,466.40
Cash payments for taxes 3,110,071.44 20,140,570.51
Other cash payments related to operating
activities
Subtotal of cash outflows from operating
activities
Net cash flows from operating activities -49,562,899.87 -88,219,698.92
II. Cash flows from investing activities:
Cash receipts from withdrawal of
investments
Cash receipts from investment income 1,155,407,400.00 858,714,000.00
Net cash receipts from the disposal of fixed
assets, intangible assets and other long-term 5,481,653.12
assets
Net cash receipts from the disposal of
ANNUAL REPORT 2022
Note Current period Preceding period
Items
No. cumulative comparative
subsidiaries & other business units
Other cash receipts related to investing
activities
Subtotal of cash inflows from investing
activities
Cash payments for the acquisition of fixed
assets, intangible assets and other long-term 526,883.95
assets
Cash payments for investments 55,481,532.85
Net cash payments for the acquisition of
subsidiaries & other business units
Other cash payments related to investing
activities
Subtotal of cash outflows from investing
activities
Net cash flows from investing activities 1,160,362,169.17 803,232,467.15
III. Cash flows from financing activities:
Cash receipts from absorbing investments
Cash receipts from borrowings
Other cash receipts related to financing
activities
Subtotal of cash inflows from financing
activities
Cash payments for the repayment of
borrowings
Cash payments for distribution of dividends
or profits and for interest expenses
Other cash payments related to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing activities -975,588,856.88 -146,535,672.37
IV. Effect of foreign exchange rate changes
on cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Opening balance of cash and cash
equivalents
VI. Closing balance of cash and cash
equivalents
Legal representative: Jo?o Miguel Ventura Rego Abecasis
Person in charge of accounting work: Chin Wee Hua
Person in charge of accounting department: Liu Liping
ANNUAL REPORT 2022
Consolidated statement of changes in equity
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Current period cumulative
Equity attributable to parent company
Items Other equity instruments Less: Other General Non-controlling
Capital Special Surplus Undistributed Total equity
Share capital Preferred Perpetual Treasury comprehensive risk Others Subtotal interest
Others reserve reserve reserve profit
shares bonds shares income reserve
I. Balance at the end of prior year 483,971,198.00 2,075,145.00 -13,838,109.84 241,985,599.00 1,040,351,272.07 1,754,545,104.23 1,373,750,135.57 3,128,295,239.80
Add: Cumulative changes of accounting
policies
Error correction of prior period
Business combination under common control
Others
II. Balance at the beginning of current year 483,971,198.00 2,075,145.00 -13,838,109.84 241,985,599.00 1,040,351,272.07 1,754,545,104.23 1,373,750,135.57 3,128,295,239.80
III. Current period increase (or less: decrease) 5,652,955.00 295,189.31 295,662,534.09 301,610,678.40 193,116,860.93 494,727,539.33
(I) Total comprehensive income 295,189.31 1,263,604,930.09 1,263,900,119.40 1,324,934,489.89 2,588,834,609.29
(II) Capital contributed or withdrawn by
shareholders
instruments
equity
(III) Profit distribution -967,942,396.00 -967,942,396.00 -1,131,817,628.96 -2,099,760,024.96
(IV) Internal carry-over within equity
to retained earnings
retained earnings
(V) Special reserve
(VI) Others
IV. Balance at the end of current period 483,971,198.00 7,728,100.00 -13,542,920.53 241,985,599.00 1,336,013,806.16 2,056,155,782.63 1,566,866,996.50 3,623,022,779.13
ANNUAL REPORT 2022
Preceding period comparative
Equity attributable to parent company
Items Other equity instruments Less: Other General Non-controlling
Capital Special Surplus Undistributed Total equity
Share capital Preferred Perpetual Treasury comprehensive risk Others Subtotal interest
Others reserve reserve reserve profit
shares bonds shares income reserve
I. Balance at the end of prior year 483,971,198.00 -14,775,464.22 241,985,599.00 -125,892,143.84 585,289,188.94 983,547,314.91 1,568,836,503.85
Add: Cumulative changes of
accounting policies
Error correction of prior period
Business combination under
common control
Others
II. Balance at the beginning of
current year
III. Current period increase (or less:
decrease)
(I) Total comprehensive income 937,354.38 1,166,243,415.91 1,167,180,770.29 1,234,884,319.28 2,402,065,089.57
(II) Capital contributed or withdrawn
by shareholders
shareholders
other equity instruments
included in equity
(III) Profit distribution -844,681,498.62 -844,681,498.62
reserve
-844,681,498.62 -844,681,498.62
shareholders
(IV) Internal carry-over within
equity
capital
capital
carried over to retained earnings
carried over to retained earnings
(V) Special reserve
(VI) Others
IV. Balance at the end of current
period
Legal representative: Jo?o Miguel Ventura Rego Abecasis Person in charge of accounting work: Chin Wee Hua Person in charge of accounting department: Liu Liping
ANNUAL REPORT 2022
Parent company statement of changes in equity
For the year ended December 31, 2022
Monetary unit: RMB Yuan
Current period cumulative
Other equity instruments Less: Other
Items Special Undistributed
Share capital Preferred Perpetual Capital reserve Treasury comprehensive Surplus reserve Total equity
Others reserve profit
shares bonds shares income
I. Balance at the end of prior year 483,971,198.00 23,620,463.97 -17,195,000.00 241,985,599.00 1,463,793,876.14 2,196,176,137.11
Add: Cumulative changes of accounting
policies
Error correction of prior period
Others
II. Balance at the beginning of current
year
III. Current period increase (or less:
decrease)
(I) Total comprehensive income -1,382,000.00 1,065,307,646.71 1,063,925,646.71
(II) Capital contributed or withdrawn by
shareholders
shareholders
equity instruments
included in equity
(III) Profit distribution -967,942,396.00 -967,942,396.00
(IV) Internal carry-over within equity
over to retained earnings
over to retained earnings
(V) Special reserve
(VI) Others
IV. Balance at the end of current period 483,971,198.00 29,273,418.97 -18,577,000.00 241,985,599.00 1,561,159,126.85 2,297,812,342.82
ANNUAL REPORT 2022
Preceding period comparative
Share capital Less: Other
Items Special Undistributed
Share capital Preferred Perpetual Capital reserve Treasury comprehensive Surplus reserve Total equity
Others reserve profit
shares bonds shares income
I. Balance at the end of prior year 483,971,198.00 21,545,318.97 -16,054,000.00 241,985,599.00 690,233,393.47 1,421,681,509.44
Add: Cumulative changes of
accounting policies
Error correction of prior period
Others
II. Balance at the beginning of current
year
III. Current period increase (or less:
decrease)
(I) Total comprehensive income -1,141,000.00 773,560,482.67 772,419,482.67
(II) Capital contributed or withdrawn
by shareholders
shareholders
other equity instruments
included in equity
(III) Profit distribution
shareholders
(IV) Internal carry-over within equity
carried over to retained earnings
carried over to retained earnings
(V) Special reserve
(VI) Others
IV. Balance at the end of current period 483,971,198.00 23,620,463.97 -17,195,000.00 241,985,599.00 1,463,793,876.14 2,196,176,137.11
Legal representative: Jo?o Miguel Ventura Rego Abecasis Person in charge of accounting work: Chin Wee Hua Person in charge of accounting department: Liu Liping
ANNUAL REPORT 2022
III. Company profile
√ Applicable □ Not Applicable
Chongqing Brewery Co., Ltd. (the “Company”) was a limited liability company by shares transformed from
Chongqing Brewery Plant and established by the sole initiator Chongqing Beer (Group) Co., Ltd. through private
placement under the approval of Chongqing Economic System Reform Commission. The Company currently holds
a business license with unified social credit code of 915000002028235667, with registered capital of 483.97 million
yuan, total share of 483.97 million shares (each with par value of one yuan), all of which are unrestricted outstanding
shares. The Company’s shares were listed on the Shanghai Stock Exchange in October 1997.
The Company belongs to the alchol, beverage and refined tea manufacturing industry and is mainly engaged in
production and sales of beer and non-alcoholic beverages (excluding restricted items); production and sales of beer
equipment, packages, raw and auxiliary materials; general cargo transportation (excluding dangerous goods
transportation).
The financial statements were approved and authorized for issue by the eighth meeting of the tenth of the Board of
Directors dated April 26, 2023.
√ Applicable □ Not Applicable
The Company has brought 22 subsidiaries including Carlsberg Chongqing Brewery Co., Ltd. into the consolidation
scope. Please refer to item IX of this section for details.
IV. Preparation basis of the financial statements
The financial statements have been prepared on the basis of going concern.
√ Applicable □ Not Applicable
The Company has no events or conditions that may cast significant doubts upon the Company’s ability to continue
as a going concern within the 12 months after the balance sheet date.
V. Significant accounting policies and estimates
Notes to specific accounting policies and estimates:
√ Applicable □ Not Applicable
Important note: The Company has set up accounting policies and estimates on transactions or events such as
impairment of financial instruments, depreciation of fixed assets, depreciation of right-of-use assets, amortization
of intangible assets, revenue recognition, etc., based on the Company’s actual production and operation features.
ANNUAL REPORT 2022
The financial statements have been prepared in accordance with the requirements of China Accounting Standards
for Business Enterprises (CASBEs), and present truly and completely the financial position, financial performance
and cash flows of the Company.
The accounting year of the Company runs from January 1 to December 31 under the Gregorian calendar.
√ Applicable □ Not Applicable
The Company has a relatively short operating cycle for its business, an asset or a liability is classified as current if
it is expected to be realized or due within 12 months.
The Company’s functional currency is Renminbi (RMB) Yuan.
√ Applicable □ Not Applicable
Assets and liabilities arising from business combination are measured at carrying amount of the combined party
included in the consolidated financial statements of the ultimate controlling party at the combination date.
Difference between carrying amount of the equity of the combined party included in the consolidated financial
statements of the ultimate controlling party and that of the combination consideration or total par value of shares
issued is adjusted to capital reserve, if the balance of capital reserve is insufficient to offset, any excess is adjusted
to retained earnings.
When combination cost is in excess of the fair value of identifiable net assets obtained from the acquiree at the
acquisition date, the excess is recognized as goodwill; otherwise, the fair value of identifiable assets, liabilities and
contingent liabilities, and the measurement of the combination cost are reviewed, then the difference is recognized
in profit or loss.
√ Applicable □ Not Applicable
The parent company brings all its controlled subsidiaries into the consolidation scope. The consolidated financial
statements are compiled by the parent company according to “CASBE 33 – Consolidated Financial Statements”,
based on relevant information and the financial statements of the parent company and its subsidiaries.
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
Cash as presented in cash flow statement refers to cash on hand and deposit on demand for payment.
Cash equivalents refer to short-term, highly liquid investments that can be readily converted to cash and that are
subject to an insignificant risk of changes in value.
√ Applicable □ Not Applicable
Transactions denominated in foreign currency are translated into yuan at the spot exchange rate at the transaction
date at initial recognition. At the balance sheet date, monetary items denominated in foreign currency are translated
at the spot exchange rate at the balance sheet date with difference, except for those arising from the principal and
interest of exclusive borrowings eligible for capitalization, included in profit or loss; non-cash items carried at
historical costs are translated at the spot exchange rate at the transaction date, with the RMB amounts unchanged;
non-cash items carried at fair value in foreign currency are translated at the spot exchange rate at the date when the
fair value was determined, with difference included in profit or loss or other comprehensive income.
√ Applicable □ Not Applicable
Financial assets are classified into the following three categories when initially recognized: (1) financial assets at
amortized cost; (2) financial assets at fair value through other comprehensive income; (3) financial assets at fair
value through profit or loss.
Financial liabilities are classified into the following four categories when initially recognized: (1) financial liabilities
at fair value through profit or loss; (2) financial liabilities that arise when a transfer of a financial asset does not
qualify for derecognition or when the continuing involvement approach applies; (3) financial guarantee contracts
not fall within the above categories (1) and (2), and commitments to provide a loan at a below-market interest rate,
which do not fall within the above category (1); (4) financial liabilities at amortized cost.
(1) Recognition criteria and measurement method of financial assets and financial liabilities
When the Company becomes a party to a financial instrument contract, it is recognized as a financial asset or
financial liability. The financial assets and financial liabilities initially recognized by the Company are measured at
fair value; for the financial assets and liabilities at fair value through profit or loss, the transaction expenses thereof
are directly included in profit or loss; for other categories of financial assets and financial liabilities, the transaction
expenses thereof are included into the initially recognized amount. However, at initial recognition, for accounts
receivable that do not contain a significant financing component or in circumstances where the Company does not
consider the financing components in contracts within one year, they are measured at the transaction price in
accordance with “CASBE 14 – Revenues”.
(2) Subsequent measurement of financial assets
ANNUAL REPORT 2022
The Company measures its financial assets at the amortized costs using effective interest method. Gains or losses
on financial assets that are measured at amortized cost and are not part of hedging relationships shall be included
into profit or loss when the financial assets are derecognized, reclassified, amortized using effective interest method
or recognized with impairment loss.
The Company measures its debt instrument investments at fair value. Interests, impairment gains or losses, and
gains and losses on foreign exchange that calculated using effective interest method shall be included into profit or
loss, while other gains or losses are included into other comprehensive income. Accumulated gains or losses that
initially recognized as other comprehensive income should be transferred out into profit or loss when the financial
assets are derecognized.
The Company measures its equity instrument investments at fair value. Dividends obtained (other than those as part
of investment cost recovery) shall be included into profit or loss, while other gains or losses are included into other
comprehensive income. Accumulated gains or losses that initially recognized as other comprehensive income should
be transferred out into retained earnings when the financial assets are derecognized.
The Company measures its financial assets at fair value. Gains or losses arising from changes in fair value (including
interests and dividends) shall be included into profit or loss, except for financial assets that are part of hedging
relationships.
(3) Subsequent measurement of financial liabilities
Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities (including
derivatives that are liabilities) and financial liabilities designated as at fair value through profit or loss. The Company
measures such kind of liabilities at fair value. The amount of changes in the fair value of the financial liabilities that
are attributable to changes in the Company’s own credit risk shall be included into other comprehensive income,
unless such treatment would create or enlarge accounting mismatches in profit or loss. Other gains or losses on
those financial liabilities (including interests, changes in fair value that are attributable to reasons other than changes
in the Company’s own credit risk) shall be included into profit or loss, except for financial liabilities that are part of
hedging relationships. Accumulated gains or losses that originally recognized as other comprehensive income
should be transferred out into retained earnings when the financial liabilities are derecognized.
continuing involvement approach applies
The Company measures its financial liabilities in accordance with “CASBE 23 – Transfer of Financial Assets”.
at a below-market interest rate, which do not fall within the above category 1)
The Company measures its financial liabilities at the higher of: a. the amount of loss allowances in accordance with
ANNUAL REPORT 2022
impairment requirements of financial instruments; b. the amount initially recognized less the amount of accumulated
amortization recognized in accordance with “CASBE 14 – Revenues”.
The Company measures its financial liabilities at amortized cost using effective interest method. Gains or losses on
financial liabilities that are measured at amortized cost and are not part of hedging relationships shall be included
into profit or loss when the financial liabilities are derecognized and amortized using effective interest method.
(4) Derecognition of financial assets and financial liabilities
a. the contractual rights to the cash flows from the financial assets expire; or
b. the financial assets have been transferred and the transfer qualifies for derecognition in accordance with “CASBE
liability be derecognized accordingly.
Where the Company has transferred substantially all of the risks and rewards related to the ownership of the financial
asset, it derecognizes the financial asset, and any right or liability arising from such transfer is recognized
independently as an asset or a liability. If it retained substantially all of the risks and rewards related to the ownership
of the financial asset, it continues recognizing the financial asset. Where the Company does not transfer or retain
substantially all of the risks and rewards related to the ownership of a financial asset, it is dealt with according to
the circumstances as follows respectively: (1) if the Company does not retain its control over the financial asset, it
derecognizes the financial asset, and any right or liability arising from such transfer is recognized independently as
an asset or a liability; (2) if the Company retains its control over the financial asset, according to the extent of its
continuing involvement in the transferred financial asset, it recognizes the related financial asset and recognizes the
relevant liability accordingly.
If the transfer of an entire financial asset satisfies the conditions for derecognition, the difference between the
amounts of the following two items is included in profit or loss: (1) the carrying amount of the transferred financial
asset as of the date of derecognition; (2) the sum of consideration received from the transfer of the financial asset,
and the accumulative amount of the changes of the fair value originally included in other comprehensive income
proportionate to the transferred financial asset (financial assets transferred refer to debt instrument investments at
fair value through other comprehensive income). If the transfer of financial asset partially satisfies the conditions to
derecognition, the entire carrying amount of the transferred financial asset is, between the portion which is
derecognized and the portion which is not, apportioned according to their respective relative fair value, and the
difference between the amounts of the following two items is included into profit or loss: (1) the carrying amount
of the portion which is derecognized; (2) the sum of consideration of the portion which is derecognized, and the
portion of the accumulative amount of the changes in the fair value originally included in other comprehensive
income which is corresponding to the portion which is derecognized (financial assets transferred refer to debt
instrument investments at fair value through other comprehensive income).
ANNUAL REPORT 2022
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data and
information are available to measure fair value. The inputs to valuation techniques used to measure fair value are
arranged in the following hierarchy and used accordingly:
(1) Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company
can access at the measurement date;
(2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active
markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than
quoted prices that are observable for the asset or liability, for example, interest rates and yield curves observable at
commonly quoted intervals; market-corroborated inputs;
(3) Level 3 inputs are unobservable inputs for the asset or liability. Level 3 inputs include interest rate that is not
observable and cannot be corroborated by observable market data at commonly quoted intervals, historical volatility,
future cash flows to be paid to fulfill the disposal obligation assumed in business combination, financial forecast
developed using the Company’s own data, etc.
(1) Measurement and accounting treatment
The Company, on the basis of expected credit loss, recognizes loss allowances of financial assets at amortized cost,
debt instrument investments at fair value through other comprehensive income, leases receivable, loan commitments
other than financial liabilities at fair value through profit or loss, financial guarantee contracts not belong to financial
liabilities at fair value through profit or loss or financial liabilities that arise when a transfer of a financial asset does
not qualify for derecognition or when the continuing involvement approach applies.
Expected credit losses refer to the weighted average of credit losses with the respective risks of a default occurring
as the weights. Credit loss refers to the difference between all contractual cash flows that are due to the Company
in accordance with the contract and all the cash flows that the Company expects to receive (i.e. all cash shortfalls),
discounted at the original effective interest rate. Among which, purchased or originated credit-impaired financial
assets are discounted at the credit-adjusted effective interest rate.
At the balance sheet date, the Company shall only recognize the cumulative changes in the lifetime expected credit
losses since initial recognition as a loss allowance for purchased or originated credit-impaired financial assets.
For accounts receivable and contract assets resulting from transactions regulated in “CASBE 14 – Revenues”, the
Company chooses simplified approach to measure the loss allowance at an amount equal to lifetime expected credit
losses.
For financial assets other than the above, on each balance sheet date, the Company shall assess whether the credit
risk on the financial instrument has increased significantly since initial recognition. The Company shall measure
the loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses if the credit
risk on that financial instrument has increased significantly since initial recognition; otherwise, the Company shall
measure the loss allowance for that financial instrument at an amount equal to 12-month expected credit loss.
ANNUAL REPORT 2022
Considering reasonable and supportable forward-looking information, the Company compares the risk of a default
occurring on the financial instrument as at the balance sheet date with the risk of a default occurring on the financial
instrument as at the date of initial recognition, so as to assess whether the credit risk on the financial instrument has
increased significantly since initial recognition.
The Company may assume that the credit risk on a financial instrument has not increased significantly since initial
recognition if the financial instrument is determined to have relatively low credit risk at the balance sheet date.
The Company shall estimate expected credit risk and measure expected credit losses on an individual or a collective
basis. When the Company adopts the collective basis, financial instruments are grouped with similar credit risk
features.
The Company shall remeasure expected credit loss on each balance sheet date, and increased or reversed amounts
of loss allowance arising therefrom shall be included into profit or loss as impairment losses or gains. For a financial
asset measured at amortized cost, the loss allowance reduces the carrying amount of such financial asset presented
in the balance sheet; for a debt investment measured at fair value through other comprehensive income, the loss
allowance shall be recognized in other comprehensive income and shall not reduce the carrying amount of such
financial asset.
(2) Financial instruments with expected credit risk assessed on a collective basis and expected credit losses measured
using three-stage model
Basis for determination Method for measuring expected credit
Items
of portfolio loss
Other receivables – Portfolio Based on historical credit loss experience,
grouped with balances due Related parties brought into the current situation and the forecast of
from related parties within the consolidation scope future economic conditions, the Company
the consolidation scope calculates expected credit loss through
Other receivables – Portfolio exposure at default and 12-month or
Ages
grouped with ages lifetime expected credit loss rate.
(3) Accounts receivable with expected credit losses measured on a collective basis using simplified approach
Basis for determination Method for measuring expected credit
Items
of portfolio loss
Based on historical credit loss experience,
the current situation and the forecast of
future economic conditions, the Company
Accounts receivable –
Ages prepares the comparison table of ages and
Portfolio grouped with ages
lifetime expected credit loss rate of
accounts receivable, so as to calculate
expected credit loss.
Based on historical credit loss experience,
Accounts receivable –
the current situation and the forecast of
Portfolio grouped with Related parties brought
future economic conditions, the Company
balances due from related into the consolidation
calculates expected credit loss through
parties within the scope
exposure at default and lifetime expected
consolidation scope
credit loss rate.
ages
ANNUAL REPORT 2022
Ages Expected credit loss rate (%)
Within 1 year (inclusive, the same hereinafter) 5
Over 5 years 100
Financial assets and financial liabilities are presented separately in the balance sheet and are not offset. However,
the Company offsets a financial asset and a financial liability and presents the net amount in the balance sheet when,
and only when, the Company: (1) currently has a legally enforceable right to set off the recognized amounts; and
(2) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
For a transfer of a financial asset that does not qualify for derecognition, the Company does not offset the transferred
asset and the associated liability.
Determination method and accounting treatment of expected credit loss of notes receivable
□ Applicable √ Not Applicable
Determination method and accounting treatment of expected credit loss of accounts receivable
√ Applicable □ Not Applicable
Please refer to item V 10 of this section for details.
□ Applicable √ Not Applicable
Determination method and accounting treatment of expected credit loss of other receivables
√ Applicable □ Not Applicable
Please refer to item V 10 of this section for details.
√ Applicable □ Not Applicable
Inventories include finished goods or goods held for sale in the ordinary course of business, work in process in the
process of production, materials, supplies etc. to be consumed in the production process or in the rendering of
services.
ANNUAL REPORT 2022
Inventories dispatched from storage are accounted for with weighted average method at the end of each month.
At the balance sheet date, inventories (excluding packages lent out that expect to be irrecoverable. Please refer to
item V 15.6 of this section for details on the accrual method of provisions for inventory write-down on these
packages) are measured at the lower of cost and net realizable value; provisions for inventory write-down are made
on the excess of its cost over the net realizable value. The net realizable value of inventories held for sale is
determined based on the amount of the estimated selling price less the estimated selling expenses and relevant taxes
and surcharges in the ordinary course of business; the net realizable value of inventories to be processed is
determined based on the amount of the estimated selling price less the estimated costs of completion, selling
expenses and relevant taxes and surcharges in the ordinary course of business; at the balance sheet date, when only
part of the same item of inventories have agreed price, their net realizable value are determined separately and are
compared with their costs to set the provision for inventory write-down to be made or reversed.
Perpetual inventory method is adopted.
The recyclable beer bottles are included in the cost when losses incurred, and the turnover boxes and pallets are
amortized over the expected useful life after deducting expected net residual value.
The Company recognizes deposits for packages lent out as other payables.
At the balance sheet date, based on the number of packages lent out in the current period, the number of irrecoverable
packages is calculated at the current loss rate, which is estimated based on the market conditions and the historical
recycling records. Provision for inventory write-down shall be made at the cost of irrecoverable packages, and
allowances for other payables shall be accrued at the after-tax amount of non-refundable deposits, with the
difference recognized as assets impairment loss through profit and loss.
The packages lent out will be accounted for as a sale when there is objective evidence indicating that the packages
are irrecoverable, and the carrying amount (cost less provisions for write-down) and corresponding deposits payable
(cost less allowances) will be carried forward.
(1) Recognition method and criteria for contract assets
□ Applicable √ Not Applicable
(2) Determination method and accounting treatment of expected credit loss of contract assets
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
(1) Determination method and accounting treatment of expected credit loss of debt investments
□ Applicable √ Not Applicable
(1) Determination method and accounting treatment of expected credit loss of other debt investments
□ Applicable √ Not Applicable
(1) Determination method and accounting treatment of expected credit loss of long-term receivables
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control. Significant influence is
the power to participate in the financial and operating policy decisions of the investee but is not control or joint
control of these policies.
(1) For business combination under common control, if the consideration of the combining party is that it makes
payment in cash, transfers non-cash assets, assumes its liabilities or issues equity securities, on the date of
combination, it regards the share of the carrying amount of the equity of the combined party included in the
consolidated financial statements of the ultimate controlling party as the initial cost of the investment. The difference
between the initial cost of the long-term equity investments and the carrying amount of the combination
consideration paid or the par value of shares issued offsets capital reserve; if the balance of capital reserve is
insufficient to offset, any excess is adjusted to retained earnings.
When long-term equity investments are obtained through business combination under common control achieved in
stages, the Company determines whether it is a “bundled transaction”. If it is a “bundled transaction”, stages as a
whole are considered as one transaction in accounting treatment. If it is not a “bundled transaction”, on the date of
combination, investment cost is initially recognized at the share of the carrying amount of net assets of the combined
party included the consolidated financial statements of the ultimate controlling party. The difference between the
initial investment cost of long-term equity investments at the acquisition date and the carrying amount of the
previously held long-term equity investments plus the carrying amount of the consideration paid for the newly
acquired equity is adjusted to capital reserve; if the balance of capital reserve is insufficient to offset, any excess is
adjusted to retained earnings.
ANNUAL REPORT 2022
(2) For business combination not under common control, investment cost is initially recognized at the acquisition-
date fair value of considerations paid.
When long-term equity investments are obtained through business combination not under common control achieved
in stages, the Company determined whether they are stand-alone financial statements or consolidated financial
statements in accounting treatment:
the previously held long-term equity investments plus the carrying amount of the consideration paid for the newly
acquired equity.
If it is a “bundled transaction”, stages as a whole are considered as one transaction in accounting treatment. If it is
not a “bundled transaction”, the carrying amount of the acquirer’s previously held equity interest in the acquiree is
remeasured at the acquisition-date fair value, and the difference between the fair value and the carrying amount is
recognized in investment income; when the acquirer’s previously held equity interest in the acquiree involves other
comprehensive income under equity method, the related other comprehensive income is reclassified as income for
the acquisition period, excluding other comprehensive income arising from changes in net liabilities or assets from
remeasurement of defined benefit plan of the acquiree.
(3) Long-term equity investments obtained through ways other than business combination: the initial cost of a long-
term equity investment obtained by making payment in cash is the purchase cost which is actually paid; that obtained
on the basis of issuing equity securities is the fair value of the equity securities issued; that obtained through debt
restructuring is determined according to “CASBE 12 – Debt Restructuring”; and that obtained through non-cash
assets exchange is determined according to “CASBE 7 – Non-cash Assets Exchange”.
For a long-term equity investment with control relationship, it is accounted for with cost method; for a long-term
equity investment with joint control or significant influence relationship, it is accounted for with equity method.
(1) Stand-alone financial statements
The difference between the carrying amount of the disposed equity and the consideration obtained thereof is
recognized in profit or loss. If the disposal does not result in the Company’s loss of significant influence or joint
control, the remained equity is accounted for with equity method; however, if the disposal results in the Company’s
loss of control, joint control, or significant influence, the remained equity is accounted for according to “CASBE
(2) Consolidated financial statements
Before the Company’s loss of control, the difference between the disposal consideration and the proportionate share
of net assets in the disposed subsidiary from acquisition date or combination date to the disposal date is adjusted to
capital reserve (capital premium), if the balance of capital reserve is insufficient to offset, any excess is adjusted to
retained earnings.
ANNUAL REPORT 2022
When the Company loses control, the remained equity is remeasured at the loss-of-control-date fair value. The
aggregated value of disposal consideration and the fair value of the remained equity, less the share of net assets in
the disposed subsidiary held before the disposal from the acquisition date or combination date to the disposal date
is recognized in investment income in the period when the Company loses control over such subsidiary, and
meanwhile goodwill is offset correspondingly. Other comprehensive income related to equity investments in former
subsidiary is reclassified as investment income upon the Company’s loss of control.
In case of “bundled transaction”, stages as a whole are considered as one transaction resulting in loss of control in
accounting treatment. However, before the Company loses control, the difference between the disposal
consideration at each stage and the proportionate share of net assets in the disposed subsidiary is recognized as other
comprehensive income at the consolidated financial statements and reclassified as profit or loss in the period when
the Company loses control over such subsidiary.
Not Applicable
(1) Recognition principles
√ Applicable □ Not Applicable
Fixed assets are tangible assets held for use in the production of goods or rendering of services, for rental to others,
or for administrative purposes, and expected to be used during more than one accounting year. Fixed assets are
recognized if, and only if, it is probable that future economic benefits associated with the assets will flow to the
Company and the cost of the assets can be measured reliably.
(2) Depreciation method
√ Applicable □ Not Applicable
Useful life Residual value Annual depreciation
Categories Depreciation method
(years) proportion rate
Buildings and
Straight-line method 20-40 0%-10% 2.25%-5.00%
structures
Machinery Straight-line method 5-15 0%-10% 6.00%-20.00%
Transport facilities Straight-line method 5-10 0%-10% 9.00%-20.00%
Other equipment Straight-line method 3-12 0%-10% 7.50%-33.33%
(3) Basis for identification, valuation and depreciation method of fixed assets leased in under finance leases
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
the item will flow to the Company, and the cost of the item can be measured reliably. Construction in progress is
measured at the actual cost incurred to reach its designed usable conditions.
conditions. When the auditing of the construction in progress was not finished while reaching the designed usable
conditions, it is transferred to fixed assets using estimated value first, and then adjusted accordingly when the actual
cost is settled, but the accumulated depreciation is not to be adjusted retrospectively.
√ Applicable □ Not Applicable
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and construction
or production of assets eligible for capitalization, it is capitalized and included in the costs of relevant assets; other
borrowing costs are recognized as expenses on the basis of the actual amount incurred, and are included in profit or
loss.
(1) The borrowing costs are not capitalized unless the following requirements are all met: 1) the asset disbursements
have already incurred; 2) the borrowing costs have already incurred; and 3) the acquisition and construction or
production activities which are necessary to prepare the asset for its intended use or sale have already started.
(2) Suspension of capitalization: where the acquisition and construction or production of a qualified asset is
interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the borrowing
costs is suspended; the borrowing costs incurred during such period are recognized as expenses, and are included
in profit or loss, till the acquisition and construction or production of the asset restarts.
(3) Ceasing of capitalization: when the qualified asset under acquisition and construction or production is ready for
the intended use or sale, the capitalization of the borrowing costs is ceased.
For borrowings exclusively for the acquisition and construction or production of assets eligible for capitalization,
the to-be-capitalized amount of interests is determined in light of the actual interest expenses incurred (including
amortization of premium or discount based on effective interest method) of the special borrowings in the current
period less the interest income on the unused borrowings as a deposit in the bank or as a temporary investment;
where a general borrowing is used for the acquisition and construction or production of assets eligible for
capitalization, the Company calculates and determines the to-be-capitalized amount of interests on the general
borrowing by multiplying the weighted average asset disbursement of the part of the accumulative asset
disbursements less the general borrowing by the capitalization rate of the general borrowing used.
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Please refer to item V 42 of this section for details.
(1) Pricing method, useful life, impairment test
√ Applicable □ Not Applicable
based on its cost.
systematically and reasonably, if it is unable to determine the expected realization pattern reliably, intangible assets
are amortized by the straight-line method with details as follows:
Items Amortization period (years)
Land use right 30.00-50.00
Trademark 10.00, 30.00, 28.33
software 3.00-10.00
Intangible assets with indefinite useful lives are not amortized, but their useful life is reviewed annually. Judgment
basis for indefinite useful life is as follows:
Items Judgment basis
Since the life cycle of the product corresponding to the
trademark cannot be determined and the validity period of
Trademark
trademark is more likely to be extended, its useful life is
indefinite.
(2) Accounting policies for expenditures on the research phase of an internal project
√ Applicable □ Not Applicable
Expenditures on the research phase of an internal project are recognized as profit or loss when they are incurred. An
intangible asset arising from the development phase of an internal project is recognized if the Company can
demonstrate all of the followings: (1) the technical feasibility of completing the intangible asset so that it will be
available for use or sale; (2) its intention to complete the intangible asset and use or sell it; (3) how the intangible
asset will generate probable future economic benefits, among other things, the Company can demonstrate the
existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally,
the usefulness of the intangible asset; (4) the availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and (5) its ability to measure reliably the
expenditure attributable to the intangible asset during its development.
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
For long-term assets such as long-term equity investments, fixed assets, construction in progress, right-of-use assets,
intangible assets with finite useful lives, etc., if at the balance sheet date there is indication of impairment, the
recoverable amount is to be estimated. For goodwill recognized in business combination and intangible assets with
indefinite useful lives, no matter whether there is indication of impairment, impairment test is performed annually.
Impairment test on goodwill is performed on related asset group or asset group portfolio.
When the recoverable amount of such long-term assets is lower than their carrying amount, the difference is
recognized as provision for assets impairment through profit or loss.
□ Applicable √ Not Applicable
(1) Recognition method
√ Applicable □ Not Applicable
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between
its performance obligations and customers’ payments. Contract assets and contract liabilities under the same contract
shall offset each other and be presented on a net basis.
The Company presents an unconditional right to consideration (i.e., only the passage of time is required before the
consideration is due) as a receivable, and presents a right to consideration in exchange for goods that it has
transferred to a customer (which is conditional on something other than the passage of time) as a contract asset.
The Company presents an obligation to transfer goods to a customer for which the Company has received
consideration (or the amount is due) from the customer as a contract liability.
Employee benefits include short-term employee benefits, post-employment benefits, termination benefits and other
long-term employee benefits.
(1) Accounting treatment of short-term employee benefits
√ Applicable □ Not Applicable
The Company recognizes, in the accounting period in which an employee provides service, short-term employee
benefits actually incurred as liabilities, with a corresponding charge to profit or loss or the cost of a relevant asset.
(2) Accounting treatment of post-employment benefits
√ Applicable □ Not Applicable
The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit plans.
(1) The Company recognizes in the accounting period in which an employee provides service the contribution
payable to a defined contribution plan as a liability, with a corresponding charge to profit or loss or the cost of a
ANNUAL REPORT 2022
relevant asset.
(2) Accounting treatment by the Company for defined benefit plan usually involves the following steps:
assumptions to estimate related demographic variables and financial variables, measure the obligations under the
defined benefit plan, and determine the periods to which the obligations are attributed. Meanwhile, the Company
discounts obligations under the defined benefit plan to determine the present value of the defined benefit plan
obligations and the current service cost;
of defined benefit plan assets from the present value of the defined benefit plan obligation as a net defined benefit
plan liability or net defined benefit plan asset. When a defined benefit plan has a surplus, the Company measures
the net defined benefit plan asset at the lower of the surplus in the defined benefit plan and the asset ceiling;
from defined benefit plan: a. service cost; b. net interest on the net defined benefit plan liability (asset); and c.
changes as a result of remeasurement of the net defined benefit liability (asset). Item a and item b are recognized in
profit or loss or the cost of a relevant asset. Item c is recognized in other comprehensive income and is not to be
reclassified subsequently to profit or loss. However, the Company may transfer those amounts recognized in other
comprehensive income within equity.
(3) Accounting treatment of termination benefits
√ Applicable □ Not Applicable
Termination benefits provided to employees are recognized as an employee benefit liability for termination benefits,
with a corresponding charge to profit or loss at the earlier of the following dates: (1) when the Company cannot
unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment
proposal; or (2) when the Company recognizes cost or expenses related to a restructuring that involves the payment
of termination benefits.
(4) Accounting treatment of other long-term employee benefits
√ Applicable □ Not Applicable
When other long-term employee benefits provided to the employees satisfied the conditions for classifying as a
defined contribution plan, those benefits are accounted for in accordance with the requirements relating to defined
contribution plan, while other benefits are accounted for in accordance with the requirements relating to defined
benefit plan. The Company recognizes the cost of employee benefits arising from other long-term employee benefits
as the followings: (1) service cost; (2) net interest on the net liability or net assets of other long-term employee
benefits; and (3) changes as a result of remeasurement of the net liability or net assets of other long-term employee
benefits. As a practical expedient, the net total of the aforesaid amounts is recognized in profit or loss or included
in the cost of a relevant asset.
√ Applicable □ Not Applicable
Please refer to item V 42 of this section for details.
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
guarantee for other parties, litigation, products quality guarantee, onerous contract, etc., may cause the outflow of
the economic benefit and such obligations can be reliably measured.
obligations, and its carrying amount is reviewed at the balance sheet date.
√ Applicable □ Not Applicable
Share-based payment consists of equity-settled share-based payment and cash-settled share-based payment.
(1) Equity-settled share-based payment
For equity-settled share-based payment transaction with employees, if the equity instruments granted vest
immediately, the fair value of those equity instruments is measured at grant date and recognized as transaction cost
or expense, with a corresponding adjustment in capital reserve; if the equity instruments granted do not vest until
the counterparty completes a specified period of service or fulfils certain performance conditions, at the balance
sheet date within the vesting period, the fair value of those equity instruments measured at grant date based on the
best estimate of the number of equity instruments expected to vest is recognized as transaction cost or expense, with
a corresponding adjustment in capital reserve.
For equity-settled share-based payment transaction with parties other than employees, if the fair value of the services
received can be measured reliably, the fair value is measured at the date the Company receives the service; if the
fair value of the services received cannot be measured reliably, but that of equity instruments can be measured
reliably, the fair value of the equity instruments granted measured at the date the Company receives the service is
referred to, and recognized as transaction cost or expense, with a corresponding increase in equity.
(2) Cash-settled share-based payment
For cash-settled share-based payment transactions with employees, if share appreciation rights vest immediately,
the fair value of the liability incurred as the acquisition of services is measured at grant date and recognized as
transaction cost or expense, with a corresponding increase in liabilities; if share appreciation rights do not vest until
the employees have completed a specified period of service or fulfils certain performance conditions, the liability
is measured, at each balance sheet date until settled, at the fair value of the share appreciation rights measured at
grant date based on the best estimate of the number of share appreciation right expected to vest.
(3) Modifications and cancellations of share-based payment plan
If the modification increases the fair value of the equity instruments granted, the Company includes the incremental
fair value granted in the measurement of the amount recognized for services received as consideration for the equity
instruments granted; similarly, if the modification increases the number of equity instruments granted, the Company
ANNUAL REPORT 2022
includes the fair value of the additional equity instruments granted, in the measurement of the amount recognized
for services received as consideration for the equity instruments granted; if the Company modifies the vesting
conditions in a manner that is beneficial to the employee, the Company takes the modified vesting conditions into
account.
If the modification reduces the fair value of the equity instruments granted, the Company does not take into account
that decrease in fair value and continue to measure the amount recognized for services received as consideration for
the equity instruments based on the grant date fair value of the equity instruments granted; if the modification
reduces the number of equity instruments granted to an employee, that reduction is accounted for as a cancellation
of that portion of the grant; if the Company modifies the vesting conditions in a manner that is not beneficial to the
employee, the Company does not take the modified vesting conditions into account.
If the Company cancels or settles a grant of equity instruments during the vesting period (other than that cancelled
when the vesting conditions are not satisfied), the Company accounts for the cancellation or settlement as an
acceleration of vesting, and therefore recognizes immediately the amount that otherwise would have been
recognized for services received over the remainder of the vesting period.
□ Applicable √ Not Applicable
(1) Accounting polices for revenue recognition and measurement
√ Applicable □ Not Applicable
At contract inception, the Company shall assess the contracts and shall identify each performance obligation in the
contracts, and determine whether the performance obligation should be satisfied over time or at a point in time.
The Company satisfies a performance obligation over time if one of the following criteria is met, otherwise, the
performance obligation is satisfied at a point in time: (1) the customer simultaneously receives and consumes the
economic benefits provided by the Company’s performance as the Company performs; (2) the customer can control
goods as they are created by the Company’s performance; (3) goods created during the Company’s performance
have irreplaceable uses and the Company has an enforceable right to the payments for performance completed to
date during the whole contract period.
For each performance obligation satisfied over time, the Company shall recognize revenue over time by measuring
the progress towards complete satisfaction of that performance obligation. In the circumstance that the progress
cannot be measured reasonably, but the costs incurred in satisfying the performance obligation are expected to be
recovered, the Company shall recognize revenue only to the extent of the costs incurred until it can reasonably
measure the progress. For each performance obligation satisfied at a point in time, the Company shall recognize
revenue at the time point that the customer obtains control of relevant goods or services. To determine whether the
customer has obtained control of goods, the Company shall consider the following indications: (1) the Company
has a present right to payments for the goods, i.e., the customer is presently obliged to pay for the goods; (2) the
ANNUAL REPORT 2022
Company has transferred the legal title of the goods to the customer, i.e., the customer has legal title to the goods;
(3) the Company has transferred physical possession of the goods to the customer, i.e., the customer has physically
possessed the goods; (4) the Company has transferred significant risks and rewards of ownership of the goods to
the customer, i.e., the customer has obtained significant risks and rewards of ownership of the goods; (5) the
customer has accepted the goods; (6) other evidence indicating the customer has obtained control over the goods.
ANNUAL REPORT 2022
(1) Revenue is measured at the amount of the transaction price that is allocated to each performance obligation. The
transaction price is the amount of consideration to which the Company expects to be entitled in exchange for
transferring goods or services to a customer, excluding amounts collected on behalf of third parties and those
expected to be refunded to the customer.
(2) If the consideration promised in a contract includes a variable amount, the Company shall confirm the best
estimate of variable consideration at expected value or the most likely amount. However, the transaction price that
includes the amount of variable consideration only to the extent that it is high probable that a significant reversal in
the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable
consideration is subsequently resolved.
(3) In the circumstance that the contract contains a significant financing component, the Company shall determine
the transaction price based on the price that a customer would have paid for if the customer had paid cash for
obtaining control over those goods or services. The difference between the transaction price and the amount of
promised consideration is amortized under effective interest method over contractual period. The effects of a
significant financing component shall not be considered if the Company expects, at the contract inception, that the
period between when the customer obtains control over goods or services and when the customer pays consideration
will be one year or less.
(4) For contracts containing two or more performance obligations, the Company shall determine the stand-alone
selling price at contract inception of the distinct good underlying each performance obligation and allocate the
transaction price to each performance obligation on a relative stand-alone selling price basis.
The Company is mainly engaged in production and distribution of beer products. Revenue is recognized at the
amount net of rebate after the distributor obtains the control over the products, i.e., the Company delivers the beer
products to the distributor or its designated carrier based on contractual agreements.
(2) Differences in accounting policies for revenue recognition due to the adoption of different business
models for similar businesses
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Assets related to contract costs include costs of obtaining a contract and costs to fulfil a contract.
The Company recognizes as an asset the incremental costs of obtaining a contract if those costs are expected to be
recovered. The costs of obtaining a contract shall be included into profit or loss when incurred if the amortization
period of the asset is one year or less.
If the costs incurred in fulfilling a contract are not within the scope of standards related to inventories, fixed assets
or intangible assets, etc., the Company shall recognize the costs to fulfil a contract as an asset if all the following
criteria are satisfied:
ANNUAL REPORT 2022
manufacturing overhead cost (or similar cost), cost that are explicitly chargeable to the customer under the contract,
and other costs that are only related to the contract;
and
An asset related to contract costs shall be amortized on a systematic basis that is consistent with related goods or
services, with amortization included into profit or loss.
The Company shall make provision for impairment and recognize an impairment loss to the extent that the carrying
amount of an asset related to contract costs exceeds the remaining amount of consideration that the Company expects
to receive in exchange for the goods or services to which the asset relates less the costs expected to be incurred. The
Company shall recognize a reversal of an impairment loss previously recognized in profit or loss when the
impairment conditions no longer exist or have improved. The carrying amount of the asset after the reversal shall
not exceed the amount that would have been determined on the reversal date if no provision for impairment had
been made previously.
√ Applicable □ Not Applicable
comply with the conditions attaching to the grants; (2) the grants will be received. Monetary government grants are
measured at the amount received or receivable. Non-monetary government grants are measured at fair value, and
can be measured at nominal amount in the circumstance that fair value cannot be assessed.
Government grants related to assets are government grants with which the Company purchases, constructs or
otherwise acquires long-term assets under requirements of government. In the circumstances that there is no specific
government requirement, the Company shall determine based on the primary condition to acquire the grants, and
government grants related to assets are government grants whose primary condition is to construct or otherwise
acquire long-term assets. They offset carrying amount of relevant assets, or they are recognized as deferred income.
If recognized as deferred income, they are included in profit or loss on a systematic basis over the useful lives of
the relevant assets. Those measured at notional amount are directly included into profit or loss. For assets sold,
transferred, disposed or damaged within the useful lives, balance of unamortized deferred income is transferred into
profit or loss of the period in which the disposal occurred.
ANNUAL REPORT 2022
Government grants related to income are government grants other than those related to assets. For government
grants that contain both parts related to assets and parts related to income, in which those two parts are blurred, they
are thus collectively classified as government grants related to income. For government grants related to income
used for compensating the related future cost, expenses or losses, they are recognized as deferred income and
included in profit or loss or used to offset relevant cost during the period in which the relevant cost, expenses or
losses are recognized; for government grants related to income used for compensating the related cost, expenses or
losses incurred to the Company, they are directly included in profit or loss or used to offset relevant cost.
relevant cost based on business nature, while those not related to the ordinary course of business shall be included
into non-operating income or expenses.
(1) In the circumstance that government appropriates interest subvention to lending bank, who provides loans for
the Company with a policy subsidised interest rate, borrowings are carried at the amount received, with relevant
borrowings cost computed based on the principal and the policy subsidised interest rate.
(2) In the circumstance that government directly appropriates interest subvention to the Company, the subsidised
interest shall offset relevant borrowing cost.
√ Applicable □ Not Applicable
carrying amount and tax base of assets and liabilities (and the difference of the carrying amount and tax base of
items not recognized as assets and liabilities but with their tax base being able to be determined according to tax
laws) and in accordance with the tax rate applicable to the period during which the assets are expected to be
recovered or the liabilities are expected to be settled.
and which can be deducted from the deductible temporary difference. At the balance sheet date, if there is any exact
evidence that it is probable that future taxable income will be available against which deductible temporary
differences can be utilized, the deferred tax assets unrecognized in prior periods are recognized.
deferred tax asset is reduced to the extent that it is no longer probable that sufficient taxable income will be available
to allow the benefit of the deferred tax asset to be utilized. Such reduction is subsequently reversed to the extent
that it becomes probable that sufficient taxable income will be available.
loss, excluding those arising from the following circumstances: (1) business combination; and (2) the transactions
or items directly recognized in equity.
ANNUAL REPORT 2022
(1) Accounting treatment of operating lease
√ Applicable □ Not Applicable
At the commencement date, the Company recognizes a lease that has a lease term of 12 months or less as a short-
term lease, which shall not contain a purchase option; the Company recognizes a lease as a lease of a low-value
asset if the underlying asset is of low value when it is new. If the Company subleases an asset, or expects to sublease
an asset, the head lease does not qualify as a lease of a low-value asset.
For all short-term leases and leases of low-value assets, lease payments are recognized as cost or profit or loss with
straight-line method over the lease term.
Apart from the above-mentioned short-term leases and leases of low-value assets with simplified approach, the
Company recognizes right-of-use assets and lease liabilities at the commencement date.
(1) Right-of-use assets
The right-of-use asset is measured at cost and the cost shall comprise: 1) the amount of the initial measurement of
the lease liabilities; 2) any lease payments made at or before the commencement date, less any lease incentives
received; 3) any initial direct costs incurred by the lessee; and 4) an estimate of costs to be incurred by the lessee in
dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying
asset to the condition required by the terms and conditions of the lease.
The Company depreciates the right-of-use asset using the straight-line method. If it is reasonable to be certain that
the ownership of the underlying asset can be acquired by the end of the lease term, the Company depreciates the
right-of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the
Company depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term.
(2) Lease liabilities
At the commencement date, the Company measures the lease liability at the present value of the lease payments
that are not paid at that date, discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, the Company’s incremental borrowing rate shall be used. Unrecognized financing expenses, calculated
at the difference between the lease payment and its present value, are recognized as interest expenses over the lease
term using the discount rate which has been used to determine the present value of lease payment and included in
profit or loss. Variable lease payments not included in the measurement of lease liabilities are included in profit or
loss in the periods in which they are incurred.
After the commencement date, if there is a change in the following items: (a) actual fixed payments; (b) amounts
expected to be payable under residual value guarantees; (c) an index or a rate used to determine lease payments; (d)
assessment result or exercise of purchase option, extension option or termination option, the Company remeasures
the lease liability based on the present value of lease payments after changes, and adjusts the carrying amount of
the right-of-use asset accordingly. If the carrying amount of the right-of-use asset is reduced to zero but there shall
be a further reduction in the lease liability, the remaining amount shall be recognized into profit or loss.
ANNUAL REPORT 2022
At the commencement date, the Company classifies a lease as a finance lease if it transfers substantially all the risks
and rewards incidental to ownership of an underlying asset. Otherwise, it is classified as an operating lease.
(1) Operating lease
Lease receipts are recognized as lease income with straight-line method over the lease term. Initial direct costs
incurred shall be capitalized, amortized on the same basis as the recognition of lease income, and included into
profit or loss by installments. Variable lease payments related to operating lease which are not included in the lease
payment are charged as profit or loss in the periods in which they are incurred.
(2) Finance lease
At the commencement date, the Company recognizes the finance lease payment receivable based on the net
investment in the lease (sum of the present value of unguaranteed residual value and lease receipts that are not
received at the commencement date, discounted by the interest rate implicit in the lease), and derecognizes assets
held under the finance lease. The Company calculates and recognizes interest income using the interest rate implicit
in the lease over the lease term.
Variable lease payments not included in the measurement of the net investment in the lease are charged as profit or
loss in the periods in which they are incurred.
(2) Accounting treatment of finance lease
□ Applicable √ Not Applicable
(3) Determination method and accounting treatment of leases under the revised lease standard
√ Applicable □ Not Applicable
Please refer to item V 42 (1) of this section for details.
√ Applicable □ Not Applicable
Operating segments are determined based on the structure of the Company’s internal organization, management
requirements and internal reporting system. An operating segment is a component of the Company:
(1) that engages in business activities from which it may earn revenues and incur expenses;
(2) whose financial performance is regularly reviewed by the Management to make decisions about resource to be
allocated to the segment and to assess its performance; and
(3) for which accounting information regarding financial position, financial performance and cash flows is available
through analysis.
A component of the Company that has been disposed of, or is classified as held for sale and can be clearly
distinguished is recognized as a discontinued operation when it fulfills any of the following conditions:
(1) it represents a separate major line of business or a separate geographical area of operations;
ANNUAL REPORT 2022
(2) it is part of a related plan to dispose of a separate major line of business or a separate geographical area of
operations; or
(3) it is a subsidiary acquired exclusively with a review to resale.
Please refer to item XVI 5 of this section for details.
(1) Hedge includes cash flow hedge.
(2) A hedging relationship qualifies for hedge accounting if all of the following conditions are met: 1) the hedging
relationship consists only of eligible hedging instruments and eligible hedged instruments; 2) at the inception of the
hedge there is formal designation of hedging instruments and hedged item, and documentation of the hedging
relationship and the Company’s risk management objective and strategy for undertaking the hedge; 3) the hedging
relationship meets the hedging effectiveness requirements.
The Company recognizes that the hedging relationship meets effectiveness requirements if the all of the followings
are simultaneously satisfied: a. there is an economic relationship between the hedged item and the hedging
instruments; b. the effect of credit risk does not dominate the value changes that result from that economic
relationship between the hedged item and the hedging instruments; and c. the hedge ratio of the hedging relationship
is the same as the ratio of the quantity of the hedged item that the Company actually hedges and the number of
hedging instruments that the Company actually uses to hedge that quantity of hedged item, but does not reflect an
imbalance between the weightings of the hedged item and the hedging instrument.
The Company shall assess whether a hedging relationship meets the hedge effectiveness requirements at inception
and on an ongoing basis. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to
the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the
hedging relationship shall be rebalanced.
(3) Hedge accounting
Cash flow hedges
recognized in other comprehensive income as cash flow hedge reserve, while the ineffective portion shall be
recognized in profit or loss. The cash flow hedge reserve shall be recognized at the lower of the following (in
absolute amounts): (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and (ii)
the cumulative change in present value of the expected future cash flows of the hedged item from inception of the
hedge.
liability, or a hedged forecast transaction for a non-financial asset or non-financial liability becomes a firm
commitment for which fair value hedge accounting is applied, the Company shall transfer out the amount of cash
flow hedge reserve previously recognized in other comprehensive income, and include it in the initial cost of the
asset or the liability.
ANNUAL REPORT 2022
income shall be transferred out into profit or loss in the same period the hedged forecast sale affects profit or loss.
(1) Significant changes in accounting policies
√ Applicable □ Not Applicable
Other remarks
fixed assets before intended use or during the R&D process as stipulated the “Interpretation of China Accounting
Standards for Business Enterprises No. 15” issued by the Ministry of Finance since January 1, 2022. Such change
in accounting policies has no impact on the Company’s financial statements.
Accounting Standards for Business Enterprises No. 15” issued by the Ministry of Finance since January 1, 2022.
Such change in accounting policies has no impact on the Company’s financial statements.
financial instrument classified by the issuer as an equity instrument in the “Interpretation of China Accounting
Standards for Business Enterprises No. 16” issued by the Ministry of Finance since November 30, 2022. Such
change in accounting policies has no impact on the Company’s financial statements.
transactions from cash-settled to equity-settled in the “Interpretation of China Accounting Standards for Business
Enterprises No. 16” issued by the Ministry of Finance since November 30, 2022. Such change in accounting policies
has no impact on the Company’s financial statements.
(2) Significant changes in accounting estimates
□ Applicable √ Not Applicable
(3) The adjustments on the financial statements of the beginning of the earliest period in which the
Company adopts the revised standards or interpretations since 2022
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
VI. Taxes
Details
√ Applicable □ Not Applicable
Taxes Tax bases Tax rates
Under general calculation method, the output tax
Value-added tax calculated based on the revenue from sales of goods 13%, 9%, 6%, 5% (simplified
(VAT) or rendering of services in accordance with the tax levy rate)
law, net of the input tax that is allowed to be deducted
ANNUAL REPORT 2022
in the current period; under simplified calculation
method, VAT is calculated according to the sales
volume and the simplified levy rate
Consumption tax is calculated based on a percentage 220 yuan per ton, 250 yuan per
Consumption tax
of taxable sale income, or a rate of volume of sale ton, or 10%
For housing property levied on the basis of price,
housing property tax is levied at the rate of 1.2% of
the balance after deducting 20% or 30% of the cost;
Property tax 1.2%, 12%
for housing property levied on the basis of rent,
housing property tax is levied at the rate of 12% of
lease income.
Land use tax is levied by multiplying the taxable land
Land use tax 2.5-16 yuan per square meter
area actually occupied by the applicable tax amount
Urban maintenance Turnover tax actually paid plus exempt-credit tax
and construction tax amount
Turnover tax actually paid plus exempt-credit tax
Education surcharge 3%
amount
Local education Turnover tax actually paid plus exempt-credit tax
surcharge amount
Enterprise income
Taxable income 15%, 25%
tax [Note]
Different enterprise income tax rates applicable to different taxpayers
√ Applicable □ Not Applicable
Taxpayers Income tax rate
Carlsberg (China) Breweries and Trading Co., Ltd.
headquarters and its Chengdu Branch, Xinjiang Branch 15%
and Wusu Branch
Ningxia Xixia Jianiang Brewery Co., Ltd. 15%
Xinjiang Wusu Brewery Co., Ltd. 15%
Xinjiang Wusu Beer Trading Co., Ltd. 15%
Xinjiang Wusu Brewery (Korla) Co., Ltd. 15%
Xinjiang Wusu Brewery (Yining) Co., Ltd. 15%
Xinjiang Wusu Brewery (Aksu) Co., Ltd. 15%
Xinjiang Wusu Brewery (Wusu) Co., Ltd. 15%
Liangping Branch, Hechuan Branch, Fuling Branch and
Shizhu Branch of Carlsberg Chongqing Brewery Co., 15%
Ltd.
Taxpayers other than the above-mentioned 25%
√ Applicable □ Not Applicable
Note: Pursuant to the “Announcement on Continuing the Enterprise Income Tax Policy for the Western
Development” (Announcement of the Ministry of Finance, the State Taxation Administration and the National
Development and Reform Commission [2020] No. 23), from January 1, 2021 to December 31, 2030, enterprises
incorporated in western region belonging to encouraged industries are subject to a reduced rate of 15% for enterprise
income tax. The Company’s subsidiaries including Carlsberg (China) Breweries and Trading Co., Ltd. headquarters
and its Chengdu Branch, Xinjiang Branch and Wusu Branch, Ningxia Xixia Jianiang Brewery Co., Ltd., Xinjiang
ANNUAL REPORT 2022
Wusu Brewery Co., Ltd., Xinjiang Wusu Beer Trading Co., Ltd., Xinjiang Wusu Brewery (Korla) Co., Ltd., Xinjiang
Wusu Brewery (Yining) Co., Ltd., Xinjiang Wusu Brewery (Aksu) Co., Ltd., Xinjiang Wusu Brewery (Wusu) Co.,
Ltd., and Liangping Branch, Hechuan Branch, Fuling Branch and Shizhu Branch of Carlsberg Chongqing Brewery
Co., Ltd. are entitled to enjoy such preferential policy and subject to a reduced rate of 15%.
□ Applicable √ Not Applicable
VII. Notes to items of consolidated financial statements
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Cash on hand
Cash in bank 3,396,809,241.14 2,354,382,608.97
Accrued interest on seven-day
notice deposits
Other cash and bank balances
Total 3,397,877,592.02 2,355,194,070.43
Including: Deposited overseas
Deposited in finance
company
Other remarks
(1) Centralized fund management
Pursuant to the agreement on centralized fund management and multi-party entrusted loans entered into between
the Company and BNP Paribas (China) Limited, parent and primary bank accounts were under the name of the
subsidiary Carlsberg Chongqing Brewery Co., Ltd., and the Company managed its funds and the funds of its
affiliated entities in a centralized manner.
(2) Other remarks
Closing balance of interest accrued on seven-day notice deposits of 1,068,350.88 yuan was not considered as cash
and cash equivalents and was excluded from cash and cash equivalents.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Financial assets at fair value through profit
or loss
Including:
Others 501,088,888.89
Financial assets designated as at fair value
through profit or loss
Including:
Total 501,088,888.89
ANNUAL REPORT 2022
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Floating gains or losses on hedging
instruments
Total 3,829,356.40
ANNUAL REPORT 2022
Other remarks
Please refer to item VII 83 of this section for details on floating gains or losses on hedging instruments.
(1) Details on categories
□ Applicable √ Not Applicable
(2) Pledged notes at the balance sheet date
□ Applicable √ Not Applicable
(3) Endorsed or discounted but undue notes at the balance sheet date
□ Applicable √ Not Applicable
(4) Notes receivable transferred to accounts receivable due to non-performance of issuer
□ Applicable √ Not Applicable
(5) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
For provision for bad debts made using three-stage model, please disclose relevant information referring to the
disclosures in item VII 8 of this section
□ Applicable √ Not Applicable
(6) Provision for bad debts
□ Applicable √ Not Applicable
(7) Notes receivable actually written off in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Aging analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance
Within 1 year
Including:
Within 1 year 67,487,568.33
Subtotal 67,487,568.33
ANNUAL REPORT 2022
Ages Closing book balance
Over 3 years
Over 5 years 643,612.77
Total 69,738,970.22
(2) Details on categories of provision accrual methods
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Book balance Provision for bad debts Book balance Provision for bad debts
Categories
Provision Carrying Provision
% to % to Carrying amount
Amount Amount proportion amount Amount Amount proportion
total total
(%) (%)
Receivables with
provision made on an 694,834.92 1.00 694,834.92 100.00 919,846.69 0.79 919,846.69 100.00
individual basis
Including:
Receivables with
provision made on a 69,044,135.30 99.00 3,532,596.22 5.12 65,511,539.08 115,462,616.79 99.21 6,217,943.06 5.39 109,244,673.73
collective basis
Including:
Total 69,738,970.22 100.00 4,227,431.14 6.06 65,511,539.08 116,382,463.48 100.00 7,137,789.75 6.13 109,244,673.73
Accounts receivable with provision made on an individual basis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance
Items Provision for bad Provision Reasons for provision
Book balance
debts proportion (%) made
There is significant
Ningbo New Daliangshan
Co., Ltd.
recoverability.
Uni-President There is significant
Supermarket (Shanghai) 51,222.15 51,222.15 100.00 uncertainty in
Convenience Co., Ltd. recoverability.
Total 694,834.92 694,834.92 100.00 /
Remarks on accounts receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Accounts receivable with provision made on a collective basis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance
Items
Accounts receivable Provision for bad debts Provision proportion (%)
Portfolio grouped with
ages
Total 69,044,135.30 3,532,596.22 5.12
Determination basis for provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
For provision for bad debts made using three-stage model, please disclose relevant information referring to the
disclosures in item VII 8 of this section.
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(3) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period movements
Opening Closing
Categories Recovery or Other
balance Accrual Write-off balance
reversal movements
Receivables with
provision made on 919,846.69 51,222.15 -189,172.05 -87,061.87 694,834.92
an individual basis
Receivables with
provision made on a 6,217,943.06 -2,957,209.16 271,862.32 3,532,596.22
collective basis
Total 7,137,789.75 -2,905,987.01 82,690.27 -87,061.87 4,227,431.14
Significant provision for bad debts recovered or reversed in the current period
□ Applicable √ Not Applicable
(4) Accounts receivable actually written off in the current period
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount written off
Accounts receivable actually written off 87,061.87
Significant accounts receivable written off
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
□ Applicable √ Not Applicable
(5) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the total
Provision for bad
Debtors Closing balance balance of accounts
debts
receivable (%)
Carlsberg Brewery Hong Kong
Limited
Fujian Yonghui Logistics Co.,
Ltd.
Wal-Mart (China) Investment
Co., Ltd.
Shanghai Hualian Lawson Co.,
Ltd.
Chongqing Firm New Century
Department Store Chain 3,135,908.76 4.50 156,795.44
Operation Co., Ltd.
Total 43,878,999.22 62.92 2,193,949.97
Other remarks
None.
(6) Accounts receivable derecognized due to financial assets transfer
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(7) Assets and liabilities arising from transferred but still involved accounts receivable
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
(1) Aging analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Ages
Amount % to total Amount % to total
Within 1 year 43,187,607.98 100.00 45,117,660.67 100.00
Over 3 years
Total 43,187,607.98 100.00 45,117,660.67 100.00
Reasons for unsettlement on advances paid with age over one year and significant amount
None.
(2) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Proportion to the total balance of
Debtors Closing balance
advances paid (%)
PICC Property and Casualty
Company Limited
Xinjiang Gas Group Co., Ltd. 6,813,687.39 15.78
Guangdong Nanyou Foreign
Service Co., Ltd.
Yibin Xuzhou District Lianfa
Natural Gas Co., Ltd.
Tianchang Natural Gas Co., Ltd. 2,131,742.00 4.94
Total 25,681,443.26 59.47
Other remarks
None.
Other remarks
□ Applicable √ Not Applicable
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2022
Items Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 17,619,026.18 11,830,136.29
Total 17,619,026.18 11,830,136.29
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Provision for bad debts
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(4) Dividend receivable
□ Applicable √ Not Applicable
(5) Significant dividend receivable with age over one year
□ Applicable √ Not Applicable
(6) Provision for bad debts
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
Other receivables
(7) Aging analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance
Within 1 year
Including:
Within 1 year 17,022,182.33
Subtotal 17,022,182.33
Over 3 years
Over 5 years 4,285,161.44
Total 23,473,170.82
(8) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Nature of receivables Closing book balance Opening book balance
Advances paid on behalf of others 2,505,830.80 4,409,060.81
Deposits 9,982,565.46 7,526,579.68
Receivable from disposal of land use
right
Advances to staff 119,085.67 871,263.70
Others 6,565,688.89 5,119,778.54
Total 23,473,170.82 17,926,682.73
(9) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Stage 1 Stage 2 Stage 3
Provision for bad 12?month Lifetime expected Lifetime expected
Total
debts expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Opening balance 521,752.34 159,881.49 5,414,912.61 6,096,546.44
Opening balance in
the current period
--Transferred to
-33,381.28 33,381.28
stage 2
--Transferred to
-104,743.64 104,743.64
stage 3
--Reversed to stage
--Reversed to stage
Provision made in
the current period
Provision recovered
in the current period
Provision reversed
in the current period
ANNUAL REPORT 2022
Stage 1 Stage 2 Stage 3
Provision for bad 12?month Lifetime expected Lifetime expected
Total
debts expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Provision written
off in the current 876,494.62 876,494.62
period
Other changes
Closing balance 846,212.83 66,762.55 4,941,169.26 5,854,144.64
Remarks on significant changes in book balance of other receivables with changes in provision for bad debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has increased
significantly
□ Applicable √ Not Applicable
(10) Provision for bad debts
□ Applicable √ Not Applicable
(11) Other receivables actually written off in the current period
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount written off
Other receivables actually written off 876,494.62
Significant other receivables written off in the current period
□ Applicable √ Not Applicable
Remarks on other receivables written off
□ Applicable √ Not Applicable
(12) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the
Nature of Closing total balance of Provision for
Debtors Ages
receivables balance other receivables bad debts
(%)
Receivable
Chongqing Hongye
from disposal Within 1
Asset Management 4,300,000.00 18.32 215,000.00
of land use year
Co., Ltd.
right
Kingold Group Co., Within 1
Deposits 2,432,858.34 10.36 121,642.92
Ltd. [Note] year
Chongqing Kaiyuan
Deposits 1,866,700.00 Over 5 years 7.95 1,866,700.00
Oil and Gas Co., Ltd.
Within 1
year, 1-2
Guangzhou Minghe
Deposits 1,321,335.50 years, 2-3 5.63 230,205.31
Industrial Co., Ltd.
years, over 5
years
Shizhu Tujia Advances 1,142,263.17 Within 1 4.87 59,323.31
ANNUAL REPORT 2022
Proportion to the
Nature of Closing total balance of Provision for
Debtors Ages
receivables balance other receivables bad debts
(%)
Autonomous County on behalf of year, 1-2
Economic and others years
Information
Commission
Total / 11,063,157.01 / 47.13 2,492,871.54
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co., Ltd.
(13) Other receivables related to government grants
□ Applicable √ Not Applicable
(14) Other receivables derecognized due to financial assets transfer
□ Applicable √ Not Applicable
(15) Assets and liabilities arising from transferred but still involved other receivables
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details on categories
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Provision for Provision for
Items inventory write- inventory write-
Book balance Carrying amount Book balance Carrying amount
down/cost to down/cost to
fulfill a contract fulfill a contract
Raw materials 411,432,771.44 21,407,056.92 390,025,714.52 323,914,555.68 20,033,044.46 303,881,511.22
Packages 1,495,101,158.54 517,763,281.67 977,337,876.87 1,451,121,567.65 510,740,040.60 940,381,527.05
Work in process 95,329,587.61 95,329,587.61 81,166,867.10 81,166,867.10
Finished goods 706,598,387.34 2,814,003.14 703,784,384.20 562,948,411.37 1,626,329.47 561,322,081.90
Revolving
materials
Consumptive
biological
assets
Costs to fulfill a
contract
Total 2,708,461,904.93 541,984,341.73 2,166,477,563.20 2,419,151,401.80 532,399,414.53 1,886,751,987.27
(2) Provision for inventory write-down/cost to fulfill a contract
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Items Opening balance Reversal or write- Closing balance
Accrual Others Others
off
Raw materials 20,033,044.46 1,886,156.47 512,144.01 21,407,056.92
Work in process
Goods on hand 1,626,329.47 2,814,003.14 1,626,329.47 2,814,003.14
Revolving materials
Consumptive biological
assets
Cost to fulfill a contract
ANNUAL REPORT 2022
Increase Decrease
Items Opening balance Reversal or write- Closing balance
Accrual Others Others
off
Idle packages 89,677,873.48 867,413.12 12,532,520.99 78,012,765.61
Packages lent out which
expected to be irrecoverable 421,062,167.12 168,539,240.83 149,850,891.89 439,750,516.06
[Note]
Total 532,399,414.53 174,106,813.56 164,521,886.36 541,984,341.73
Note: For packages lent out which were expected to be irrecoverable, the Company made provision for inventory
write-down of 168,539,240.83 yuan, and accrued allowances for other payables assessed based on affected after-
tax amount of deposits free from return of 95,258,194.29 yuan, with the difference of 73,281,046.54 yuan
recognized as assets impairment loss; packages lent out are accounted for as a sale when there is objective evidence
indicating that the packages are irrecoverable, and the Company wrote off provision for inventory write-down of
deposits free from return of 81,480,455.10 yuan, with the difference of 68,370,436.79 yuan recognized as operating
cost. Please refer to item VII 41 of this section for details on accrual and write-off of allowances.
Determination basis of net realizable value and reasons for the reversal or write-off of provision for inventory write-
down
Reasons for reversal of or
Items Determination basis of net realizable value write-off provision for
inventory write-down
Estimated selling price of raw materials less relevant taxes
and surcharges; estimated selling price of relevant finished Such inventories were used or
Raw materials
goods less cost to be incurred upon completion, estimated sold.
selling expenses, and relevant taxes and surcharges
Estimated selling price of disposal waste less relevant taxes Such inventories were sold or
Idle packages
and surcharges scrapped.
For packages lent out which expected to be irrecoverable,
Packages lent the Company made provision for inventory write-down
There is objective evidence
out which based on the carrying amount, and accrued allowances for
indicating that the packages
expected to be other payables assessed based on affected after-tax amount
lent out would not be returned.
irrecoverable of deposits free from return, with the difference recognized
as assets impairment loss
Estimated selling price less cost to be incurred upon
Such inventories were used or
Work in process completion, estimated selling expenses, and relevant taxes
sold.
and surcharges
Estimated selling price less estimated selling expenses and
Finished goods Such inventories were sold.
relevant taxes and surcharges
Other remarks
Items Inventory age Closing book balance Provision for write-down
Finished beer Within 1 year 706,598,387.34 2,814,003.14
Semi-finished beer (including
Within 1 year 95,329,587.61
basic beer)
Subtotal 801,927,974.95 2,814,003.14
(3) Remarks on the capitalized amount of borrowing costs
□ Applicable √ Not Applicable
(4) Remarks on the amortization of cost to fulfill a contract
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Reasons for significant changes in carrying amount of contract assets
□ Applicable √ Not Applicable
(3) Details on provision for impairment of contract assets
□ Applicable √ Not Applicable
For provision for bad debts made using three-stage model, please disclose relevant information referring to the
disclosures in item VII 8 of this section
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Significant debt investments and other debt investments at the balance sheet date
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Cost to obtain a contract
Cost of goods expected to be returned
Input VAT to be credited and prepaid
taxes
Total 109,533,473.56 83,454,893.33
Other remarks
None.
ANNUAL REPORT 2022
(1) Details
□ Applicable √ Not Applicable
(2) Significant debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has increased
significantly
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Significant other debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has increased
significantly
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Provision for bad debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has increased
significantly
□ Applicable √ Not Applicable
(3) Long-term receivables derecognized due to financial assets transfer
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(4) Assets and liabilities arising from transferred but still involved long-term receivables
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase/Decrease
Investment Clos
Adjustment in
Opening income Changes in Cash dividend/ Closing balan
Investees Investments Investments other Provision for
balance recognized other Profit declared Others balance provisi
increased decreased comprehensive impairment
under equity equity for distribution impair
income
method
I. Joint ventures
Subtotal
II. Associates
Chongqing
Jiawei Beer Co., 240,320,800.68 56,279,080.37 296,599,881.05
Ltd.
Subtotal 240,320,800.68 56,279,080.37 296,599,881.05
Total 240,320,800.68 56,279,080.37 296,599,881.05
Other remarks
None.
ANNUAL REPORT 2022
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Bank of Guizhou Co., Ltd. 14,303,331.73 13,210,379.78
Total 14,303,331.73 13,210,379.78
(2) Details on non-trading equity instrument investments
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
As the Company invested Bank of Guizhou Co., Ltd. not for trading, such investment was designated as an equity
instrument investment at fair value through other comprehensive income.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Financial assets classified as at fair value
through profit or loss
Including: Cost of investment in Xinjiang
Guozhiming
Changes in fair value of investment in
-1,000,000.00 -1,000,000.00
Xinjiang Guozhiming [Note]
Total
Other remarks
√ Applicable □ Not Applicable
Note: As the investee ceased operation in previous years and was not a public interest entity, provision for
impairment was fully made on the investment.
Method for measuring investment property
Not Applicable
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Fixed assets 3,680,691,105.17 3,705,081,241.59
Disposal of fixed assets
Total 3,680,691,105.17 3,705,081,241.59
Other remarks
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
Fixed assets
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport
Items Machinery Other equipment Total
structures facilities
I. Cost
(1) Acquisition 3,135,131.11 207,831.52 25,870,461.72 29,213,424.35
(2) Transferred in
from construction 75,756,671.21 258,674,358.48 37,253,855.67 371,684,885.36
in progress
(3) Business
combination
(1) Disposal/
Scrapping
II. Accumulated depreciation
(1) Accrual 94,201,980.19 282,604,728.58 1,612,731.80 35,596,814.10 414,016,254.67
(1) Disposal/
Scrapping
III. Provision for impairment
(1) Accrual 8,941.53 620,078.82 16,136.73 1,437,412.94 2,082,570.02
(1) Disposal/
Scrapping
IV. Carrying amount
(2) Fixed assets temporarily idle
□ Applicable √ Not Applicable
(3) Fixed assets leased in under finance leases
□ Applicable √ Not Applicable
(4) Fixed assets leased out under operating leases
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(5) Fixed assets with certificate of titles being unsettled
□ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Carrying amount Reasons for unsettlement
Buildings and structures etc. 55,966,680.15 In progress
Subtotal 55,966,680.15
Other remarks
□ Applicable √ Not Applicable
Disposal of fixed assets
□ Applicable √ Not Applicable
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Construction in progress 395,295,204.91 162,076,985.24
Construction materials
Total 395,295,204.91 162,076,985.24
Other remarks
□ Applicable √ Not Applicable
Construction in progress
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
New brewery
project with an
annual output of 202,505,414.75 202,505,414.75
Foshan
Smart Core Project 43,309,341.19 43,309,341.19 15,996,259.89 15,996,259.89
Capacity expansion
and transformation
project with an
annual output of
Korla
Production
resumption project 20,428,646.40 20,428,646.40
in Wanzhou
Relocation project
of ammonia
refrigeration system
of Kunming Huashi
Product traceability
system engineering
China Carlsberg
Analysis Platform
ANNUAL REPORT 2022
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
FBI detection
equipment
Sales optimization
software system
Carlsberg Tax
Management 1,898,041.37 1,898,041.37
Platform
Technical
transformation and
capacity expansion
project of Xichang
Transformation and
upgrading of bottle 1,780,655.08 1,780,655.08 1,104,943.35 1,104,943.35
depalletizer
Refrigeration
system 834,726.67 834,726.67 5,725,047.18 5,725,047.18
transformation
Tiandao production
line transformation 16,464,709.35 16,464,709.35
project
Yibin
Transformation
project of bottled 11,348,660.23 11,348,660.23
beer production line
of Pure Draft
Tianmuhu brewing
capacity
improvement
project
Transformation of
carbon dioxide 7,119,917.69 7,119,917.69
recovery system
Saccharification
production capacity
improvement
project of Wusu
Huizhou production
line transformation 2,495,977.87 2,495,977.87
project
Sporadic
engineering
Total 395,295,204.91 395,295,204.91 162,076,985.24 162,076,985.24
ANNUAL REPORT 2022
(2) Changes in significant projects
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Including:
Accumulated
Amount of
Accumulated Completion amount of Annual
Opening Transferred to Other Closing borrowing cost
Projects Budgets Increase input to percentage borrowing capitalization Fund source
balance fixed assets decreases balance capitalization
budget (%) (%) cost rate (%)
in the current
capitalization
period
New brewery project with an
annual output of 500,000 1,401,772,000.00 202,505,414.75 202,505,414.75 14.45 14.45 Self-raised
kiloliters in Foshan
Smart Core Project 99,811,000.00 15,996,259.89 27,313,081.30 43,309,341.19 43.40 43.40 Self-raised
Capacity expansion and
transformation project with
an annual output of 150,000
kiloliters in Korla
Production resumption
project in Wanzhou
Relocation project of
ammonia refrigeration 16,300,000.00 10,468,200.65 10,468,200.65 64.22 64.22 Self-raised
system of Kunming Huashi
Product traceability system
engineering
China Carlsberg Analysis
Platform
FBI detection equipment 5,483,929.00 1,260,000.00 4,223,929.00 Self-raised
Sales optimization software
system
Carlsberg Tax Management
Platform
Technical transformation and
capacity expansion project of 101,877,795.00 12,548,056.23 73,111,021.28 83,786,378.15 1,872,699.36 84.08 84.08 Self-raised
Xichang
Transformation and
upgrading of bottle 1,104,943.35 1,801,455.08 1,125,743.35 1,780,655.08 Self-raised
depalletizer
Refrigeration system
transformation
Tiandao production line
transformation project
Yibin transformation project
of bottled beer production 32,417,467.00 11,348,660.23 19,568,806.78 30,917,467.01 100.00 100.00 Self-raised
line of Pure Draft
Tianmuhu brewing capacity
improvement project
Transformation of carbon
dioxide recovery system
Saccharification production 9,266,000.00 2,870,000.00 6,143,407.49 9,013,407.49 100.00 100.00 Self-raised
ANNUAL REPORT 2022
Including:
Accumulated
Amount of
Accumulated Completion amount of Annual
Opening Transferred to Other Closing borrowing cost
Projects Budgets Increase input to percentage borrowing capitalization Fund source
balance fixed assets decreases balance capitalization
budget (%) (%) cost rate (%)
in the current
capitalization
period
capacity improvement
project of Wusu
Huizhou production line
transformation project
Sporadic engineering 52,067,370.56 168,593,601.94 145,311,217.39 20,040,212.31 55,309,542.80 Self-raised
Total 1,852,241,971.00 162,076,985.24 649,280,064.02 371,684,885.36 44,376,958.99 395,295,204.91 / / / /
ANNUAL REPORT 2022
(3) Provisions for impairment of construction in progress
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Construction materials
(4) Details
□ Applicable √ Not Applicable
(1) Measured at cost
□ Applicable √ Not Applicable
(2) Measured at fair value
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
I. Cost
(1) Leased in 78,976,277.97 2,990,000.00 23,332,000.00 105,298,277.97
(1) Disposal 22,424,000.00 2,840,000.00 13,303,000.00 38,567,000.00
II. Accumulated depreciation
(1) Accrual 16,466,351.86 2,323,000.00 12,820,000.00 31,609,351.86
(1) Disposal 15,443,000.00 1,101,000.00 9,423,000.00 25,967,000.00
III. Provision for impairment
(1) Accrual
ANNUAL REPORT 2022
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
(1) Disposal
IV. Carrying amount
Other remarks
None.
ANNUAL REPORT 2022
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Patent Non-patented
Items Land use right Trademark Software Total
right technology
I. Cost
(1) Acquisition 90,228,000.00 1,327,139.06 91,555,139.06
(2) Internal research
and development
(3) Business
combination
(4) Transferred in
from construction in 44,376,958.99 44,376,958.99
progress
(1) Disposal 7,193,840.00 905,681.97 8,099,521.97
II. Accumulated amortization
(1) Accrual 13,298,437.00 9,665,734.56 36,422,066.94 59,386,238.50
(1) Disposal 2,002,284.93 99,862.07 2,102,147.00
III. Provision for impairment
(1) Accrual 459,733.59 459,733.59
(1) Disposal
IV. Carrying amount
(2) Land use right with certificate of titles being unsettled
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(1) Cost
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Investees or events resulting in
Opening balance Business Closing balance
goodwill Others Disposal Others
combination
Xinjiang Wusu Brewery Co., Ltd.
[Note]
Carlsberg (China) Breweries and
Trading Co., Ltd. [Note]
Ningxia Xixia Jianiang Brewery
Co., Ltd. [Note]
Carlsberg Chongqing Brewery Co.,
Ltd. [Note]
Total 718,230,066.13 718,230,066.13
Note: It refers to the goodwill arising from business combinations not under common control conducted by the
ultimate controlling party or entities controlled by the ultimate controlling party.
(2) Provision for impairment
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Investees or events Increase Decrease
resulting in Opening balance Closing balance
Accrual Others Disposal Others
goodwill
Carlsberg
Chongqing Brewery 19,037,610.07 19,037,610.07
Co., Ltd.
Total 19,037,610.07 19,037,610.07
(3) Related information of asset group or asset group portfolios which include goodwill
√ Applicable □ Not Applicable
Composition of asset group or asset group Carlsberg (China) Breweries and Trading
Xinjiang Wusu Brewery Co., Ltd.
portfolios Co., Ltd.
Carrying amount of asset group or asset group
portfolios
The carrying amount of goodwill
The carrying amount of goodwill
allocated to the asset group or asset
allocated to the asset group or asset group
group portfolios amounted to
Carrying amount of goodwill allocated to the portfolios amounted to 983,295,317.02
asset group or asset group portfolios and the yuan based on the difference between the
difference between the fair value of
allocation method fair value of identifiable net assets and
identifiable net assets and the
the consideration paid at the acquisition
consideration paid at the acquisition
date.
date.
Carrying amount of asset group or asset group
portfolios that include goodwill
Whether asset group or asset group portfolios
are consistent with those at acquisition date or
Yes Yes
at goodwill impairment testing date in
previous years
(Continued)
Composition of asset group or asset group
Ningxia Xixia Jianiang Brewery Co., Ltd. Carlsberg Chongqing Brewery Co., Ltd.
portfolios
ANNUAL REPORT 2022
Carrying amount of asset group or asset group
portfolios
The carrying amount of goodwill The carrying amount of goodwill
allocated to the asset group or asset group allocated to the asset group or asset
Carrying amount of goodwill allocated to the portfolios amounted to 16,035,000.00 group portfolios amounted to 0.00
asset group or asset group portfolios and the yuan based on the difference between the yuan based on the difference between
allocation method fair value of identifiable net assets and the fair value of identifiable net assets
the consideration paid at the acquisition and the consideration paid at the
date. acquisition date.
Carrying amount of asset group or asset group
portfolios that include goodwill
Whether asset group or asset group portfolios
are consistent with those at acquisition date or
Yes Yes
at goodwill impairment testing date in
previous years
(4) Impairment test process, key parameters (e.g., forecast period growth rate, steady period growth rate,
profit rate, discount rate, forecast period, etc. used when estimating the present value of future cash flows, if
applicable), and determination method of goodwill impairment loss
√ Applicable □ Not Applicable
a. Xinjiang Wusu Brewery Co., Ltd.
The recoverable amount of asset group or asset group portfolios which include goodwill is computed based on the
present value of estimated future cash flows, which is based on the estimated annual cash flows for an explicit
forecast period of 5 years approved by the Company (the “forecast period”), and the pre-tax discount rate used in
estimating the annual cash flows is 15.67% (2021: 15.27%). The operating profit after the forecast period is basically
consistent with the operating profit in the last year of the forecast period. Other key data used in the impairment test
include: annual compound growth rate of operating revenue of 2.65% (2021: 5.14%) and budgeted gross margin of
prediction towards market development. The discount rate used by the Company is the pre-tax interest rate that
reveals the time value of currency under the current market situation and special risks of certain asset group.
The aforementioned estimation of the recoverable amount of goodwill suggests that the goodwill is not impaired.
b. Carlsberg (China) Breweries and Trading Co., Ltd.
The recoverable amount of asset group or asset group portfolios which include goodwill is computed based on the
present value of estimated future cash flows, which is based on the estimated annual cash flows for an explicit
forecast period of 5 years approved by the Company, and the pre-tax discount rate used in estimating the annual
cash flows is 15.67% (2021: 15.27%). The operating profit after the forecast period is basically consistent with the
operating profit in the last year of the forecast period. Other key data used in the impairment test include: annual
compound growth rate of operating revenue of -0.81% (2021: 2.65%) and budgeted gross margin of 43%-44%
(2021: 46%-49%). Such key data are determined by the Company based on its experience and its prediction towards
market development. The discount rate used by the Company is the pre-tax interest rate that reveals the time value
of currency under the current market situation and special risks of certain asset group.
The aforementioned estimation of the recoverable amount of goodwill suggests that the goodwill is not impaired.
c. Ningxia Xixia Jianiang Brewery Co., Ltd.
The recoverable amount of asset group or asset group portfolios which include goodwill is computed based on the
present value of estimated future cash flows, which is based on the estimated annual cash flows for an explicit
ANNUAL REPORT 2022
forecast period of 5 years approved by the Company, and the pre-tax discount rate used in estimating the annual
cash flows is 15.67% (2021: 15.27%). The operating profit after the forecast period is basically consistent with the
operating profit in the last year of the forecast period. Other key data used in the impairment test include: annual
compound growth rate of operating revenue of 3.94% (2021: 3.63%) and budgeted gross margin of 43-44% (2021:
development. The discount rate used by the Company is the pre-tax interest rate that reveals the time value of
currency under the current market situation and special risks of certain asset group.
The aforementioned estimation of the recoverable amount of goodwill suggests that the goodwill is not impaired.
d. Carlsberg Chongqing Brewery Co., Ltd.
In April 2012, the Company acquired Carlsberg Chongqing Brewery Co., Ltd., and recognized the goodwill at the
difference between the fair value of identifiable net assets and the consideration paid at the acquisition date. Pursuant
to the “Proposal on Accrual of Provision for Impairment of Assets” deliberated and approved by the ninth meeting
of the seventh Board of Directors held in 2013, the Company performed impairment test on relevant assets group
portfolios that included goodwill, and made provision for impairment of goodwill of 19,037,610.07 yuan at the
difference between the recoverable amount of relevant asset group portfolios and the carrying amount.
(5) Effect of goodwill impairment test
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
(1) Deferred tax assets before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Deductible Deductible
Deferred tax
temporary temporary Deferred tax assets
assets
difference difference
Provision for
impairment of assets
Unrealized profit from
internal transactions
Deductible losses 27,198,996.20 4,079,849.43 20,482,192.92 5,120,548.23
Employee benefits
payable
Long-term employee
benefits payable
Accrued expenses and
contract assets
ANNUAL REPORT 2022
Closing balance Opening balance
Items Deductible Deductible
Deferred tax
temporary temporary Deferred tax assets
assets
difference difference
Fixed assets 7,416,061.45 1,798,655.78 2,850,538.37 712,634.59
Intangible assets 23,044,686.80 3,952,404.00 21,136,658.46 5,284,164.62
Provisions 31,657,899.75 4,900,580.66 31,862,723.02 7,965,680.76
Other non-current
financial assets
Deferred income 147,635,624.68 36,250,783.25 128,413,080.14 32,103,270.03
Total 3,784,616,622.39 732,407,316.03 4,249,242,424.76 1,062,310,605.52
(2) Deferred tax liabilities before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Taxable temporary Deferred tax Taxable temporary Deferred tax
difference liabilities difference liabilities
Assets appraisal
appreciation due to
business combination not
under common control
Changes in fair value of
other debt investments
Changes in fair value of
other equity instrument 13,303,331.73 3,325,832.94 12,210,379.78 3,052,594.95
investments
One-time deduction on
fixed assets of less than 5 149,706,704.25 26,985,487.80 126,298,677.32 31,574,669.35
million yuan
Intangible assets 12,000,000.00 3,000,000.00 12,000,000.00 3,000,000.00
Cash flow hedging
instruments
Total 236,937,046.06 42,694,067.15 219,896,197.34 54,974,049.35
(3) Deferred tax assets or liabilities presented by net amount after offset
□ Applicable √ Not Applicable
(4) Details of unrecognized deferred tax assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Deductible temporary difference 191,072,887.28 91,407,055.40
Deductible losses 320,552,816.05 216,715,687.90
Total 511,625,703.33 308,122,743.30
(5) Maturity years of deductible losses of unrecognized deferred tax assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Maturity years Closing balance Opening balance Remarks
Year 2022 12,865,456.04
Year 2023 23,393,028.65 23,445,548.14
ANNUAL REPORT 2022
Year 2024 17,917,412.10 17,917,412.10
Year 2025 20,863,693.25 20,863,693.25
Year 2026 126,994,927.34 141,623,578.37
Year 2027 131,383,754.71
Total 320,552,816.05 216,715,687.90 /
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Provision Provision
Items
Book balance for Carrying amount Book balance for Carrying amount
impairment impairment
Cost to obtain a
contract
Cost to fulfill a
contract
Cost of goods
expected to be
returned
Contract assets
Prepayments
for acquisition
of non-current
assets
Total 89,540,749.40 89,540,749.40 3,636,075.76 3,636,075.76
Other remarks
None.
(1) Details on categories
□ Applicable √ Not Applicable
(2) Overdue short-term borrowings
□ Applicable √ Not Applicable
Significant overdue short-term borrowings
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Floating gains or losses on hedging
instruments
Total 2,616,336.56
Other remarks:
Please refer to item VII 83 of this section for details on floating gains or losses on hedging instruments.
(1) Details
□ Applicable √ Not Applicable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Payments for acquisition of materials
and receiving of services
Payments for engineering equipment 401,357,843.47 375,471,194.51
Total 2,497,671,747.37 2,212,689,178.11
(2) Significant accounts payable with age over one year
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Significant advances received with age over one year
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Contract liabilities of distributors 1,614,042,546.14 1,732,741,425.80
Total 1,614,042,546.14 1,732,741,425.80
ANNUAL REPORT 2022
(2) Reasons for significant changes in carrying amount of contract assets
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
I. Short-term employee
benefits
II. Post-employment
benefits - defined 34,300,299.10 120,032,669.85 109,770,266.91 44,562,702.04
contribution plan
III. Termination benefits 37,590,091.03 10,079,863.07 13,251,598.57 34,418,355.53
IV. Other benefits due
within one year
Total 512,763,340.97 1,513,028,483.85 1,626,424,500.17 399,367,324.65
(2) Details of short-term employee benefits
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
I. Wage, bonus, allowance and
subsidy
II. Employee welfare fund 31,094,554.19 31,094,554.19
III. Social insurance premium 7,311,339.41 68,685,543.66 67,333,097.86 8,663,785.21
Including: Medicare premium 6,571,835.99 58,317,441.52 56,679,019.94 8,210,257.57
Occupational injuries
premium
Maternity premium 824,019.48 824,019.48
IV. Housing provident fund 6,948,453.85 68,587,097.75 69,288,104.24 6,247,447.36
V. Trade union fund and
employee education fund
VI. Short-term paid leave
VII. Short-term profit-sharing
plan
Total 440,872,950.84 1,382,915,950.93 1,503,402,634.69 320,386,267.08
(3) Details of defined contribution plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
insurance premium
premium
Total 34,300,299.10 120,032,669.85 109,770,266.91 44,562,702.04
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
VAT 21,855,504.85 12,956,089.40
Consumption tax 80,493,196.43 30,892,567.28
Business tax
Corporate income tax 131,669,002.41 340,441,532.09
Individual income tax 4,552,442.76 3,973,489.86
Urban maintenance and
construction tax
Education surcharge 5,902,977.40 2,353,609.31
Property tax 902,167.35 730,610.13
Land use tax 852,494.98 702,608.48
Others 2,305,532.66 842,952.59
Total 255,387,461.35 395,925,319.93
Other remarks
None.
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest payable
Dividend payable
Other payables 3,490,319,176.38 2,971,960,641.25
Total 3,490,319,176.38 2,971,960,641.25
Other remarks
□ Applicable √ Not Applicable
Interest payable
(1) Details on categories
□ Applicable √ Not Applicable
Dividend payable
(2) Details on categories
□ Applicable √ Not Applicable
Other payables
(1) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Accrued expenses 1,746,070,547.86 1,592,251,360.17
Deposits for packages 941,202,663.23 789,959,811.32
Allowances for deposits for
-334,503,946.84 -320,726,207.65
packages
ANNUAL REPORT 2022
Items Closing balance Opening balance
Other deposits 1,081,788,522.34 852,384,592.98
Trademark licensing fees payable 40,319,315.43 34,110,233.83
Others 15,442,074.36 23,980,850.60
Total 3,490,319,176.38 2,971,960,641.25
(2) Significant other payables with age over one year
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Accrual and write-off of allowances for deposits
Reversal or write-
Items Opening balance Accrual Closing balance
off
Allowances for
deposits for 320,726,207.65 95,258,194.29 81,480,455.10 334,503,946.84
packages
Subtotal 320,726,207.65 95,258,194.29 81,480,455.10 334,503,946.84
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Long-term borrowings due within
one year
Bonds payable due within one
year
Long-term payables due within
one year
Lease liabilities due within one
year
Total 24,005,592.21 22,313,992.68
Other remarks
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Short-term bonds payable
Payables for returned goods
Output VAT to be recognized 27,809,237.78 33,979,353.25
Total 27,809,237.78 33,979,353.25
ANNUAL REPORT 2022
Increase or decrease of short-term bonds payable
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details on categories
□ Applicable √ Not Applicable
Other remarks on interest rate range, etc.
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Current period movements (not including other financial instruments such as preferred shares/perpetual
bonds classified as financial liabilities)
□ Applicable √ Not Applicable
(3) Converting conditions and time of convertible bonds
□ Applicable √ Not Applicable
(4) Other financial instruments classified as financial liabilities
Basic information of other financial instruments such as preferred shares or perpetual bonds outstanding at the
balance sheet date
□ Applicable √ Not Applicable
Current period movements of financial instruments such as preferred shares or perpetual bonds outstanding at the
balance sheet date
□ Applicable √ Not Applicable
Other remarks on financial instruments classified as financial liabilities
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Lease liabilities 77,928,597.87 16,951,000.00
Total 77,928,597.87 16,951,000.00
Other remarks
None.
Details
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Long-term payables
(1) Long-term payables categorized by nature
□ Applicable √ Not Applicable
Special payables
(2) Special payables categorized by nature
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
I. Termination benefits - Net defined benefit
liability
II. Dismissal benefits
III. Other long-term employee benefits 8,486,230.50 9,925,000.00
Total 154,407,707.35 163,668,974.22
ANNUAL REPORT 2022
(2) Movements in defined benefit plan
Present value of obligations in defined benefit plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
I. Opening balance 153,743,974.22 164,376,908.47
II. Components of defined benefit costs
-683,415.60 4,739,291.62
recognized in profit or loss
III. Components of defined benefit costs
recognized in other comprehensive 2,862,000.00 -5,673,342.76
income
IV. Other movements -10,001,081.77 -9,698,883.11
V. Closing balance 145,921,476.85 153,743,974.22
Plan assets
□ Applicable √ Not Applicable
Net defined benefit liabilities (assets)
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
I. Opening balance 153,743,974.22 164,376,908.47
II. Components of defined benefit costs
-683,415.60 4,739,291.62
recognized in profit or loss
III. Components of defined benefit costs
recognized in other comprehensive income
IV. Other movements -10,001,081.77 -9,698,883.11
V. Closing balance 145,921,476.85 153,743,974.22
Contents and risks of defined benefit plan, and effect on amount, timing and uncertainty of future cash flows
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
The Company provides the following supplementary post-retirement benefits for existing and future retirees: a.
supplementary pension benefits paid to certain existing and future retirees on a monthly or annual basis until their
death, which would not be adjusted in the future; b. old age allowance paid to certain existing and future retirees on
a monthly basis from the age of 70 until their death, which would not be adjusted in the future; c. one-time funeral
benefits paid to existing and future retirees upon their death, which would not be adjusted in the future; d. basic
medical insurance premium and critical illness medical premium paid on behalf of existing and future retirees until
their death or expiry of minimum payment period (25 years for males and 20 years for females), which would be
adjusted according to local policies; e. heating expenses paid to existing and future retirees until their death, which
would be adjusted according to local policies; f. retirement allowance and family worker allowance paid to certain
existing retirees until their death, which would not be adjusted in the future; and g. one-time incentives for one-
child family paid to certain future retirees upon their retirement, which would not be adjusted in the future.
Remarks on significant actuarial assumptions and sensitivity analysis results of defined benefit plan
√ Applicable □ Not Applicable
Items Closing balance Opening balance
Post-retirement benefits: 3.00%; other long-term Post-retirement benefits: 3.25%; other long-term
Discount rate
employee benefits: 2.50% employee benefits: 2.50%
China Life Insurance Mortality Table (2010-
Death rate China Life Insurance Mortality Table (2010-2013)
Estimated growth rate of
employee benefits
The Company entrusted Towers Watson Management and Consulting (Shenzhen) Co., Ltd. to perform actuarial
evaluation on the present value of the above defined benefit plan, with an actuarial evaluation report issued thereon.
Other remarks
√ Applicable □ Not Applicable
Other long-term employee benefits refer to long-term paid leaves.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Closing balance Reasons for balance
Guarantee provided for
other entities
Pending lawsuits 31,862,723.02 31,657,899.75
Including: Glass bottle
lawsuit
Labor lawsuit 6,030,000.00 6,030,000.00 [Note 2]
Others 117,879.81 116,340.40
Products quality
guarantee
Restructuring
obligations
Onerous contract to be
implemented
Payables for returned
goods
Others
ANNUAL REPORT 2022
Items Opening balance Closing balance Reasons for balance
Total 31,862,723.02 31,657,899.75 /
Other remarks on significant assumption on material provisions and estimates
Note 1: Pursuant to the “Glass Beer Bottle Sales Contract” entered into between Xinjiang Wusu Brewery (Wusu)
Co., Ltd. and Gaomi Shengtai Glass Products Co., Ltd. (the “Gaomi Company”) dated April 10, 2013, Gaomi
Company produced and supply special glass beer bottles to Xinjiang Wusu Brewery (Wusu) Co., Ltd. In 2015,
Xinjiang Wusu Brewery (Wusu) Co., Ltd. checked the glass beer bottles and found quality problems, and then
refused to accept the bottles and did not make payments. In response, Gaomi Company brought a lawsuit against
Xinjiang Wusu Brewery Co., Ltd. and Xinjiang Wusu Brewery (Wusu) Co., Ltd. to the Intermediate People’s Court
of Xinjiang Autonomous Region in the same year. At the first instance, the court judged that Xinjiang Wusu Brewery
(Wusu) Co., Ltd. should pay 19,214,843.21 yuan to Gaomi Company. Gaomi Company refused to accept the first-
instance judgment and appealed to the Higher People’s Court of Xinjiang Autonomous Region on July 22, 2016,
and subsequently obtained the final judgment of the Higher People’s Court of the Autonomous Region on January
payment to Gaomi Company. Gaomi Company refused to accept the final judgment and planned to apply for a trial
supervision procedure through the Supreme People’s Procuratorate. Xinjiang Wusu Brewery (Wusu) Co., Ltd.
accrued provisions of 19,214,843.21 yuan based on the possible liquidated damages, compensation and litigation
fees according to the first-instance judgment. As Gaomi Company appealed to the People’s Court of Wusu City and
the People’s Court of Toutunhe District, Urumqi City on September 22, 2016 and November 20, 2021, respectively,
for the losses arising from production line suspension caused by the glass beer bottle lawsuit, Xinjiang Wusu
Brewery (Wusu) Co., Ltd. accrued provisions totaling 6,500,000.00 yuan based on the possible compensation and
litigation fees. As of December 31, 2022, litigation costs incurred totaled 203,283.86 yuan, while the final amount
to be paid is still pending.
Note 2: Carlsberg (China) Breweries and Trading Co., Ltd. Guangzhou Branch had a labor lawsuit with its
employees, and it accrued provisions for salaries of 5,230,000.00 yuan, which was calculated at 52,000.00 yuan per
month from August 2013 to the resumption date in December 2020, and provisions of 800,000.00 yuan based on
the estimated legal service fees, totaling 6,030,000.00 yuan.
ANNUAL REPORT 2022
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Opening Reasons for
Items Increase Decrease Closing balance
balance balance
Government
grants
Total 254,683,905.82 30,040,700.00 28,112,910.68 256,611,695.14 /
Details of government grants
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Amount
Amount Related to
included into Other
Items Opening balance Increase included into Closing balance assets/
non-operating movements
other income income
income
Compensation for
factory relocation and
resettlement in Dali City Related to
– Carlsberg (China) assets
Breweries and Trading
Co., Ltd.
Subsidies for relocation
and reconstruction – Related to
Chongqing Beer Yibin assets
Co., Ltd.
Special subsidies for
industrial development Related to
– Hunan Chongqing assets
Beer Guoren Co., Ltd.
Subsidies for equipment
investments – Carlsberg Related to
Brewery (Anhui) Co., assets
Ltd.
Special subsidies for
canning projects –
Related to
Carlsberg Tianmuhu 7,779,924.73 707,103.28 7,072,821.45
assets
Brewery (Jiangsu) Co.,
Ltd.
Compensation for
relocation and
construction of Related to
production sites – assets
Carlsberg Brewery
(Anhui) Co., Ltd.
Subsidies for relocation
and reconstruction – Related to
Chongqing Brewery assets
Co., Ltd. Sixth Factory
Special subsidies for
sewage treatment –
Related to
Carlsberg Chongqing 2,220,000.00 518,000.00 1,702,000.00
assets
Brewery Co., Ltd.
Shizhu Branch
Subsidies for key energy
conservation and
pollution control Related to
projects in Tacheng assets
Prefecture – Xinjiang
Wusu Brewery Co., Ltd.
Government subsidies 12,840,000.00 757,874.09 12,082,125.91 Related to
ANNUAL REPORT 2022
Amount
Amount Related to
included into Other
Items Opening balance Increase included into Closing balance assets/
non-operating movements
other income income
income
for canning line of Yibin assets
Xuzhou Chuangyi
Industrial Investment
Co., Ltd. – Chongqing
Beer Yibin Co., Ltd.
The first batch of
subsidies for industrial
technical transformation
Related to
in Chongqing Liang 3,720,000.00 69,232.87 3,650,767.13
assets
Jiang New Area –
Carlsberg Chongqing
Brewery Co., Ltd.
Subsidies for retrofit of
boiler burners – Related to
Carlsberg Brewery assets
(Jiangsu) Co., Ltd.
Special funds for the
development of
advanced
manufacturing
Related to
industries at the 1,953,000.00 66,802.90 1,886,197.10
assets
municipal level in
Yancheng City –
Carlsberg Brewery
(Jiangsu) Co., Ltd.
Related to
Other subsidies 12,820,012.46 1,811,700.00 3,374,049.81 11,257,662.65
assets
Subtotal 254,683,905.82 30,040,700.00 28,112,910.68 256,611,695.14
Other remarks
√ Applicable □ Not Applicable
Please refer to item VII 84 of this section for details on government grants included in profit or loss.
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Movements
Opening balance Issue of Reserve Closing balance
Bonus
new transferred Others Subtotal
shares
shares to shares
Total
shares
Other remarks
None.
(1) Basic information of other financial instruments such as preferred shares or perpetual bonds outstanding
as of the balance sheet date
□ Applicable √ Not Applicable
(2) Current period movements of financial instruments such as preferred shares or perpetual bonds
outstanding at the balance sheet date
□ Applicable √ Not Applicable
Current period movements and reasons for the movements, and basis for relevant accounting treatments
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
Share/capital premium
Other capital reserve 2,075,145.00 5,652,955.00 7,728,100.00
Total 2,075,145.00 5,652,955.00 7,728,100.00
Other remarks on current period movements and reasons for the movements etc.
Increase in the current year was due to the recognition of equity incentives offered by Carlsberg Group to senior
management free of charge.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2022
Current period cumulative
Less: OCI
Less: OCI
previously
previously
recognized
Pre-tax amount recognized Attributable Attributable to
Items Opening balance but Closing balance
occurred for but Less: Income to parent non-controlling
transferred to
the current transferred to tax expenses company shareholders
retained
period profit or loss after tax after tax
earnings in
in the current
the current
period
period
I. Items not to be
reclassified
-13,838,109.84 -1,769,048.05 -2,766,643.94 -179,586.53 1,177,182.42 -14,017,696.37
subsequently to
profit or loss
Including:
Remeasurements
-18,547,042.80 -2,862,000.00 -3,039,881.93 -601,083.45 778,965.38 -19,148,126.25
of the defined
benefit plan
OCI not to be
transferred to profit
or loss under equity
method
Changes in fair
value of other
equity instrument
investments
Changes in fair
value of the
Company’s own
credit risk
II. Items to be
reclassified
subsequently to
profit or loss
Including: OCI to be
transferred to profit
or loss under equity
method
Changes in fair
value of other debt
investments
OCI arising from
financial assets
reclassification
Provision for credit
impairment loss of
other debt
investments
Cash flow hedging
reserves
Translation
reserves
Total -13,838,109.84 -556,028.21 -2,490,996.07 295,189.31 1,639,778.55 -13,542,920.53
Other remarks on reconciliation of the effective portion of gains and losses on cash flow hedging into the initially
recognized amount of the hedged items, etc.
None.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2022
Items Opening balance Increase Decrease Closing balance
Statutory surplus reserve 241,985,599.00 241,985,599.00
Discretionary surplus reserve
Reserve fund
Enterprise development fund
Others
Total 241,985,599.00 241,985,599.00
Remarks on surplus reserve, including current period movements and reasons for the movements
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Balance before adjustment at the end of
preceding period
Add: Increase due to adjustment (or less:
decrease)
Opening balance after adjustment 1,040,351,272.07 -125,892,143.84
Add: Net profit attributable to
shareholders of the parent company
Less: Appropriation of statutory surplus
reserve
Appropriation of discretionary
surplus reserve
Appropriation of general risk reserve
Dividend payable on ordinary shares 967,942,396.00
Dividend on ordinary share converted
to share capital
Closing balance 1,336,013,806.16 1,040,351,272.07
ANNUAL REPORT 2022
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 13,696,216,606.60 6,702,990,258.86 12,835,328,224.79 6,243,949,359.48
Other operations 342,823,932.85 249,438,735.05 283,982,463.51 192,408,868.11
Total 14,039,040,539.45 6,952,428,993.91 13,119,310,688.30 6,436,358,227.59
Including: Revenue
from contracts 14,039,040,539.45 6,952,428,993.91 13,119,310,688.30 6,436,358,227.59
with customers
Debtors Operating revenue % to total
Customer 1 143,572,480.25 1.02
Customer 2 135,897,893.72 0.97
Customer 3 125,545,391.33 0.89
Customer 4 122,549,857.80 0.87
Customer 5 110,227,439.36 0.79
Subtotal 637,793,062.46 4.54
(a) Breakdown of revenue from contracts with customers by goods or services
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Beer 13,696,216,606.60 6,702,990,258.86 12,835,328,224.79 6,243,949,359.48
Sale of packages, waste
materials, etc.
Subtotal 14,039,040,539.45 6,952,428,993.91 13,119,310,688.30 6,436,358,227.59
(b) Breakdown of revenue from contracts with customers by operating regions
Please refer to item XVI 6 of this section for details.
(c) Breakdown of revenue from contracts with customers by time of transferring goods or rendering services
Items Current period cumulative Preceding period comparative
Recognized at a point in time 14,039,040,539.45 13,119,310,688.30
Subtotal 14,039,040,539.45 13,119,310,688.30
(2) Details of revenue from contracts
□ Applicable √ Not Applicable
Remarks on revenue from contracts
□ Applicable √ Not Applicable
(3) Remarks on performance obligation
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Consumption tax 688,784,854.98 672,943,471.94
Business tax
Urban maintenance and
construction tax
Education surcharge 77,533,745.75 73,213,504.82
Resources tax
Property tax 19,376,483.61 18,211,683.26
Land use tax 20,351,805.44 19,453,314.65
Vehicle and vessel use tax
Stamp duty 11,906,396.07 10,058,239.32
Others 2,124,772.60 2,289,925.65
Total 920,858,290.32 892,059,817.68
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Advertisement and marketing expenses 1,133,302,573.74 1,057,800,129.44
Employee benefits 725,946,110.37 725,297,746.38
Trademark licensing expenses 216,678,340.71 206,246,268.68
Travelling expenses 60,294,791.93 63,497,707.42
Depreciation 47,135,522.24 40,075,065.10
Rental expenses 26,917,139.50 17,153,270.75
Depreciation of right-of-use assets 19,475,000.00 17,122,000.00
Amortization of intangible assets 17,959,828.76 9,596,774.09
Others 78,507,919.95 76,105,699.40
Total 2,326,217,227.20 2,212,894,661.26
Other remarks
None.
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 258,726,828.28 239,233,635.37
Office expenses and intermediary service
expenses
IT-related expenses 55,075,964.45 32,871,429.47
Amortization of intangible assets 25,339,748.16 20,107,555.83
Depreciation expenses 17,070,233.80 15,512,008.46
Security and fire prevention expenses 9,753,934.63 10,199,451.50
Depreciation of right-of-use assets 9,722,351.86 4,561,000.00
Pollution discharge fees 8,560,050.43 8,002,665.31
Travelling expenses 6,833,691.74 13,783,572.33
Share-based payments 6,701,520.00 5,825,704.81
Water and electricity expenses 4,941,871.28 3,822,258.23
Others 34,717,598.56 31,521,858.74
Total 534,570,348.93 516,877,144.95
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 53,300,332.47 71,824,082.90
Raw materials and revolving materials used 25,842,587.49 41,033,310.74
Power expenses 19,579,951.98 28,620,167.99
Depreciation expenses 9,119,195.96 12,007,674.07
Other expenses 2,905,868.16 9,666,048.90
Total 110,747,936.06 163,151,284.60
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Interest expenses 3,696,843.83 14,186,774.78
Less: Interest income 65,718,589.46 36,050,785.69
Exchange gain or loss 275,744.53 -88,519.77
Handling charges 691,152.32 408,686.43
Others [Note] 4,952,000.00 5,663,000.00
Total -56,102,848.78 -15,880,844.25
ANNUAL REPORT 2022
Other remarks
Note: It refers to interest expenses on net defined benefit liabilities of 4,733,000.00 yuan and interest expenses on
net long-term employee benefits liabilities of 219,000.00 yuan.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Government grants related to assets
[Note]
Government grants related to income
[Note]
Refund of handling fees for withholding
individual income tax
Total 57,632,082.82 51,070,054.28
Other remarks
Please refer to item VII 84 of this section for details on government grants included in other income.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term equity
investments under equity method
Investment income from disposal of long-
term equity investments
Investment income from held-for-trading
financial assets
Dividend income from other equity
instrument investments
Interest income from debt investments
Interest income from other debt investments
Investment income from disposal of held-
for-trading financial assets
Investment income from disposal of other
equity instrument investments
Investment income from disposal of debt
investments
Investment income from disposal of other
debt investments
Income from debt restructuring
Total 67,946,546.26 58,104,550.46
ANNUAL REPORT 2022
Other remarks
(1) Investment income from long-term equity investments under equity method
Investees Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Co., Ltd. 56,279,080.37 43,299,933.71
Subtotal 56,279,080.37 43,299,933.71
(2) There are no significant restrictions on remittance of investments.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Held-for-trading financial assets 1,088,888.89
Including: Gains on changes in fair value
of derivative financial instruments
Including: Gains on changes in fair value
of financial assets classified as at fair 1,088,888.89
value through profit or loss
Held-for-trading financial liabilities
Investment property at fair value
Total 1,088,888.89
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Impairment loss of debt investments
Impairment loss of other debt investments
Bad debts of long-term receivables
Impairment loss of contract assets
Bad debts 2,461,066.24 850,058.41
Total 2,461,066.24 850,058.41
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
I. Bad debts
II. Inventory write-down loss and -78,848,619.27 -74,796,238.85
ANNUAL REPORT 2022
impairment loss of cost to fulfill a
contract
III. Impairment loss of long-term equity
investments
IV. Impairment loss of investment
property
V. Impairment loss of fixed assets -2,082,570.02 -4,464,514.73
VI. Impairment loss of construction
materials
VII. Impairment loss of construction in
progress
VIII. Impairment loss of productive
biological assets
IX. Impairment loss of oil and gas assets
X. Impairment loss of intangible assets -459,733.59
XI. Impairment loss of goodwill
XII. Others
Total -81,390,922.88 -79,260,753.58
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Gains on asset disposal 1,996,546.49 1,835,601.88
Total 1,996,546.49 1,835,601.88
Other remarks
None.
ANNUAL REPORT 2022
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Gains on disposal of non-current
assets
Including: Gains on disposal of
fixed assets
Gains on disposal of
intangible assets
Gains on exchange of non-cash
assets
Receiving of donations
Government grants
Others 5,413,038.35 6,742,167.81 5,413,038.35
Total 7,148,130.08 8,498,314.32 7,148,130.08
Government grants included in profit or loss
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Losses on disposal of non-current
assets
Including: Losses on disposal of
fixed assets
Losses on disposal of
intangible assets
Losses on exchange of non-cash
assets
Donation expenses 500,000.00 1,289,648.91 500,000.00
Others 417,484.88 324,307.65 417,484.88
Total 7,335,219.97 14,957,096.30 7,335,219.97
Other remarks
None.
ANNUAL REPORT 2022
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Current period income tax expenses 391,764,876.06 749,065,499.32
Deferred income tax expenses 320,114,303.36 -207,141,680.77
Total 711,879,179.42 541,923,818.55
(2) Reconciliation of accounting profit to income tax expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative
Profit before tax 3,298,778,820.85
Income tax expenses based on statutory/applicable
tax rate
Effect of different tax rate applicable to subsidiaries -187,719,508.51
Effect of prior income tax reconciliation 4,927,674.04
Effect of non-taxable income -14,155,921.66
Effect of non-deductible costs, expenses and losses 4,432,374.65
Effect of utilization of deductible losses not
-2,333,500.35
previously recognized as deferred tax assets
Effect of deducible temporary differences or
deductible losses not recognized as deferred tax 63,901,985.49
assets in the current period
Effect of recognition of temporary difference or
deductible losses not previously recognized as -6,577,121.38
deferred tax assets
Extra deduction of R&D expenses -23,140,217.65
Effect of tax rate change on income tax expenses at
the beginning of the current period
Income tax expenses 711,879,179.42
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Please refer to item VII 57 of this section for details on other comprehensive income, net of income tax.
ANNUAL REPORT 2022
(1) Other cash receipts related to operating activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash receipts from security deposits 901,054,848.48 465,657,551.36
Cash receipts from deposits for
packaging
Recovery of frozen funds [Note] 188,649,190.60
Cash receipts from government grants,
refund of handling fees for withholding 59,559,872.14 39,813,120.31
individual income tax, etc.
Cash receipts from interest income 65,461,700.04 38,001,722.62
Recovery of balances paid on behalf of
Chongqing Jiawei Beer Co., Ltd.
Others 27,290,217.69 31,065,673.05
Total 1,529,443,356.44 771,482,436.93
Remarks on other cash receipts related to operating activities:
Note: It includes frozen funds of 186,476,348.17 yuan. Chongqing Jiawei Beer Co., Ltd. filed a lawsuit against the
Company for disputes over exclusive sales agreements with a claim amount of 822.15 million yuan. In May 2022,
Chongqing Jiawei Beer Co., Ltd. applied to Chongqing First Intermediate People’s Court to withdraw the lawsuit.
The Company received the “Civil Verdict” numbered (2020) Yu 01 Min Chu 988 from Chongqing First Intermediate
People’s Court on June 10, 2022, and recovered the frozen funds in the case.
(2) Other cash payments related to operating activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash payments for advertising and
marketing expenses
Cash payments for trademark licensing
fees
Cash payments for office expenses and
other service fees
Cash payments for business travelling
expenses
Cash payments for service fees of
external warehouses
Cash payments for leases 14,518,941.78 14,701,914.18
Others 55,172,116.95 49,804,098.12
Total 1,749,140,730.39 1,700,792,716.78
Remarks on other cash payments related to operating activities:
None.
(3) Other cash receipts related to investing activities
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(4) Other cash payments related to investing activities
□ Applicable √ Not Applicable
(5) Other cash receipts related to financing activities
□ Applicable √ Not Applicable
(6) Other cash payments related to financing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash payments for lease liabilities 33,725,924.40 23,923,000.00
Repayment of borrowings from
Guangzhou Carlsberg Consultancy and 242,900,000.00
Management Services Co., Ltd.
Total 33,725,924.40 266,823,000.00
Remarks on other cash payments related to financing activities:
None.
(1) Supplementary information to the cash flow statement
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Supplementary information Current period cumulative Preceding period comparative
Net profit 2,586,899,641.43 2,399,156,196.28
Add: Provision for assets impairment 81,390,922.88 79,260,753.58
Provision for credit impairment loss -2,461,066.24 -850,058.41
Depreciation of fixed assets, oil and gas
assets, productive biological assets
Amortization of right-of-use assets 31,609,351.86 23,923,000.00
Amortization of intangible assets 58,784,718.50 44,515,699.29
Amortization of long-term prepayments
Losses on disposal of fixed assets,
intangible assets and other long-term -1,996,546.49 -1,835,601.88
assets (Less: gains)
Fixed assets retirement loss (Less: gains) 4,682,643.36 11,586,993.23
Losses on changes in fair value (Less:
-1,088,888.89
gains)
Financial expenses (Less: gains) 3,696,843.83 14,186,774.78
Investment losses (Less: gains) -67,946,546.26 -58,104,550.46
Decrease of deferred tax assets (Less:
increase)
Increase of deferred tax liabilities (Less:
-12,828,868.06 18,148,358.35
decrease)
Decrease of inventories (Less: increase) -453,832,389.49 -634,848,749.82
Decrease of operating receivables (Less:
increase)
Increase of operating payables (Less:
decrease)
ANNUAL REPORT 2022
Supplementary information Current period cumulative Preceding period comparative
Others
Net cash flows from operating activities 3,752,648,258.54 3,564,787,113.40
Conversion of debt into capital
Convertible bonds due within one year
Fixed assets leased in under finance
leases
Cash at the end of the period 3,396,809,241.14 2,165,733,418.37
Less: Cash at the beginning of the period 2,165,733,418.37 1,766,375,444.44
Add: Cash equivalents at the end of the
period
Less: Cash equivalents at the beginning of
the period
Net increase of cash and cash equivalents 1,231,075,822.77 399,357,973.93
(2) Net cash payments for the acquisition of subsidiaries
□ Applicable √ Not Applicable
(3) Net cash receipts from the disposal of subsidiaries
□ Applicable √ Not Applicable
(4) Composition of cash and cash equivalents
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
I. Cash 3,396,809,241.14 2,165,733,418.37
Including: Cash on hand
Cash in bank on demand for
payment
Other cash and bank balances on
demand for payment
Central bank deposit on demand for
payment
Deposit in other banks
Loans to other banks
II. Cash equivalents
Including: Bond investments maturing
within three months
III. Cash and cash equivalents at the end
of the period
Including: Cash and cash equivalents of
parent company or subsidiaries with use
restrictions
Other remarks:
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
Items Current period cumulative Preceding period comparative
Structured deposits 1,512,411,748.50 1,514,402,576.10
Total 1,512,411,748.50 1,514,402,576.10
Items Current period cumulative Preceding period comparative
Structured deposits 1,000,000,000.00 2,000,000,000.00
Total 1,000,000,000.00 2,000,000,000.00
Remarks on “Others” with balances at the end of prior year adjusted and the adjusted amount:
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
(1) Monetary items in foreign currencies
□ Applicable √ Not Applicable
(2) Remarks on overseas operations. For significant overseas operating entities, their main operating places,
functional currencies and adoption basis shall be disclosed. Reasons for any changes in functional
currency shall also be disclosed.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Qualitative and quantitative information of hedging items disclosed by hedging categories, related hedging
instruments and hedged risks
(1) Overview of cash flow hedges
The purchase price of aluminum, one of the significant packaging materials for beer production, has fluctuated
considerably due to the influence of macroeconomy in recent years. In order to ensure the relative stability of product
costs and achieve stable operation, the Company analyzed the expected aluminum purchase transactions, based on
which the Company carried out hedges by futures, options, swaps and other derivative instruments. The Company
formulated the “Management System for Hedges” to regulate approval authority, operation process, risk control and
other aspects of hedges.
(2) Qualitative analysis on cash flow hedges
ANNUAL REPORT 2022
The approval procedures of hedges carried out by the Company using self-owned funds comply with relevant
national laws and regulations, and regulations of the “Management System for Hedges”. Hedges operated to avoid
fluctuations in price of aluminum were conductive to controlling business risks and improving the Company’s
capability to withstand the fluctuations in the market.
(3) Quantitative analysis on cash flow hedges
Hedge effectiveness
Hedging
Categories Hedged risks
instruments Current period Accumulated amount at the end of
cumulative the period (hedging reserve)
Cash flow Commodity Fluctuation in price 1,213,019.84 1,213,019.84
hedges swaps of aluminum
(1) Basic information of government grants
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Amount included into profit
Categories Amount Presented under
or loss
Government grants related to
assets
Government grants related to
income
(2) Return of government grants
□ Applicable √ Not Applicable
Other remarks:
(a) Government grants related to assets
Gross method
Opening Closing balance Amortization
Items balance of Increase Amortization of deferred presented Remarks
deferred income income under
Compensation for factory
relocation and resettlement in Related
Dali City – Carlsberg (China) to assets
Breweries and Trading Co., Ltd.
Subsidies for relocation and
Related
reconstruction – Chongqing 94,913,050.05 9,457,528.12 85,455,521.93 Other income
to assets
Beer Yibin Co., Ltd.
Special subsidies for industrial
development – Hunan Related
Chongqing Beer Guoren Co., to assets
Ltd.
Subsidies for equipment
Related
investments – Carlsberg 8,103,038.91 665,493.16 7,437,545.75 Other income
to assets
Brewery (Anhui) Co., Ltd.
Special subsidies for canning
Related
projects – Carlsberg Tianmuhu 7,779,924.73 707,103.28 7,072,821.45 Other income
to assets
Brewery (Jiangsu) Co., Ltd.
Compensation for relocation
and construction of production Related
sites – Carlsberg Brewery to assets
(Anhui) Co., Ltd.
ANNUAL REPORT 2022
Opening Closing balance Amortization
Items balance of Increase Amortization of deferred presented Remarks
deferred income income under
Subsidies for relocation and
Related
reconstruction – Chongqing 4,212,000.00 1,512,000.00 2,700,000.00 Other income
to assets
Brewery Co., Ltd. Sixth Factory
Special subsidies for sewage
treatment – Carlsberg Related
Chongqing Brewery Co., Ltd. to assets
Shizhu Branch
Subsidies for key energy
conservation and pollution
Related
control projects in Tacheng 1,456,741.35 432,475.67 1,024,265.68 Other income
to assets
Prefecture – Xinjiang Wusu
Brewery Co., Ltd.
Government subsidies for
canning line of Yibin Xuzhou
Related
Chuangyi Industrial Investment 12,840,000.00 757,874.09 12,082,125.91 Other income
to assets
Co., Ltd. – Chongqing Beer
Yibin Co., Ltd.
The first batch of subsidies for
industrial technical
transformation in Chongqing Related
Liang Jiang New Area – to assets
Carlsberg Chongqing Brewery
Co., Ltd.
Subsidies for retrofit of boiler
Related
burners – Carlsberg Brewery 2,780,000.00 133,597.80 2,646,402.20 Other income
to assets
(Jiangsu) Co., Ltd.
Special funds for the
development of advanced
manufacturing industries at the Related
municipal level in Yancheng to assets
City – Carlsberg Brewery
(Jiangsu) Co., Ltd.
Related
Other subsidies 12,820,012.46 1,811,700.00 3,374,049.81 11,257,662.65 Other income
to assets
Related
Subtotal 254,683,905.82 30,040,700.00 28,112,910.68 256,611,695.14 Other income to assets
(b) Government grants related to income and used to compensate incurred relevant costs, expenses or losses
Items Amount Presented under Remarks
The first batch of industrial
supporting funds of 2021 from
Finance Bureau of Huangpu District,
Shanghai
Awards for steady growth of
industrial economy of 2021 from
Management Committee of Dali 5,000,000.00 Other income Related to income
Economic and Technological
Development Zone
Special funds for the development of
small and medium-sized enterprises
“digitization, cyberization and
intellectualization” transformation
pilot demonstration projects of 2021
from Department of Industry and
Information Technology of Yunnan
Province
Awards for top 10 green food
enterprises in Yunnan Province of 2,000,000.00 Other income Related to income
ANNUAL REPORT 2022
Items Amount Presented under Remarks
and Information Technology of
Yunnan Province
Awards for top 30 enterprises with
comprehensive strength in 1,861,000.00 Other income Related to income
Tianchang City
Comprehensive contribution awards
for commerce and trade enterprises 1,208,400.00 Other income Related to income
in Chengdu City of 2022
Other subsidies 9,691,636.73 Other income Related to income
Subtotal 28,061,036.73
(c) Amount of government grants included into profit or loss in the current period is 56,173,947.41 yuan.
□ Applicable √ Not Applicable
VIII. Changes in the consolidation scope
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
One-time disposal leading to loss of control over a subsidiary
□ Applicable √ Not Applicable
Other remarks:
□ Applicable √ Not Applicable
Remarks on changes in the consolidation scope due to other reasons (e.g. establishment/liquidation of subsidiaries,
etc.) and relevant conditions:
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Equity Capital
Companies acquisition Equity acquisition date Capital contribution contribution
method proportion
Investment
Carlsberg Brewery (Foshan)
and 1/19/2022 10,000,000.00 100.00%
Co., Ltd.
establishment
Investment
Xinjiang Wusu Beer Trading
and 1/11/2022 30,000,000.00 100.00%
Co., Ltd.
establishment
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
IX. Interest in other entities
(1) Composition of the group
√ Applicable □ Not Applicable
Holding proportion Acquisition
Main operating Place of Business (%) method
Subsidiaries
place registration nature
Direct Indirect
Carlsberg Business
Chongqing Yubei District, Yubei District, Beer combination not
Brewery Co., Ltd. Chongqing City Chongqing City industry under common
[Note 1] control
Economic Economic
Hunan Chongqing
Development Development Beer Investment and
Beer Guoren Co.,
Zone, Lixian, Zone, Lixian, industry establishment
Ltd. [Note 2]
Hunan Hunan
Business
Chongqing Beer
Heshiba, Heshiba, Beer combination
Panzhihua Co.,
Panzhihua City Panzhihua City industry under common
Ltd. [Note 2]
control
Chongqing Beer Huashi Village, Huashi Village, Business
Group Chengdu Deyuan Town, Deyuan Town, Beer combination not
Boke Beer Co., Pidu District, Pidu District, industry under common
Ltd. [Note 2] Chengdu City Chengdu City control
Shao’e Street, Shao’e Street, Business
Chongqing Beer
Baixi Town, Baixi Town, Beer combination not
Yibin Co., Ltd.
Yibin County, Yibin County, industry under common
[Note 2]
Yibin City Yibin City control
Chongqing Beer
Anning Town, Anning Town, Beer Investment and
Xichang Co., Ltd.
Xichang City Xichang City industry establishment
[Note 3]
Carlsberg Beer
Enterprise Business
Management Beer combination
Chongqing City Chongqing City
(Chongqing) Co., industry under common
Ltd. control
[Note 2]
Business
Kunming Huashi Kunming City, Kunming City,
Beer combination
Brewery Co., Ltd. Yunnan Yunnan
industry under common
[Note 2] Province Province
control
Dali City, Dali Dali City, Dali
Carlsberg (China) Business
Bai Autonomous Bai Autonomous
Breweries and Beer combination
Prefecture, Prefecture,
Trading Co., Ltd. industry under common
Yunnan Yunnan
[Note 2] control
Province Province
Business
Xinjiang Wusu
Urumqi, Urumqi, Beer combination
Brewery Co., Ltd.
Xinjiang Xinjiang industry under common
[Note 2]
control
Carlsberg Brewery Business
Huizhou City, Huizhou City,
(Guangdong) Co., Beer combination
Guangdong Guangdong
Ltd. industry under common
Province Province
[Note 2] control
Ningxia Xixia Business
Beer
Jianiang Brewery Yinchuan City Yinchuan City combination
industry
Co., Ltd. [Note 2] under common
ANNUAL REPORT 2022
Holding proportion Acquisition
Main operating Place of Business (%) method
Subsidiaries
place registration nature
Direct Indirect
control
Carlsberg Business
Tianmuhu Brewery Beer combination
Liyang City Liyang City
(Jiangsu) Co., Ltd. industry under common
[Note 4] control
Economic Economic
Business
Carlsberg Brewery Development Development
Beer combination
(Anhui) Co., Ltd. Zone, Tianchang Zone, Tianchang
industry under common
[Note 4] City, Anhui City, Anhui
control
Province Province
Korla, Korla,
Xinjiang Wusu Bayingolin Bayingolin Business
Brewery (Korla) Mongol Mongol Beer combination
Co., Ltd. Autonomous Autonomous industry under common
[Note 5] Prefecture, Prefecture, control
Xinjiang Xinjiang
Yining City, Ili Yining City, Ili
Business
Xinjiang Wusu Kazakh Kazakh
Beer combination
Brewery (Yining) Autonomous Autonomous
industry under common
Co., Ltd. [Note 5] Prefecture, Prefecture,
control
Xinjiang Xinjiang
Xinjiang Wusu Business
Brewery (Aksu) Aksu Prefecture, Aksu Prefecture, Beer combination
Co., Ltd. Xinjiang Xinjiang industry under common
[Note 5] control
Xinjiang Wusu Wusu City, Wusu City, Business
Brewery (Wusu) Tacheng Tacheng Beer combination
Co., Ltd. Prefecture, Prefecture, industry under common
[Note 5] Xinjiang Xinjiang control
Xinjiang Wusu
Beer Trading Co., Urumqi, Urumqi, Beer Investment and
Ltd. Xinjiang Xinjiang industry establishment
[Note 5]
Carlsberg Brewery Yancheng City, Yancheng City,
Beer Investment and
(Jiangsu) Co., Ltd. Jiangsu Jiangsu
industry establishment
[Note 2] Province Province
Carlsberg
Enterprise
Tianhe District, Tianhe District, Beer Investment and
Management
Guangzhou City Guangzhou City industry establishment
Consulting Co.,
Ltd. [Note 2]
Carlsberg Brewery Foshan City, Foshan City,
Beer Investment and
(Foshan) Co., Ltd. Guangdong Guangdong
industry establishment
[Note 2] Province Province
Remarks on inconsistency between holding proportion and voting right proportion in subsidiaries
Note 1: The Company and Guangzhou Carlsberg Consultancy and Management Services Co., Ltd. holds 51.42%
and 48.58% of equity of Carlsberg Chongqing Brewery Co., Ltd. respectively.
Note 2: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co., Ltd. holds 98.75% of equity of
Hunan Chongqing Beer Guoren Co., Ltd., 100.00% of equity of Chongqing Beer Panzhihua Co., Ltd., 100.00% of
equity of Chongqing Beer Group Chengdu Boke Beer Co., Ltd., 100.00% of equity of Chongqing Beer Yibin Co.,
ANNUAL REPORT 2022
Ltd., 100.00% of equity of Carlsberg Beer Enterprise Management (Chongqing) Co., Ltd., 100.00% of equity of
Kunming Huashi Brewery Co., Ltd., 100.00% of equity of Carlsberg (China) Breweries and Trading Co., Ltd.,
Ltd., 70.00% of equity of Ningxia Xixia Jianiang Brewery Co., Ltd., 100.00% of equity of Carlsberg Brewery
(Jiangsu) Co., Ltd., 100.00% of equity of Carlsberg Enterprise Management Consulting Co., Ltd. and 100.00% of
equity of Carlsberg Brewery (Foshan) Co., Ltd.
Note 3: Chongqing Beer Panzhihua Co., Ltd. holds 100.00% of equity of Chongqing Beer Xichang Co., Ltd.
Note 4: Carlsberg Beer Enterprise Management (Chongqing) Co., Ltd. holds 100% of equity of Carlsberg Tianmuhu
Brewery (Jiangsu) Co., Ltd. and 75% of equity of Carlsberg Brewery (Anhui) Co., Ltd.
Note 5: Xinjiang Wusu Brewery Co., Ltd. holds 100% of equity of Xinjiang Wusu Brewery (Korla) Co., Ltd.,
Xinjiang Wusu Brewery (Yining) Co., Ltd., Xinjiang Wusu Brewery (Aksu) Co., Ltd., Xinjiang Wusu Brewery
(Wusu) Co., Ltd. and Xinjiang Wusu Beer Trading Co., Ltd.
Basis for the control of an investee while holding its half or less than half voting rights, and the non-control of an
investee while holding its more than half voting rights:
None.
Basis for control of significant structured entities brought into the consolidation scope:
None.
Basis for determining an entity being acting as an agent or a principal:
None.
ANNUAL REPORT 2022
Other remarks:
None.
(2) Significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB ten thousand Yuan
Holding
Non-controlling Dividend declared to Closing balance of
proportion of
Subsidiaries shareholders’ profit non-controlling non-controlling
non-controlling
or loss shareholders interest
shareholders
Carlsberg Chongqing
Brewery Co., Ltd.
Remarks on inconsistency between holding proportion and voting right proportion of non-controlling shareholders
in subsidiaries:
□ Applicable √ Not Applicable
Other remarks:
□ Applicable √ Not Applicable
(3) Main financial information of significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Subsidiaries Current Non-current Current Non-current Total Non-current Current Non-current Total
Total assets Current assets Total assets
assets assets liabilities liabilities liabilities assets liabilities liabilities liabilities
Carlsberg
Chongqing 509,469.16 672,102.18 1,181,571.34 826,259.35 50,111.77 876,371.12 438,979.66 656,677.51 1,095,657.17 783,299.69 46,302.47 829,602.15
Brewery Co., Ltd.
Current period cumulative Preceding period comparative
Subsidiaries Total Cash flows from Total Cash flows from
Operating Operating
Net profit comprehensive operating Net profit comprehensive operating
revenue revenue
income activities income activities
Carlsberg Chongqing
Brewery Co., Ltd.
Other remarks:
None.
(4) Significant restriction on use of the group assets and liquidation of the group liabilities
□ Applicable √ Not Applicable
(5) Financial or other support provided for structured entities brought into the consolidation scope
□ Applicable √ Not Applicable
Other remarks:
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
(1) Significant joint ventures or associates
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Holding Accounting
Main proportion (%) treatment on
Joint ventures or Place of Business
operating investments in
associates registration nature
place Direct Indirect joint ventures or
associates
Chongqing Jiawei Chongqing Chongqing Production
Beer Co., Ltd. Jianqiao Jianqiao and sales of 33.00 Equity method
[Note] Industrial Park Industrial Park beers
Remarks on inconsistency between holding proportion and voting right proportion in joint ventures or associates:
Note: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co., Ltd. holds 33.00% of equity of
Chongqing Jiawei Beer Co., Ltd.
Basis for significant influence over an entity on which the Company held less than 20% voting rights or insignificant
influence over an entity on which the Company held more than 20% voting rights:
None.
(2) Main financial information of significant joint ventures
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(3) Main financial information of significant associates
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance/ Opening balance/
Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Co., Chongqing Jiawei Beer Co.,
Ltd. Ltd.
Current assets 1,082,719,631.91 899,166,258.08
Including: Cash and cash equivalents 273,748,191.82 94,040,591.53
Non-current assets 174,783,077.23 181,392,172.33
Total assets 1,257,502,709.14 1,080,558,430.41
Current liabilities 268,511,026.17 273,267,286.83
Non-current liabilities 90,204,164.62 79,046,293.02
Total liabilities 358,715,190.79 352,313,579.85
Non-controlling interest
Equity attributable to shareholders of parent
company
Proportionate share in net assets 296,599,881.05 240,320,800.68
Adjustments
-- Goodwill
-- Unrealized profit in internal transactions
-- Others
Carrying amount of investments in associates 296,599,881.05 240,320,800.68
Fair value of equity investments in associates in
association with quoted price
Operating revenue 508,334,306.85 451,322,972.02
Financial expenses 2,554,696.04 7,665,090.71
Income tax expenses 29,643,912.52 23,836,340.09
Net profit 170,542,667.79 131,211,920.34
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 170,542,667.79 131,211,920.34
Dividend received from associates in the
current period
Other remarks
None.
(4) Aggregated financial information of insignificant joint ventures and associates
□ Applicable √ Not Applicable
(5) Significant restrictions on remittance of fund from joint ventures or associates to the Company
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(6) Excess losses incurred by joint ventures or associates
□ Applicable √ Not Applicable
(7) Unrecognized commitments related to investments in joint ventures
□ Applicable √ Not Applicable
(8) Contingent liabilities related to investments in joint ventures or associates
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Remarks on unconsolidated structured entities:
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
X. Risks related to financial instruments
√ Applicable □ Not Applicable
In risk management, the Company aims to seek the appropriate balance between the risks and benefits from its use
of financial instruments and to mitigate the adverse effects that the risks of financial instruments have on the
Company’s financial performance, so as to maximize the profits of shareholders and other equity investors. Based
on such risk management objectives, the Company’s risk management policies are established to identify and
analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and
adherence to limits on a timely and reliable basis.
The Company has exposure to the following risks from its use of financial instruments, which mainly include: credit
risk, liquidity risk, and market risk. The Management has deliberated and approved policies concerning such risks,
and details are:
(I) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
to discharge an obligation.
(1) Evaluation method of credit risk
At each balance sheet date, the Company assesses whether the credit risk on a financial instrument has increased
significantly since initial recognition. When assessing whether the credit risk has increased significantly since initial
recognition, the Company takes into account reasonable and supportable information, which is available without
undue cost or effort, including qualitative and quantitative analysis based on historical data, external credit risk
ANNUAL REPORT 2022
rating, and forward-looking information. The Company determines the changes in default risk of financial
instruments during the estimated lifetime through comparison of the default risk at the balance sheet date and the
initial recognition date, on an individual basis or a collective basis.
The Company considers the credit risk on a financial instrument has increased significantly when one or more of
the following qualitative and quantitative standards are met:
in the remaining lifetime has risen by more than a certain percentage compared with the initial recognition;
present or expected changes in technology, market, economy or legal environment that will have significant adverse
impact on the debtor’s repayment ability;
(2) Definition of default and credit-impaired assets
A financial instrument is defined as defaulted when one or more following events have occurred, of which the
standard is consistent with that for credit-impairment:
granted to the debtor a concession(s) that the creditor would not otherwise consider.
The key factors in the measurement of expected credit loss include the probability of default, loss given default, and
exposure to default risk. The Company develops a model of the probability of default, loss given default, and
exposure to default risk on the basis of quantitative analysis of historical data (e.g. counterparty rating, guarantee
measures and collateral type, payment method, etc.) and forward-looking information.
closing balance of provision for losses of financial instrument.
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to control
such risks, the Company has taken the following measures:
(1) Cash and bank balances
The Company deposits its bank balances and other cash and bank balances in financial institutions with relatively
high credit levels, hence, its credit risk is relatively low.
(2) Receivables
The Company performs credit assessment on customers using credit settlement on a continuous basis. The Company
selects credible and well-reputed customers based on credit assessment result, and conducts ongoing monitoring on
balance of receivables, to avoid significant risks in bad debts.
As the Company only conducts business with credible and well-reputed third parties, collateral is not required from
ANNUAL REPORT 2022
customers. The Company manages credit risk aggregated by customers. As of December 31, 2022, the Company
held no collateral or other credit enhancement on balance of receivables due to the short settlement period between
the Company and distributors and the effective collection of payments.
The maximum amount of exposure to credit risk of the Company is the carrying amount of each financial asset at
the balance sheet.
(II) Liquidity risk
Liquidity risk is the risk that the Company may encounter deficiency of funds in meeting obligations associated
with cash or other financial assets settlement, which is possibly attributable to failure in selling financial assets at
fair value on a timely basis, or failure in collecting liabilities from counterparties of contracts, or early redemption
of debts, or failure in achieving estimated cash flows.
In order to control such risk, the Company utilizes financing tools such as credit terms with suppliers, etc. and adopts
short-term financing methods to maintain a balance between financing sustainability and flexibility.
Financial liabilities classified based on remaining time period till maturity
Closing balance
Items Contract amount not
Carrying amount Within 1 year 1-3 years Over 3 years
yet discounted
Accounts
payable
Other payables 3,490,319,176.38 3,490,319,176.38 3,490,319,176.38
Non-current
liabilities due 24,005,592.21 24,005,592.21 24,005,592.21
within one year
Lease liabilities 77,928,597.87 98,843,891.74 45,796,146.66 53,047,745.08
Subtotal 6,089,925,113.83 6,110,840,407.70 6,011,996,515.96 45,796,146.66 53,047,745.08
(Continued)
December 31, 2021
Items Contract amount not yet Over 3
Carrying amount Within 1 year 1-3 years
discounted years
Accounts
payable
Other payables 2,971,960,641.25 2,971,960,641.25 2,971,960,641.25
Non-current
liabilities due 22,313,992.68 22,313,992.68 22,313,992.68
within one year
Lease liabilities 16,951,000.00 18,324,143.06 18,324,143.06
Subtotal 5,223,914,812.04 5,225,287,955.10 5,206,963,812.04 18,324,143.06
(III) Market risk
Market risk is the risk that the Company may encounter fluctuation in fair value or future cash flows of financial
instruments due to changes in market price. Market risk mainly includes interest risk and foreign currency risk.
Interest risk is the risk that an enterprise may encounter fluctuation in fair value or future cash flows of financial
instruments due to changes in market interest. The Company’s fair value interest risks arise from fixed-rate financial
ANNUAL REPORT 2022
instruments, while the cash flow interest risks arise from floating-rate financial instruments. The Company
determines the proportion of fixed-rate financial instruments and floating-rate financial instruments based on the
market environment, and maintains a proper financial instruments portfolio through regular review and monitoring.
Foreign currency risk is the risk arising from changes in fair value or future cash flows of financial instrument
resulted from changes in exchange rate. The Company is operated in mainland China, whose main activities are
denominated in RMB, hence, the Company bears insignificant market risk arising from foreign exchange changes.
XI. Fair value disclosure
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Recurring fair value
measurement
(I) Held-for-trading
financial assets
as at fair value through
profit or loss
(1) Debt instrument
investments
(2) Equity instrument
investments
(3) Derivative financial
assets
designated as at fair value
through profit or loss
(1) Debt instrument
investments
(2) Equity instrument
investments
assets
(II) Other debt investments
(III) Other equity
instrument investments
(IV) Investment property
lease
transfer after appreciation
(V) Biological assets
assets
assets
ANNUAL REPORT 2022
Fair value as at the balance sheet date
Items Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
Total assets at recurring
fair value measurement
(VI) Held-for-trading
liabilities
measured as at fair value
through profit or loss
Including: Held-for-trading
bonds issued
Derivative financial
liabilities
Others
designated as at fair value
through profit or loss
liabilities
Total liabilities at
recurring fair value 2,616,336.56 2,616,336.56
measurement
II. Non-recurring fair
value measurement
(I) Assets held for sale
Total assets at non-
recurring fair value
measurement
Total liabilities at non-
recurring fair value
measurement
√ Applicable □ Not Applicable
The amounts of derivative financial assets and derivative financial liabilities were determined based on the bank
statements provided by the financial institutions.
at recurring and non-recurring fair measurement
√ Applicable □ Not Applicable
The Company took level 2 inputs as the fair value as the shares of Bank of Guizhou Co., Ltd. (“Guizhou Bank”)
held by the Company cannot be publicly transferred in H-share market. The fair value per share of equity investment
in Guizhou Bank as at December 31, 2022 was measured based on the net assets per share of Guizhou Bank as at
June 30, 2022 disclosed in the latest interim report under certain discount method.
ANNUAL REPORT 2022
at recurring and non-recurring fair measurement
√ Applicable □ Not Applicable
The Company’s other non-current financial assets refer to equity investments in Xinjiang Guozhiming Packaging
Co., Ltd., which has been closed in previous year and was a non-public interest entity. The Management has made
full provisions for impairment on the entity in previous year due to its high going concern risk.
closing balances, and sensitive analysis on unobservable inputs
□ Applicable √ Not Applicable
determining inter-level transfer time
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XII. Related party relationships and transactions
√ Applicable □ Not Applicable
Remarks on parent company of the Company
Carlsberg Foundation is the Company’s actual controller and controls the Company’s controlling shareholder
Carlsberg Breweries A/S, which holds 42.54% and 17.46% of the Company’s equity through Carlsberg Brewery
Hong Kong Limited and Carlsberg Chongqing Limited respectively.
The Company’s ultimate controlling party is Carlsberg Foundation.
Other remarks:
None.
Please refer to relevant items for details on the Company’s subsidiaries.
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
Please refer to item IX of this section on the Company’s subsidiaries.
Please refer to relevant items for details on the Company’s significant joint ventures and associates.
√ Applicable □ Not Applicable
Please refer to section IX of this section on the Company’s significant joint ventures and associates.
Details of other joint ventures or associates carrying out related party transactions with the Company in the current
period or in preceding period but with balance in the current period are as follows:
√ Applicable □ Not Applicable
Joint ventures or associates Relationships with the Company
Chongqing Jiawei Beer Co., Ltd. Associate
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Related parties Relationships with the Company
Guangzhou Carlsberg Consultancy and Under common control of the Company’s ultimate controlling
Management Services Co., Ltd. party
Under common control of the Company’s ultimate controlling
Carlsberg Trading (Shenzhen) Co., Ltd.
party
Beijing Shouniang Golden Wheat Trading Co.,
Associate of the Company’s controlling shareholder
Ltd.
Jinbei Asia Pacific (Beijing) Catering Co., Ltd. Associate of the Company’s controlling shareholder
Under common control of the Company’s ultimate controlling
Carlsberg Marketing Sdn Bhd
party
Under common control of the Company’s ultimate controlling
Carlsberg Supply Company AG
party
Under common control of the Company’s ultimate controlling
Cambrew Limited
party
Under common control of the Company’s ultimate controlling
Carlsberg Italia S.p.A.
party
Under common control of the Company’s ultimate controlling
Carlsberg Breweries A/S
party
Under common control of the Company’s ultimate controlling
Carlsberg Brewery Hong Kong Limited
party
Under common control of the Company’s ultimate controlling
Carlsberg Singapore Pte Ltd
party
Under common control of the Company’s ultimate controlling
The Brooklyn Brewery Corp.
party
Other remarks
None.
ANNUAL REPORT 2022
(1) Purchase and sale of goods, rendering and receiving of services
Purchase of goods and receiving of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Related parties Content of transaction
cumulative comparative
Purchase of goods
Chongqing Jiawei Beer Co., Ltd. 501,780,646.32 445,729,419.05
[Note]
Beijing Shouniang Golden Wheat
Purchase of goods 141,965.77 109,657.64
Trading Co., Ltd.
Carlsberg Supply Company AG Purchase of goods 70,774.58 3,191,513.50
The Brooklyn Brewery Corp. Purchase of goods 417,691.74
Purchase of beers,
Carlsberg Breweries A/S 113,506.35
materials, etc.
Carlsberg Italia S.p.A. Purchase of goods 7,558.22
Purchase of materials,
Chongqing Jiawei Beer Co., Ltd. 116,982.08 46,349.76
etc.
Total 502,110,368.75 449,615,696.26
Note: Please refer to item XII 5 (8) of this section for details on exclusive sales of purchase of beers.
Sale of goods and rendering of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Related parties Content of transaction
cumulative comparative
Carlsberg Brewery Hong Kong
Sales of goods, etc. 70,168,212.54 41,673,663.03
Limited
Carlsberg Singapore Pte Ltd Sales of goods 2,448,717.98 1,879,390.12
Cambrew Limited Sales of goods 1,309,978.37 588,578.91
Jinbei Asia Pacific (Beijing) Catering
Sales of goods 699,577.16 177,463.65
Co., Ltd.
Chongqing Jiawei Beer Co., Ltd. Sales of goods 264,948.96 380,485.24
Carlsberg Marketing Sdn Bhd Sales of goods 192,183.86 108,501.43
Guangzhou Carlsberg Consultancy
Sales of goods 7,513.24
and Management Services Co., Ltd.
Total 75,083,618.87 44,815,595.62
Remarks on purchase and sale of goods, rendering and receiving of services
√ Applicable □ Not Applicable
Note: The transaction amounts presented in item XII 5 of this section were tax-excluded amounts.
(2) Related party trust/contracting and consignation/outsourcing
The Company’s trust/contracting:
□ Applicable √ Not Applicable
Remarks on related party trust/contracting
□ Applicable √ Not Applicable
The Company’s consignation/outsourcing
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
Remarks on related party consignation/outsourcing
□ Applicable √ Not Applicable
(3) Related party leases
The Company as the lessor:
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
The Company as the lessee:
□ Applicable √ Not Applicable
Remarks on related party leases
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
(4) Related party guarantees
The Company as the guarantor
□ Applicable √ Not Applicable
The Company as the guaranteed party
□ Applicable √ Not Applicable
Remarks on related party guarantees
□ Applicable √ Not Applicable
(5) Call loans between related parties
□ Applicable √ Not Applicable
(6) Assets transfer and debt restructuring of the related parties
□ Applicable √ Not Applicable
(7) Key management’s emoluments
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Items Current period cumulative Preceding period comparative
Key management’s emoluments 2,308.27 3,294.32
(8) Other related party transactions
√ Applicable □ Not Applicable
(1) The Company as the licensee
Preceding period
Related parties Current period cumulative
comparative
Carlsberg Breweries A/S [Note 1] 215,460,314.92 205,059,715.65
Beijing Shouniang Golden Wheat Trading Co., Ltd.
[Note 2]
Total 216,678,340.71 206,236,951.10
Note 1: Carlsberg Breweries A/S granted the Company a license to use trademarks including Carlsberg, Tuborg,
Carlsberg LIGHT, Carlsberg chill, Kronenbourg 1664, Jolly Shandy, OMERSBY, etc., with the licensing period as
same as the registration validity period of licensed trademarks agreed in trademark licensing contract and its
appendix. It was agreed by both parties that trademark licensing fees should be calculated based on the Company’s
net sales revenue from the production and sales of products with licensed trademark in the calendar year. Details of
rate of licensing fees are as follows: 4% for Tuborg, 5% for Carlsberg, Jolly Shandy and SOMERSBY, 6% for
Kronenbourg 1664 (excluding Blanc series products), and 6% from January 1, 2022 to May 31, 2022 and 7% from
June 1, 2022 for Blanc series products.
Note 2: Beijing Shouniang Golden Wheat Trading Co., Ltd. granted the Company a license to use the trademark of
ANNUAL REPORT 2022
JingA, with the licensing period as same as the registration validity period of licensed trademarks agreed in
trademark licensing contract and its appendix. It was agreed by both parties that trademark licensing fees should be
calculated at 6% of Company’s net sales revenue from the production and sales of products with licensed trademark
in the calendar year.
(2) The Company as the licensor
Related parties Current period cumulative Preceding period comparative
Carlsberg Brewery Hong Kong Limited [Note ] 11,676.51
Total 11,676.51
Note: The Company granted Carlsberg Brewery Hong Kong Limited a license to use the trademark of Wusu Beer,
with the licensing period as same as the registration validity period of licensed trademarks agreed in trademark
licensing contract and its appendix. It was agreed by both parties that trademark licensing fees should be calculated
based on the Company’s net sales revenue from the production and sales of products with licensed trademark in the
calendar year. Details of rate of licensing fees are as follows: 1.25% from January 1, 2022 to December 31, 2022;
Pursuant to the Framework Agreement on Exclusive Sales of Products entered into between the Company and
Chongqing Jiawei Beer Co., Ltd. (“Jiawei Beer”) in January 2009, Jiawei Beer would exclusively produce beers
with trademark of Shancheng and sell all of the beers produced to the Company within the term of the agreement.
Based on Jiawei Beer’s annual production capacity of 0.15 million kiloliters of beers in the current period and
market demand, and the actual production and sales volume of 80,000 kiloliters in 2008, the Company agreed that
the sales volume of beers from Jiawei Beer would increase by 14,000 kiloliters each year from 2009 to 2013,
ensuring that the sales volume would reach 0.15 million kiloliters in 2013 and keep up with the increase in the total
production and sales volume of the Company’s beer enterprises in Jiulongpo District and North New District of
Chongqing from 2014. The selling prices of beers from Jiawei Beer should be determined in accordance with the
ex-factory prices of beers in the Company’s beer enterprises in Jiulongpo District and North New District of
Chongqing with the same variety, specification and market, and the average price of beers from Jiawei Beer per
kiloliter should be the same as that produced by the Company’s beer enterprises in Jiulongpo District and North
New District of Chongqing. In the meantime, Jiawei Beer should pay for the selling expenses in accordance with
the quantity of beers sold by the Company. It was agreed that, from 2014, Jiawei Beer should pay the selling
expenses at 100.00 yuan per kiloliter for the part of beers with sales volume less than 0.15 million kiloliters
(inclusive), and pay the selling expenses in accordance with the average selling expenses per kiloliter of beers in
the Company’s beer enterprises in Jiulongpo District and North New District of Chongqing for the part exceeding
beers mentioned above have been deliberated and approved in the Company’s First Extraordinary General Meeting
of Shareholders in 2009.
Due to the disputes from both parties on performance of terms related to price in the exclusive sales agreement and
the accumulated difference in exclusive sales of beers and under approval of the seventh meeting of the eighth Board
of Directors, the Company signed a supplementary agreement of “Framework Agreement on Exclusive Sales of
ANNUAL REPORT 2022
Products” with Jiawei Beer on December 28, 2016 to ensure the sound cooperation in future. The main contents of
the supplementary agreement are as follows:
(1) Adjustment on the calculation method of sales volume and net revenue from beers agreed in the exclusive sales
agreement: both parties agreed to involve the sales volume of Hechan Branch in 2015 in the calculation of the
growth rate of sales volume and the average net revenue from beers from January 2016 due to the overlap of sales
areas.
(2) Clarification on the solutions for difference in volume and price: both parties agreed that the Company should
adjust the volume of beers purchased from Jiawei Beer or pay compensation in cash at the price of beers per kiloliter
agreed by both parties when there is difference in volume or price during the performance of the exclusive sales
agreement.
(3) Clarification on settlement in the original way: both parties agreed that the settlement should be carried out in
accordance with the exclusive sales agreement, and jointly engaged a third-party intermediary agency to conduct a
special audit on the average price and volume of beers of both parties in the previous year, which should be taken
as the basis for the final settlement of the year.
(4) Compensation on difference in price: both parties agreed that within 3 years from January 1, 2016, the
difference in price should be treated as follows: for difference in price between the higher average net revenue from
beers of the Company and that of Jiawei Beer in the first year (2016), if the difference is less than or equivalent to
otherwise, the Company would compensate Jiawei Beer for the portion exceeding 4%; if the difference in the second
year (2017) is less than or equivalent to 2% of the average net revenue from beers of Jiawei Beer in 2017, the
Company would not compensate Jiawei Beer; otherwise, the Company would compensate Jiawei Beer for the
portion exceeding 2%; if the difference in the third year (2018) is less than or equivalent to 1% of the average net
revenue from beers of Jiawei Beer in 2018, the Company would not compensate Jiawei Beer; otherwise, the
Company would compensate Jiawei Beer for the portion exceeding 1%.
(5) New products and usage of brands: in order to ensure that the average net revenue from beers per kiloliter of
Jiawei Beer is as same as that of the Company, the Company agreed that Jiawei Beer could produce products with
the trademarks of “Tuborg”, “Chongqing Pure Draft”, etc. under the premise of meeting the corresponding
production standards of products, and the products should be exclusively sold by the Company.
It is confirmed by both parties that the supplementary agreement would come into effect from the date of signing
by both parties, and would be implemented retrospectively from January 1, 2016. In the meantime, it is agreed in
the supplementary agreement that the Company should pay settlement fees of 30.00 million yuan to Jiawei Beer
within one month after the effective date of the agreement. Except for the settlement fees, Jiawei Beer could not
require the Company to bear any liabilities for breach of “Framework Agreement on Exclusive Sales of Products”
before the effective date of the supplementary agreement.
In 2021, the Company actually sold beers of 114,487.60 kiloliters with the trademarks of “Shancheng”, “Chongqing”
and “Tuborg” totaling 445.73 million yuan (tax exclusive) and Jiawei Beer should pay selling expenses of 17.17
million yuan. In 2022, the Company actually sold beers of 129,325.12 kiloliters with the trademarks of “Shancheng”,
ANNUAL REPORT 2022
“Chongqing” and “Tuborg” totaling 501.78 million yuan (tax exclusive) and Jiawei Beer should pay selling
expenses of 19.40 million yuan.
(1) Balances due from related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Related parties Provision for bad Provision for bad
Book balance Book balance
debts debts
Accounts
receivable
Carlsberg Brewery
Hong Kong Limited
Carlsberg Singapore
Pte Ltd
Cambrew Limited 241,204.80 12,060.24
Carlsberg Marketing
Sdn Bhd
Jinbei Asia Pacific
(Beijing) Catering Co., 72,877.63 3,643.88 35,908.94 1,795.45
Ltd.
Subtotal 19,731,696.48 986,584.82 12,252,925.35 612,646.27
Other receivables
Chongqing Jiawei Beer
Co., Ltd.
Carlsberg Brewery
Hong Kong Limited
Subtotal 85,132.01 4,256.61
(2) Balances due to related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Related parties Closing book balance Opening book balance
Accounts payable
Carlsberg Supply Company
AG
Chongqing Jiawei Beer Co.,
Ltd.
Beijing Shouniang Golden
Wheat Trading Co., Ltd.
Subtotal 515,042.71 7,553,329.07
Other payables
Carlsberg Breweries A/S 40,124,834.90 33,636,178.62
Beijing Shouniang Golden
Wheat Trading Co., Ltd.
Carlsberg Trading
(Shenzhen) Co., Ltd.
Subtotal 40,319,315.43 34,846,198.75
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
□ Applicable √ Not Applicable
XIII. Share-based payment
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Determination method for the fair value of liabilities
incurred by the Company and to be settled in shares or
other equity instruments
Accumulated amount of liabilities incurred due to cash-
settled share-based payment
Total expenses incurred due to cash-settled share-based
payment
Other remarks
Note: Pursuant to the regulations of “Annual Plan of Long-term Incentive Plan from 2018 to 2020 of Carlsberg
Group”, “Annual Plan of Long-term Incentive Plan from 2019 to 2021 of Carlsberg Group” and “Annual Plan of
Long-term Incentive Plan from 2020 to 2022 of Carlsberg Group” (the “Annual Plans”), eligible executives at the
level of vice president and above are entitled to join the Annual Plans. The vesting period of each Annual Plan is 3
years, and executives joined the Annual Plans could obtained a certain amount of Carlsberg B shares for free if they
have reached the pre-set performance conditions and other relevant exercise conditions, and are still engaged by
Carlsberg Group after the vesting period. The Company would settle in cash after the exercise conditions are met.
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XIV. Commitments and contingencies
√ Applicable □ Not Applicable
Significant commitments, their nature and amount at the balance sheet date
ANNUAL REPORT 2022
Please refer to item XII 5 (8) of this section for details on beer produced by Jiawei Beer and shall be exclusively
sold by the Company.
Except for the aforementioned events, the Company has no other significant commitments to be disclosed as of the
balance sheet date.
(1) Significant contingencies at the balance sheet date
√ Applicable □ Not Applicable
When the Company undertakes the exclusive sales of the beer produced by Jiawei Beer, the two parties shall settle
the difference in sales volume and price. As of December 31 2022, the Company has estimated the cost of making
up the net difference in sales volume and price based on the performance of the agreement, with final settlement not
yet made. Please refer to item XII 5 (8) of this section for details.
Except for the aforementioned events, the Company has no other significant contingencies to be disclosed as of the
balance sheet date.
(2) Remarks shall also be given if the Company has no significant contingencies to be disclosed.
□ Applicable √ Not Applicable
(3) Others
□ Applicable √ Not Applicable
XV. Events after the balance sheet date
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Profit or dividend planned to be distributed 1,258,325,114.80
Profit or dividend approved to be distributed
Pursuant to the profit distribution plan of 2022 proposed at the eighth meeting of the tenth Board of Directors held
on April 26, 2023, the Company intends to distribute cash dividend of 2.60 yuan (tax inclusive) per share out of
profits available for distribution as of December 31, 2022. The proposal needs to be submitted to the Annual General
Meeting of Shareholders for deliberation and approval.
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
XVI. Other significant events
(1) Retroactive restatement method
□ Applicable √ Not Applicable
(2) Prospective application method
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
(1) Non-cash assets exchange
□ Applicable √ Not Applicable
(2) Other assets exchange
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Profit of discontinued
Income tax operations attributable to
Items Revenue Expenses Total profit Net profit
expenses shareholders of the parent
company
Shutting
down plants
Other remarks
(1) Net profit from discontinued operations
Items Current period cumulative Preceding period comparative
Operating revenue
Less: Operating cost
Taxes and surcharges 345,765.84 948,095.15
Administrative expenses 550,975.31 372,521.37
Financial expenses 3,165.93 -184,133.06
Add: Other income 27,531.80
Gains on asset disposal 2,257,478.27
Operating profit 1,357,571.19 -1,108,951.66
Less: Non-operating expenses 7,009.93
Profit before tax of discontinued
operations
Less: Income tax of discontinued
-409.69 1,860,521.34
operations
Net profit of discontinued
operations
Add: Assets impairment loss
recognized in the current period
Add: Net gains or losses from
disposal of discontinued operations
(after tax)
Including: Total gains or losses
from disposal
Less: Income tax expenses
(or add: revenues)
Total 1,357,980.88 -2,976,482.93
Including: Attributable to
shareholders of parent company
ANNUAL REPORT 2022
(2) Cash flows of discontinued operations
Current period cumulative Preceding period comparative
Items Net cash flows Net cash flows Net cash flows Net cash flows Net cash flows Net cash flows
from operating from investing from financing from operating from investing from financing
activities activities activities activities activities activities
Chongqing
Brewery Co., Ltd. 33,382.55 -934.07
Qianjiang Branch
Chongqing
Brewery Co., Ltd. 5,472.33 8,747.66
Wanzhou Branch
Chongqing
Brewery Co., Ltd. -5.01 -1,089.71
Sixth Factory
Hunan Chongqing
Beer Guoren Co.,
-60,614.45
Ltd. Changde
Branch
Total 38,849.87 -53,890.57
(1) Identification basis and accounting policies for reportable segments
√ Applicable □ Not Applicable
Reportable segments are identified according to the structure of the Company’s internal organization, management
requirements and internal reporting system, and based on regional segments. Assessments are respectively
performed on the operating performance of southern region, northwest region and central region. Assets and
liabilities shared by different segments are allocated among segments proportionate to their respective sizes.
(2) Financial information of reportable segments
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Northwest Inter-segment
Items Southern region Central region Total
region offsetting
Operating revenue 478,189.87 412,678.78 717,718.17 204,682.76 1,403,904.05
Including: Revenue
from contracts with 478,189.87 412,678.78 717,718.17 204,682.76 1,403,904.05
customers
Operating cost 242,609.92 216,871.32 417,217.26 181,455.60 695,242.90
Total assets 524,319.94 364,725.98 1,056,791.47 696,083.18 1,249,754.22
Total liabilities 345,358.91 190,713.33 737,580.41 386,200.70 887,451.94
(3) Reasons shall be given if the Company has no reportable segment or cannot disclose the total assets and
liabilities of each reportable segment.
□ Applicable √ Not Applicable
(4) Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
ANNUAL REPORT 2022
Pursuant to the “Proposal on Conducting Aluminum Hedging by the Subsidiary of the Company” deliberated and
approved by the Company’s First Extraordinary General Meeting of Shareholders in 2022 and the “Proposal on the
Adjustment of Implementation Plan for Aluminum Hedging” deliberated and approved by the Company’s 2021
Annual General Meeting of Shareholders, the Company and its subsidiaries intend to, in legal compliance without
affecting normal operations, invest in aluminum hedges at an appropriate time using self-owned funds of not more
than USD 70.00 million. As of December 31, 2022, the Company’s position amounted to USD 28,145,570.00, which
has not yet expired.
√ Applicable □ Not Applicable
(Ⅰ) Leases
(1) Please refer to item VII 25 of this section for details on right-of-use assets.
(2) Please refer to item V 42 of this section for details on the Company’s accounting policies on short-term leases
and leases for which the underlying asset is of low value. The amounts of short-term leases and low-value asset
leases included into profit or loss are as follows:
Items Current period cumulative Preceding period comparative
Expense relating to short-term
leases
Total 29,041,574.10 21,958,008.93
(3) Profit or loss and cash flows related to leases
Items Current period cumulative Preceding period comparative
Interest expenses on lease
liabilities
Total cash outflows related to
leases
(4) Please refer to item X of this section for details on maturity analysis of lease liabilities and related liquidity risk
management.
(5) Nature of lease activities
Whether hold the
Type of leased assets Quantity Lease term
extension option
Buildings and structures 58.00 1-10 years No
Machinery 12.00 1-5 years No
Transport facilities 225.00 2 years No
(Ⅱ) Commitments on the performance of major asset restructuring
Pursuant to the relevant agreement on the Company’s major asset restructuring, Carlsberg Brewery Hong Kong
Limited (“Carlsberg Hong Kong”) promises that the net profit of Carlsberg Chongqing Brewery Co., Ltd. which is
attributable to the parent company after deducting non-recurring profit or loss in 2020, 2021 and 2022 would not be
less than 48.98 million yuan, 58.91 million yuan and 62.11 million yuan respectively. If the actual performance is
lower than the above commitment amount, Carlsberg Hong Kong will compensate the Company in cash. Carlsberg
ANNUAL REPORT 2022
Breweries A/S and Guangzhou Carlsberg Consultancy and Management Services Co., Ltd. promise that the total
net profit of the target companies involved in Asset Package A and Asset Package B which is attributable to the
parent company after deducting non-recurring profit or loss in 2020, 2021 and 2022 will not be less than 56.54
million yuan, 76.76 million yuan and 80.89 million yuan respectively. If the actual performance is lower than the
above commitment amount, Carlsberg Breweries A/S and Guangzhou Carlsberg Consultancy and Management
Services Co., Ltd. will compensate Carlsberg Chongqing Brewery Co., Ltd. in cash.
In 2022, the actual performance of Carlsberg Chongqing Brewery Co., Ltd. and the total actual performance of
Asset Package A and Asset Package B were all higher than the above commitment amount.
At the same time, upon the expiration of the performance commitment period, the Company conducted an
impairment test on the value of Carlsberg Chongqing Brewery Co., Ltd., Asset Package A and Asset Package B, and
engaged an appraisal agency to evaluate their value. According to the evaluation results, Carlsberg Chongqing
Brewery Co., Ltd., Asset Package A and Asset Package B were not impaired.
(Ⅲ) Major investments
Approved by the Fourth Extraordinary General Meeting of Shareholders in 2021, the subsidiary Carlsberg
Chongqing Brewery Co., Ltd. and Xi’nan Subdistrict Office of Sanshui District, Foshan City entered into the “Letter
of Intent for Investment in Beer Production Base Project”, agreeing that Carlsberg Chongqing Brewery Co., Ltd.
plans to build a production base with an annual production capacity of 500,000 kiloliters of beer in Sanshui District,
Foshan City, Guangdong Province, with a fixed assets investment of about 1.03 billion yuan. The two parties also
agreed on the investment intensity, development progress and economic contributions. Under the approval of the
fifth meeting of the tenth Board of Directors, in order to meet the needs of building intelligent and green wineries,
reduce the long-term operating costs and improve the stability of product quality, the Company increased the total
investment of the project to 1.492 billion yuan. As of the balance sheet date, the cumulative investment of the project
totaled 0.38 billion yuan.
ANNUAL REPORT 2022
XVII. Notes to items of parent company financial statements
(1) Age analysis
□ Applicable √ Not Applicable
(2) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Provision made on an individual basis
□ Applicable √ Not Applicable
Provision made on a collective basis
□ Applicable √ Not Applicable
For provision for bad debts made using three-stage model, please disclose relevant information referring to the
disclosures in item VII 8 of this section
□ Applicable √ Not Applicable
(3) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
(4) Accounts receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant accounts receivable written off in the current period
□ Applicable √ Not Applicable
(5) Details of the top 5 debtors with largest balances
□ Applicable √ Not Applicable
(6) Accounts receivable derecognized due to financial assets transfer
□ Applicable √ Not Applicable
(7) Assets and liabilities arising from transferred but still involved accounts receivable
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 4,353,422.01 216,585.47
Total 4,353,422.01 216,585.47
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Provision for bad debts
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Dividend receivable
(4) Details
□ Applicable √ Not Applicable
(5) Significant balance with age over one year
□ Applicable √ Not Applicable
(6) Provision for bad debts
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Other receivables
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance
Within 1 year
Including:
Within 1 year 4,582,549.49
Subtotal 4,582,549.49
ANNUAL REPORT 2022
Ages Closing book balance
Over 3 years
Over 5 years
Total 4,582,549.49
(2) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Nature of receivables Closing book balance Opening book balance
Land disposal fees receivable 4,300,000.00
Security deposits 209,093.99
Petty cash 227,684.70
Others 73,455.50 300.00
Total 4,582,549.49 227,984.70
(3) Changes in provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Stage 1 Stage 2 Stage 3
Provision for bad debts Total
expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Balances at January 1,
Balances at January 1,
period
--Transferred to stage 2
--Transferred to stage 3
--Reversed to stage 2
--Reversed to stage 1
Provision made in the
current period
Provision recovered in
the current period
Provision reversed in
the current period
Provision written off in
the current period
Other changes
Balances at December
ANNUAL REPORT 2022
Remarks on significant changes in book balance of other receivables with changes in provision for bad debts
□ Applicable √ Not Applicable
Determination basis for provision for credit impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Provision for bad debts
□ Applicable √ Not Applicable
(5) Other receivables actually written off in the current period
□ Applicable √ Not Applicable
(6) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the
Nature of total balance of Provision for bad
Debtors Closing balance Ages
receivables other receivables debts
(%)
Chongqing Hongye Land disposal
Asset Management fees 4,300,000.00 Within 1 year 93.83 215,000.00
Co., Ltd. receivable
Kingold Group Co., Security
Ltd. [Note] deposits
Guangzhou Minghe Security
Industrial Co., Ltd. deposits
Chongqing Jiawei
Others 73,455.50 Within 1 year 1.60 3,672.78
Beer Co., Ltd.
Total / 4,582,549.49 / 100.00 229,127.48
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co., Ltd.
(7) Other receivables related to government grants
□ Applicable √ Not Applicable
(8) Other receivables derecognized due to financial assets transfer
□ Applicable √ Not Applicable
(9) Assets and liabilities arising from transferred but still involved other receivables
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investments in
subsidiaries
Investments in
associates and joint
ventures
Total 1,714,103,968.78 19,037,610.07 1,695,066,358.71 1,714,103,968.78 19,037,610.07 1,695,066,358.71
(1) Investments in subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Provision for
Closing balance
impairment made
Investees Opening balance Increase Decrease Closing balance of provision for
in the current
impairment
period
Carlsberg Chongqing
Brewery Co., Ltd.
Total 1,714,103,968.78 1,714,103,968.78 19,037,610.07
(2) Investments in associates and joint ventures
□ Applicable √ Not Applicable
Other remarks
None.
(1) Details
□ Applicable √ Not Applicable
(2) Revenue from contracts
□ Applicable √ Not Applicable
(3) Remarks on performance obligations
□ Applicable √ Not Applicable
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
Other remarks
None.
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term equity
investments under cost method
Investment income from long-term equity
investments under equity method
Gains on disposal of long-term equity
investments
Investment income from held-for-trading
financial assets
Dividend income from other equity
instrument investments
Interest income from debt investments
Interest income from other debt investments
Investment income from disposal of held-
for-trading financial assets
Investment income from disposal of other
equity instrument investments
Investment income from disposal of debt
investments
Investment income from disposal of other
debt investments
Income from debt restructuring
Total 1,155,407,400.00 858,714,000.00
Other remarks
Note: Pursuant to the resolution and approval of the Company’s Third Extraordinary General Meeting of
Shareholders in 2022, Carlsberg Chongqing Brewery Co., Ltd. distributed dividend of 2.25 billion yuan to the
Company and Guangzhou Carlsberg Consultancy and Management Services Co., Ltd. based on its accumulated
undistributed profits from January to October in 2022.
□ Applicable √ Not Applicable
XVIII. Other supplementary information
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount Remarks
Gains on disposal of non-current assets -2,686,096.87
Tax refund, credit or exemption approved
beyond the power of authorities or without
formal documents
Government grants included in profit or loss
(excluding those closely related to operating
activities of the Company and continuously
enjoyed with certain quantity/quota based on
ANNUAL REPORT 2022
Items Amount Remarks
certain national standards)
Fund possession charge from non-financial
entities and included in profit or loss
Gains on acquisition of subsidiaries, joint
ventures and associates due to the surplus of
acquisition-date fair value of net identifiable
assets in acquiree over the acquisition cost
Gains on non-cash assets exchange
Gains on assets consigned to the third party for
investment or management
Assets impairment loss incurred due to force
majeure such as natural disasters
Gains on debt restructuring
Entity restructuring expenses, such as staffing
and integrating expenses
Gains on transactions with unfair value
Net profit on subsidiaries acquired through
business combination under common control
from the beginning of the period to the
combination date
Contingent gains on non-operating activities
Gains or losses on changes in fair value of held-
for-trading financial assets, derivative financial
assets, held-for-trading financial liabilities and
derivative financial liabilities, and investment
income from disposal of held-for-trading
financial assets, derivative financial assets, held-
for-trading financial liabilities, derivative
financial liabilities and other debt investments,
excluding those arising from hedging business
related to operating activities
The reversed provision for impairment of
receivables and contract assets based on 368,172.05
impairment testing on an individual basis
Gains on designated loans
Gains on changes in fair value of investment
properties with subsequent measurement at the
fair value mode
Gains on reconciliation of current period profit
or loss following legal and regulative
requirements on taxation, accounting, etc.
Management charges for consigned operations
Other non-operating income or expenses 4,495,553.47
Other profit or loss satisfying the definition of
non-recurring profit or loss
Less: Enterprise income tax affected 15,007,349.22
Non-controlling interest affected (after tax) 27,203,082.00
Total 29,266,746.14
Remarks on other profit or loss satisfying the definition of non-recurring profit or loss and remarks on defining non-
recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria for Public
Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss
□ Applicable √ Not Applicable
ANNUAL REPORT 2022
√ Applicable □ Not Applicable
Weighted EPS (yuan/share)
Profit of the reporting period average ROE
(%) Basic EPS Diluted EPS
Net profit attributable to shareholders of
ordinary shares
Net profit attributable to shareholders of
ordinary shares after deducting non- 67.65 2.55 2.55
recurring profit or loss
(1) Calculation process of weighted average ROE
Current period
Items Symbols
cumulative
Net profit attributable to shareholders of ordinary shares A 1,263,604,930.09
Non-recurring profit or loss B 29,266,746.14
Net profit attributable to shareholders of ordinary shares after
C=A-B 1,234,338,183.95
deducting non-recurring profit or loss
Opening balance of net assets attributable to shareholders of
D 1,754,545,104.23
ordinary shares
Net assets attributable to shareholders of ordinary shares
increased due to offering of new shares or conversion of debts E
into shares
Number of months counting from the next month when the net
F
assets were increased to the end of the reporting period
Net assets attributable to shareholders of ordinary shares
decreased due to share repurchase or cash dividends G 967,942,396.00
appropriation
Number of months counting from the next month when the net
H 7.00
assets were decreased to the end of the reporting period
Net increase in capital reserve arising from
I1 5,652,955.00
share-based payment
Number of months counting from the next
month when the net assets were increased or J1 6.00
decreased to the end of the reporting period
Others
Net increase in other comprehensive income I2 295,189.31
Number of months counting from the next
month when the net assets were increased or J2 6.00
decreased to the end of the reporting period
Number of months in the reporting period K 12.00
L= D+A/2+ E×F/K-
Weighted average net assets 1,824,688,577.10
G×H/K+I×J/K
Weighted average ROE M=A/L 69.25%
Weighted average ROE after deducting non-recurring profit or
N=C/L 67.65%
loss
(2) Calculation process of basic EPS and diluted EPS
a. Calculation process of basic EPS
Items Symbols Current period cumulative
Net profit attributable to shareholders of ordinary shares A 1,263,604,930.09
ANNUAL REPORT 2022
Items Symbols Current period cumulative
Non-recurring profit or loss B 29,266,746.14
Net profit attributable to shareholders of ordinary shares
C=A-B 1,234,338,183.95
after deducting non-recurring profit or loss
Opening balance of total shares D 483,971,198.00
Number of shares increased due to conversion of reserve
E
to share capital or share dividend appropriation
Number of shares increased due to offering of new shares
F
or conversion of debts into shares
Number of months counting from the next month when
the shares were increased to the end of the reporting G
period
Number of shares decreased due to share repurchase H
Number of months counting from the next month when
the shares were decreased to the end of the reporting I
period
Number of shares decreased in the reporting period J
Number of months in the reporting period K
L=D+E+F×G/K-
Weighted average of outstanding ordinary shares 483,971,198.00
H×I/K-J
Basic EPS M=A/L 2.61
Basic EPS after deducting non-recurring profit or loss N=C/L 2.55
b. Calculation process of diluted EPS
Calculation process of diluted EPS is the same as that of basic EPS.
standards
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Chairman of the Board of Directors: Jo?o Miguel Ventura Rego Abecasis
Date of approval for issuance: April 26th, 2023
Revision
□ Applicable √ Not Applicable
首页
微信公众号
证券之星APP
