ANNUAL REPORT 2025
Company Code: 600132 Abbreviation of the Company: Chongqing Brewery
CHONGQING BREWERY CO., LTD.
ANNUAL REPORT 2025
ANNUAL REPORT 2025
Important Notice
I. The Board of Directors, the directors, and senior management of the Company guarantee that the
information of the Annual Report is true, accurate and complete and there are no false representations,
misleading statements or material omissions, and assume individual and joint liabilities to the information
contained herein.
II. All Directors of the Company attended the Board meeting.
III. Pan-China Certified Public Accountants LLP (Special General Partnership) has issued an auditor’s
report with an unqualified opinion to the Company.
IV. João Miguel Ventura Rego Abecasis, the person-in-charge of the Company, Chin Wee Hua, the person-
in-charge of accounting work, and Liu Liping, the person-in-charge of the accounting department (head of
the accounting department) hereby declare their guarantees for the authenticity, accuracy and completeness
of the financial report in the Annual Report.
V. Plans on profit distribution or conversion of capital reserve to increase share capital in the current
reporting period deliberated and approved by the Board of Directors
The Company intends to distribute cash dividends to all shareholders based on the total share capital registered at
the equity registration date for the 2025 annual profit distribution. Cash dividends of RMB 1.20 (tax inclusive) per
share will be distributed. As of December 31, 2025, the Company’s total share capital was 483,971,198 shares and
a total of cash dividend of RMB 580,765,437.60 (tax inclusive) will be distributed on such basis. Previously, for
the 2025 interim period, the Company distributed a cash dividend of RMB 1.30 (tax inclusive) per share to all
shareholders, totaling RMB 629,162,557.40 (tax inclusive). Accordingly, the total cash dividend for 2025 is RMB
Company in 2025.
If there is any change in the Company’s total share capital before the equity registration date for the 2025 annual
profit distribution, the distribution ratio per share will remain unchanged, with corresponding adjustments to the
total distribution amount. The above profit distribution plan is subject to approval by the Company’s shareholders’
meeting before implementation.
Unrecovered losses of the parent company at the end of the reporting period and their impact on the
Company’s profit distribution and other related matters
□ Applicable √ Not applicable
VI. Risk statement with respect to forward-looking statements
√ Applicable □ Not applicable
Forward-looking statements, including future plans, contained in this report do not constitute actual commitments
made by the Company to investors. Investors should be aware of investment risks.
VII. Is there any fund occupied by the controlling shareholder and its related parties for nonoperational
purposes?
No
ANNUAL REPORT 2025
VIII. Is there any external guarantee made in violation of required decision-making procedures?
No
IX. Are there more than half of the directors who cannot guarantee the authenticity, accuracy and
completeness of the annual report disclosed by the Company?
No
X. Notice of material risks
The Company has described relevant potential risks in this report. For details, please refer to “VI. Discussion and
Analysis on the Future Development of the Company” under Section III of this Report.
XI. Others
□ Applicable √ Not applicable
This report is prepared in Chinese. An English translation is provided for reference only. In case of any
differences between the Chinese version and the English translation, the Chinese version shall prevail.
ANNUAL REPORT 2025
CONTENTS
Financial statements signed and sealed by the legal representative of the Company, the person
in-charge of accounting work and the person-in-charge of the accounting department of the
Company;
Documents
Original copy of the audit report bearing the seal of the accounting firm as well as the
Available for
signatures and seals of the certified public accountants;
Inspection
Original copies of all the documents of the Company as well as the original scripts of its
announcements disclosed on the newspaper designated by the CSRC during the reporting
period.
SECTION I DEFINITIONS
I. Definitions
In this Report, unless the context otherwise requires, the following words shall have the following meanings:
CSRC China Securities Regulatory Commission
SSE Shanghai Stock Exchange
Company, the Company, the Chongqing Brewery Co., Ltd.
listed company
Carlsberg Foundation Carlsberg Foundation
Carlsberg Carlsberg A/S
Carlsberg Breweries Carlsberg Breweries A/S
Carlsberg HK Carlsberg Brewery Hong Kong Limited
Carlsberg Chongqing Carlsberg Chongqing Limited
Carlsberg Investment, Guangzhou Carlsberg Investment Co., Ltd., formerly known as Guangzhou
Carlsberg Consultancy Carlsberg Consultancy and Management Services Co., Ltd.
Carlsberg Chongqing Carlsberg Chongqing Brewery Co., Ltd., formerly known as Chongqing
Brewery, Chongqing Jianiang Jianiang Brewery Co., Ltd.
Major asset restructuring, this The major asset purchase of Chongqing Brewery Co., Ltd. and joint capital
restructuring increase in the joint venture as well as related-party transactions
Pack A assets The collective name of 100% equity interest in Carlsberg (China) Breweries and
Trading Company Limited, 100% equity interest in Carlsberg Beer Enterprise
Management (Chongqing) Company Limited, 99% equity interest in Carlsberg
Brewery (Guangdong) Company Limited, and 100% equity interest in Kunming
Huashi Brewery Company Limited, which all held by Carlsberg Investment.
Pack B assets The collective name of 100% equity interest in Xinjiang Wusu Breweries Co.,
Ltd. and 70% equity interest in Ningxia Xixia Jianiang Brewery Co., Ltd., both
held by Carlsberg Breweries.
SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL
INDICATORS
I. Corporate Information
Chinese name 重庆啤酒股份有限公司
Abbreviated Chinese name 重庆啤酒
English name Chongqing Brewery Co., Ltd.
Abbreviated English name CBC
Legal representative João Miguel Ventura Rego Abecasis
II. Contact Persons and Contact Information
Secretary to the Board Securities Affairs Representative
Name Deng Wei Li Xiaoyu
Address Floor 13, Kingold Century, No.62, Jinsui Floor 13, Kingold Century, No.62, Jinsui
Road, Tianhe District, Guangzhou City, Road, Tianhe District, Guangzhou City,
Guangdong Province Guangdong Province
Telephone 4001600132 4001600132
Fax 020-28016518 020-28016518
E-mail CBCSMIR@carlsberg.asia CBCSMIR@carlsberg.asia
III. Basic Information
Registered address No. 9, Hengshan East Road, Dazhulin Sub-district,
High-tech Industrial Park, New North Zone, Chongqing
Business address Floor 13, Kingold Century Finance Center, No. 62,
Jinsui Road, Tianhe District, Guangzhou City,
Guangdong Province
Postal code of business address 510623
Website www.carlsbergchina.com.cn
Email CBCSMIR@carlsberg.asia
IV. Place of Information Disclosure and Document Inspection
Names and websites of media for annual report China Securities Journal, Shanghai Securities News,
disclosure Securities Times, Securities Daily
Website of the stock exchange for annual report www.sse.com.cn
disclosure
Annual reports available at Board Office of the Company
V. Stock Listing
Stock Information
Stock Exchange for Previous Stock
Share Class Stock Abbreviation Stock Code
Listing Abbreviation
Shanghai Stock
A share Chongqing Brewery 600132 N/A
Exchange
VI. Other Relevant Information
Name Pan-China Certified Public Accountants LLP
Domestic accounting firm Block B, China Resources Building, 1366
Office address
engaged by the Company Qianjiang Rd., Hangzhou 310020, China
Signed CPAs Zhang Kai, Xiang Qing
VII. Key Accounting Data and Financial Indicators for the Past Three Years
(I) Key accounting data
Monetary unit: RMB
YoY
Items 2025 2024 growth 2023
rate (%)
Operating revenue 14,721,871,107.45 14,644,597,842.46 0.53 14,814,836,410.26
Profit before tax 3,241,925,584.31 2,919,927,612.14 11.03 3,375,690,552.52
Net profit attributable to
shareholders of the Company
Net profit attributable to
shareholders of the Company
after deducting non-recurring
profit or loss
Net cash flows from operating
activities
YoY
December 31, 2025 December 31, 2024 growth December 31, 2023
rate (%)
Net assets attributable to
shareholders of the Company
Total assets 10,690,758,918.93 10,968,339,719.39 -2.53 12,386,911,593.95
(II) Key financial indicators
Items 2025 2024 YoY growth rate (%) 2023
Basic EPS (yuan/share) 2.54 2.30 10.43 2.76
Diluted EPS (yuan/share) 2.54 2.30 10.43 2.76
Basic EPS after deducting non-
recurring profit or loss (yuan/share)
Weighted average ROE (%) 81.68 60.17 +21.51 67.05
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. Differences in Accounting Data under Domestic and Overseas Accounting Standards
(I) Differences in net profit and net assets attributable to shareholders of the listed company in the financial
reports disclosed simultaneously in accordance with international accounting standards and Chinese
accounting standards
□ Applicable √ Not applicable
(II) Differences in net profit and net assets attributable to shareholders of the listed company in the financial
reports disclosed simultaneously in accordance with foreign accounting standards and Chinese
accounting standards
□ Applicable √ Not applicable
(III) Explanation on the differences between domestic and foreign accounting standards:
□ Applicable √ Not applicable
IX. Key Quarterly Financial Data in 2025
Monetary unit: RMB
Q1 Q2 Q3 Q4
(January-March) (April-June) (July-September) (October-December)
Operating revenue 4,355,306,415.67 4,483,917,961.98 4,219,528,375.46 1,663,118,354.34
Net profit attributable to
shareholders of the 472,682,480.54 392,293,985.41 375,954,398.02 -10,033,778.56
Company
Net profit attributable to
shareholders of the
Company after deducting 467,062,658.14 387,509,768.68 367,490,819.14 -34,339,674.38
non-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 Profit or Loss
√ Applicable □ Not applicable
Monetary unit: RMB
Note No.
Items Year 2025 Year 2024 Year 2023
(if applicable)
Gains or losses on disposal of non-current
assets, including write-off of provision for 2,999,820.46 -4,696,864.39 -6,223,012.64
impairment
Government grants included in profit or loss
(excluding those closely related to operating
activities of the Company, satisfying
government policies and regulations, enjoyed
based on certain standards, and continuously
affecting gains or losses of the Company)
Gains or losses on changes in fair value of
financial assets and liabilities held by non-
financial enterprises, and gains or losses on
disposal of financial assets and liabilities,
excluding those arising from hedging business
related to operating activities
Losses on assets incurred due to force majeure
-22,928,871.60
such as natural disasters
The reversed provision for impairment of
receivables based on impairment testing on an 108,758.69 728,718.32
individual basis
Contingent gains on non-operating activities 37,105,498.64 -254,029,189.86
Other non-operating revenue or expenditures 1,718,924.79 -4,675,929.61 26,866,634.40
Other profit or loss satisfying the definition of
non-recurring profit or loss
Less: Enterprise income tax affected 25,115,724.88 17,432,030.06 14,721,391.00
Non-controlling interest affected (after
tax)
Total 43,173,513.83 -107,031,680.34 22,610,107.11
Remarks on defining items not listed in “Explanatory Announcement on Information Disclosure for Companies
Offering Their Securities to the Public No.1 -- Extraordinary Profit and Loss” as extraordinary profit or loss items
in significant amount and on defining extraordinary profit or loss listed therein as recurring profit or loss items
□ Applicable √ Not applicable
XI. Companies with equity incentive plans or employee stock ownership plans may elect to disclose net profit
excluding the effect of share-based compensation.
□ Applicable √ Not applicable
XII. Items Measured at Fair Value
√ Applicable □ Not applicable
Monetary unit: RMB
Effect on current
Items Opening balance Closing balance Increase/ Decrease
profit before tax
Held-for-trading
financial assets
Other equity instrument
investments
Derivative financial
assets
Derivative financial
liabilities
Total 41,205,688.45 462,049,104.93 420,843,416.48 28,211,939.38
XIII. Others
□ Applicable √ Not applicable
SECTION III MANAGEMENT DISCUSSION AND ANALYSIS
I. Business of the Company During the Reporting Period
The Company’s principal business is the manufacturing and sale of beer products.
In terms of operating model, the Company implements region-based management. In procurement, it adopts
centralized procurement with decentralized order placement. In supply, it organizes production and manages
inventory according to the “production based on sales” principle. In sales, it sells primarily through distributors,
with direct sales as a supplement.
Explanation of significant non-primary business added by the Company during the reporting period.
□ Applicable √ Not applicable
II. Description of the Industry Where the Company Operated During the Reporting Period
According to the National Bureau of Statistics of China, the cumulative beer production by beer enterprises above
the designated size in China totaled 35.360 million kiloliters in 2025, down 1.1% year-on-year.
III. Discussion and Analysis on Operations
In 2025, despite a complex and changing external environment, the Company maintained stable operations. It
continued to optimize its product mix, deepen channel penetration, and enhance operational capabilities, achieving
steady growth in sales volume, revenue, and profit. This demonstrated strong business resilience and further
advanced the Company’s high-quality development.
(i) Market
The Carlsberg brand continued to strengthen its premium positioning and emotional bond with consumers. During
the Spring Festival, it launched the limited-edition “Auspicious Snake Heralds Spring, Blooming Step by Step”
series, conveying a sense of prosperity through artistic design. The series won three international design awards,
including the iF Design Award and the Red Dot Award. In the summer of 2025, the brand’s communications
reinforced its proposition of “Pursue good football, drink Carlsberg” through collaboration with Bosco Wong and
Liverpool’s Premier League title. For the first time, the brand sponsored the Foshan “Xijia” League and the
Guangdong Super League, boosting brand awareness and local engagement. Additionally the Company introduced
the Carlsberg Signature Alchemy Brew Series and promoted it in partnership with Black Pearl-selected restaurants
to expand its presence in high-end dining. The Company continued to optimize consumer experience in
entertainment occasions, expand quality on-trade and off-trade channels, and accelerate the footprint of the brand
in key markets.
Tuborg further strengthened its brand image as “young, cool, and with attitude.” It collaborated with GAI, Vinida,
and Gali Jiang to roll out brand-themed content, reinforcing the “Tilt the Wold, WHY NOT” proposition.
Throughout the year, the brand launched a series of marketing campaigns targeting younger consumers, including
the April Fools’ Day “Anti-Exploitation” App, campus events during graduation season, and the “996 ‘Workhorse’
Night”. In addition, it sponsored The King of Stand-up Comedy Season 2 for the first time, boosting its national
influence. In music marketing, Tuborg launched the “DROP THE BEAT” project and a brand single, and held large-
scale music festivals in various cities along with multiple small and medium-sized events, strengthening the “beer
+ music” brand association.
Kronenbourg 1664 continued to upgrade its brand image and communication approach. A new brand ambassador,
Leo Wu, enhanced brand affinity and the premium image perception. The brand created the exclusive “Blue Hour”
consumption occasion, collaborated with Nylon on a thematic marketing campaign to convey the French Blue
aesthetic, and won the “Best Occasion-based Marketing Case” from the China Advertising Billboard. Additionally,
K1664 partnered with Shanghai Fashion Week and designer XUZHI to launch limited-edition merchandise and a
brand-themed show, and collaborated with French artist Walala on limited-edition packaging for Christmas and
New Year, reinforcing gift-giving consumer occasions.
Wusu advanced national expansion and premiumization through a dual-track strategy of brand value enhancement
and product innovation. With dual ambassadors Adam Fan and Fu Hang, the brand communicated the concept that
“NONG people drink Wusu”. Combined with AI and robot interactive content, as well as variety show partnerships
such as with Keep Running and Let’s Go, NONG People, Wusu significantly boosted its appeal among young
consumers. On the product front, the Company continued to expand its 1L segment, accelerate the nationwide
rollout of Wusu Secret Brew, and launch new products including Wusu Xinjiang Hop Craft, Wusu Da Hong Pao
Craft, Wusu Original Brew, and craft series, further enhancing its premium product portfolio.
The Chongqing brand continued to deepen its presence in the local Chongqing market. It invited Jordan Chan as its
brand ambassador and served as the title sponsor for his Chongqing concert, strengthening the brand’s local cultural
ties. By sponsoring the Chongqing Super League and partnering with player Xiang Yuwang, the brand launched a
“Chongqing locals drink Chongqing Beer” campaign, along with limited-edition cans featuring the league and the
player. Its 1L all-malt craft beer, featuring Chinese-style packaging and an all-malt brewing process, is driving
product mix upgrades. In the Sichuan market, the brand partnered with Jike Junyi and Shangchengshi Magazine to
share the story of Daliangshan. In Guizhou, it launched the V8 products as part of its cultural tourism series.
Wind Flower Snow Moon continued to drive product innovation and brand upgrading throughout the year, focusing
on the integration of culture and tourism as well as Eastern aesthetics. It launched a low-alcohol green grape-
flavored beer and partnered with brand ambassador Yang Chaoyue to reach young consumers. Meanwhile, the brand
created “Night” as the exclusive product for folk music scenes and introduced innovative 1L offerings such as
Longjing green-tea beer and Yunnan black-tea beer. Themed campaigns, such as those for the Water-Splashing
Festival and “Escape to the Grassland,” as well as limited-edition cans featuring tie-dye, an intangible cultural
heritage of Yunnan, were rolled out. The brand continued to strengthen its presence in folk music consumption
occasions, developed its own IP, and leveraged AIGC to refresh the expression of Eastern aesthetics for younger
audiences, further enhancing its appeal among young consumers and within cultural tourism contexts.
The Dali brand pushed forward its youth-oriented transformation across four dimensions: product, channel,
creativity, and technology. It launched new 1L products including Dali V8 Lord of Tartary Buckwheat Craft,
Cang’er Soda, and Dali Refreshing, deepened its O2O presence, and strengthened its retail network. In partnership
with Jike Junyi and local artists, the brand rolled out thematic campaigns such as the “Dianfeng Race” to reinforce
local cultural ties, and enhanced brand influence through events like the Torch Festival and beer festivals. AIGC
technology was applied to the “Yunnan Super League” campaign, generating significant interaction and boosting
the brand’s appeal among younger consumers.
Craft beer brands focused on reaching a broader consumer base. Jing-A launched refreshed 500ml canned products,
including Flying Fist, Mandarin Wheat, Hops Wonderland, and Jasmine Green Grape. It continued to enhance brand
influence and industry recognition through its Taproom stores, beer festivals, and the ninth edition of the “8x8
Collaborative Brewing Project.”
(ii) Sales
In 2025, the Company saw steady progress in sales across all channels and key projects. Premium products
maintained growth, overall sales performance remained stable, and product mix continued to improve.
The share of off-trade channel further increased. Emerging channels such as O2O instant delivery, e-commerce, and
convenience stores performed well. Traditional channels achieved growth through distribution expansion and digital
promotion. Modern channels, with a focus on on new retail formats such as warehouse club stores and discount
snack stores, made positive progress. New 1L-pack products became a key growth driver for off-trade channel.
On-trade channel focused on key accounts, driving product innovation and adaptability to consumer occasions, with
growth achieved in segments such as non-alcoholic beverages and 1L craft beer.
The markets under the “Big City” program maintained rapid growth. By optimizing product mix, strengthening
distributor network, and empowering with digital tools, the Company continuously improved execution and
resource allocation efficiency.
Digital and intelligent innovation was widely applied across traditional and dinning channels, steadily enhancing
operational efficiency and sales promotion synergy.
(iii) Supply chain
Safety: Through dual-theme safety campaigns, the Company strengthened risk prevention and control, recording a
company-wide low in lost-time injury alongside steady enhancements in employee safety awareness and risk
prevention capabilities. The Company received two top awards from the Carlsberg Group, i.e., “Best Safety Market”
and “Best Safety Factory.”
Quality: The Company leveraged monthly quality-themed activities as a key lever, with a focus on end-to-end food
safety control. It conducted risk assessments across the entire process, from raw material control to finished product
transportation and point-of-sale management, thereby effectively preventing potential risks.
Taste evaluation: The Company further strengthened fermentation process control, yeast management, and team
tasting capabilities. It received 15 awards at the China International Beer Challenge. In the once-every-five-year
national certification for beer taster, six employees were certified as National Beer Tasters, and one as National
Beer Tasting Supervisor — further evidence of continuous professional improvement.
Production Capacity: The 1L production line was successfully commissioned and ramped up quickly. Within two
weeks of startup, line efficiency exceeded 80%, setting a new record for vertical start-up efficiency.
The Carlsberg Excellence Program progressed steadily as planned, strengthening capabilities in regional
management, performance management, and organizational management, while continuously improving on-site
management standards and production efficiency. The remote audit model effectively eased the shortage of auditor
resources and expanded audit coverage by more than ten times.
Labor productivity continued high single-digit growth, effectively offsetting rising labor costs.
(iv) ESG
In 2025, guided by the “Accelerate SAIL” strategy, the Company fully advanced the “Together Towards Zero and
Beyond” ESG program. Its environmental, social and governance performance continued to improve. The Company
retained its MSCI ESG AA rating—the highest among A-share food-and-beverage companies, a level that only two
listed companies have achieved.
In 2025, the Company received more than ten accolades from industry associations and other accredited
organizations, including first place in Extel’s “Best ESG” ranking, inclusion in Fortune China’s “ESG Impact List”,
recognition as a “Best Practice Case for Sustainable Development” from the China Association for Public
Companies (CAPCO), selection for the “2025 ESG Model Enterprise List” from the China Alcoholic Drinks
Association (CADA), and the annual “ESG Low-Carbon Practice” award from Southern Weekend. In addition, five
of the Company’s breweries were recognized as “National Green Factories” by the Ministry of Industry and
Information Technology. Dali Brewery was named a “National Water Efficiency Leader”, while Tianmu Lake,
Ningxia and Yinchuan breweries were rated as provincial-level advanced smart factories. Urumqi Brewery became
one of the city’s first “zero-waste enterprises”. Several other brewery projects were recognized as provincial-level
exemplary cases in water conservation, fire safety and other areas—further cementing the Company’s leading
position in ESG.
ZERO Carbon Footprint: The Company accelerated its energy-mix shift, achieving 100% green electricity and a
fully electric forklift fleet. In 2025, the Company used 164,477.64 MWh of green electricity, cutting carbon
emissions by 87,271.84 tons, equivalent to planting 3.79 million trees. Meanwhile, continuous upgrades to
energy-efficient equipment and the use of heat-recovery technology helped reduce thermal energy consumption per
hectoliter of beer from 15.274 kWh in 2024 to 13.967 kWh. Compared with 2015, carbon emissions per hectoliter
of beer fell by 78.47%, with cumulative reductions reaching 1,940,421 tons, equivalent to taking 713,000 cars off
the road for a year. Low-carbon operating capabilities have steadily improved on the production-side.
ZERO Farming Footprint: The Company further enhanced its by-product recycling system, recovering 1.62 million
tons of waste yeast liquid and 308,000 tons of spent grains throughout the year. In addition, the Company
strengthened the local sourcing of raw materials, achieving 100% local procurement of key adjuncts and raising the
share of locally sourced hops and malt to 35% and 55% respectively, thereby enhancing supply chain stability and
reducing transport emissions.
ZERO Packaging Waste: The Company continued to push for green, lightweight packaging, widely adopting
reusable or degradable materials and launching dedicated lightweighting initiatives for key packaging items. In
percentage points from 2022, saving around RMB 7.5 million in recyclable packaging costs. Concurrently, it
recycled 30,000 tons of cullet (equivalent to 120 million 330ml beer bottles), reducing CO₂ emissions by 23,900
tons and boosting its resource recycling performance.
ZERO Water Waste: The Company further analyzed its water-consumption structure with the Loss Cost Tree tool
and rolled out best practices from benchmark breweries across its system. In 2025, water savings reached 159,800
tons, and unit water consumption fell to 2.03 hl/hl, a year-on-year drop of 2.67%. The Company made steady
progress towards its 2030 target of 2.0 hl/hl, with seven breweries already hitting it. Chongqing Dazhulin Brewery,
for instance, lowered its unit water consumption to 1.70 hl/hl, meeting the 2030 goal for high water-risk areas ahead
of schedule. Since 2024, the Company has been running water replenishment projects in Chongqing, Yunnan and
Jiangsu. In 2025, a total of 1.21 million cubic meters of water were replenished cumulatively, and more than 30,600
square meters of wetlands were restored or created.
ZERO Irresponsible Drinking: The Company put warning labels on all its alcoholic beverage packaging, including
“Not for Pregnant Women”, “Underage Drinking Prohibited” and “Do Not Drink and Drive”. It took part in the
National Responsible Drinking Week for the tenth consecutive year, generating more than 2 million online
impressions through partnerships with platforms such as Taobao, JD.com, Douyin, Meituan and Ele.me. In addition,
the Company wove responsible drinking messages into sporting events such as the Chongqing Super League and
the Urumqi International Marathon, and ran interactive campaigns on responsible drinking at food and beverage
outlets. Through initiatives like “Brewery Open Day”, it communicated the concept of responsible drinking to the
general public, further expanding its social influence.
ZERO Accidents Culture: the Company has steadily strengthened its company-wide safety responsibility system. It
built a safety training system covering 30 core modules, including hazardous waste management, chemical storage
and machine guarding, and standardized and digitized the content. In 2025, 302 managers and supervising engineers
were certified as trainers, and 39 employees as defensive driving trainers. The Company has cumulatively held 15
annual safety days, consistently raising employee awareness. Eight breweries have gone more than a decade without
a lost-time injury, and 26 for two years running. Compared with 2018, the Company’s lost-time injuries (including
those involving supply chain and sales administrative staff, as well as contractors) fell by 94%, demonstrating steady
improvement in safety management.
(v) Talent and Cultural Development
The Company is committed to the shared growth of its employees and the business. Guided by the principles of
Growth Culture: “empower, support and grow our people”, the Company continued to refine its talent development
system.
With diverse training resources and development platforms in place, the Company gave its employees full support
to build capabilities and pursue career growth, ensuring that personal growth and organizational development go
hand in hand.
Talent selection adhered to the principles of fairness, impartiality and openness, with comprehensive assessment of
value fit, competence and performance contribution. Through regular talent reviews, the Company identified
development gaps and formulated Individual Development Plans (IDPs). Initiatives such as job rotations and cross-
departmental projects promoted internal talent mobility. IDPs were implemented at different levels and across
categories, while various talent programs continued to strengthen the talent pipeline. A range of tools, including
mentorship, challenging projects and short-term secondments, were integrated throughout the employee journey,
embedding the principles of “empower, support and grow our people” into daily practice.
The Company continued to develop an integrated online-offline learning model, providing employees with
systematic skill-building opportunities and driving improvement in personal growth and business performance. In
Carlsberg E-learning platform offered a cumulative 3,704 courses covering professional skills, general
competencies and leadership. During the year, the platform recorded 41,526 learning hours, with an 88%
participation rate. Offline training focused on job-specific and collaborative skills, strengthening business
capabilities through professional skills training, cross-departmental workshops and thematic programs. Leadership
development was delivered in a tiered manner for senior, middle and front-line managers, leveraging both internal
and external expertise. The Company also cultivated a team of internal trainers to facilitate the transfer of
management experience.
Culture in action: 2025 marked the year of the Company’s full-scale rollout of its “Growth Culture”. More than 150
“growth-culture ambassadors” captured and spread real-life examples of the culture through story-gathering,
behaviour cards and short videos. Activities such as employee co-creation workshops, birthday events and cultural
content generation have carried the message further. Quarterly management meetings have included a dedicated
“cultural exchange” session, aligning understanding from the top down. The Growth cultural elements have been
embedded into recruitment questions, performance reviews and internal training, strengthening the cultural
foundation at every stage of talent selection and hiring.
Diversity, equity and inclusion: The Company continued to advance relevant practices and upgraded its “Women
Can Special Brew” public welfare initiative for women. A limited-edition product for International Women’s Day
was launched, alongside a RMB200,000 donation to the Dali Women’s Federation, earmarked for female
employment and entrepreneurship. Women now hold 34.4% of management roles, and the Company has won
consecutive awards for “Diversity, Equity and Inclusion” and “Best DEI Project”. In 2025 the “My Voice” employee
survey reached over 6,300 staff, with a 99% participation rate. The results have been turned into concrete action
plans to keep raising engagement.
Attracting talent: The Company views talent as fundamental to sustainable growth and social responsibility. An
intelligent recruitment system improved hiring efficiency, while an open, diverse and dynamic employer brand was
built. Programs such as “Headquarters Open Day” and Carlsberg China Internship Program strengthened early ties
with university talent, systematically preparing a future pipeline. The Company also tied its employer branding to
social responsibility and timely topics. A “Women’s Recruitment Month”, for instance, promoted workplace gender
equality, and a variety of communication approaches helped connect with younger candidates.
Talent is an essential foundation for the Company’s long-term development. The Company will continue to attract,
develop and retain outstanding people, providing lasting momentum for both the Company and society through
sound talent systems and responsible corporate practice.
(vi) Investor Relations Management
In 2025, the Company held an innovative results briefing for 2024 and Q1 2025 at its Foshan brewery. Conducted
as a live webcast, the event combined a brewery tour, discussions with senior executives, a Q&A session on financial
results, and a new-product tasting with the Company’s chief brewmaster. This allowed investors to see the
production process and product quality up close, engage in in-depth conversations with management, and deepen
their understanding of the Company’s strategy and operations. The event attracted over 205,000 views, up 15%
year-on-year. For the third consecutive year, the Company was recognised by the CAPCO as a “Best Practice Case
for Annual Results Presentation”.
According to the 2025 Asia’s Best Management Team Ranking released by Extel, the Company ranked first overall
among small- and mid-cap companies (market value below US$10 billion) in the “Asia’s Most Respected
Companies – Consumer Goods: Daily Necessities” category. This marked its third consecutive year on the list.
Concurrently, the Company received multiple honors from the CAPCO, including “Best Practice Case for Investor
Relations Management”, “Best Practice Case for Board of Directors”, and “Best Practice Case for Internal Control”.
It also won the Securities Times Tianma Award for “Outstanding Team in Investor Relations Management”, the
China Securities Journal’s “2024 Golden Bull Award for Most Investment Value”, and Corporate Governance
Asia’s 15th “Asian Excellence Award”. Moreover, it earned an A-grade rating for information disclosure from the
Shanghai Stock Exchange for three years in a row, a testament to the market’s recognition of its corporate
governance and investor relations management strengths.
Lee Chee Kong, the Company’s president, received the “2024 Golden Bull Entrepreneur Innovation Award” for his
strategic vision and operational performance. He was the only entrepreneur in the A-share food and beverage sector
to win this honour. In the same year, he received the “Golden Top Award” from CNR News.
IV. Analysis on Core Competitiveness During the Reporting Period
√ Applicable □ Not applicable
The Company is the operation platform of Carlsberg Group in China. Carlsberg Group, headquartered in Denmark,
is one of the world’s three largest beer companies. China is the largest market for Carlsberg Group globally. In the
Group’s Accelerate SAIL strategy, Keep Winning in China has been identified as a strategic priority, with the goal
of becoming a successful, professional and attractive brewer in the country.
Market channels: The Company has established an extensive sales network covering various provinces, autonomous
regions, and municipalities across China. In its key market regions, the Company enjoys high-quality customer
resources, strong brand advantages, and stable sales channels.
Brand portfolio: Through its powerful “Local Power Brands + International Premium Brands” brand portfolio, the
Company has attained high-quality growth by fulfilling consumers’ diversified needs across various consumption
scenarios. Its international brands include Carlsberg, Tuborg, K1664, Brooklyn, and Somersby; local brands include
Wusu, Chongqing, Shancheng,Wind Flower Snow Moon, Xixia, Dali, and Jing A. Built on this brand portfolio, the
Company continues to drive product innovation to meet consumer demand for high-quality beer products.
Meanwhile, during the reporting period, the Company also launched products such as Snow Mountain Juice soda
and Battery energy drink, accelerating its expansion into the beyond-beer categories.
Supply network: The Company owns 27 breweries, which enable extensive cross-regional coordination across
procurement, production, and logistics, thereby creating synergies and ensuring efficient operations.
Marketing and promotion: Through integrated operations and complementary branding, the Company enhances its
marketing and promotion efficiency with heightened brand distinctiveness and diversified marketing approaches.
V. Main Business Operation During the Reporting Period
In 2025, the Company recorded beer sales volume of 2,995.2 million kiloliters,an increase of 0.68% year-on-year;
operating revenue of RMB 14.722 billion, with an increase of 0.53% year-on-year; and net profit attributable to
shareholders of the listed company of RMB 1.231 billion, with an increase of 10.43% year-on-year.
(I) Analysis of principal business
Monetary unit: RMB
Current period Preceding period Percentage of
Items
cumulative comparative change (%)
Operating revenue 14,721,871,107.45 14,644,597,842.46 0.53
Operation cost 7,232,045,839.16 7,531,376,822.28 -3.97
Selling expenses 2,654,819,257.02 2,512,653,717.31 5.66
Administrative expenses 598,471,485.36 516,942,153.92 15.77
Financial expenses -14,872,332.73 -27,966,273.40 -46.82
R&D expenses 15,880,484.52 22,666,046.16 -29.94
Net cash flows from operating
activities
Net cash flows from investing
-787,488,035.39 -633,430,356.26 24.32
activities
Net cash flows from financing
-2,171,707,568.18 -3,527,746,522.01 -38.44
activities
Remarks:
Changes in financial expenses are mainly due to the decrease of deposit interest rates during the current period,
resulting in a decrease in interest income from bank deposits compared to the prior period.
Changes in net cash flows from financing activities are mainly due to different timing of profit distribution in the
two years, resulting in a decrease in cash paid for dividend distribution in the current period as compared with the
prior period.
Explanation of significant changes in business type, profit composition or profit sources in the current period.
□ Applicable √ Not Applicable
√ Applicable □ Not applicable
(1) . Analysis of principal business by industry, product, region and sales model
Monetary unit: RMB
Explanation of principal business by industry, product, region and sales model:
Principal Business by Industry
YoY
YoY
Gross growth in YoY growth
growth in
Industry Operating revenue Operating cost margin operating in operating
gross
(%) revenue cost (%)
margin (%)
(%)
Beer 14,297,811,488.03 6,858,333,019.67 52.03 0.90 -3.77 2.32 pp
Principal Business by Product
YoY
YoY
Gross growth in YoY growth
growth in
Product Operating revenue Operating cost margin operating in operating
gross
(%) revenue cost (%)
margin (%)
(%)
International
brands
Local
brands
Principal Business by Region
YoY
YoY
Gross growth in YoY growth
growth in
Region Operating revenue Operating cost margin operating in operating
gross
(%) revenue cost (%)
margin (%)
(%)
Northwest 4,025,954,801.48 1,928,613,105.83 52.10 3.65 -1.83 2.68 pp
Central 5,883,598,565.03 3,134,800,748.20 46.72 -1.43 -6.90 3.13 pp
South 4,388,258,121.52 1,794,919,165.64 59.10 1.67 -0.00 0.68 pp
Principal Business by Sales Model
YoY
YoY
Gross growth in YoY growth
growth in
Sales model Operating revenue Operating cost margin operating in operating
gross
(%) revenue cost (%)
margin (%)
(%)
Wholesale
agency
Not applicable.
(2). Analysis on production and sales volume
√ Applicable □ Not applicable
YoY YoY
YoY
growth in growth in
Main Inventory growth in
Unit Production Sales volume sales inventory
products volume production
volume volume
(%)
(%) (%)
International 876,404.00 918,319.99 68,746.38 1.36 5.27 -23.74
kl
brands
Local brands kl 1,991,946.08 2,076,848.53 149,386.27 -1.37 -1.22 -22.64
Explanation of production and sales volume:
Not applicable.
(3). Performance of major purchase and sales contracts
□ Applicable √ Not applicable
(4). Cost analysis
Monetary unit: RMB
By Industry
% of total
% of total
cost in the YoY
Amount in the Amount in the cost in the
Industry Cost item current growth Explanation
current period prior period prior period
period (%)
(%)
(%)
Alcohol, 4,484,610,255.3 65.39 4,618,304,937.7 64.81 -2.89
beverage and 1 0
Raw material
refined tea
costs
manufacturing
industry
Alcohol, 524,249,525.85 7.64 547,669,016.80 7.68 -4.28
beverage and
refined tea Labor costs
manufacturing
industry
Alcohol, 877,017,766.18 12.79 875,475,996.65 12.28 0.18
beverage and
Manufacturing
refined tea
costs
manufacturing
industry
Alcohol, 972,455,472.33 14.18 1,085,202,242.7 15.23 -10.39
beverage and 9
refined tea Others
manufacturing
industry
Total
By Product
% of total % of total
YoY
Amount in the cost in the Amount in the cost in the
Product Cost item growth Explanation
current period current prior period prior period
(%)
period (%) (%)
Raw material 4,484,610,255.3 65.39 4,618,304,937.7 64.81 -2.89
Beer
costs 1 0
Beer Labor costs 524,249,525.85 7.64 547,669,016.80 7.68 -4.28
Manufacturing 877,017,766.18 12.79 875,475,996.65 12.28 0.18
Beer
costs
Beer Others
Total
Other information relating to cost analysis:
None.
(5). Changes in the consolidation scope due to equity changes in major subsidiaries during the reporting
period
□ Applicable √ Not applicable
(6). Significant changes or adjustments in the Company’s business, products, or services during the
reporting period
□ Applicable √ Not applicable
(7). Information on major customers and suppliers
Explanation of the presentation of the following customer and supplier information aggregated under com
mon control
Not applicable.
A. Major sales customers and suppliers of the Company
√ Applicable □ Not applicable
Sales to the top five customers amounted to RMB 702.6528 million, accounting for 4.78% of the total annual sales.
Of the aforementioned amount, sales to related parties was RMB 0, accounting for 0% of the total annual sales.
Purchase from the top five suppliers amounted to RMB 1,307.174 million, accounting for 14.31% of the total annual
purchase. Of the aforementioned amount, purchase from related parties was RMB 0, accounting for 0% of the total
annual purchase.
B. During the Reporting Period, the proportion of sales to a single customer exceeded 50% of the total, there
were new customers in the top five customers or the Company was heavily dependent on a few customers.
□ Applicable √ Not applicable
During the Reporting Period, the proportion of the purchase amount from a single supplier exceeded 50%
of the total, there were new suppliers in the top five suppliers or the Company was heavily dependent on a
few suppliers.
□ Applicable √ Not applicable
C. During the reporting period, the company’s stocks were subject to delisting risk warning or other risk
warnings.
Top five sales customers
□ Applicable √ Not applicable
Top five suppliers
□ Applicable √ Not applicable
D. Revenue from trading business during the reporting period
□ Applicable √ Not applicable
Top 5 sales customers with trading business accounting for more than 10% of operating revenue
□ Applicable √ Not applicable
Top 5 suppliers with trading business accounting for more than 10% of operating revenue
□ Applicable √ Not applicable
Other remarks:
None.
√ Applicable □ Not applicable
The decrease in financial expenses is mainly due to the decrease of deposit interest rates during the current period,
resulting in a decrease in interest income from bank deposits compared to the prior period.
(1). Details on R&D input
√ Applicable □ Not applicable
Monetary unit: RMB
Amount expensed in the current period 15,880,484.52
Amount capitalized in the current period 0
Total R&D input 15,880,484.52
% to total operating revenue 0.11
Proportion of R&D input capitalized (%) 0
(2). R&D personnel
√ Applicable □ Not applicable
Number of R&D personnel 174
Proportion of R&D personnel to total employees (%) 2.62
Educational background of R&D personnel
Education level Number of personnel
Doctoral Degree 0
Master’s degree 13
Bachelor’s degree 47
Associate degree 47
High school diploma and below 67
Age distribution of R&D personnel
Age group Number of personnel
Below 30 (exclusive of 30) 41
(3). Remarks
√ Applicable □ Not applicable
During the reporting period, the Company continued to advance the specialized and centralized management of its
R&D activities, optimize and standardize the criteria for counting R&D personnel, and focus on full-time R&D
teams and core R&D man-hours.
(4). Reasons for significant changes in the composition of R&D personnel and the impact on the future
development of the Company
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Increase in net cash inflows from operating activities of RMB 82.1436 million is mainly due to the decrease in cash
outflows from purchase of goods and receiving of services in the current period.
Increase in net cash outflows from investing activities of RMB 154.0577 million is mainly due to the increase in
cash payments for investing in money market funds.
Decrease in net cash outflows from financing activities of RMB 1,356.039 million is mainly due to different timing
of profit distribution in the two years, resulting in a decrease in cash paid for dividend distribution in the current
period as compared with the prior period.
(II) Explanation of significant changes in profit caused by non-operating activities
□ Applicable √ Not applicable
(III) Analysis of assets and liabilities
√ Applicable □ Not applicable
Monetary unit: RMB
Items Closing balance % to total December 31, 2024 % to Percentage Reasons for changes
total of change
(%)
Mainly due to the fact
that the purchased
Cash and bank
balances
had not yet matured
and been redeemed
Mainly referred to the
Held-for-trading
financial assets
market funds
Mainly due to the
Derivative changes in fair value
financial assets of aluminum hedging
business
Mainly due to the
Accounts
receivable
granted to distributors
Mainly due to the
increase in prepaid
Advances paid 39,250,091.42 0.37 28,012,999.57 0.26 40.11 marketing activity
expenses and
insurance premiums
Mainly due to the
Other receivables 17,689,807.43 0.17 27,585,675.00 0.25 -35.87 decrease in exclusive
sale fees receivable
Mainly due to the
Other current decrease in input
assets VAT to be credited
and prepaid taxes
Mainly due to the
Right-of-use
assets
houses and buildings
Mainly due to the
decrease in
Other non-
current assets
engineering
equipment
Mainly due to the
Derivative
changes in fair value
financial 897,606.82 0.01 -100.00
of aluminum hedging
liabilities
business
Mainly due to the
Other current
liabilities
VAT to be credited
Mainly due to the
Lease liabilities 76,415,513.66 0.71 122,624,097.45 1.12 -37.68 decrease in leased
houses and buildings
Mainly due to the
decrease in accrued
Provisions 156,269,045.15 1.46 279,945,417.62 2.55 -44.18 provisions related to
the exclusive sales
lawsuits
Other remarks:
None.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Monetary unit: RMB
Closing book Closing carrying Type of
Items Reasons
balance amount restrictions
Cash and bank balances 7,061,139.06 7,061,139.06
Including: Accrued interest on Interest
seven-day call deposits receivable
Deposits for litigation 951,945.90 951,945.90 Frozen Deposits are frozen
Other deposits 451,845.93 451,845.93 Frozen Deposits are frozen
Total 7,061,139.06 7,061,139.06
□ Applicable √ Not applicable
(IV) Analysis of operating information in the industry
√ Applicable □ Not applicable
For details, please refers to the analysis of the operating information in the beer manufacturing industry.
Analysis on Operating Information of Beer Manufacturing Industry
√ Applicable □ Not applicable
According to the National Bureau of Statistics of China, the cumulative beer production by beer enterprises above
the designated size in China totaled 35.360 million kiloliters in 2025, down 1.1% year-on-year.
Existing capacity
√ Applicable □ Not applicable
Unit: 10,000 kl
Name of main factories Design capacity Actual capacity
Carlsberg (China) Brewery Industry and Trade Limited 65 43
Carlsberg Brewery Foshan Co., Ltd. 50 36
Carlsberg Chongqing Brewery Co., Ltd.(Dazhulin Brewery) 40 36
Chongqing Brewery Yibin Co., Ltd. 35 32
Ningxia Xixia Jianiang Brewery Co., Ltd. 30 27
Carlsberg Chongqing Brewery Co., Ltd. (Mawangxiang Brewery) 28 21
Xinjiang Wusu Brewery Co. Ltd. 28 23
Carlsberg Tianmu Lake Brewery (Jiangsu) Co., Ltd. 26 23
Xinjiang Wusu Brewery (Wusu) Co. Ltd. 25 21
Kunming Huashi Brewery Co., Ltd. 25 24
Capacity under construction
√ Applicable □ Not applicable
Monetary unit: RMB10,000
Name of capacity under Planned investment Amount invested in this Cumulative
construction amount reporting period investment amount
Carlsberg Brewery (Anhui) Co., 1,120 1,105 1,115
Ltd.: 1L Can Line
(Commissioned)
Carlsberg Brewery (Anhui) Co., 80 73 73
Ltd.: 20L Talos Keg Line
(Commissioned)
Xinjiang Wusu Brewery Co., Ltd.: 2,355 1,308 1,308
Carlsberg Chongqing Brewery 1,787 1,090 1,090
Co., Ltd.: 1L Can Line
Production capacity calculation standards
√ Applicable □ Not applicable
The capacity is calculated according to the time requirements of the beer production process, and the allocation of
the brewery’s fixed assets.
√ Applicable □ Not applicable
Unit: kiloliter
Finished beer Semi-finished beer (including base beer)
Inventory impairment risk warning
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Monetary unit: RMB 10,000
Production-
Change Sales Change Key
Product sales Sales Change
Production (kl) YoY volume YoY Representative
segment ratio revenue YoY (%)
(%) (kl) (%) Brands
(%)
Carlsberg,
Tuborg,
Premium 1,441,129.50 -0.20 1,504,257.93 3.23 104.38 877,993.54 2.19
K1664, Wusu
Red, others
Chongqing,
Wusu, Dali,
Mainstream 1,318,896.32 -0.59 1,378,613.78 -1.95 104.53 518,923.38 -1.03 Xixia,
Shancheng,
others
Xixia,
Shancheng,
Economy 108,324.25 -4.61 112,296.81 0.53 103.67 32,864.23 -1.80
Chongqing,
others
Product grading standards
√ Applicable □ Not applicable
The Company’s products are classified into three segments based on consumer price, i.e., premium (priced at RMB
below RMB 4).
Changes in product structure and business strategy
√ Applicable □ Not applicable
The Company proactively responds to intensifying market competition. Guided by the “Accelerate SAIL” strategy,
the Company strengthened its focus on the “Big City” program to seize new growth opportunities. It has
continuously optimized its brand and product mix, resulting in a steady increase in the proportion of premium beer
sales. Additionally, the Company has accelerated the expansion of off-trade channel and advanced canning upgrades,
precisely adapting to evolving consumption occasions and changing consumer habits.
(1). Purchase model
√ Applicable □ Not applicable
The Company adopts an approach of centralized procurement and decentralized order placement.
(2). Purchase amount
√ Applicable □ Not applicable
Monetary unit: RMB 10,000
as % in total
Type of raw Purchase amount in Purchase amount in
purchase amount in the current period
materials the current period the prior period
(%)
Beer brewing raw 213,681.27 160,223.62 38.61
materials
Packaging 313,608.91 324,237.33 56.68
materials
Energy 26,080.78 29,325.66 4.71
Total 553,370.96 513,786.61 100.00
(1). Sales model
√ Applicable □ Not applicable
The Company’s sales model is primarily wholesale distribution, complemented by direct sales.
(2). Sales channel
√ Applicable □ Not applicable
Monetary unit: RMB 10,000
Sales revenue in the Sales revenue in the Sales volume in the Sales volume in the
Channel type
current period prior period current period (kl) prior period (kl)
Wholesale
distribution
(3). Region
√ Applicable □ Not applicable
Monetary unit: RMB 10,000
Sales revenue in Sales revenue as % in the Sales volume Sales volume in
as % in the
Region the current in the prior total in the current the prior period
total volume
period period amount period (kl) (kl)
Northwest 402,595.48 388,432.73 28.16 790,393.00 776,012.59 26.39
Central 588,359.86 596,913.48 41.15 1,353,112.28 1,368,297.75 45.18
South 438,825.81 431,631.62 30.69 851,663.24 830,627.40 28.43
Region division standards
√ Applicable □ Not applicable
The company divides its management region into three, i.e., Northwest, Central, and South.
(4). Information on distributors
√ Applicable □ Not applicable
Unit: Nr.
Number of distributors by
Number of distributors increased Number of distributors decreased
Region the end of the reporting
in the reporting period in the reporting period
period
Northwest 938 272 327
Central 1427 316 289
South 824 334 183
Remarks
□ Applicable √ Not applicable
Management of distributors
√ Applicable □ Not applicable
The Company places strong emphasis on continuously enhancing distributor capabilities through a tiered and
dynamic management system. By integrating local resources based on market maturity, competitive landscape, and
customer characteristics across different regions, the Company empowers distributors via systematic training
programs to strengthen their marketing, operations, and management capabilities, thereby improving channel
coverage and terminal control to drive regional business growth. For key accounts in major cities, the Company
deepens collaboration models to reinforce market coordination. Together with these key distributors, the Company
jointly formulates market development plans, integrating manpower, digital tools, product portfolios, and marketing
resources to ensure synergy in major projects and achieve mutually beneficial outcomes.
(5). Information relating to online sales
□ Applicable √ Not applicable
Future online business strategy
√ Applicable □ Not applicable
The Company will further increase investments in instant delivery and continue to advance O2O models covering
both home delivery and in-store services. Efforts will be made to deepen collaborations with core platforms and
liquor specialty stores to sustain high-speed growth.
Douyin E-commerce will be positioned as a launchpad for new products. Through enhanced social media content
marketing and management of key opinion leader (KOL) networks, the Company will develop premium new
products and bestsellers. Strategic partnerships with traditional e-commerce platforms will be upgraded to improve
consumer experience through joint new product development, achieving resilient growth in this channel. The
Company will also promptly expand into fresh food e-commerce platforms with upgraded management to capture
high-speed growth. Furthermore, support for EB2B and RKA will continue to unlock business opportunities in
lower-tier markets, refine the omni-channel network, and strengthen coverage in non-strongholds.
(1). Disclosure of the compositions of the Company’s principal business by class
√ Applicable □ Not applicable
Monetary unit: RMB
Class Operating revenue YoY (%) Operating cost YoY (%) Gross margin (%) YoY (%)
By product segment
Premium 8,779,935,337.02 2.19 3,928,043,049.76 -4.37 55.26 3.07
Mainstream 5,189,233,844.23 -1.03 2,702,736,009.63 -2.22 47.92 0.64
Economy 328,642,306.78 -1.80 227,553,960.28 -10.78 30.76 6.97
Total 14,297,811,488.03 0.90 6,858,333,019.67 -3.77 52.03 2.32
By sales channel
Wholesale
distribution
By region
Northwest 4,025,954,801.48 3.65 1,928,613,105.83 -1.83 52.10 2.68
Central 5,883,598,565.03 -1.43 3,134,800,748.20 -6.90 46.72 3.13
South 4,388,258,121.52 1.67 1,794,919,165.64 -0.00 59.10 0.68
Total 14,297,811,488.03 0.90 6,858,333,019.67 -3.77 52.03 2.32
Remarks
√ Applicable □ Not applicable
The Company’s products are classified into three segments based on consumer price, i.e., premium (priced at
RMB 8 and above), mainstream (priced between RMB 4 and RMB 8, including 4 and excluding 8), and economy
(priced below RMB 4).
(2). Information on cost
√ Applicable □ Not applicable
Monetary unit: RMB
As % of total cost in the current YoY
Cost item Amount in the current period Amount in the prior period
period (%) (%)
Raw material 4,484,610,255.31 4,618,304,937.70 65.39 -2.89
costs
Labor costs 524,249,525.85 547,669,016.80 7.64 -4.28
Manufacturing 877,017,766.18 875,475,996.65 12.79 0.18
costs
Others 972,455,472.33 1,085,202,242.79 14.18 -10.39
Total 6,858,333,019.67 7,126,652,193.94 100.00 -3.77
Remarks
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(V) Investment analysis
General analysis of external equity investment
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Monetary unit: RMB
Cumulative
Gains on changes changes in fair Provision for Amount sold/ Other
Categories Opening balance Amount purchased Closing balance
in fair value value included in impairment redeemed changes
equity
Held-for-trading financial
assets [Note]
Derivative financial
instruments
Other equity instrument
investments
Total 39,410,474.81 5,489,892.01 5,779,685.74 2,098,313,707.11 -1,686,944,654.74 462,049,104.93
Note: Please refer to item XIII (III) of Section V for details.
Financial assets measured at fair value mainly include held-for-trading financial assets, derivative financial instruments (derivative financial assets and liabilities), and equity
investment instruments of the Company. Please refer to item VII 2, 3, 18 and 34 of Section VIII for details.
Securities investment
□ Applicable √ Not applicable
Explanation of securities investment
□ Applicable √ Not applicable
Private equity investment
□ Applicable √ Not applicable
Derivative investment
√ Applicable □ Not applicable
(1). Derivative investments for hedging purposes during the reporting period
√ Applicable □ Not applicable
Monetary unit: RMB
Initial Gains on Cumulative changes Amount Amount sold in Closing Proportion to the total
Categories of derivative Opening carrying
investment changes in fair in fair value purchased in the the reporting carrying closing balance of net
investments amount
amount value included in equity reporting period period amount assets (%)
Aluminum swaps - Cash flow
hedges
Total 21,584,518.90 10,031,545.45 58,313,707.11 -21,545,461.42 68,384,310.04 4.97
Accounting policies and
specific accounting principles
for hedging business during
the reporting period, and
None.
remarks on whether there are
any material changes
compared with that of the
previous reporting period
Remarks on actual profit and
Amount affected due to the transfer from other comprehensive income to profit or loss for hedging settlement was 22,434,875.47 yuan; considering the hedged
loss during the reporting
items, profit or loss was affected by 0.00 yuan.
period
Under the premise of ensuring normal production and operation, the Company carries out hedging business, which is conducive to effectively avoiding market
Remarks on the effect of
risks, hedging the impact of raw material prices on its production and operation, and achieving its long-term and steady development. The Company’s commodity
hedging
swaps are expected to fully hedge the price risk of future purchase transactions. Therefore, the hedge is effective.
Sources of funds for
Self-owned funds
derivative investments
Risk analysis and control I. Risk analysis
measures of derivative The Company’s hedging business is mainly to lock in prices of raw materials in advance and stabilize the production cost, but there are certain risks:
positions during the reporting
period (including but not to trade in the derivatives market;
limited to market risk,
liquidity risk, credit risk, Company;
operational risk, legal risk, 4. Technical risk: there may be uncontrollable or unpredictable system, network, communication failures, resulting in failure in the normal operation of the trading
etc.) system, which lead to delay, interruption, data error or other problems in trading orders.
in the risk of loss.
II. Risk control
To carry out hedging business, the Company will carefully choose financial institutions with financial derivatives business qualifications to conduct transactions.
Priority is given to financial institutions with excellent credit ratings, strong strength and outstanding service capabilities.
The Company formulated the “Hedging Business Management System (April 2022)”, improved the relevant internal control system, and set up an internal hedging
investment committee, which is specifically responsible for matters related to the Company’s hedging business, and the risk control and internal audit department
regularly or irregularly inspects the hedging business, supervises the hedging business personnel to implement risk management policies and procedures, and
prevents operational risks in the business in a timely manner. When the market price fluctuates greatly or abnormal fluctuations occur, such as when the market
value loss of the trading contract approaches or breaks the stop loss limit, the hedging investment committee immediately convenes a meeting to make a decision
and reduce the Company’s losses as much as possible.
Changes in the market price
or fair value of the invested
derivatives during the
reporting period (the specific
methods used and the setting The amount in the statements provided by financial institutions is used as the basis for determination.
of relevant assumptions and
parameters should be
disclosed in the analysis of
the fair value of derivatives)
Whether involved in
Not applicable.
litigations (if applicable)
Please refer to the “Announcement on the Resolution of the Twentieth Meeting of the Tenth Session of the Board of Directors of Chongqing Brewery Co., Ltd.”
Date of disclosing the
and the “Announcement of Chongqing Brewery Co., Ltd. on Continuing to Carry Out Aluminum Hedging Business” disclosed on the website of Shanghai Stock
announcement of the Board
Exchange on April 3, 2025 and the “Announcement on the Resolution of the Fifth Meeting of the Eleventh Session of the Board of Directors of Chongqing Brewery
of Directors on approval for
Co., Ltd.” and the “Announcement of Chongqing Brewery Co., Ltd. on Continuing to Carry Out Aluminum Hedging Business in 2026” disclosed on the website
derivative investment (if any)
of Shanghai Stock Exchange on November 13, 2025 for details.
Date of disclosing
Please refer to the “Announcement on the Resolution of the Second Extraordinary Shareholders’ Meeting of Chongqing Brewery Co., Ltd. of 2025” disclosed on
announcement of the
the website of Shanghai Stock Exchange on December 5, 2025 for details.
shareholders’ meeting on
approval for derivative
investment (if any)
(2). Derivative investments for speculative purposes during the reporting period
□ Applicable √ Not applicable
Other remarks:
None.
□ Applicable √ Not applicable
(VI) Sales of major assets and equity interests
□ Applicable √ Not applicable
(VII) Analysis on major controlled subsidiaries and associate companies
√ Applicable □ Not applicable
Information on principal subsidiaries and associates whose impact on the company’s net profit exceeds 10%
√ Applicable □ Not applicable
Monetary unit: RMB
Name of Business
Type Registered capital Total assets Net assets Operating revenue Operating profit Net profit
subsidiary scope
Carlsberg
Beer
Chongqing
Subsidiary production 850,000,000.00 10,596,063,407.56 2,867,914,302.51 14,721,871,107.45 3,268,226,449.98 2,540,829,979.05
Brewery Co.,
and sales
Ltd.
Acquisitions and disposals of subsidiaries during the reporting period
√ Applicable □ Not applicable
Other remarks
□ Applicable √ Not applicable
(VIII) Structured entities controlled by the Company
□ Applicable √ Not applicable
VI. Discussion and Analysis on the Future Development of the Company
(I) Landscape and trend of the industry
√ Applicable □ Not applicable
After reaching peak production in 2013, China’s beer industry has been on the decline. By 2025, total industry
output has declined by 30.1% compared to 2013. The industry has now entered a mature market phase,
characterized by the following:
competition in localized markets. Niche brands and imported beers also directly compete with the five major players
in specific market niches.
climate change, geopolitics and supply-demand dynamics, imposing higher requirements on operational efficiency.
emphasis on diversified products. Craft beer, specialty beer,fruit-flavored beer, alcohol-free and low-alcohol beer
are gaining increasing attention from major beer companies.
quality development, demonstrating the resilience of China’s beer industry.
Regarding industry trends, the Company’s management remains steadfast in their belief that achieving high-quality
development is both the objective and the path forward for China’s beer industry. Only by pursuing the path of
high-quality development can beer companies achieve stable and sustained growth in the new normal of economic
development.
(II) Development strategy of the Company
√ Applicable □ Not applicable
As a member of Carlsberg Group, the Company conducts business in alignment with the group’s overall strategy,
aiming to become a successful, professional, and attractive brewing company in its respective market.
Carlsberg Group, with the Accelerate SAIL as its strategy, has set higher growth ambitions by increasing
investments in and support for key growth drivers. These focus areas cover portfolio, geographies and capabilities,
aimed at improving supply chain efficiency, developing a growth culture and continuing the well-embedded cost
focus.
Accelerate SAIL focuses on five strategic levers:
(III) Business plan
√ Applicable □ Not applicable
As of the date of disclosure of this report, the Company maintains a cautiously optimistic outlook on the macro
economy and the beer industry in 2026. The Chinese beer industry is expected to benefit from a more favorable
environment as the macro environment gradually improves and policies for stabilizing growth continue to be rolled
out. However, challenges remain due to uncertainties such as intensified competition, cost volatility, and slower-
than-anticipated consumption recovery.
In 2026, the Company will continue to advance strategic projects under Accelerate SAIL. Leveraging its brand
portfolio “International Premium Brands + Local Power Brands”, the Company will continue to drive product
innovation, enhance operational efficiency, and strengthen organizational capabilities to achieve high-quality
development.
(i) Market
In 2026, Carlsberg will continue to drive brand value through a combination of strategic marketing initiatives and
product innovation. During the Spring Festival, the brand launched an integrated campaign with rapper SKAI IS
YOUR GOD under the theme “Ushering a Smooth and Prosperous Year”, featuring a brand-specific jingle based
on the song Grand Ambition. During the football season of 2026, the brand will continue its “Pursue good football,
drink Carlsberg” campaign theme, reinforcing its association with football consumption occasions through
integrated marketing. On the product front, Carlsberg will introduce its first 1-litre premium craft beer globally,
alongside further market expansion of the Carlsberg Signature Alchemy Brew Series.
Tuborg will undergo a brand refresh in 2026, anchored by its “You Don't Have To” core proposition, which is
designed to strengthen engagement with younger consumers. The brand will update its visual identity and packaging,
and will appoint international brand ambassadors to enhance brand influence. While continuing to feature rap, its
music marketing will expand into broader genres including K-pop, with music festivals and themed events to reach
target audiences. On the product front, the brand will continue to focus on flavor innovation and packaging upgrades.
K1664 will continue to deepen its presence in the super premium market, further expand its “Blue Hour”
consumption occasion, and, explore new lifestyle settings, including human-pet interaction, with the launch of
innovative products such as pet wellness water. New product series will be introduced to address growing consumer
demand for health, flavor and quality. The brand will also experiment with emerging communication formats,
including micro-variety shows and AIGC-generated content, while enhancing entertainment channel experience
through events such as the “1664 Blue Hour Bistro.”
Wusu will build its annual brand communication around the “NONG” IP. For the Spring Festival, the brand
launched an “NONG People, NONG Luck” campaign featuring brand ambassador Adam Fan, together with an
awareness of its “Xinjiang DNA”. On the product front, Wusu will continue to introduce strategic new products,
further refining its premium and differentiated product portfolio.
The Chongqing brand will continue to deepen its hold on the local market through a mix of product innovation and
brand-driven consumer engagement. It will expand its 1-litre craft-beer line, with product upgrades focused on
quality and experience. During the Spring Festival, the brand collaborated with Xu Jinjiang to launch brand
communication content. Throughout the year, it will partner with Jordan Chan and Xiang Yuwang on localised
communication campaigns, while continuing to roll out various consumer activities.
Wind Flower Snow Moon will strengthen its presence across a wider range of leisure occasions under the “Care-
Free” brand philosophy. It will improve the on-trade experience while expanding the off-trade channel. Building on
its Four Seasons Craft series and tea-flavored beers, the brand will keep introducing new products. It will also use
AIGC for content distribution and draw on intangible cultural heritage and the traditional 24 solar terms to sharpen
its cultural identity.
The Dali brand aims to strengthen its local market presence across four dimensions: products, channels, creativity
and technology. On the product front, V8 will serve as the core SKU, while the 1L product line will be used to roll
out specialty flavors and enrich consumption occasions. The brand plans to tie its communication campaigns to
local events, including the Water-Splashing Festival, the Torch Festival and the Yunnan Super League, and will
continue to deploy AIGC in content communication.
The craft-beer business will continue to target a broader consumer base, expand its off-trade presence through
canned-product innovation and partnerships with key accounts, and raise brand awareness via media partnerships,
social-media campaigns and beer festivals.
(ii) Sales
In 2026, the Company will continue to pursue its strategy of channel deepening and innovation-driven growth.
Off-trade will remain a key focus. Both traditional and modern trade channels will advance with broader distribution,
product mix optimization and digital and intelligent solutions. Emerging channels will keep growing faster. The
occasions.
On-trade will continue to focus on key accounts, push deeper into dining occasions, strengthen O2O integration and
engage younger consumers, with non-alcoholic beverages and craft beers serving as key growth priorities.
The Big City program will further strengthen channel control and network coverage, while improving the efficiency
of resource allocation.
Digital and intelligent solutions will reach more points of sale and consumers, steadily improving operational
efficiency and the effectiveness of resource investment, thereby supporting steady business growth.
(iii) Supply chain
In 2026, the Company’s supply-chain agenda will focus on a range of areas: capacity, flexible manufacturing, safety
management, taste assessment, low carbon, and operational excellence.
In terms of capacity, the Company will ramp up production of 1L products, easing bottlenecks and trimming
logistics costs. It will complete the initial planning of the flexible supply chain, lowering the minimum batch size
and effectively controlling costs for small-batch production.
On the safety front, the Company will continue to build a zero-accident culture, with an emphasis on caring
leadership to further raise employee safety awareness and drive towards the goal of zero accidents.
The company will continue to build its taste assessment capabilities, further improving assessment skills and process
control across all breweries.
A pilot zero-carbon brewery will be launched, leveraging energy storage, PV, electric boilers, heat pumps and
biomass boilers to drive lower carbon transition.
The Carlsberg Excellence Program will continue to extend across the end-to-end value chain, boosting overall
operational efficiency.
(iv) ESG
In 2026, Carlsberg Group launched “Brewing Tomorrow”, its updated Environmental, Social and Governance (ESG)
programme, for a new phase in its business development. Centred on four pillars: Cutting Carbon, Protecting Nature,
Inspiring Choice and Empowering People, the ESG program focuses on the issues that matter most to business and
to society, promoting responsible business practices and high-quality growth.
Compared with its previous ESG programme, Together Towards Zero and Beyond, the new “Brewing Tomorrow”
programme has set and updated a series of interim targets towards 2032, while maintaining the 2040 target of a net
zero value chain. These include: 90% reduction in emissions from own operations by 2032, 100% recyclable,
reusable or renewable packaging, all global alcohol brands carrying e-labels, and 42% women in senior leadership
roles.
As a member of Carlsberg Group, Chongqing Brewery will take the Brewing Tomorrow ESG program as its guide
and, building on its existing practices, work with stakeholders to translate those targets into Chinese reality, thereby
underpinning steady long-term operations and sustainable growth, and living up to its own purpose of “brewing for
a better today and tomorrow”.
(v) Talent and cultural development
In 2026, the Company will continue to strengthen its organizational capabilities and talent pipelines by
systematically advancing three priorities in line with its business strategy and organizational development:
improving organizational effectiveness, developing talent, and transforming the HR function.
Organizational effectiveness. The Company will continue to build organizational capabilities to ensure alignment
with strategic goals. The “Growth Culture” will be further embedded in performance management, talent selection
and talent development, while performance communication mechanisms will be steadily enhanced to foster a
high-performance culture. At the same time, the Company will step up AI training and application to improve
operational efficiency and cross-functional collaboration.
Talent development. The Company will focus on attracting and cultivating young talent. It will build a talent
pipeline for critical roles through the Tiger Project and leadership programs for mid-level and frontline managers,
and will support the growth of high-potential employees through cross-functional learning and practical assignments.
HR function. The Company will continue to transform its HR function into strategic business partners, strengthening
the business support capabilities of its BP teams. AI technologies will be used to further digitize employee services
and operational processes, improving efficiency at shared service centers. The Company will also advance digital
recruitment to enhance the efficiency and quality of talent acquisition.
HR management in 2026 will stay focused on organizational development and people. The talent development
system will be further refined to support steady, long-term growth of the Company.
(vi) Investor relations management
In 2026, the Company will engage with investors regularly through earnings briefings, broker meetings, reverse
roadshows and brewery visits, to enhance disclosure transparency, strengthen investors’ understanding of its
strategy and operations, and further cement its credibility in the capital markets.
(IV) Possible risks exposure
√ Applicable □ Not applicable
change, geopolitical tensions, supply and demand dynamics, etc.
competition. Meanwhile, emerging niche beer brands may accelerate their penetration and expansion, making the
mid-to-high-end beer market even more competitive.
tax rate, creating uncertainty for its operating performance.
(V) Others
□ Applicable √ Not applicable
or business secrets or other special reasons
□ Applicable √ Not applicable
SECTION IV CORPORATE GOVERNANCE, ENVIRONMENTAL AND
SOCIAL RESPONSIBILITY
I. Information on Corporate Governance
√ Applicable □ Not applicable
In strict accordance with the Company Law, the Securities Law, the Code of Corporate Governance for Listed
Companies, the Guidelines for Articles of Association of Listed Companies, the Rules for Listing of Stocks on
Shanghai Stock Exchange and other applicable laws and regulations, the Company amended its Articles of
Association, Rules of Procedure for the General Meeting of Shareholders, Rules of Procedure for the Board of
Directors, Implementation Rules for the Audit Committee and other internal governance documents, and decided
to no longer have a Board of Supervisors or supervisors, with the Audit Committee of the Board exercising the
functions of the Board of Supervisors as stipulated in the Company Law, continuously improving the company's
corporate governance structure. It also formulated the Market Value Management System and the Public Opinion
Management Measures, further improved its internal management and control systems, consistently conducted
corporate governance initiatives, and promoted standardized operation to improve its corporate governance during
the reporting period.
During the reporting period, the Company convened one annual general meeting of shareholders, and three
extraordinary general meetings of shareholders. In strict accordance with the Articles of Association and the Rules
of Procedure for the General Meeting of Shareholders, the Company adjusted and standardized the organizational
conduct of the General Meeting of Shareholders and enhanced the efficiency of the meetings, to ensure that all
shareholders, minority shareholders in particular, could fully exercise their own rights.
During the reporting period, the Company convened eight meetings of the Board, seven meetings of the Audit
Committee, one meeting of the Strategy and Development Committee, two meetings of the Remuneration and
Appraisal Committee, two meetings of the Nomination Committee, and eight specialized meetings of independent
directors. The Board of Directors carried out necessary deliberation and decision-making procedures for significant
matters within the scope of its authority, and carefully implemented all resolutions passed at the General Meeting
of Shareholders in strict accordance with the Articles of Association, the Rules of Procedure for the Board of
Directors, and the Independent Director System. Each special committee, with clear responsibilities, has effectively
facilitated the standard operation and informed decision-making of the Board of Directors, fully leveraging the role
of independent directors within these committees. Specialized meetings of independent directors reviewed and
granted pre-approval of the Company’s major matters before submitting to the Board of deliberation and maintained
continuous attention to and follow-up on these matters, significantly enhancing the effectiveness of independent
directors’ performance of duties. During the reporting period, the Company completed the reelection of its Board
of Directors. The members of the Board of Directors possess extensive expertise in the beer industry, along with
knowledge in areas such as accounting, finance, and law. Their diverse backgrounds enable them to offer
professional and constructive advice for significant decisions of the Company. Moreover, they have diligently
fulfilled their responsibilities to safeguard the interests of the Company and all shareholders. During the reporting
period, the Company was awarded with the “Best Practice Case for Boards of Directors of Listed Companies” and
the “Best Practice Case for Internal Control of Listed Companies” by the China Association for Public Companies,
reflecting strong capital market recognition for its standardized governance, compliance and value creation.
Throughout the reporting period, there were no instances of non-operating fund occupation by the controlling
shareholder of the Company, nor did the listed company provide any external guarantees to the controlling
shareholder.
The Company fully respected and safeguarded the legitimate rights and interests of the stakeholders, including
banks and other creditors, employees, consumers, and suppliers. It actively engaged in cooperative efforts, while
ensuring a balance among the stakeholders in the principle of mutual benefit, honesty and good faith, so as to jointly
promote the sustainable, sound and harmonious development of the Company.
During the reporting period, the Company, in strict compliance with applicable laws, regulations, and regulatory
documents, improved its internal control system, standardized related-party transactions, and urged the controlling
shareholder and actual controller to honor their commitments. The Company followed necessary decision-making
procedures for its related-party transactions which were submitted to the Board for deliberation only after obtaining
the approval of the independent directors. The equity and fairness of related party transactions were ensured, with
no damage to the interests of investors, minority investors in particular.
During the reporting period, the Company actively strengthened communication with CSRC and the stock exchange,
and disclosed its periodic reports and interim announcements in a true, accurate, complete and timely manner in
strict accordance with the requirements of CSRC and SSE, and the Management System for Information Disclosure
of the Company, ensuring that all shareholders, minority shareholders in particular, could equally and timely access
the information of the Company and assess risks. The Company received an A-rating for its information disclosure
from Shanghai Stock Exchange for the 2024-2025 period.
During the reporting period, the Company maintained an open communication channel with investors by addressing
investor hotline, hosting investor research visits, and attending investor conference calls, brokerage strategy
meetings, and reverse roadshows, so that investors can have accurate and timely access to the Company’s
information and can exercise their legal rights. The Company established a regular practice of holding performance
briefings. Throughout the year, four performance briefings were held regarding periodic reports, which greatly
enhanced the communication with investors. The Company’s 2024 Annual Results Presentation was recognized as
the “Best Practice for 2024 Annual Results Presentations of Listed Companies” by the China Association of Public
Companies.
During the reporting period, the Company disclosed its latest ESG report. Since launching its ESG program—
“Together Towards ZERO and Beyond” in 2022, the Company has consistently delivered remarkable results in
carbon reduction, water conservation, responsible drinking, and community engagement. These efforts have
contributed to a steady progression towards high-quality and sustainable development. During the reporting period,
the Company maintained its ESG rating of AA from MSCI, a leading international rating agency.
The Company implemented the registration and filing of insiders with inside information in strict accordance with
the requirements of the CSRC and the SSE, and its Registration and Management of Insiders with Access to Inside
Information and Rules for Internal Reporting of Key Information. In addition, the Company conducted relevant
training to effectively prevent insider trading and other securities violations.
Where there is any material difference between the requirements of the Company’s governance and laws,
administrative regulations and CSRC requirements on the governance of listed companies, the reasons for such
difference shall be provided.
□ Applicable √ Not applicable
II. Specific measures by the controlling shareholder and actual controller of the Company to ensure the
independence of the Company’s assets, personnel, finance, organization and business, as well as the
solutions, work progress and follow-up work plans adopted where the Company’s independence is
affected
□ Applicable √ Not applicable
Same or similar business conducted by controlling shareholder, actual controller and other entities under their
control as conducted by the Company, as well as the impact of intra-industry competition or major changes in intra-
industry competition on the Company, the measures adopted, the progress of the resolution and the follow-up plans
√ Applicable □ Not applicable
The Company completed the major asset restructuring at the end of 2020. All beer assets and businesses in Mainland
China (excluding the listed company and the subsidiaries controlled by the listed company) previously controlled
by Carlsberg was injected into the listed company. Carlsberg no longer retains control over any beer assets or
businesses (excluding the listed company and the subsidiaries controlled by the listed company) in the Chinese
Mainland, nor does it directly or indirectly engage in businesses that compete with the listed company through
entities under its control.
During the restructuring, Carlsberg and Carlsberg Breweries had respectively made commitments to prevent intra-
industry competition: (I) They have reaffirmed their obligations to avoid inter-industry competition as the actual
controller and controlling shareholder of the listed company. (II) To comprehensively prevent potential future inter-
industry competition, Carlsberg and Carlsberg Breweries have voluntarily made additional arrangements
concerning the equity interests of non-controlling subsidiaries of Carlsberg that were not included in the
restructuring and are involved in beer assets and businesses in Mainland China. For details, please refer to “(I)
Commitments by relevant parties such as actual controllers, shareholders, related parties, acquirers and the
Company during or subsisting to the reporting period” under Section V.
III. Particulars of Directors, and Senior Management
(I) Changes in shareholding of directors, and senior management in office and resigned during the reporting period and their remuneration
√ Applicable □ Not applicable
Unit: Share
Total pre-tax
remuneration
obtained Receiving
Shares Change
Shares from the remuneration
held at in
held at Reason Company from
Term end the shares
Name Position Gender Age Term start date the end for during the related
date beginning during
of the change reporting parties of the
of the the
year period (in Company
year year
RMB
João Miguel Chairman of Male 54 December 2, 2022 May 29, 0 0 0 0 Yes
Ventura Rego the Board of 2028
Abecasis Directors
Alan Choi Director Male 43 May 29, 2025 May 29, 0 0 0 0 Yes
Andrew Douglas Director Male 47 July 13, 2022 May 29, 0 0 0 0 Yes
Emslie 2028
Lee Chee Kong Director, Male 54 Director: May 29, 0 0 0 997.60 No
President January 23, 2019 2028
President:
January 1, 2021
Chin Wee Hua Director, Vice Male 54 Director: May 29, 0 0 0 478.85 No
President March 9, 2017 2028
Vice President:
January 1, 2021
Lyu Yandong Director Male 50 May 6, 2016 May 29, 0 0 0 450.70 No
Yuan Yinghong Independent Female 60 May 25, 2022 May 29, 0 0 0 18 No
Director 2028
Sheng Xuejun Independent Male 56 May 25, 2022 May 29, 0 0 0 18 No
Director 2028
Zhu Qianyu Independent Female 50 May 25, 2022 May 29, 0 0 0 18 No
Director 2028
Deng Wei Board Male 53 August 22, 2006 May 29, 0 0 0 167.39 No
Secretary 2028
Gavin Stuart Director Male 64 March 14, 2022 May 29, 0 Yes
Brockett (retired) 2025
Total / / / / / 0 0 0 / 2,148.54 /
Name Major work experiences
João Miguel Ventura 54 years old. Portuguese. João obtained Business Management Degree from Universidade Católica Portuguesa in 1995. He has been with Carlsberg since 2011 as CCO
Rego Abecasis and later CEO of Super Bock in Portugal and then in 2016 as VP for Challenger Markets in the Western Europe region. In 2017, he became Managing Director of French
business Kronenbourg, and in 2019, he became Group Chief Commercial Officer and a member of Executive Committee. Before joining Carlsberg, João 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.
year, he joined Citigroup's European Investment Banking Division as an analyst in the Consumer & Retail sector, later becoming Vice President of Consumer &
Alan Choi Healthcare in Asia Pacific Global Banking in 2008. He later joined UBS, where he became Head of
Consumer & Retail Investment Banking in Asia. In 2017, he transitioned from investment banking to corporate finance, joining PepsiCo as Vice President of Mergers &
Acquisitions. In 2020, he was appointed Vice President & CFO of Greater China Foods
and was promoted to Senior Vice President & CFO of Asia Pacific in 2022. In May 2025, he joined Carlsberg Group as Vice President of Finance, Asia. He currently
serves as a director of the Company.
Andrew Douglas Emslie 47 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 a director of the Company.
Lee Chee Kong 54 years old. Malaysian. He graduated from University Utara Malaysia in Marketing. Before joining Carlsberg, he served as the President of Asia Region and Managing
Director of China at HILDING ANDERS (SLUMBERLAND). Before that, he also worked as Managing Director of HEINZ China, and served managing roles in China
and Asia Pacific Division at COLGATE-PALMOLIVE for a long time. Currently he serves as a director of the Company and President of the Company/Carlsberg China.
Chin Wee Hua 54 years old. Malaysian. He graduated from the University of Western Australia with Bachelor of Commerce degree, majoring in Accounting and Finance and also obtained
the MBA degree from University of Leicester UK. He is a registered Australian Certified Public Accountant. From 2001 to 2008, he served as Finance Director in Alstom
Asia Pacific (Malaysia) Sdn Bhd. From 2009 to 2014, he held position as Finance Director of Wuhan Boiler Company Limited. From 2015 to 2016, he was Asia Finance
Director in GE Grid Solutions Pte Ltd. Currently he serves as a director of the Company and VP Finance of the Company / Carlsberg China.
Lyu Yandong 50 years old. Chinese. He obtained a master’s degree of Mechanical and Electronic Engineering from Harbin Institute of Technology. Before joining Carlsberg, he had
engaged in technical and management roles successively in Harbin Electronic and Machinery Co. Ltd., Guangzhou P&G and Pepsi. He served as the Director of Supply
Chain in Carlsberg Huizhou and the Deputy General Manager of CBC. He is currently the VP Supply Chain of Carlsberg China and a director of the Company.
Yuan Yinghong 60 years old, Chinese. She obtained a bachelor’s degree in management, majoring in Economics and Management, from South China Normal University. She is a
Certified Public Accountant and a Certified Internal Auditor and holds the titles of Accountant and Auditor. She has over 30 years of experience in accounting and
auditing. Currently, she is the Industry Discipline Inspection Commission Secretary of the Guangzhou Institute of Certified Public Accountants. Additionally, she is
recognized as an expert in the evaluation expert pool of the State-owned Assets Supervision and Administration Commission of Guangdong Province and its cities.
Currently, she serves as an independent director of the Company.
Sheng Xuejun 56 years old. Chinese. He holds the position of Professor and Doctoral Supervisor at the Southwest University of Political Science and Law, and serves as a legislative
consulting expert to the Standing Committee of the Chongqing Municipal People’s Congress, and a consulting expert to the Shenzhen Intermediate People’s Court and
Chongqing No.5 Intermediate People’s Court. Currently, he serves as an independent director of the Company.
Zhu Qianyu 50 years old. Chinese. She holds a Ph.D. from the School of Economics, Huazhong University of Science and Technology, and is a Postdoctoral Fellow from the
Department of Finance at Guanghua School of Management of Peking University. She currently serves as an associate professor and master’s supervisor at the School of
Agriculture and Rural Development of Renmin University of China. Additionally, she is a researcher at the Rural Economic and Finance Institute, the National Academy
of Development and Strategy, the Dual Carbon Research Institute, and the China Rural Revitalization Research Institute, all affiliated with Renmin University of China.
She also acts as an expert for project training and evaluation for the World Bank and the National Rural Revitalization Administration, as well as a project assessment
expert for the National Natural Science Foundation of China. Currently, she serves as an independent director of the Company.
Deng Wei 53 years old. Chinese. He holds an MBA degree from the School of Business Administration at Chongqing University. He is a member of New Fortune’s Hall of Fame
for Board Secretaries. In October 2000, he joined Chongqing Brewery (Group) Co., Ltd., serving in the Asset Management Department. There he was responsible for
mergers and acquisitions, as well as the integration of merged and acquired companies alongside the team. Since 2006, he has been serving as the Board Secretary of the
Company.
Gavin Stuart Brockett 64 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
(Retired) 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. His term of office as a director expired in May 2025.
Other remarks
□ Applicable √ Not applicable
(II) Positions of directors and senior management in office and resigned during the reporting period
√ Applicable □ Not applicable
Name of person in office Name of shareholder’s entity Position in Term start Term end
shareholder’s entity date date
João Miguel Ventura Carlsberg Brewery Malaysia Director 2022-10
Rego Abecasis Berhad
João Miguel Ventura Lao Brewery Co., Ltd. Director 2022-10
Rego Abecasis
João Miguel Ventura Cambrew Ltd. Chairman/Shareholder 2024-03
Rego Abecasis representative
João Miguel Ventura Carlsberg Brewery Hong Kong Director 2022-11
Rego Abecasis Limited
João Miguel Ventura Caretech Ltd. Director 2022-11
Rego Abecasis
João Miguel Ventura Carlsberg Vietnam Breweries Chairman 2023-01
Rego Abecasis Ltd.
João Miguel Ventura Carlsberg Supply Company Director 2023-01
Rego Abecasis Asia Limited
João Miguel Ventura Carlsberg Asia Pte. Ltd. Director 2023-09
Rego Abecasis
João Miguel Ventura Angkor Beverage Company Chairman/Shareholder 2024-06
Rego Abecasis Representative
Carlsberg Brewery Hong Kong Director 2025-06
Alan Choi
Limited
Alan Choi Caretech Limited Director 2025-06
Carlsberg Brewery Malaysia Director 2025-06
Alan Choi
Berhad
Alan Choi Lao Brewery Co. Ltd. Director 2025-06
Carlsberg Vietnam Breweries Director 2025-07
Alan Choi
Ltd.
Alan Choi Cambrew Ltd. Director 2025-10
Cambrew 1 Ltd. Director/Shareholder 2025-11
Alan Choi
Representative
Cambrew Property Limited Director/Shareholder 2026-02
Alan Choi
Representative
Cambrew Success Company Director/Shareholder 2025-12
Alan Choi
Limited Representative
Andrew Douglas Emslie CB Distribution Co., Ltd. Director 2020-07
Andrew Douglas Emslie Carlsberg Indochina Ltd. Director 2020-07
Andrew Douglas Emslie Myanmar Carlsberg Co., Ltd. Director 2020-11
Andrew Douglas Emslie Paduak Holding Pte. Ltd. Director 2020-12
Andrew Douglas Emslie Carlsberg Asia Pte. Ltd. Director 2020-12
Andrew Douglas Emslie Lao Brewery Co., Ltd. Director 2021-03
Andrew Douglas Emslie Carlsberg Vietnam Breweries Director 2021-03
Limited
Andrew Douglas Emslie Cambrew Ltd. Director 2022-01
Andrew Douglas Emslie Angkor Beverage Company Director 2023-06
Lee Chee Kong Lanzhou Huanghe Jianiang Vice Chairman 2019-07
Brewery Co. Ltd.
Lee Chee Kong Jiuquan West Brewery Co., Vice Chairman 2019-07
Ltd.
Lee Chee Kong Qinghai Huanghe Jianiang Vice Chairman 2019-07
Brewery Co., Ltd.
Lee Chee Kong Tianshui Huanghe Jianiang Vice Chairman 2019-07
Brewery Co., Ltd.
Chin Wee Hua Lanzhou Huanghe Jianiang Director 2017-06
Brewery Co. Ltd.
Chin Wee Hua Jiuquan West Brewery Co., Director 2017-03
Ltd.
Chin Wee Hua Qinghai Huanghe Jianiang Director 2017-06
Brewery Co., Ltd.
Chin Wee Hua Tianshui Huanghe Jianiang Director 2017-04
Brewery Co., Ltd.
Lyu Yandong Guangzhou Carlsberg Chairman 2020-12
Investment Co., Ltd.
Gavin Stuart Brockett Myanmar Carlsberg Co., Ltd. Director 2022-02 2025-03
Gavin Stuart Brockett Carlsberg Brewery Malaysia Director 2022-02 2025-06
Berhad
Gavin Stuart Brockett Lao Brewery Co., Ltd. Director 2022-04 2025-05
Gavin Stuart Brockett Carlsberg Brewery Hong Kong Director 2022-01 2025-06
Limited
Gavin Stuart Brockett Caretech Ltd. Director 2022-01 2025-06
Gavin Stuart Brockett HK Yau Ltd. Director 2022-01 2025-06
Gavin Stuart Brockett Cambrew Ltd. Director 2023-04 2025-10
Gavin Stuart Brockett Angkor Beverage Company Chairman 2022-12
Gavin Stuart Brockett Cambrew 1 Ltd. Director/Shareholder 2023-09 2025-11
Representative
Gavin Stuart Brockett Cambrew Property Limited Director/Shareholder 2023-09 2026-02
Representative
Gavin Stuart Brockett Cambrew Success Company Director/Shareholder 2023-09 2025-12
Limited Representative
√ Applicable □ Not applicable
Name of Termination
Position in other Commencement
person in Name of other entities date of
entities date of term
office term
Yuan Guangzhou Institute of Certified Deputy Secretary 2001-08
Yinghong Public Accountants General,
Secretary of
Industry Discipline
Inspection
Commission
Yuan Guangzhu Holike Creative Home Independent 2022-01 2026-08
Yinghong Co., Ltd. Director
Yuan Guangzhou Hengyun Enterprises Independent 2021-01 2027-05
Yinghong Holding Ltd. Director
Sheng Xuejun Southwest University of Political Professor, Doctoral 2006-09
Science & Law Supervisor
Sheng Xuejun Chongqing Iron & Steel Company Independent 2021-08 2027-06
Limited Director
Sheng Xuejun Chongqing Zaisheng Technology Independent 2023-05 2026-05
Co., Ltd. Director
Zhu Qianyu Renmin University of China Associate professor 2010-03
and master
supervisor;
Researcher of Rural
Economic and
Finance Institute;
Researcher of
National Academy
of Development
and Strategy
Zhu Qianyu CSG Holding Co., Ltd. Independent 2019-04
Director
Zhu Qianyu BANK OF GUIYANG CO., LTD. Independent 2024-02 2027-07
Director
(III) Remuneration of directors and senior management
√ Applicable □ Not applicable
Decision-making procedures for the During the reporting period, the allowances of independent directors
remuneration of directors, and senior shall be implemented in accordance with the Independent Director
management System of Chongqing Brewery Co., Ltd. approved by the General
Meeting of Shareholders; Directors’ allowances shall be subject to the
approval by the general meeting of shareholders after the
Remuneration and Appraisal Committee of the Board of Directors
proposes a plan and submits it to the Board of Directors for review and
approval. The remuneration of senior executives shall be implemented
in accordance with the Administrative Measures for the Remuneration
and Performance Appraisal of Senior Executives proposed by the
Remuneration and Appraisal Committee, subject to review and
approval by the Company’s Board of Directors.
Whether directors recuse themselves Yes
from discussions and decisions
regarding their own remuneration
matters
Particulars of recommendations issued The allowances of independent directors shall be subject to the
by the Remuneration and Evaluation approval by the Remuneration and Appraisal Committee, the Board of
Committee or the Specialized Meeting Directors, and the General Meeting of Shareholders. Non-independent
of Independent Directors on matters directors are not paid for their positions as directors in the Company.
relating to the remuneration of directors, The remuneration of senior executives shall be determined based on a
and senior management plan proposed by the Remuneration and Appraisal Committee, subject
to review and approval by the Company’s Board of Directors.
Basis for the determination of During the reporting period, the allowances for independent directors
remuneration of directors, and senior shall be implemented in accordance with the provisions of the
management Independent Director System of Chongqing Brewery Co., Ltd.
deliberated and approved by the General Meeting of Shareholders;
Non-independent directors are not paid for their positions as directors
in the Company. The remuneration of senior executives shall be
determined in accordance with the Administrative Measures for the
Remuneration and Performance Appraisal of Senior Executives
approved by the Board of Directors, and consist of base salary and
performance-based salary. The base salary shall be determined based
on factors such as the scope, responsibilities, importance, and
competency of the senior executive’s management position. The
performance-based salary shall be linked to the Company’s annual
operating performance and individual performance, with the
performance assessment indicators implemented upon approval by the
Remuneration and Appraisal Committee and the Board of Directors.
Actual remuneration paid to directors, During the reporting period, the allowances for independent directors
and senior management were paid by the Company monthly and no additional allowances were
granted to non-independent directors. The base salary of senior
executives was paid by the Company monthly. The performance-
based salary was paid after the appraisal by the Remuneration and
Appraisal Committee and the Board of Directors, and following the
disclosure of the annual report and completion of the performance
evaluation.
Total actual remuneration received by RMB 21,485,400
all directors and senior management as
at the end of the reporting period
Performance assessment basis and Independent directors receive a fixed monthly allowance in
completion status of actual accordance with the Independent Director System of Chongqing
remuneration received by all directors Brewery Co., Ltd. approved by the General Meeting of Shareholders.
and senior management as at the end of The remuneration of senior executives is based on the Administrative
the reporting period Measures for the Remuneration and Performance Appraisal of Senior
Executives approved by the Board of Directors. The Remuneration and
Appraisal Committee assesses the achievement of performance
indicators and individual performance, with the performance
indicators based on the financial data set out in the audit report issued
by the accounting firm.
Deferred payment arrangements for the
actual compensation received by all None
directors and senior management as of
the end of the reporting period
Suspension of payment and clawback of
the actual compensation received by all None
directors and senior management as of
the end of the reporting period
(IV) Changes of directors and senior management of the Company
√ Applicable □ Not applicable
Name Position Change Type Reason for Change
Alan Choi Director Elected Term Renewal
Gavin Stuart Brockett Director Retired Term Renewal
(V) Explanation on penalties by securities regulators in the past three years
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
IV. Performance of Duties by Directors
(I) Attendance of Board meetings and General Meetings of Shareholders by directors
Attendance
at
Information on attendance at the Board Meeting General
Meetings of
Shareholders
Number
Name of Independent Failed to
of Board Number of
director director attend
meetings attendance
Attended in
required Attended via Attended by at
in Absence person
to be communication representative General
person at two
attended Meetings of
meetings
during Shareholders
in a row
the year
João Miguel No No
Ventura Rego 8 8 8 0 0 4
Abecasis
Alan Choi No 6 6 6 0 0 No 4
Andrew No No
Douglas Emslie
Lee Chee Kong No 8 8 2 0 0 No 4
Chin Wee Hua No 8 8 0 0 0 No 4
Lv Yandong No 8 8 4 0 0 No 4
Yuan Yinghong Yes 8 8 2 0 0 No 4
Sheng Xuejun Yes 8 8 5 0 0 No 4
Zhu Qianyu Yes 8 8 5 0 0 No 4
Gavin Stuart No No
Brockett
(Retired)
Explanation on failure to attend in person at two Board meetings in a row
□ Applicable √ Not applicable
Number of Board meetings convened during the year 8
Including: Number of meetings convened on site 0
Number of meetings convened via communication 0
Number of meetings convened on site with 8
communication
(II) Objections raised by directors on relevant matters of the Company
□ Applicable √ Not applicable
(III) Others
□ Applicable √ Not applicable
V. Special Committees under the Board of Directors
√ Applicable □ Not applicable
(1). Members of special committees under the Board of Directors
Type of special committee Name of members
Audit Committee Yuan Yinghong (Chairman of the Committee), Sheng Xuejun, Zhu Qianyu,
Alan Choi, Chin Wee Hua
Nomination Committee Sheng Xuejun (Chairman of the Committee), Zhu Qianyu, Andrew Douglas
Emslie
Remuneration and Appraisal Zhu Qianyu (Chairman of the Committee), Yuan Yinghong, João Miguel
Committee Ventura Rego Abecasis
Strategy and Development Lee Chee Kong (Chairman of the Committee), Chin Wee Hua, Lyu
Committee Yandong, Yuan Yinghong, João Miguel Ventura Rego Abecasis
Note: In May 2025, the Company underwent a term renewal and formed the specialized committees of the 11th Board of Directors.
Prior to this, the members of the Audit Committee of the 10th Board were Yuan Yinghong (Chairperson), Sheng Xuejun, Zhu Qianyu,
Gavin Stuart Brockett, and Lyu Yandong. The composition of the other specialized committees remained the same as that of the 10th
Board.
(2). Seven meetings convened by the Audit Committee during the reporting period
Date of Important opinions and
Content of meeting Other performance of duties
meeting suggestions
communicated major issues of understanding and effective
concern and findings in the pre- communication regarding
audit phase of 2024 financial audit key audit matters, other
and internal control audit. significant considerations,
and internal control audits.
Control Audit Performed by Pan- proposals to the Board of Report and 2025 Audit Plan
China Public Accountants (Special Directors for deliberation. of the Company’s Internal
General Partnership) for the Year Audit Department, and Risk
Proposal on Provisions for 2024,
CBC 2024 Annual Report and
Executive Summary,
CBC 2024 Final Account Report,
Evaluation Report on the
Company’s I nternal Control for
the Year of 2024,
Annual Performance Report of the
Audit Committee of the Company
for the Year of 2024,
Report of the Audit Committee on
the Performance of Supervisory
Duties over the Accounting Firm,
and Proposal on the Appointment
of the Audit for the
Company’s Financial Report and
Internal Control for
proposal to the Board of Summary Report for 2025
Directors for deliberation. Q1.
approved. proposal to the Board of
Directors for deliberation.
proposal to the Board of Summary Report for 2025
Directors for deliberation. H1, and Risk Management
Report.
proposal to the Board of Summary Report fro 2025
Directors for deliberation. Q3, and Risk Management
Report.
internal control audit. schedule, key audit matters,
risks, etc.
(3). Two meetings convened by the Nomination Committee
Date of Other performance of
Content of meeting Important opinions and suggestions
meeting duties
The Nomination Committee has
carefully reviewed the qualifications
of the candidates for the eleventh
Board of Directors. It found no
circumstances that would disqualify
them from serving as directors under
The Proposal on the Nomination the Company Law, nor has any
of Director Candidates for the candidate been subject to a market
Company was approved. Regulatory Commission (CSRC)
that has not yet been lifted. All
candidates meet the qualifications
for serving as directors of a listed
company and are capable of
performing the duties required of
them.
The Nomination Committee has
carefully reviewed the qualifications
of the three candidates for the
Company’s senior executives. It
found no circumstances that would
The Proposal on the
disqualify them from serving as
Appointment of the President of
senior executives under the
the Company, Proposal on the
Company Law, nor has any
Appointment of the Vice
President of the Company, and
ban imposed by the China Securities
Proposal on the Appointment of
Regulatory Commission (CSRC)
the Board Secretary of the
that has not yet been lifted. All
Company were approved.
candidates meet the qualifications
for serving as senior executives of a
listed company and are capable of
performing the duties required of
them.
(4). Two meetings convened by the Remuneration and Appraisal Committee during the reporting period
Date of Important opinions and Other performance of
Content of meeting
meeting suggestions duties
Remuneration of the Senior proposals to the Board of Directors
Management for the Year of 2024 for deliberation.
and the Proposal on the
Amendment of Remuneration and
Performance Appraisal Plan for
Senior Management were
approved.
Appraisal Plan for Senior proposals to the Board of Directors
Management was approved. for deliberation.
(5). One meeting convened by the Strategy and Development Committee during the reporting period
Date of Important opinions and Other performance of
Content of meeting
meeting suggestions duties
was approved.
(6). Particulars of objections
□ Applicable √ Not applicable
VI. Explanation on the Risks of the Company Found by the Audit Committee
□ Applicable √ Not applicable
The Audit Committee had no objections to the matters subject to supervision during the reporting period.
VII. Employees of the Parent Company and Major Subsidiaries as at the End of the Reporting Period
(I) Employees
Number of existing employees of the parent company 29
Number of existing employees of major subsidiaries 6,620
Total number of existing employees 6,649
Number of resigned and retired employees whose 4,229
expenses shall be undertaken by the parent company
and major subsidiaries
Specialization composition
Category of specialization Headcount of specialization
Production personnel 1,748
Sales personnel 3,088
Technical Personnel 1,315
Finance personnel 216
Administrative personnel 57
Others 1,748
Total 3,088
Educational background
Educational level Headcount
Postgraduates 225
Undergraduates 1,928
Junior college graduates 2,295
High school graduates and below 2,201
Total 6,649
(II) Remuneration policy
√ Applicable □ Not applicable
During the reporting period, the beer industry continued to face challenges from sustained market headwinds and
weak consumer sentiment. In response, the Company formulated a competitive remuneration policy by reference to
comparable market-based remuneration mechanisms, with a view to attracting talent, nurturing and maintaining the
core workforce, and continuing to motivate all employees to weather the difficult period together. By promoting a
growth culture and strengthening result orientation, the Company ensured efficient execution, continuously
improved operational efficiency, and reinforced its core competitive advantages.
The Company’s employee remuneration policy is based on the Company’s economic performance and business
results. The salary growth ratio for all employees is determined based on the achievement of the Company’s annual
beer production volume, sales volume and profit targets, as well as market salary conditions. Management personnel
at the middle level and above are subject to a year-end incentive assessment linked to the Company’s performance.
Production workshops are subject to Key Performance Indicator (KPI) assessments that take into account product
quality, various consumption indicators and production efficiency. Employee salaries consist of base salary,
performance-based salary and year-end bonus.
(III) Training programs
√ Applicable □ Not applicable
In 2025, the Company’s employee training totaled nearly 280,000 hours, with a coverage rate of 100%, achieving
full employee empowerment.
In terms of online learning, the Calsberg E-learning Platform continued to serve as a key learning channel, recording
a total of 41,526 learning hours throughout the year, with a participation rate of 88%. The platform now hosts 3,704
courses covering areas such as professional competencies, general skills, and leadership, leveraging digital learning
to accelerate employee development.
On-site training focused on enhancing job-related competencies, with activities such as professional skills training
sessions, cross-departmental workshops, and thematic training camps designed to strengthen business execution and
cross-functional collaboration. Leadership development programs were carried out in a tiered manner for senior,
middle, and frontline management, integrating internal and external expert resources to establish a systematic
development framework. In addition, an internal trainer team was cultivated to facilitate the sharing of management
experience.
Through initiatives such as mentorship, challenging projects, and short-term dispatches, the principles of “empower,
support and grow our people” were integrated throughout the employee development journey, motivating employees
to push boundaries and create value in real-world settings.
(IV) Labor outsourcing
√ Applicable □ Not applicable
Total working hours of outsourced labor 756,285 hours
Total remuneration paid for outsourced labor (in RMB 2,303.03
VIII. Proposal on Profit Distribution or Conversion of Capital Reserve into Capital Stock
(I) Formulation, implementation or adjustment of cash dividend policy
√ Applicable □ Not applicable
In accordance with the provisions of the Company Law of the People’s Republic of China, the China Accounting
Standards for Business Enterprises, and the Articles of Association, and taking into account the needs of business
development and the interests of shareholders, the following distribution plan is proposed:
The Company intends to distribute cash dividends to all shareholders based on the total share capital registered at
the equity registration date for the 2025 annual profit distribution. Cash dividends of RMB 1.20 (tax inclusive) per
share will be distributed. As of December 31, 2025, the Company’s total share capital was 483,971,198 shares and
a total of cash dividend of RMB 580,765,437.60 (tax inclusive) will be distributed on such basis. Previously, for the
shareholders, totaling RMB 629,162,557.40 (tax inclusive). Accordingly, the total cash dividend for 2025 is RMB
Company in 2025.
If there is any change in the Company’s total share capital before the equity registration date for the 2025 annual
profit distribution, the distribution ratio per share will remain unchanged, with corresponding adjustments to the
total distribution amount. The above profit distribution plan is subject to approval by the Company’s shareholders’
meeting before implementation.
(II) Special description on cash dividend policy
√ Applicable □ Not applicable
Whether it complies with the provisions of the Articles of √Yes □ No
Association or the requirements stated in the resolutions approved at
the General Meeting of Shareholders
Whether the standards and proportion of dividend distribution are √Yes □ No
clear
Whether the relevant decision-making procedures and mechanisms √Yes □ No
are complete
Whether independent directors perform their duties and play their √Yes □ No
due role
Whether minority shareholders have the opportunity to fully express √Yes □ No
their opinions and appeals, and whether their legitimate interests
have been adequately protected
(III) Where the parent company has a positive profit available for distribution to shareholders with no
cash profit distribution plan proposed during the reporting period, the Company shall disclose the
reasons therefor and the purpose and utilization plan of such undistributed profit in detail
□ Applicable √ Not applicable
(IV) Plans on profit distribution or conversion of capital reserve to increase share capital in the current
reporting period
√ Applicable □ Not applicable
Monetary unit: RMB
Bonus share distributed for every 10 shares (share) 0
Dividend distributed for every 10 shares (yuan) (tax inclusive) 25.00
Share capital increased for every 10 shares (share) 0
Cash dividend distributed (tax inclusive) 1,209,927,995.00
Net profit attributable to ordinary shareholders in the consolidated financial
statements
Proportion of cash dividend to net profit attributable to ordinary
shareholders in the consolidated financial statements (%)
Amount of shares repurchased in cash that is included in cash dividends 0
Total cash dividend distributed (tax inclusive) 1,209,927,995.00
Proportion of total cash dividend distributed to net profit attributable to
ordinary shareholders in the consolidated financial statements (%)
(V) Cash dividend distribution in the last three accounting years
√ Applicable □ Not applicable
Monetary unit: RMB
Total cash dividends distributed in the last three accounting years (tax 3,726,578,224.60
inclusive) (1)
Total share repurchased and canceled in the last three accounting years (2)
Total cash dividends distributed and share repurchased and canceled in the 3,726,578,224.60
last three accounting years (3) = (1) + (2)
Average annual net profit in the last three accounting years (4) 1,227,362,483.37
Cash dividend ratio in the last three accounting years (%) (5) = (3) / (4) 303.62
Net profit attributable to shareholders of ordinary shares in the consolidated 1,230,897,085.41
financial statements (%) for the last accounting year
Undistributed profits at the end of the last accounting year in the parent 952,478,043.00
company financial statements
IX. The Company’s Equity Incentive Scheme, Employee Stock Ownership Plan or Other Employee
Incentive Measures and Their Impact
(I) Relevant incentive matters disclosed in interim announcements without progress or change in
subsequent implementation
□ Applicable √ Not applicable
(II) Incentives not disclosed in interim announcements or with subsequent development
Equity incentives
□ Applicable √ Not applicable
Other remarks
□ Applicable √ Not applicable
Employee stock ownership plan
□ Applicable √ Not applicable
Other incentive measures
□ Applicable √ Not applicable
(III) Equity incentives granted to directors and senior management during the reporting period
□ Applicable √ Not applicable
(IV) Establishment and implementation of evaluation mechanism and incentive mechanism for senior
management during the reporting period
√ Applicable □ Not applicable
According to the needs of establishing a modern enterprise system, the Company implements the appointment
system for senior executives and has established a fair and transparent performance evaluation and incentive
mechanism, urging senior executives to fulfill their obligations of integrity and diligence, clarifying their rights
and responsibilities, and giving full play to their enthusiasm and creativity. The Audit Committee of the Company
supervises the daily performance of senior executives in accordance with the Articles of Association and the
Implementation Rules of the Audit Committee. The Remuneration and Appraisal Committee of the Company
conducts year-end evaluation of senior executives. Performance bonuses are determined based on the evaluation
against the assessment targets approved by the Remuneration and Appraisal Committee and the Board of
Directors, and are paid after approval by the Board.
X. Development and Implementation of Internal Control Systems during the Reporting Period
√ Applicable □ Not applicable
The Company evaluated and revised its business-related control processes and provided training on risk
management and internal control policies to its key internal control personnel and relevant process owners.
The internal audit department continuously monitored the effectiveness of internal controls through the internal
control self-assessment process. In accordance with the annual audit plan, it conducted specialized audits on the
following processes: the procure-to-pay and travel expense processes; the engineering and maintenance
management processes; the post-implementation processes of Phase 2 of the ERP system (covering the
international brands and Central China business units); the sales and marketing expense processes; the business
outsourcing (finance and information systems) processes ; and the financial archive management processes.
Description of significant defects in the internal control during the reporting period
□ Applicable √ Not applicable
XI. Management and Control of Subsidiaries During the Reporting Period
√ Applicable □ Not applicable
The Company consistently performed self-assessment of the internal control effectiveness within its subsidiaries,
in accordance with the corporate internal control system. Additionally, the Company ensured internal control
oversight of its subsidiaries by conducting specialized process audits.
The Yongzhou Branch of Hunan Chongqing Brewery Guoren Co., Ltd. ceased operations. Accordingly, the
Company no longer included this branch within the scope of its internal control self-assessment for supervision
and management in 2025.
Risk alert regarding abnormalities in the management and control of subsidiaries
□ Applicable √ Not applicable
XII. Explanation on the Audit Report on Internal Control
√ Applicable □ Not applicable
Pan-China Certified Public Accountants LLP (Special General Partnership), the accounting firm engaged by the
Company, has conducted an audit on the effectiveness of internal control related to the Company’s financial
report and issued an unqualified audit report. For details, please refer to the 2025 Internal Control Audit Report of
Chongqing Brewery Co., Ltd., which was published on the Shanghai Stock Exchange website (www.sse.com.cn)
on the same day.
Disclosure of internal control audit report: Yes.
Type of opinion: Unqualified opinion.
XIII. Rectification of Issues Found in Self-Inspections as per the Special Campaign on Governance of
Listed Companies
Not applicable
XIV. Environmental information of listed companies and their major subsidiaries that are included in the
list of enterprises required to disclose environmental information in accordance with the law
√ Applicable □ Not applicable
Number of enterprises included in the list of
enterprises required to disclose environmental 23
information in accordance with the law
Serial Query Index of the Environmental Information
Company name
No. Disclosure Report
(Mawang Township Factory) Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
(Dazhulin Factory) Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Brewery Co., Ltd. Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Chongqing Brewery Co., Ltd. Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Brewery Co., Ltd. Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Brewery Co., Ltd. Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Brewery Co., Ltd. Disclosed in accordance with the Law (Chongqing)
http://cqtpf.cqree.cn:10001/eps/index/enterprise-search
Beer Co., Ltd. Disclosed in accordance with the Law (Sichuan)
https://103.203.219.138:8082/eps/index/enterprise-
search
Disclosed in accordance with the Law (Sichuan)
https://103.203.219.138:8082/eps/index/enterprise-
search
Disclosed in accordance with the Law (Sichuan)
https://103.203.219.138:8082/eps/index/enterprise-
search
Disclosed in accordance with the Law (Sichuan)
https://103.203.219.138:8082/eps/index/enterprise-
search
Disclosed in accordance with the Law (Hunan)
https://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/inde
x.html#/home/index
(Jiangsu) Co., Ltd. Disclosed in accordance with the Law (Jiangsu)
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-
webapp/web/viewRunner.html?viewId=http://ywxt.sth
jt.jiangsu.gov.cn:18181/spsarchive-
webapp/web/sps/views/yfpl/views/yfplHomeNew/inde
x.js
Disclosed in accordance with the Law (Jiangsu)
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-
webapp/web/viewRunner.html?viewId=http://ywxt.sth
jt.jiangsu.gov.cn:18181/spsarchive-
webapp/web/sps/views/yfpl/views/yfplHomeNew/inde
x.js
Disclosed in accordance with the Law (Anhui)
https://39.145.37.16:8081/zhhb/yfplpub_html/#/home
Disclosed in accordance with the Law (Guangdong)
https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex
Credit Evaluation System of Xinjiang Uygur
Autonomous Region
https://xxpl.xjmic.com:9015/index
Credit Evaluation System of Xinjiang Uygur
Autonomous Region
https://xxpl.xjmic.com:9015/index
Ltd. Credit Evaluation System of Xinjiang Uygur
Autonomous Region
https://xxpl.xjmic.com:9015/index
Credit Evaluation System of Xinjiang Uygur
Autonomous Region
https://xxpl.xjmic.com:9015/index
Disclosed in accordance with the Law (Ningxia)
https://222.75.41.50:10958/
Disclosed in accordance with the Law (Yunnan)
http://183.224.17.39:10097/ynyfpl/frontal/index.html#/
home/index
Co., Ltd. Disclosed in accordance with the Law (Yunnan)
http://183.224.17.39:10097/ynyfpl/frontal/index.html#/
home/index
Other remarks
√ Applicable □ Not applicable
Yongzhou Branch of Hunan Chongqing Beer Guoren Co., Ltd., Carlsberg Brewery (Foshan) Co., Ltd., and
Xinjiang Wusu Brewery (Korla) Co., Ltd. have not yet been included in the list of enterprises required to disclose
environmental information in accordance with the law.
XV. Work on Social Responsibility
(I) Disclosure of the social responsibility report, sustainable development report or ESG report separately
√ Applicable □ Not applicable
For details, please refer to the 2025 ESG Report of Chongqing Brewery Co., Ltd. disclosed by the Company on
the website of Shanghai Stock Exchange (www.sse.com.cn) on the very day.
(II) Specific work on social responsibility
√ Applicable □ Not applicable
Item of external donation and public welfare Quantity / Content Description
Total input (in RMB 10,000) 48
Including: Funds (in RMB 10,000) 48 In March 2025, Carlsberg (China)
Breweries and Trading Co., Ltd. donated
RMB 200,000 to Dali City Charity
Association to support local women’s
entrepreneurship and employment
program, a concrete step towards
empowering women.
In July 2025, the Company donated RMB
Province, to support training and
empowerment programs for rural women’s
employment and entrepreneurship.
In September 2025, Chongqing Brewery
Yibin Co., Ltd. held its 22nd annual
“Chongqing Brewery” Charity Scholarship
Ceremony, donating RMB 200,000 to
support 43 underprivileged university
students.
Amount equivalent to goods
and materials (in RMB 10,000)
Number of beneficiaries (Person) 500
Specific description
□ Applicable √ Not applicable
XVI. Specific Work on Consolidating and Expanding the Achievements of Poverty Alleviation
and Rural Revitalization
√ Applicable □ Not applicable
Item of poverty alleviation and rural Quantity / Content Description
revitalization
Total input (in RMB 10,000) 48
Including: Funds (in RMB 10,000) 48 In March 2025, Carlsberg (China) Breweries and
Trading Co., Ltd. donated RMB 200,000 to Dali
City Charity Association to support local women’s
entrepreneurship and employment program, a
concrete step towards empowering women.
In July 2025, the Company donated RMB 80,000 to
Quannan County, Jiangxi Province, to support
training and empowerment programs for rural
women’s employment and entrepreneurship.
In September 2025, Chongqing Brewery Yibin Co.,
Ltd. held its 22nd annual “Chongqing Brewery”
Charity Scholarship Ceremony, donating RMB
students.
Amount equivalent to
goods and materials (in RMB
Number of beneficiaries (Person) 500
Forms of assistance (such as poverty
alleviation through industries,
employment, education, etc.)
Specific description
□ Applicable √ Not applicable
XVII. Others
□ Applicable √ Not applicable
SECTION V IMPORTANT MATTERS
I. Performance of Commitments
(I) Commitments by relevant parties such as actual controllers, shareholders, related parties, acquirers and the Company during or subsisting to the reporting
period
√ Applicable □ Not applicable
Background Type of Party of Content of commitment Time of Any Term of Timely and Reasons for Forthcoming
of commitment commitment commitment requirement on commitment strict failure of plans in view
commitment performance performance timely of no timely
period performance performance
listed company from Carlsberg and its affiliates in terms of
business, assets, finance, personnel and institutions, will strictly
abide by relevant regulations of CSRC on the independence of
listed companies, and will not use the control of the listed
company to violate the 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;
Others Carlsberg 2020 No Long-term Yes
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 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.
independence of the listed company from Carlsberg Breweries
and its affiliates in terms of business, assets, finance, personnel
and institutions, will strictly abide by relevant regulations of
CSRC on the independence of listed companies, and will not
use the control of the 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;
Carlsberg mechanism of the listed company, improving the integrity of
Others 2020 No Long-term Yes
Breweries 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 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:
Carlsberg Breweries will minimize and regulate related-party
transactions between Carlsberg, Carlsberg Breweries and their
affiliates and the listed company and enterprises controlled by
the listed company in accordance with relevant laws and
regulations;
Carlsberg and Carlsberg Breweries commit to follow the
Resolution of Carlsberg and
principles of fairness, impartiality and openness of the market,
related-party Carlsberg 2020 No Long-term Yes
sign agreements according to law, perform legal procedures,
transactions Breweries
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.
Resolution of It is confirmed that Xinjiang plants intended to be shut down
Carlsberg
intra-industry have completely ceased operations, and Carlsberg Consultancy 2020 No Long-term Yes
Consultancy
competition commits that such Xinjiang plants will not directly or indirectly
engage in businesses competing with Chongqing Brewery Co.,
Ltd. (the listed company) and 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:
Carlsberg Breweries and other enterprises controlled by them
other than the listed company and subsidiaries controlled by the
listed company shall not directly or indirectly engage in
businesses competing with the listed company and subsidiaries
controlled by it in mainland China.
Resolution of Carlsberg and Carlsberg Breweries, which are not included in the scope of the
intra-industry Carlsberg restructuring and involve beer assets and businesses in 2020 No Long-term Yes
competition Breweries mainland China, Carlsberg and Carlsberg Breweries commit as
follows:
(1) For companies not controlled by Carlsberg and Carlsberg
Breweries, which are defined as Sino-foreign joint ventures as
of the date of this letter (including Qinghai Huanghe Jianiang
Beer Co. Ltd., Tianshui Huanghe Jianiang Beer Co. Ltd.,
Lanzhou Huanghe Jianiang Beer Co. Ltd., Jiuquan West
Brewery Co. Ltd. and Tibet Lhasa Beer Co. Ltd.), a) if relevant
joint venture parties agree in the future to acquire all or part of
the equities directly and/or indirectly held by Carlsberg and
Carlsberg Breweries in such companies on fair and reasonable
terms, Carlsberg and Carlsberg Breweries commit to sell all or
part of the equities held in such companies to the joint venture
parties and not to increase their shareholding in such companies
in the future, except as described in item c) below; b) if relevant
joint venture parties agree in the future to sell all or part of the
equities held by them in such companies to the listed company,
and the business performance and asset quality of relevant
companies are qualified for the injection into the listed
company, Carlsberg and Carlsberg Breweries commit to sell all
the equities held by them to the listed company on the same
terms or inject the equities into the listed company in other
feasible ways at the same time as the joint venture parties sell
all or part of the equities held by them in such companies to the
listed company; c) if relevant joint venture parties agree in the
future to sell all or part of the equities held by them but do not
agree to sell such equities to the listed company, and the
business performance and asset quality of relevant companies
are qualified for the injection into the listed company, Carlsberg
and Carlsberg Breweries commit to exercise the pre-emptive
right in respect of the above-mentioned equities intended to be
sold as instructed by the listed company, and sell the equities of
relevant companies (including the above-mentioned equities
acquired through the exercise of the pre-emptive right and the
equities originally held by Carlsberg and Carlsberg Breweries)
to the listed company on the same terms (if relevant joint
venture parties still hold part of the equities at that time,
Carlsberg and Carlsberg Breweries will be subject to relevant
joint venture parties’ waiver of the exercise of the pre-emptive
right and the procedures stipulated in the Articles of
Association) or inject the equities into the listed company in
other feasible ways upon completion of the purchase; d) Except
as described in item c) above, Carlsberg and Carlsberg
Breweries commit not to seek control of such companies in any
way.
(2) For the company not controlled by Carlsberg and Carlsberg
Breweries, which is defined as a wholly foreign-owned
enterprise as of the date of this letter (i.e. Jing-A Brewing Co.
Ltd.), if Carlsberg and Carlsberg Breweries acquire direct
and/or indirect control of the company in the future and the
company’s business performance and asset quality are qualified
for the injection into the listed company, Carlsberg and
Carlsberg Breweries commit to sell the equities directly and/or
indirectly held by them in the company to the listed company
or inject the equities into the listed company in other feasible
ways; if the listed company decides to waive the purchase
according to its business development needs and through the
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.
Carlsberg Breweries (including wholly-owned enterprises,
enterprises controlled by them and branches at all levels) obtain
investment opportunities directly competing with the main
businesses or main products of the listed company in mainland
China, which the listed company intends to participate in and
has the ability to operate and relevant third parties agree to
provide to the listed company on reasonable terms, Carlsberg
and Carlsberg Breweries commit to prompt the third party to
negotiate in good faith with the listed company so as to enable
the listed company to implement such investment opportunities.
If the aforesaid future investment opportunities in mainland
China do not directly compete with the main businesses or main
products of the listed company, or the listed company does not
intend to or temporarily does not have the ability to operate such
investment opportunities, or a third party refuses to provide
such opportunities to the listed company, Carlsberg and
Carlsberg Breweries may make investment or acquisition under
the premise of complying with the contents described in item 1
of this commitment letter.
Carlsberg and Carlsberg Breweries also commit to urge
Carlsberg Brewery Hong Kong Limited and Carlsberg
Chongqing Ltd. to abide by and implement the above
commitments so as to avoid harming the interests of the listed
company and other shareholders.
Carlsberg and Carlsberg Breweries commit that if they violate
the above commitments and thus cause losses to the listed
company, they will bear corresponding compensations
according to law.
Resolution of In case of defects in the ownership or related procedures of any
defects of buildings, structures, land use rights, construction projects and
Carlsberg
land and other production lines owned or rented by companies of Pack B 2020 No Long-term Yes
Breweries
property and/or subsidiaries controlled by them before the completion of
rights the restructuring, resulting in the failure of normal use of the
above-mentioned buildings, structures, land, construction
projects or production lines by companies of Pack B and/or
subsidiaries controlled by them, or causing
litigations/arbitrations/disputes between companies of Pack B
and/or subsidiaries controlled by them and other third parties as
well as administrative penalties imposed by relevant competent
authorities, Carlsberg Breweries commits to bear all losses,
damages and expenses incurred to Chongqing Jianiang Beer
Co. Ltd. and the listed company according to law, including but
not limited to all losses and expenses incurred due to litigations
or arbitrations, fines, suspension of production or business,
searching for alternative venues and relocation.
In case of defects in the ownership or related procedures of any
buildings, structures, land use rights, construction projects and
production lines owned or rented by companies of Pack A
and/or subsidiaries controlled by them before the completion of
the restructuring, resulting in the failure of normal use of the
above-mentioned buildings, structures, land, construction
Resolution of projects or production lines by companies of Pack A and/or
defects of subsidiaries controlled by them, or causing
Carlsberg
land and other litigations/arbitrations/disputes between companies of Pack A 2020 No Long-term Yes
Consultancy
property and/or subsidiaries controlled by them and other third parties as
rights 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 alternative venues and relocation.
In case of defects in the payment of five social insurances and
the housing fund made by companies of Pack B and/or
subsidiaries controlled by them before the completion of the
restructuring, resulting in recovery or supplementary payment
Carlsberg required by relevant government departments, or penalties
Others 2020 No Long-term Yes
Breweries 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 Breweries commits to bear the
above losses and expenses according to law.
In case of defects in the payment of five social insurances and
the housing fund made by companies of Pack A and/or
subsidiaries controlled by them before the completion of the
restructuring, resulting in recovery or supplementary payment
Carlsberg required by relevant government departments, or penalties
Others 2020 No Long-term Yes
Consultancy 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.
(II) Explanation of whether the Company has fulfilled its original profit forecast in relation to assets or
projects, where there is a profit forecast for such assets or projects of the Company and the reporting period
falls within the profit forecast period, and the reasons thereof
□ Fulfilled □ Not Fulfilled √ Not Applicable
(III) Fulfillment of performance commitment
□ Applicable √ Not applicable
Changes in performance commitment
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
II. Funds Occupied by Controlling Shareholder and Other Related Parties for Nonoperational Purposes
During the Reporting Period
□ Applicable √ Not applicable
III. Guarantees in Violation of Laws and Regulations
□ Applicable √ Not applicable
IV. Explanation of the Board of the Company on the “Non-standard Audit Report” Prepared by the
Accounting Firm
□ Applicable √ Not applicable
V. Analysis and Explanation of the Company on the Reasons and Impacts of Changes in Accounting Policies
and Estimates or Correction of Material Accounting Errors
(I) Analysis and explanation of the Company on the reasons and impacts of changes in accounting policies
and estimates
□ Applicable √ Not applicable
(II) Analysis and explanation of the Company on the reasons and impacts of correction of material accounting
errors
□ Applicable √ Not applicable
(III) Communication with previous accounting firm
□ Applicable √ Not applicable
(IV) Approval procedures and other information
□ Applicable √ Not applicable
VI. Engagement and Dismissal of Accounting Firm
Monetary unit: RMB 10,000
Current engagement
Name of domestic accounting firm Pan-China Certified Public Accountants LLP
Remuneration 190
Audit service period 13
Certified Public Accountants Zhang Kai, Xiang Qing
Certified Public Accountants’ cumulative years for
audit services
Name Remuneration
Accounting firm of internal control Pan-China Certified Public
audit Accountants LLP
Remarks on engagement and dismissal of accounting firms
√ Applicable □ Not applicable
Pursuant to the “Proposal on Engagement of Auditor for 2025 Annual Audit and Internal Control Audit” deliberated
and approved by the Company’s shareholders’ meeting of 2024, the Company intends to pay remuneration of RMB
million, to Pan-China Certified Public Accountants LLP.
Explanation of the change in accounting firms during the audit period
□ Applicable √ Not applicable
Explanation of the decrease in audit fees by more than 20% (inclusive) compared with the preceding period
□ Applicable √ Not Applicable
VII. Risk of Delisting
(I) Causes of warning of delisting
□ Applicable √ Not applicable
(II) Corresponding measures intended by the Company
□ Applicable √ Not applicable
(III) Circumstances and reasons for termination of listing
□ Applicable √ Not applicable
VIII. Matters Relating to Bankruptcy and Restructuring
□ Applicable √ Not applicable
IX. Material Litigation and Arbitration
√ The Company had material litigation and arbitration during the year.
□ The Company did not have material litigation and arbitration during the year.
(I) Litigation and arbitration disclosed in interim announcements without subsequent development
√ Applicable □ Not applicable
Summary and type of the matter Search index
On October 11, 2023, Chongqing Jiawei Brewery Co.,
Ltd. (“Chongqing Jiawei”), a subsidiary in which the For further details, please refer to the following
Company holds a minority stake, filed a lawsuit with announcements disclosed by the Company on the
the Fifth Intermediate People’s Court against the website of the Shanghai Stock Exchange
Company for breach of contract, requiring the (www.sse.com.cn): Announcement of Chongqing
Company to pay a tentative total of RMB 631.68 Brewery Co., Ltd. on the Involvement of the Company
million for losses and interest. in a Litigation (Announcement No.: L 2023-031);
Announcement of Chongqing Brewery Co., Ltd. on the
On March 13, 2025, the Company received the first- Progress of Litigation Involving the
instance judgment rendered by the Fifth Intermediate Company (Announcement No.: L 2024-020);
People’s Court of Chongqing Municipality. It Announcement of Chongqing Brewery Co., Ltd. on the
subsequently filed an appeal with the Chongqing High Progress of Litigation Involving the
People's Court. Company (Announcement No.: L 2025-002);
Announcement of Chongqing Brewery Co., Ltd. on the
With mediation by the Chongqing High People’s Progress of Litigation Involving the
Court, the parties reached a settlement and entered into
Company (Announcement No.: L 2025-010);
a mediation agreement. The mediation order was
Announcement of Chongqing Brewery Co., Ltd. on the
issued by the court on December 31, 2025, concluding
Progress of Litigation Involving the Company and
the litigation by mediation.
Receipt of Mediation Order (Announcement No.: L
On August 8, 2024, Chongqing Jiawei, a subsidiary For further details, please refer to the following
held by the Company, filed a lawsuit with the Dadukou announcements disclosed by the Company on the
District People's Court of Chongqing Municipality. website of the Shanghai Stock Exchange
Owing to food safety hazards identified at Chongqing (www.sse.com.cn): Announcement of Chongqing
Jiawei’s production site in January 2021, the Company Brewery Co., Ltd. on the Involvement of the Company
ordered it to suspend production and rectify the in a Litigation (Announcement No.: L 2024-025);
hazards. The suspension and rectification period lasted Announcement of Chongqing Brewery Co., Ltd. on the
had failed to perform its obligations under the Receipt of Dismissal Ruling (Announcement No.: L
Exclusive Sales Agreement during those 19 days, 2026-003).
causing it losses, and demanded a tentative total of over
RMB 27 million for losses and corresponding interest.
Following the performance of the Mediation
Agreement signed between the Company and
Chongqing Jiawei under the mediation of the
Chongqing High People’s Court in another case,
Chongqing Jiawei withdrew the lawsuit on January 12,
(II) Litigation and arbitration not disclosed in interim announcements or with subsequent development
□ Applicable √ Not applicable
(III) Other remarks
□ Applicable √ Not applicable
X. Suspected Violation of Laws and Regulations, Punishment and Rectification of the Listed Company and
its Directors , Senior Management, Controlling Shareholder and Actual Controller
□ Applicable √ Not applicable
XI. Explanation on the Credibility of the Company and its Controlling Shareholder and Actual Controller
During the Reporting Period
□ Applicable √ Not applicable
XII. Material Related Transactions
(I) Related transactions in relation to daily operations
implementation
√ Applicable □ Not applicable
Overview Index
Pursuant to the Proposal on Estimated Amount of Daily Please refer to the Announcement on the Estimated
Related-Party Transactions of the Company in 2025 Daily Related-Party Transactions for 2025
deliberated and approved by the Company’s third (Announcement No. 2024-030) and the
extraordinary shareholders’ meeting of 2024 dated Announcement on the Resolution of the Third
December 2, 2024, the amount of daily related party Extraordinary Shareholders’ Meeting of
transactions in 2025 is expected to not exceed RMB Chongqing Brewery Co., Ltd. (Announcement No.
In 2025, the Company’s actual amount of daily related- website of Shanghai Stock Exchange
party transactions with its controlling shareholder and its (www.sse.com.cn) on November 13, 2024 and
related parties was RMB 358.6476 million, which did not December 3, 2024, respectively, for details.
exceed the approved limit.
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(II) Related transactions in relation to the acquisition and disposal of assets or equity
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
period shall be disclosed
□ Applicable √ Not applicable
(III) Material related-party transactions in relation to joint external investment
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Balances due to or from related parties
implementation
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(V) Financial business between the Company and related financial institutions, the Company’s controlled
financial institutions or related parties
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
XIII. Material Contracts and the Performance thereof
(I) Custody, contracting and leasing
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(II) Guarantee
□ Applicable √ Not applicable
(III) Entrusted management of cash assets
(1) Overview of entrusted financial management
√ Applicable □ Not applicable
Monetary unit: RMB
Type Risk Characteristics Amount not due Overdue but unrecovered amount
Money Market Fund Low risk 38,000.00 0
Others
□ Applicable √ Not applicable
(2) Entrusted financial management on an individual basis
√ Applicable □ Not applicable
Monetary unit: RMB
Trustee Type of Risk Entrusted Start Date End Date Fund Restricted Actual Gain or Amount not due Overdue but
entrusted Characteristics Amount Investment Loss unrecovered amount
financial Direction
management
Morgan Fund Money Market Low risk 50,000.00 2025-01-24 / High-liquidity No 539.92 38,000.00 0
Management Fund or
(China) Co., fixed-income
Ltd. products
Others
□ Applicable √ Not applicable
(3) Provision for impairment of entrusted financial management
□ Applicable √ Not applicable
(1) Overview of entrusted loans
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
(2) Entrusted loans on an individual basis
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
(3) Provision for impairment of entrusted loans
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Other material contracts
□ Applicable √ Not applicable
XIV. Description of the Usage of the Funds Raised
□ Applicable √ Not applicable
XV. Description of Other Significant Matters with a Material Impact on the Value Judgments and
Investment Decisions by Investors
□ Applicable √ Not applicable
SECTION VI CHANGES IN SHARES AND PARTICULARS OF
SHAREHOLDERS
I. Changes in Share Capital
(I) Table of changes in shares
There was no charge in the total number of shares and share capital structure of the Company during the
reporting period.
□ Applicable √ Not applicable
per share for the latest year and the latest period (if any)
□ Applicable √ Not applicable
securities regulators
□ Applicable √ Not applicable
(II) Changes in shares subject to trading restrictions
□ Applicable √ Not applicable
II. Issuance and Listing of Securities
(I) Issuance of securities during the reporting period
□ Applicable √ Not applicable
Description of the issuance of securities during the reporting period (please specify the respective bonds
with different interest rates in the duration):
□ Applicable √ Not applicable
(II) Changes in the total number of shares, shareholding structure and the structure of assets and
liabilities of the Company
□ Applicable √ Not applicable
(III) Existing internal employee shares
□ Applicable √ Not applicable
III. Shareholders and Actual Controller
(I) Total number of shareholders
Total number of ordinary shareholders as at the 50,850
end of the reporting period (number of accounts)
Total number of ordinary shareholders as at the
end of last month prior to the date of disclosure of 48,810
the annual report (number of accounts)
(II) Table of shareholding of top ten shareholders and top ten holders of outstanding shares (or
shareholders not subject to trading restrictions) as at the end of the reporting period
Unit: Share
Shareholding of top ten shareholders (excluding share lending and refinancing)
Number of Shares pledged,
Increase/decrease Number of shares held marked
Percentage Nature of
Full name of shareholder during the shares held at the subject to or frozen
(%) shareholders
reporting period end of the period trading Share
Number
restrictions status
Carlsberg Brewery Hong Kong Limited 0 205,882,718 42.54 0 None Overseas legal person
CARLSBERG CHONGQING LIMITED 0 84,500,000 17.46 0 None Overseas legal person
New China Life Insurance Company Ltd. 3,515,334 9,335,970 1.93 0 Unknown Others
- Traditional - Ordinary Insurance
Product - 018L - CT001 Hu
China Construction Bank Corporation - 3,806,225 8,315,839 1.72 0 Unknown Others
Penghua CSI Alcohol ETF Fund
Hong Kong Securities Clearing Company -29,453,779 7,639,412 1.58 0 Unknown Overseas legal person
Limited
New China Life Insurance Company Ltd. -637,600 5,587,415 1.15 0 Unknown Others
- Dividend- Individual Dividend - 018L -
FH002 Hu
China Securities Co., Ltd. 3,971,375 4,031,795 0.83 0 Unknown Domestic natural
person
Agricultural Bank of China Limited - CSI 187,205 3,598,773 0.74 0 Unknown Others
Industrial and Commercial Bank of China 1,390,700 3,504,524 0.72 0 Unknown Others
Limited – CSI Consumer Staples
Index Exchange Traded Fund
National Social Security Fund Portfolio 0 3,241,838 0.67 0 Unknown Others
Shareholding of top ten shareholders not subject to trading restrictions
Number of Type and number of shares
outstanding Type Number
Full name of shareholder shares held not
subject to trading
restrictions
Carlsberg Brewery Hong Kong Limited 205,882,718 Ordinary shares denominated in RMB 205,882,718
CARLSBERG CHONGQING LIMITED 84,500,000 Ordinary shares denominated in RMB 84,500,000
New China Life Insurance Company Ltd. - Traditional - 9,335,970 9,335,970
Ordinary shares denominated in RMB
Ordinary Insurance Product - 018L - CT001 Hu
China Construction Bank Corporation - Penghua CSI Alcohol 8,315,839 8,315,839
Ordinary shares denominated in RMB
ETF Fund
Hong Kong Securities Clearing Company Limited 7,639,412 Ordinary shares denominated in RMB 7,639,412
New China Life Insurance Company Ltd. - Dividend- 5,587,415 5,587,415
Ordinary shares denominated in RMB
Individual Dividend - 018L - FH002 Hu
China Securities Co., Ltd. 4,031,795 Ordinary shares denominated in RMB 4,031,795
Agricultural Bank of China Limited - CSI 500 Exchange 3,598,773 3,598,773
Ordinary shares denominated in RMB
Traded Fund
Industrial and Commercial Bank of China Limited – CSI 3,504,524 3,504,524
Consumer Staples Index Exchange Traded Fund Ordinary shares denominated in RMB
National Social Security Fund Portfolio 110 3,241,838 Ordinary shares denominated in RMB 3,241,838
Among the top ten shareholders not subject to trading restrictions,CARLSBERG CHONGQING
Description of connected relationship or acting in concert LIMITED and Carlsberg Brewery HongKong Limited are both controlled by Carlsberg Breweries.
among the aforementioned shareholders The Company is not aware of any connected relationship among the other shareholders or whether
they act in concert.
Shareholders with shareholding of over 5%, top ten shareholders, and top ten shareholders not subject to
trading restrictions participating in share lending and refinancing
□ Applicable √ Not applicable
Changes in top ten shareholders and top ten shareholders not subject to trading restrictions due to
securities lending/return compared to the previous period
□ Applicable √ Not applicable
Number of shares held by top ten shareholders subject to trading restrictions and the trading restrictions
□ Applicable √ Not applicable
(III) Strategic investors or ordinary legal persons who became top ten shareholders due to placing
of new shares
□ Applicable √ Not applicable
IV. Controlling Shareholder and Actual Controller
(I) Controlling shareholder
√ Applicable □ Not applicable
Name Carlsberg Breweries A/S
Person in charge or legal representative Henrik Poulsen
Date of establishment June 29, 2000
Principal business Brewing, producing and selling beer in Denmark
and in overseas markets, providing process and
technical services of the beer industry, and
operating or participating in beer-related sectors.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
shareholder
√ Applicable □ Not applicable
(II) Actual controller
√ Applicable □ Not applicable
Name Carlsberg Foundation
Person in charge or legal representative N/A
Date of establishment September 25, 1876
Principal business Nurturing and supporting natural sciences,
mathematics, philosophy, anthropology, and
sociology, and providing funding support.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
controller
√ Applicable □ Not applicable
management
□ Applicable √ Not applicable
(III) Other description of controlling shareholder and actual controller
□ Applicable √ Not applicable
V. Number of Shares Pledged by the Company’s Controlling Shareholder or Largest Shareholder
and its Persons Acting in Concert Exceeding 80% of their Shareholding in the Company
□ Applicable √ Not applicable
VI. Other Corporate Shareholders with Shareholding of Over 10%
√ Applicable □ Not applicable
Principal
Name of Person in
Date of Organization Registered business or
corporate charge or legal
establishment code capital management
shareholder representative
activity
CARLSBERG N/A June 12, 1995 N/A GBP 1 Holding and
CHONGQING developing the
LIMITED shares and
businesses held
by
CARLSBERG
CHONGQING
LIMITED in
the Asia-
Pacific region
VII. Description of Restrictions on Shareholding Reduction
□ Applicable √ Not applicable
VIII. Implementation of Share Repurchase During the Reporting Period
□ Applicable √ Not applicable
IX. Information On Preferred Shares
□ Applicable √ Not applicable
SECTION VII PARTICULARS OF BONDS
I. Corporate Bonds (Including Enterprise Bonds) and Debt Financing Instruments for Non-
financial Enterprises
□ Applicable √ Not applicable
II. Convertible Bonds of the Company
□ Applicable √ Not applicable
SECTION VIII FINANCIAL REPORT
I. Auditor’s Report
√ Applicable □ Not Applicable
Auditor’s Report
PCCPAAR [2026] No. 8-19
To the Shareholders of Chongqing Brewery Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Chongqing Brewery Co., Ltd. (the “Company”),
which comprise the consolidated and parent company balance sheets as at December 31,
company cash flow statements, and consolidated and parent company statements of changes
in equity for the year then ended, as well as notes to financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects,
the financial position of the Company as at December 31, 2025, and its financial performance
and its cash flows for the year then ended in accordance with China Accounting Standards
for Business Enterprises.
II. Basis for Audit Opinion
We conducted our audit in accordance with China Standards on Auditing. Our
responsibilities under those standards are further described in the Certified Public
Accountant’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the “Chinese Certified Public
Accountant Independence Standard No. 1 – Independence Requirements for Financial
Statement Audit and Review Engagements” and China Code of Ethics for Certified Public
Accountants, and we have fulfilled other ethical responsibilities. In conducting our audit, we
have complied with the independence requirements applicable to audits of public interest
entities. 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 34 and VII 61 of this section for details. The Company’s operating
revenue is mainly from beer business. In 2025, the operating revenue of the Company
amounted to 14,721,871,107.45 yuan, of which, 14,297,811,488.03 yuan was from beer
business, accounting for 97.12% of operating revenue. As operating revenue is one of the
key performance indicators of the Company, there might be inherent risks that the
Company’s management (the “Management”) adopts inappropriate revenue recognition to
achieve specific goals or expectations, we have identified revenue recognition as a key audit
matter.
Our main audit procedures for revenue recognition are as follows:
(1) We obtained understandings of key internal controls related to revenue recognition and
sales rebate, assessed the design of these controls, determined whether they had been
executed, and tested the effectiveness of the operation;
(2) We checked sales contracts by sampling method, identified terms related to the point in
time when the customer obtained the control over relevant goods, and assessed whether the
revenue recognition policy was in compliance with regulations of China Accounting
Standards for Business Enterprises;
(3) We performed analysis procedure on operating revenue and gross margin, so as to identify
whether there are significant or abnormal fluctuations and find out the reason of fluctuations;
(4) We selected items to check supporting documents related to revenue recognition,
including sales contracts, orders, delivery lists, discount record and approval sheets, sales
invoices, client acceptance records, etc.;
(5) We selected items and performed confirmation procedures on current sales amount in
combination with confirmation procedure of accounts receivable and contract liabilities;
(6) We performed cut-off tests on the revenue recognized around the balance sheet date, and
checked whether the revenue was recognized in the appropriate period; and
(7) We checked whether information related to operating revenue had been presented
appropriately in the financial statements.
(II) Impairment of goodwill
Please refer to item V 27 and VII 27 of this section for details. As of December 31, 2025, the
cost of goodwill amounted to 718,230,066.13 yuan, with provision for impairment of
For asset group or asset group portfolio related to goodwill, the Management performs
impairment test on goodwill together with related asset group or asset group portfolio, and
the recoverable amount of related asset group or asset group portfolio is determined based
on the present value of estimated future cash flows. As the amount of goodwill is significant
and impairment test involves significant judgment of the Management, we have identified
impairment of goodwill as a key audit matter.
Our main audit procedures for impairment of goodwill are as follows:
(1) We obtained understandings of key internal controls related to impairment of goodwill,
assessed the design of these controls, determined whether they had been executed, and tested
the effectiveness of the operation;
(2) We reviewed the outcome of the Management’s previous estimates on the present value
of future cash flows or their subsequent re-estimations;
(3) We assessed the competency, professional quality and objectivity of external appraisers
engaged by the Management;
(4) We assessed the appropriateness and consistency of impairment test method adopted by
the Management;
(5) We assessed the appropriateness of significant assumptions used in impairment test and
reviewed whether relevant assumptions were consistent with overall economy environment,
industry condition, management situation, historical experience, operation plan, assumptions
used in approved budget and related assumptions used in other areas of business activities;
(6) We assessed the appropriateness, relevance and reliability of data used by the
Management in the impairment test and reviewed the consistency of related information in
the impairment test;
(7) We tested whether the Management’s calculation of present value of estimated future
cash flows was accurate; and
(8) We checked whether information related to impairment of goodwill had been presented
appropriately in the financial statements.
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. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
We exercise professional judgment and maintain professional skepticism throughout the
audit performed in accordance with China Standards on Auditing. We also:
(I) Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
(II) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
(III) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management.
(IV) Conclude on the appropriateness of the Management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
(V) Evaluate the overall presentation, structure and content of the financial statements, and
whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.
(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of
the entities or business activities within the Company to express an opinion on the financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain sole responsibility for our audit opinion.
We communicate with those charged with governance regarding the planned audit scope,
time schedule and significant audit findings, including any deficiencies in internal control of
concern that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant: Zhang Kai
(Engagement Partner)
Hangzhou ·China Chinese Certified Public Accountant: Xiang Qing
Date of Report: March 9, 2026
II. Financial Statements
Consolidated balance sheet
As at December 31, 2025
Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Yuan
Items Note No. December 31, 2025 December 31, 2024
Current assets:
Cash and bank balances 1 753,001,888.24 1,081,659,074.07
Settlement funds
Loans to other banks
Held-for-trading financial
assets
Derivative financial assets 3 68,384,310.04 22,482,125.72
Notes receivable
Accounts receivable 5 87,407,775.73 63,423,634.85
Receivables financing
Advances paid 8 39,250,091.42 28,012,999.57
Premiums receivable
Reinsurance accounts
receivable
Reinsurance reserve
receivable
Other receivables 9 17,689,807.43 27,585,675.00
Including: Interest receivable
Dividend receivable
Financial assets under reverse
repo
Inventories 10 2,044,544,444.23 2,185,835,620.72
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within
one year
Other current assets 13 157,905,732.88 270,038,356.51
Total current assets 3,548,274,748.66 3,679,037,486.44
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 17 141,309,671.26 142,861,296.29
Other equity instrument
investments
Other non-current financial
assets
Investment property
Fixed assets 21 4,448,065,510.73 4,755,026,247.47
Construction in progress 22 181,117,208.79 159,772,560.73
Productive biological assets
Oil & gas assets
Right-of-use assets 25 106,755,805.25 160,044,048.75
Intangible assets 26 695,260,891.05 650,634,797.63
Including: Data resources
Development expenditures
Including: Data resources
Goodwill 27 699,192,456.06 699,192,456.06
Long-term prepayments
Deferred tax assets 29 856,916,438.10 703,465,374.03
Other non-current assets 30 292,092.83 479,496.08
Total non-current assets 7,142,484,170.27 7,289,302,232.95
Total assets 10,690,758,918.93 10,968,339,719.39
Current liabilities:
Short-term borrowings
Central bank loans
Loans from other banks
Held-for-trading financial
liabilities
Derivative financial liabilities 34 897,606.82
Notes payable
Accounts payable 36 2,386,658,458.32 2,464,568,207.31
Advances received
Contract liabilities 38 1,715,801,921.24 1,779,557,566.67
Financial liabilities under
repo
Absorbing deposit and interbank
deposit
Deposits for agency security
transaction
Deposits for agency security
underwriting
Employee benefits payable 39 457,709,036.97 364,552,366.42
Taxes and rates payable 40 91,837,629.51 105,740,056.40
Other payables 41 2,535,652,165.74 2,943,112,335.02
Including: Interest payable
Dividend payable
Handling fees and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due
within one year
Other current liabilities 44 21,755,132.31 31,238,861.91
Total current liabilities 7,248,654,720.01 7,739,309,934.06
Non-current liabilities:
Insurance policy reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 47 76,415,513.66 122,624,097.45
Long-term payables
Long-term employee benefits
payable
Provisions 50 156,269,045.15 279,945,417.62
Deferred income 51 200,346,100.51 221,731,621.94
Deferred tax liabilities 29 5,204,169.40 6,505,153.54
Other non-current liabilities
Total non-current liabilities 581,624,329.19 775,371,679.89
Total liabilities 7,830,279,049.20 8,514,681,613.95
Equity:
Share capital 53 483,971,198.00 483,971,198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 55 36,581,144.00 24,278,991.00
Less: Treasury shares
Other comprehensive income 57 488,175.92 -12,839,145.94
Special reserve
Surplus reserve 59 241,985,599.00 241,985,599.00
General risk reserve
Undistributed profit 60 613,984,071.76 447,823,621.95
Total equity attributable to the
parent company
Non-controlling interest 1,483,469,681.05 1,268,437,841.43
Total equity 2,860,479,869.73 2,453,658,105.44
Total liabilities & equity 10,690,758,918.93 10,968,339,719.39
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company balance sheet
As at December 31, 2025
Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Yuan
Items Note No. December 31, 2025 December 31, 2024
Current assets:
Cash and bank balances 114,305,086.73 138,123,173.04
Held-for-trading financial
assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing
Advances paid
Other receivables 2 3,111,837.11 12,838,508.69
Including: Interest receivable
Dividend receivable
Inventories
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within
one year
Other current assets 490,057.44 303,714.96
Total current assets 117,906,981.28 151,265,396.69
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments
Other equity instrument
investments
Other non-current financial
assets
Investment property
Fixed assets 200,647.32 315,602.81
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets 2,301,259.80 3,154,214.98
Intangible assets
Including: Data resources
Development expenditures
Including: Data resources
Goodwill
Long-term prepayments
Deferred tax assets
Other non-current assets
Total non-current assets 1,697,568,265.83 1,698,536,176.50
Total assets 1,815,475,247.11 1,849,801,573.19
Current liabilities:
Short-term borrowings
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable
Accounts payable 946,900.60 122,954.61
Advances received
Contract liabilities
Employee benefits payable 18,949,761.53 12,535,212.17
Taxes and rates payable 1,116,031.13 910,453.54
Other payables 23,865,778.76 31,730,699.46
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due
within one year
Other current liabilities
Total current liabilities 45,554,230.40 45,832,048.10
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2,068,392.87 3,002,090.21
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 56,575,713.74 58,844,602.59
Total liabilities 102,129,944.14 104,676,650.69
Equity:
Share capital 483,971,198.00 483,971,198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 58,126,462.97 45,824,309.97
Less: Treasury shares
Other comprehensive
-23,216,000.00 -22,208,000.00
income
Special reserve
Surplus reserve 241,985,599.00 241,985,599.00
Undistributed profit 952,478,043.00 995,551,815.53
Total equity 1,713,345,302.97 1,745,124,922.50
Total liabilities & equity 1,815,475,247.11 1,849,801,573.19
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Consolidated income statement
For the year ended December 31, 2025
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Total operating revenue 61 14,721,871,107.45 14,644,597,842.46
Including: Operating revenue 14,721,871,107.45 14,644,597,842.46
Interest income
Premiums earned
Revenue from handling fees and
commissions
II. Total operating cost 11,457,799,701.05 11,507,418,989.92
Including: Operating cost 61 7,232,045,839.16 7,531,376,822.28
Interest expenses
Handling fees and commissions
Surrender value
Net payment of insurance claims
Net provision of insurance policy
reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 62 971,454,967.72 951,746,523.65
Selling expenses 63 2,654,819,257.02 2,512,653,717.31
Administrative expenses 64 598,471,485.36 516,942,153.92
R&D expenses 65 15,880,484.52 22,666,046.16
Financial expenses 66 -14,872,332.73 -27,966,273.40
Including: Interest expenses 5,152,290.61 7,672,861.33
Interest income 23,909,423.80 41,044,772.00
Add: Other income 67 65,462,679.13 61,030,811.67
Investment income (or less: losses) 68 -23,915,259.81 80,199,285.18
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 -1,952,816.80 -3,037,528.86
Assets impairment loss 72 -103,655,367.19 -92,041,824.53
Gains on asset disposal (or less: losses) 73 5,552,802.45 1,184,670.85
III. Operating profit (or less: losses) 3,205,654,142.87 3,184,514,266.85
Add: Non-operating revenue 74 52,758,036.02 15,904,212.80
Less: Non-operating expenditures 75 16,486,594.58 280,490,867.51
IV. Profit before tax (or less: total loss) 3,241,925,584.31 2,919,927,612.14
Less: Income tax expenses 76 763,717,921.20 670,547,119.78
V. Net profit (or less: net loss) 2,478,207,663.11 2,249,380,492.36
(I) Categorized by the continuity of operations
operations (or less: net loss)
-19,984,610.54 1,411,073.68
operations (or less: net loss)
(II) Categorized by the portion of equity ownership
parent company (or less: net loss)
controlling shareholders (or less: net 1,247,310,577.70 1,134,787,448.78
loss)
VI. Other comprehensive income after tax 77 27,239,939.96 9,058,207.97
(I) Items attributable to the owners 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
or loss
(1) Items under equity method that
may be reclassified to profit or loss
(2) Changes in fair value of other debt
investments
(3) Profit or loss from reclassification
of financial assets into other
comprehensive income
(4) Provision for credit impairment of
other debt investments
(5) Cash flow hedging reserve 77 18,038,557.71 8,749,651.26
(6) Translation reserve
(7) Others
(II) Items attributable to non-controlling
shareholders
VII. Total comprehensive income 2,505,447,603.07 2,258,438,700.33
(I) Items attributable to the owners of
the parent company
(II) Items attributable to non-controlling
shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 2.54 2.30
(II) Diluted EPS (yuan per share) 2.54 2.30
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company income statement
For the year ended December 31, 2025
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Operating revenue
Less: Operating cost
Taxes and surcharges 146,446.89 354,777.37
Selling expenses
Administrative expenses 64,381,446.57 57,072,187.15
R&D expenses
Financial expenses 1,047,762.27 -1,411,832.74
Including: Interest expenses 786,305.73 4,699,144.05
Interest income 1,160,898.27 8,433,802.17
Add: Other income 650,726.23 875,010.86
Investment income (or less: losses) 5 1,087,018,800.00 1,427,933,400.00
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 -429,895.98 -1,399,205.13
Assets impairment loss
Gains on asset disposal (or less: losses) -24,785.72
II. Operating profit (or less: losses) 1,021,663,974.52 1,371,369,288.23
Add: Non-operating revenue 550.00
Less: Non-operating expenditures 1,661.45 1,238,938.05
III. Profit before tax (or less: total loss) 1,021,662,863.07 1,370,130,350.18
Less: Income tax expenses
IV. Net profit (or less: net loss) 1,021,662,863.07 1,370,130,350.18
(I) Net profit from continuing operations (or
less: net loss)
(II) Net profit from discontinued operations
-2,008.51
(or less: net loss)
V. Other comprehensive income after tax -1,008,000.00 -2,618,000.00
(I) Not to be reclassified subsequently to
-1,008,000.00 -2,618,000.00
profit or loss
-1,008,000.00 -2,618,000.00
benefit plan
not be reclassified to profit or loss
instrument investments
risk
(II) To be reclassified subsequently to profit
or loss
be reclassified to profit or loss
investments
financial assets into other comprehensive
income
other debt investments
VI. Total comprehensive income 1,020,654,863.07 1,367,512,350.18
VII. Earnings per share (EPS):
(I) Basic EPS (yuan per share)
(II) Diluted EPS (yuan per share)
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Consolidated cash flow statement
For the year ended December 31, 2025
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
fees and commissions
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security
transaction
Receipts of tax refund 102,100,881.95 36,911,400.40
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 of original insurance
contracts
Net increase of loans to others
Cash payments for interest, handling
fees and commissions
Cash payments for policy bonus
Cash paid to and on behalf of employees 1,668,028,350.35 1,690,148,731.48
Cash payments for taxes and rates 2,872,874,380.95 2,628,685,554.68
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 287,171.90 63,684,242.83
Net cash receipts from the disposal of
fixed assets, intangible assets and other 6,349,622.02 1,669,625.58
long-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 419,524,022.63 1,073,248,166.32
long-term assets
Cash payments for investments 78 (2) 2,040,000,000.00 990,000,000.00
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
-787,488,035.39 -633,430,356.26
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 2,110,927,991.78 3,465,185,598.82
expenses
Including: Cash paid by subsidiaries to
non-controlling shareholders as dividend 1,046,191,356.18 1,384,109,447.42
or profit
Other cash payments related to financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-2,171,707,568.18 -3,527,746,522.01
activities
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: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company cash flow statement
For the year ended December 31, 2025
Monetary unit: RMB Yuan
Note Current period Preceding period
Items
No. cumulative comparative
I. Cash flows from operating activities:
Cash receipts from sale of goods and
rendering of services
Receipts of tax refund 310,789.77 800,820.22
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 and on behalf of employees 39,246,665.46 46,881,313.72
Cash payments for taxes and rates 176,470.07 347,919.69
Other cash payments related to operating
activities
Subtotal of cash outflows from operating
activities
Net cash flows from operating
-44,330,526.01 -59,846,878.56
activities
II. Cash flows from investing activities:
Cash receipts from withdrawal of
investments
Cash receipts from investment income 1,087,018,800.00 1,427,933,400.00
Net cash receipts from the disposal of fixed
assets, intangible assets and other long- 5,300.00
term assets
Note Current period Preceding period
Items
No. cumulative comparative
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-
term assets
Cash payments for investments
Net cash payments for the acquisition of
subsidiaries & other business units
Other cash payments related to investing
activities
Subtotal of cash outflows from investing
activities
Net cash flows from investing
activities
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 1,065,406,353.65 2,085,602,894.50
expenses
Other cash payments related to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing
-1,066,113,360.31 -2,086,306,871.66
activities
IV. Effect of foreign exchange rate
changes on cash and cash equivalents
V. Net increase in cash and cash
-23,425,086.32 -718,215,050.22
equivalents
Add: Opening balance of cash and cash
equivalents
VI. Closing balance of cash and cash
equivalents
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Consolidated statement of changes in equity
For the year ended December 31, 2025
Monetary unit: RMB Yuan
Current period cumulative
Equity attributable to parent company
Items Other equity instruments Less: Other General Non-controlling
Special Surplus Undistributed Total equity
Share capital Preferred Perpetual Capital reserve Treasury comprehensive risk Others Subtotal interest
Others reserve reserve profit
shares bonds shares income reserve
I. Balance at the end of
prior year
Add: Cumulative
changes of accounting
policies
Error correction of
prior period
Others
II. Balance at the
beginning of current 483,971,198.00 24,278,991.00 -12,839,145.94 241,985,599.00 447,823,621.95 1,185,220,264.01 1,268,437,841.43 2,453,658,105.44
year
III. Current period
increase (or less: 12,302,153.00 13,327,321.86 166,160,449.81 191,789,924.67 215,031,839.62 406,821,764.29
decrease)
(I) Total comprehensive
income
(II) Capital contributed
or withdrawn by owners
contributed by owners
holders of other equity
instruments
based payment included 12,302,153.00 12,302,153.00 12,302,153.00
in equity
(III) Profit distribution -1,064,736,635.60 -1,064,736,635.60 -1,046,191,356.18 -2,110,927,991.78
surplus reserve
general risk reserve
-1,064,736,635.60 -1,064,736,635.60 -1,046,191,356.18 -2,110,927,991.78
profit to owners
(IV) Internal carry-over
within equity
reserve to capital
reserve to capital
cover losses
benefit plan carried over
to retained earnings
income carried over to
retained earnings
(V) Special reserve
appropriation
(VI) Others
IV. Balance at the end of
current period
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
Add: Cumulative
changes of
accounting policies
Error correction
of prior period
Others
II. Balance at the
beginning of current 483,971,198.00 16,022,535.00 -16,085,442.20 241,985,599.00 1,414,306,729.77 2,140,200,619.57 1,511,947,928.36 3,652,148,547.93
year
III. Current period
increase (or less: 8,256,456.00 3,246,296.26 -966,483,107.82 -954,980,355.56 -243,510,086.93 -1,198,490,442.49
decrease)
(I) Total
comprehensive 3,246,296.26 1,114,593,043.58 1,117,839,339.84 1,140,599,360.49 2,258,438,700.33
income
(II) Capital
contributed or 8,256,456.00 8,256,456.00 8,256,456.00
withdrawn by owners
contributed by
owners
by holders of other
equity instruments
based payment 8,256,456.00 8,256,456.00 8,256,456.00
included in equity
(III) Profit
-2,081,076,151.40 -2,081,076,151.40 -1,384,109,447.42 -3,465,185,598.82
distribution
surplus reserve
general risk reserve
-2,081,076,151.40 -2,081,076,151.40 -1,384,109,447.42 -3,465,185,598.82
profit to owners
(IV) Internal carry-
over within equity
reserve to capital
reserve to capital
cover losses
defined benefit plan
carried over to
retained earnings
comprehensive
income carried over
to retained earnings
(V) Special reserve
appropriation
(VI) Others
IV. Balance at the end of
current period
Legal representative: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
Parent company statement of changes in equity
For the year ended December 31, 2025
Monetary unit: RMB Yuan
Current period cumulative
Other equity instruments Less: Other
Items Capital Special Surplus Undistributed
Share capital Preferred Perpetual Treasury comprehensive Total equity
Others reserve reserve reserve profit
shares bonds shares income
I. Balance at the end of prior year 483,971,198.00 45,824,309.97 -22,208,000.00 241,985,599.00 995,551,815.53 1,745,124,922.50
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 -1,008,000.00 1,021,662,863.07 1,020,654,863.07
(II) Capital contributed or
withdrawn by owners
owners
other equity instruments
payment included in equity
(III) Profit distribution -1,064,736,635.60 -1,064,736,635.60
reserve
-1,064,736,635.60 -1,064,736,635.60
owners
(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
Preceding period comparative
Other equity instruments Less: Other
Items Capital Special Surplus Undistributed
Share capital Preferred Perpetual Treasury comprehensive Total equity
Others reserve reserve reserve profit
shares bonds shares income
I. Balance at the end of prior year 483,971,198.00 37,567,853.97 -19,590,000.00 241,985,599.00 1,706,497,616.75 2,450,432,267.72
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 -2,618,000.00 1,370,130,350.18 1,367,512,350.18
(II) Capital contributed or
withdrawn by owners
owners
of other equity instruments
payment included in equity
(III) Profit distribution -2,081,076,151.40 -2,081,076,151.40
reserve
-2,081,076,151.40 -2,081,076,151.40
owners
(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: João Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping
ANNUAL REPORT 2025
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 wine, beverage and refined tea manufacturing industry and is mainly engaged
in production and sales of beer.
The financial statements were approved and authorized for issue by the seventh meeting of the eleventh
session of the Board of Directors dated March 9, 2026.
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, inventories, depreciation of fixed assets, construction in progress,
depreciation of right-of-use assets, intangible assets, revenue recognition, etc., based on the Company’s
actual production and operation features.
The financial statements have been prepared in accordance with the requirements of China Accounting
Standards for Business Enterprises (CASBEs), and present truly and completely the financial position,
financial performance, changes in equity, and cash flows of the Company.
ANNUAL REPORT 2025
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
Items Materiality
Significant accounts receivable with Accounts receivable with single amount in excess of
provision for bad debts made on an 0.3% of total assets are identified as significant
individual basis accounts receivable.
Provisions for bad debts of accounts receivable
collected or reversed with single amount in excess of
Significant provisions for bad debts of
accounts receivable collected or reversed
provisions for bad debts of accounts receivable
collected or reversed.
Accounts receivable written off with single amount in
Significant accounts receivable written off excess of 0.3% of total assets are identified as
significant accounts receivable written off.
Other receivables with single amount in excess of 0.3%
Significant other receivables with provision
of total assets are identified as significant other
for bad debts made on an individual basis
receivables.
Provisions for bad debts of other receivables collected
Significant provisions for bad debts of or reversed with single amount in excess of 0.3% of
other receivables collected or reversed total assets are identified as significant provisions for
bad debts of other receivables collected or reversed.
Other receivables written off with single amount in
Significant other receivables written off excess of 0.3% of total assets are identified as
significant other receivables written off.
Significant advances paid with age over Advances paid with single amount in excess of 0.3% of
one year total assets are identified as significant advances paid.
Accounts payable with single amount in excess of
Significant accounts payable with age over
one year
accounts payable.
Contract liabilities with single amount in excess of
Significant contract liabilities with age over
one year
contract liabilities.
Significant other payables with age over Other payables with single amount in excess of 0.3% of
one year total assets are identified as significant other payables.
Construction in progress with single amount of changes
Significant construction in progress or balance in excess of 0.3% of total assets are
identified as significant construction in progress.
ANNUAL REPORT 2025
Items Materiality
Investing activities with cash flows in excess of 5% of
Significant cash flows from investing
total assets are identified as significant investing
activities
activities.
Subsidiaries with total revenue/profit before tax in
Significant subsidiaries, not wholly-owned excess of 5% of the group’s total revenue/profit before
subsidiaries tax are identified as significant subsidiaries/significant
not wholly-owned subsidiaries.
Associates with single amount of long-term equity
Significant associates investment in excess of 0.3% of total assets are
identified as significant associates.
Contracts signed but not yet fulfilled with single
amount in excess of 5% of total assets or commitments
Significant commitments
of a special nature are identified as significant
commitments.
Contingencies with claim amount in excess of 5% of
Significant contingencies profit before tax or contingencies of a special nature
are identified as significant contingencies.
Events with amount of impacts in excess of 5% of total
Significant events subsequent to the
assets or events of a special nature are identified as
balance sheet date
significant events subsequent to the balance sheet date.
√ 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
(1) Judgement of control
An investor controls an investee if and only if the investor has all the following: 1) power over the investee;
its power over the investee to affect the amount of the investor’s returns.
(2) Compilation method of consolidated financial statements
ANNUAL REPORT 2025
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
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 RMB yuan at the spot exchange rate at
the transaction date at initial recognition. At the balance sheet date, monetary items denominated in foreign
currency are translated at the spot exchange rate at the balance sheet date with difference, except for those
arising from the principal and interest of exclusive borrowings eligible for capitalization, included in profit
or loss; non-cash items carried at historical costs are translated at the spot exchange rate at the transaction
date, with the RMB amounts unchanged; non-cash items carried at fair value in foreign currency are
translated at the spot exchange rate at the date when the fair value was determined, with difference
included in profit or loss or other comprehensive income.
√ 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.
ANNUAL REPORT 2025
(1) Recognition criteria and measurement method of financial assets and financial liabilities
When the Company becomes a party to a financial instrument, it is recognized as a financial asset or
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
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
ANNUAL REPORT 2025
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.
when the continuing involvement approach applies
The Company measures its financial liabilities in accordance with “CASBE 23 – Transfer of Financial
Assets”.
a loan at a below-market interest rate, which do not fall within the above category 1)
The Company measures its financial liabilities at the higher of: a. the amount of loss allowances in
accordance with impairment requirements of financial instruments; b. the amount initially recognized less
the amount of accumulated amortization recognized in accordance with “CASBE 14 – Revenues”.
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 23 – Transfer of Financial Assets”.
the financial 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
ANNUAL REPORT 2025
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 for derecognition, the entire carrying amount of
the transferred financial asset is, between the portion which is derecognized and the portion which is not,
apportioned according to their respective relative fair value, and the difference between the amounts of
the following two items is included into profit or loss: (1) the carrying amount of the portion which is
derecognized; (2) the sum of consideration of the portion which is derecognized, and the portion of the
accumulative amount of the changes in the fair value originally included in other comprehensive income
which is corresponding to the portion which is derecognized (financial assets transferred refer to debt
instrument investments at fair value through other comprehensive income).
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.
ANNUAL REPORT 2025
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.
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
ANNUAL REPORT 2025
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.
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.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Categories and determination basis of portfolios with provision for bad debts made on a collective
basis using similar credit risk features
√ Applicable □ Not Applicable
Basis for determination Method for measuring expected credit
Categories
of portfolio loss
Based on historical credit loss
experience, the current situation and the
forecast of future economic conditions,
Accounts receivable – Portfolio
Ages the Company prepares the comparison
grouped with ages
table of ages and lifetime expected credit
loss rate of accounts receivable, so as to
calculate expected credit loss.
Based on historical credit loss
Accounts receivable – Portfolio experience, the current situation and the
Related parties brought
grouped with balances due from forecast of future economic conditions,
into the consolidation
related parties within the the Company calculates expected credit
scope
consolidation scope loss through exposure at default and
lifetime expected credit loss rate.
Based on historical credit loss
experience, the current situation and the
forecast of future economic conditions,
Other receivables – Portfolio
Ages the Company prepares the comparison
grouped with ages
table of ages and lifetime expected credit
loss rate of other receivables, so as to
calculate expected credit loss.
ANNUAL REPORT 2025
Basis for determination Method for measuring expected credit
Categories
of portfolio loss
Based on historical credit loss
experience, the current situation and the
Other receivables – Portfolio
Related parties brought forecast of future economic conditions,
grouped with balances due from
into the consolidation the Company calculates expected credit
related parties within the
scope loss through exposure at default and 12-
consolidation scope
month or lifetime expected credit loss
rate.
Portfolios grouped with similar credit risk features using age analysis method
√ Applicable □ Not Applicable
Expected credit loss rate of accounts Expected credit loss rate of other
Ages
receivable (%) receivables (%)
Within 1 year (inclusive, the
same hereinafter)
Over 5 years 100.00 100.00
Ages of accounts receivable/other receivables are calculated from the month when such receivables are
accrued.
Judgement basis for receivables with provision for bad debts made on an individual basis
√ Applicable □ Not Applicable
For receivables whose credit risk is significantly different from that of portfolios, the Company accrues
expected credit losses on an individual basis.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Categories and determination basis of portfolios with provision for bad debts made on a collective
basis using similar credit risk features
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.
Portfolios grouped with similar credit risk features using age analysis method
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.
ANNUAL REPORT 2025
Judgement basis for receivables with provision for bad debts made on an individual basis
√ Applicable □ Not Applicable
Please refer to item V 11 and 13 of this section for details.
√ Applicable □ Not Applicable
Classification, accounting method for dispatched inventories, inventory system, amortization
method of low-value consumables and packages
√ 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.
Inventories dispatched from storage are accounted for with weighted average method at the end of each
month.
Perpetual inventory method is adopted.
The recyclable wine bottles are included in the cost when losses incurred, and the turnover boxes and
pallets are amortized over the expected useful life after deducting expected net residual value.
The Company recognizes deposits for packages lent out as other payables.
At the balance sheet date, based on the number of packages lent out in the current period, the number of
irrecoverable packages is calculated at the current loss rate, which is estimated based on the market
conditions and the historical recycling records. Provision for inventory write-down shall be made at the
cost of irrecoverable packages, and allowances for other payables shall be accrued at the after-tax amount
of non-refundable deposits, with the difference recognized as assets impairment loss through profit and
loss.
The packages lent out will be accounted for as a sale when there is objective evidence indicating that the
packages are irrecoverable, and the carrying amount (cost less provisions for write-down) and
corresponding deposits payable (cost less allowances) will be carried forward.
Recognition criteria and accrual method of provision for inventory write-down
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
At the balance sheet date, inventories (excluding packages lent out that expect to be irrecoverable. Please
refer to item V 16.5 of this section for details on the accrual method of provisions for inventory write-
down on these packages) are measured at the lower of cost and net realizable value; provisions for
inventory write-down are made on the excess of its cost over the net realizable value. The net realizable
value of inventories held for sale is determined based on the amount of the estimated selling price less the
estimated selling expenses and relevant taxes and surcharges in the ordinary course of business; the net
realizable value of inventories to be processed is determined based on the amount of the estimated selling
price less the estimated costs of completion, selling expenses and relevant taxes and surcharges in the
ordinary course of business; at the balance sheet date, when only part of the same item of inventories have
agreed price, their net realizable value are determined separately and are compared with their costs to set
the provision for inventory write-down to be made or reversed.
Categories of portfolios with provision for inventory write-down made on a collective basis and
determination basis, determination basis of net realizable value
□ Applicable √ Not Applicable
Calculation method and determination basis for net realizable value under portfolio grouped with
ages
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Recognition criteria and accounting treatment of non-current assets or disposal groups held for sale
□ Applicable √ Not Applicable
Recognition criteria and presentation method of discontinued operations
√ Applicable □ Not Applicable
A component of the Company that has been disposed of (including through sale or by the termination of
use, such as closure or scrapping), or is classified as held for sale and can be clearly distinguished is
recognized as a discontinued operation when it fulfills any of the following conditions:
(1) it represents a separate major line of business or a separate geographical area of operations;
(2) it is part of a related plan to dispose of a separate major line of business or a separate geographical area
of operations; or
(3) it is a subsidiary acquired exclusively with a review to resale.
ANNUAL REPORT 2025
The Company presents gains or losses from continuing operations and gains or losses from discontinued
operations separately in the income statement. Operating gains or losses including impairment loss of
discontinued operations and its reversal amount, and gains or losses on disposal are presented as gains or
losses from discontinued operations. For discontinued operations presented in the current period, the
information previously presented as gains or losses from continuing operations is reclassified as gains or
losses from discontinued operations for the comparative period in the current financial statements.
√ 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.
(2) For business combination not under common control, investment cost is initially recognized at the
acquisition-date fair value of considerations paid.
ANNUAL REPORT 2025
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:
amount of the previously held long-term equity investments plus the carrying amount of the consideration
paid for the newly acquired equity.
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”, 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
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) Judgement principles of “bundled transaction”
For disposal of a subsidiary in stages resulting in the Company’s loss of control, the Company determines
whether it is a “bundled transaction” based on the agreement terms for each stage, disposal consideration
obtained separately, object of the equity sold, disposal method, disposal time point, etc. If the terms,
conditions and economic effect of each transaction meet one or more of the following conditions, these
transactions are usually considered as a “bundled transaction”:
ANNUAL REPORT 2025
considered together with other transactions.
(2) Accounting treatments of non-bundled transactions
The difference between the carrying amount of the disposed equity and the consideration obtained thereof
is recognized in profit or loss. If the disposal does not result in the Company’s loss of significant influence
or joint control, the remained equity is accounted for with equity method; however, if the disposal results
in the Company’s loss of control, joint control, or significant influence, the remained equity is accounted
for according to “CASBE 22 – Financial Instruments: Recognition and Measurement”.
Before the Company’s loss of control, the difference between the disposal consideration and the
proportionate share of net assets in the disposed subsidiary from acquisition date or combination date to
the disposal date is adjusted to capital reserve (capital premium), if the balance of capital reserve is
insufficient to offset, any excess is adjusted to retained earnings.
When the Company loses control, the remained equity is remeasured at the loss-of-control-date fair value.
The aggregated value of disposal consideration and the fair value of the remained equity, less the share of
net assets in the disposed subsidiary held before the disposal from the acquisition date or combination date
to the disposal date is recognized in investment income in the period when the Company loses control
over such subsidiary, and meanwhile goodwill is offset correspondingly. Other comprehensive income
related to equity investments in former subsidiary is reclassified as investment income upon the
Company’s loss of control.
(3) Accounting treatment of bundled transaction
Stages as a whole are considered as one transaction resulting in loss of control in accounting treatment.
However, before the Company loses control over a subsidiary, the difference between the disposal
consideration at each stage and the carrying amount of long-term equity investments corresponding to the
disposed investments is recognized as other comprehensive income at the stand-alone financial statements
and reclassified as profit or loss in the period when the Company loses control over such subsidiary.
Stages as a whole are considered as one transaction resulting in loss of control in accounting treatment.
However, before the Company loses control over a subsidiary, the difference between the disposal
consideration at each stage and the proportionate share of net assets in the disposed subsidiary is
recognized as other comprehensive income at the consolidated financial statements and reclassified as
profit or loss in the period when the Company loses control over such subsidiary.
ANNUAL REPORT 2025
□ Applicable √ 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
Categories Depreciation method
(years) proportion depreciation rate
Buildings and
Straight-line method 20-40 0%-10% 2.25%-5.00%
structures
Buildings and
structures - Other Straight-line method 5-20 0%-10% 4.50%-20.00%
factory facilities
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%
√ Applicable □ Not Applicable
associated with the item will flow to the Company, and the cost of the item can be measured reliably.
Construction in progress is measured at the actual cost incurred to reach its designed usable conditions.
usable conditions. When the auditing of the construction in progress was not finished while reaching the
designed usable conditions, it is transferred to fixed assets using estimated value first, and then adjusted
accordingly when the actual cost is settled, but the accumulated depreciation is not to be adjusted
retrospectively.
Standards and time point of transferring construction in progress to
Categories
fixed assets
Reaching its usable conditions after self-construction or outsourcing
Buildings and structures
construction is completed
Reaching its designed usable conditions after installation and
Machinery
commissioning
Reaching its designed usable conditions after installation and
Other equipment
commissioning
ANNUAL REPORT 2025
√ 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 excess of the accumulative capital disbursements over the special borrowings by the
capitalization rate of the general borrowing used.
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(1) Useful life and its determination basis, estimation, amortization method or review procedure
√ Applicable □ Not Applicable
assets is based on its cost.
useful lives systematically and reasonably, if it is unable to determine the expected realization pattern
reliably, intangible assets are amortized by the straight-line method with details as follows:
Items Useful life and determination basis Amortization method
Land use right 30-50 years; property registration period Straight-line method
Trademark Straight-line method
useful life
software 3-10 years; expected useful life Straight-line method
Intangible assets with indefinite useful lives are not amortized, but their useful life is reviewed annually.
Judgment basis for indefinite useful life is as follows:
Items Judgment basis
The life cycle of the product corresponding to the trademark cannot be
Trademark
determined and the validity period of trademark is more likely to be extended
(2) Permitted scope of R&D costs and relevant accounting treatments
√ Applicable □ Not Applicable
(1) Personnel costs
Personnel costs include wages and salaries, basic endowment insurance premiums, basic medical
insurance premiums, unemployment insurance premiums, occupational injuries premiums, maternity
premiums and housing provident funds for the Company’s R&D personnel, as well as labor costs for
external R&D personnel.
If R&D personnel serve for multiple R&D projects at the same time, personnel costs are recognized based
on their working hour records provided by the Company’s administrative department, and proportionately
allocated among different R&D projects.
If personnel directly engaged in R&D activities and external R&D personnel are engaged in non-R&D
activities at the same time, the Company, based on their working hour records at different positions,
allocates personnel costs actually incurred between R&D expenses and production and operating expenses
using reasonable methods such as the ratio of actual working hours.
(2) Direct input costs
Direct input costs refer to relevant expenses actually incurred by the Company for R&D activities, which
include: 1) materials, fuel and power costs directly consumed by R&D activities; 2) operation and
maintenance, adjustment, inspection, testing and repairing costs of instruments and equipment used for
ANNUAL REPORT 2025
R&D activities; and 3) rental fees of instruments and equipment leased under operating leases for R&D
activities.
(3) Depreciation
Depreciation refers to the depreciation of instruments and equipment used for R&D activities.
For instruments and equipment both used for R&D activities and non-R&D activities, necessary records
shall be kept on their usage, and depreciation actually incurred is allocated between R&D expenses and
production and operating expenses in a reasonable manner based on the actual working hours, etc.
(4) Amortization of intangible assets
Amortization of intangible assets refer to the amortization of software used for R&D activities.
For intangible assets both used for R&D activities and non-R&D activities, necessary records shall be kept
on their usage, and amortization actually incurred is allocated between R&D expenses and production and
operating expenses in a reasonable manner based on the actual working hours, etc.
(5) Design expenses
Design expenses refer to expenses incurred for the conception, development and manufacturing of new
products and techniques, design of processes, technical specifications, process specification formulation,
operational characteristics, etc., including expenses incurred for creative design activities to obtain
innovative, creative and breakthrough products.
(6) Other expenses
Other expenses refer to expenses other than those mentioned above that are directly related to R&D
activities, including technical books and materials fees, data translation fees, expert consultation fees,
high-tech R&D insurance premiums, R&D outcomes search, analysis, review, demonstration, appraisal,
evaluation, assessment, and acceptance fees, intellectual property application, registration and agency fees,
business travelling fees, conference fees, etc.
Expenditures on the research phase of an internal project are recognized as profit or loss when they are
incurred. An intangible asset arising from the development phase of an internal project is recognized if the
Company can demonstrate all of the followings: (1) the technical feasibility of completing the intangible
asset so that it will be available for use or sale; (2) its intention to complete the intangible asset and use or
sell it; (3) how the intangible asset will generate probable future economic benefits, among other things,
the Company can demonstrate the existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; (4) the
availability of adequate technical, financial and other resources to complete the development and to use
or sell the intangible asset; and (5) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
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
√ 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.
ANNUAL REPORT 2025
(1) The Company recognizes in the accounting period in which an employee provides service the
contribution payable to a defined contribution plan as a liability, with a corresponding charge to profit or
loss or the cost of a relevant asset.
(2) Accounting treatment by the Company for defined benefit plan usually involves the following steps:
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;
fair value of defined benefit plan assets from the present value of the defined benefit plan obligation as a
net defined benefit plan liability or net defined benefit plan asset. When a defined benefit plan has a surplus,
the Company measures the net defined benefit plan asset at the lower of the surplus in the defined benefit
plan and the asset ceiling;
arising from defined benefit plan: a. service cost; b. net interest on the net defined benefit plan liability
(asset); and c. changes as a result of remeasurement of the net defined benefit liability (asset). Item a and
item b are recognized in profit or loss or the cost of a relevant asset. Item c is recognized in other
comprehensive income and is not to be reclassified subsequently to profit or loss. However, the Company
may transfer those amounts recognized in other comprehensive income within equity.
(3) Accounting treatment of termination benefits
√ Applicable □ Not Applicable
Termination benefits provided to employees are recognized as an employee benefit liability for
termination benefits, with a corresponding charge to profit or loss at the earlier of the following dates: (1)
when the Company cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; or (2) when the Company recognizes cost or
expenses related to a restructuring that involves the payment of termination benefits.
(4) Accounting treatment of other long-term employee benefits
√ Applicable □ Not Applicable
When other long-term employee benefits provided to the employees satisfied the conditions for classifying
as a defined contribution plan, those benefits are accounted for in accordance with the requirements
relating to defined contribution plan, while other benefits are accounted for in accordance with the
requirements relating to defined benefit plan. The Company recognizes the cost of employee benefits
arising from other long-term employee benefits as the followings: (1) service cost; (2) net interest on the
net liability or net assets of other long-term employee benefits; and (3) changes as a result of
remeasurement of the net liability or net assets of other long-term employee benefits. As a practical
ANNUAL REPORT 2025
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
providing guarantee for other parties, litigation, products quality guarantee, onerous contract, etc., may
cause the outflow of the economic benefit and such obligations can be reliably measured.
the present 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 fulfills certain
performance conditions, at the balance sheet date within the vesting period, the fair value of those equity
instruments measured at grant date based on the best estimate of the number of equity instruments expected
to vest is recognized as transaction cost or expense, with a corresponding adjustment in capital reserve.
For equity-settled share-based payment transaction with parties other than employees, if the fair value of
the services received can be measured reliably, the fair value is measured at the date the Company receives
the service; if the fair value of the services received cannot be measured reliably, but that of equity
instruments can be measured reliably, the fair value of the equity instruments granted measured at the date
the Company receives the service is referred to, and recognized as transaction cost or expense, with a
corresponding increase in equity.
(2) Cash-settled share-based payment
For cash-settled share-based payment transactions with employees, if share appreciation rights vest
immediately, the fair value of the liability incurred as the acquisition of services is measured at grant date
and recognized as transaction cost or expense, with a corresponding increase in liabilities; if share
appreciation rights do not vest until the employees have completed a specified period of service or fulfills
certain performance conditions, the liability is measured, at each balance sheet date until settled, at the fair
ANNUAL REPORT 2025
value of the share appreciation rights measured at grant date based on the best estimate of the number of
share appreciation right expected to vest.
(3) Modifications and cancellations of share-based payment plan
If the modification increases the fair value of the equity instruments granted, the Company includes the
incremental fair value granted in the measurement of the amount recognized for services received as
consideration for the equity instruments granted; similarly, if the modification increases the number of
equity instruments granted, the Company includes the fair value of the additional equity instruments
granted, in the measurement of the amount recognized for services received as consideration for the equity
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 policies for revenue recognition and measurement of revenue disclosed by business
nature
√ 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
ANNUAL REPORT 2025
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 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.
(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.
ANNUAL REPORT 2025
(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) Different recognition method and measurement method of revenue from similar businesses
under different business models
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Assets related to contract costs include costs of obtaining a contract and costs to fulfill a contract.
The Company recognizes as an asset the incremental costs of obtaining a contract if those costs are
expected to be recovered. The costs of obtaining a contract shall be included into profit or loss when
incurred if the amortization period of the asset is one year or less.
If the costs incurred in fulfilling a contract are not within the scope of standards related to inventories,
fixed assets or intangible assets, etc., the Company shall recognize the costs to fulfill a contract as an asset
if all the following criteria are satisfied:
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;
the future; 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.
ANNUAL REPORT 2025
√ Applicable □ Not Applicable
Company will comply with the conditions attaching to the grants; (2) the grants will be received. Monetary
government grants are measured at the amount received or receivable. Non-monetary government grants
are measured at fair value, and can be measured at nominal amount in the circumstance that fair value
cannot be assessed.
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.
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.
used to offset relevant cost based on business nature, while those not related to the ordinary course of
business shall be included into non-operating revenue or expenditures.
(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.
ANNUAL REPORT 2025
(2) In the circumstance that government directly appropriates interest subvention to the Company, the
subsidised interest shall offset relevant borrowing cost.
√ Applicable □ Not Applicable
between the carrying amount and tax base of assets and liabilities (and the difference of the carrying
amount and tax base of items not recognized as assets and liabilities but with their tax base being able to
be determined according to tax laws) and in accordance with the tax rate applicable to the period during
which the assets are expected to be recovered or the liabilities are expected to be settled.
likely to obtain and which can be deducted from the deductible temporary difference. At the balance sheet
date, if there is any exact evidence indicating that it is probable that future taxable income will be available
against which deductible temporary differences can be utilized, the deferred tax assets unrecognized in
prior periods are recognized.
of a deferred tax asset is reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow the benefit of the deferred tax asset to be utilized. Such reduction is subsequently
reversed to the extent that it becomes probable that sufficient taxable income will be available.
profit or loss, excluding those arising from the following circumstances: (1) business combination; and (2)
the transactions or items directly recognized in equity.
when the following conditions are all met: (1) the Company has the legal right to settle off current tax
assets against current tax liabilities; (2) the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same tax authority on either: 1) the same taxable entity; or 2) different taxable
entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax
assets or liabilities are expected to be recovered or settled.
√ Applicable □ Not Applicable
Judgement basis and accounting treatment of short-term leases and leases of low-value assets with
simplified approach when the Company as lessee
√ Applicable □ Not Applicable
At the commencement date, the Company recognizes a lease that has a lease term of 12 months or less as
a short-term lease, which shall not contain a purchase option; the Company recognizes a lease as a lease
ANNUAL REPORT 2025
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: 1) actual fixed payments; 2)
amounts expected to be payable under residual value guarantees; 3) an index or a rate used to determine
lease payments; 4) assessment result or exercise of purchase option, extension option or termination option,
the Company remeasures the lease liability based on the present value of lease payments after changes,
and adjusts the carrying amount of the right-of-use asset accordingly. If the carrying amount of the right-
of-use asset is reduced to zero but there shall be a further reduction in the lease liability, the remaining
amount shall be recognized into profit or loss.
Classification criteria and accounting treatment of leases when the Company as lessor
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
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.
√ 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.
(1) Hedge refers to cash flow hedge.
(2) A hedging relationship qualifies for hedge accounting if all of the following conditions are met: 1) the
hedging relationship consists only of eligible hedging instruments and eligible hedged instruments; 2) at
the inception of the hedge there is formal designation of hedging instruments and hedged item, and
documentation of the hedging relationship and the Company’s risk management objective and strategy for
undertaking the hedge; 3) the hedging relationship meets the hedging effectiveness requirements.
ANNUAL REPORT 2025
The Company recognizes that the hedging relationship meets effectiveness requirements if the all of the
followings are simultaneously satisfied: 1) there is an economic relationship between the hedged item and
the hedging instruments; 2) the effect of credit risk does not dominate the value changes that result from
that economic relationship between the hedged item and the hedging instruments; and 3) the hedge ratio
of the hedging relationship is the same as the ratio of the quantity of the hedged item that the Company
actually hedges and the number of hedging instruments that the Company actually uses to hedge that
quantity of hedged item, but does not reflect an imbalance between the weightings of the hedged item and
the hedging instrument.
The Company shall assess whether a hedging relationship meets the hedge effectiveness requirements at
inception and on an ongoing basis. If a hedging relationship ceases to meet the hedge effectiveness
requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, the hedging relationship shall be rebalanced.
(3) Hedge accounting
shall be recognized in other comprehensive income as cash flow hedge reserve, while the ineffective
portion shall be recognized in profit or loss. The cash flow hedge reserve shall be recognized at the lower
of the following (in absolute amounts): a. the cumulative gain or loss on the hedging instrument from
inception of the hedge; and b. the cumulative change in present value of the expected future cash flows of
the hedged item from inception of the hedge.
financial liability, or a hedged forecast transaction for a non-financial asset or non-financial liability
becomes a firm commitment for which fair value hedge accounting is applied, the Company shall transfer
out the amount of cash flow hedge reserve previously recognized in other comprehensive income, and
include it in the initial cost of the asset or the liability.
comprehensive income shall be transferred out into profit or loss in the same period the hedged forecast
sale affects profit or loss.
Please refer to item V of section V for details.
the Company adopts the revised standards or interpretations since 2025
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
VI. Taxes
Details
√ Applicable □ Not Applicable
Taxes Tax bases Tax rates
Under general calculation method, the output tax
calculated based on the revenue from sales of goods
or rendering of services in accordance with the tax 13%, 9%, 6%, 5%
Value-added tax law, net of the input tax that is allowed to be (simplified levy rate),
(VAT) deducted in the current period; under simplified 3% (simplified levy
calculation method, VAT is calculated based on the rate)
revenue from sales of goods or rendering of taxable
services and the simplified levy rate
Consumption tax is calculated based on a percentage 220 yuan per ton, 250
Consumption tax
of taxable sale income, or a rate of volume of sale yuan per ton, or 10%
For housing property levied on the basis of price,
housing property tax is levied at the rate of 1.2% of
Housing property the balance after deducting 20% or 30% of the cost;
tax for housing property levied on the basis of rent,
housing property tax is levied at the rate of 12% of
lease income.
Land use tax is levied by multiplying the taxable
Land use tax land area actually occupied by the applicable tax
meter
amount
Urban
Turnover tax actually paid plus exempt-credit tax
maintenance and 5%, 7%
amount
construction tax
Education Turnover tax actually paid plus exempt-credit tax
surcharge amount
Local education Turnover tax actually paid plus exempt-credit tax
surcharge amount
Enterprise income
Taxable income 15%, 20%, 25%
tax
Different enterprise income tax rates applicable to different taxpayers
√ Applicable □ Not Applicable
Taxpayers Income tax rate (%)
Xinjiang Wusu Brewery Co., Ltd. 15
Xinjiang Wusu Beer (Kuerle) Company Limited 15
Xinjiang Wusu Beer (Yining) Company Limited 15
Xinjiang Wusu Beer (Akesu) Company Limited 15
Xinjiang Wusu Beer (Wusu) Company Limited 15
Kunming Huashi Brewery Co., Ltd. 15
Liangping Branch, Hechuan Branch, Fuling Branch,
Wanzhou Branch and Shizhu Branch of Carlsberg 15
Chongqing Brewery Co., Ltd.
Beijing Capital Brewing Jinmai Trading Company Limited 20
ANNUAL REPORT 2025
Taxpayers Income tax rate (%)
Taxpayers other than the above-mentioned 25
√ Applicable □ Not Applicable
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,
reduced rate of 15% for enterprise income tax. The Company’s subsidiaries including Xinjiang Wusu
Brewery Co., Ltd., Xinjiang Wusu Beer (Kuerle) Company Limited, Xinjiang Wusu Beer (Yining)
Company Limited, Xinjiang Wusu Beer (Akesu) Company Limited, Xinjiang Wusu Beer (Wusu)
Company Limited, Kunming Huashi Brewery Co., Ltd. and Liangping Branch, Hechuan Branch, Fuling
Branch, Wanzhou Branch and Shizhu Branch of Carlsberg Chongqing Brewery Co., Ltd. are entitled to
enjoy such preferential policy and subject to a reduced rate of 15%.
Development of Small Enterprises with Meager Profit and Individually-owned Business” (Announcement
[2023] No. 12) issued by the Ministry of Finance and the State Taxation Administration, the policy under
which enterprise income tax of small enterprises with meager profit is levied at 20% based on 25% of
taxable income is extended until December 31, 2027. The subsidiary Beijing Capital Brewing Jinmai
Trading Company Limited is entitled to enjoy such policy and subject to a reduced rate of 20% for
enterprise income tax.
□ 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 26,146.10 1,381.00
Cash in bank 746,976,236.74 1,080,788,093.53
Accrued interest on seven-day
call deposits, etc.
Other cash and bank balances 342,158.17 232,627.32
Deposited in finance company
Total 753,001,888.24 1,081,659,074.07
ANNUAL REPORT 2025
Other remarks
(1) Centralized fund management
Pursuant to the agreement on centralized fund management and multi-party entrusted loans entered into
between the Company and BNP Paribas (China) Limited, the Company’s parent account and primary
account were under the name of the subsidiary Carlsberg Chongqing Brewery Co., Ltd., and the Company
managed its funds and the funds of its affiliated entities in a centralized manner.
(2) Others
Closing balance of interest accrued on seven-day call deposits and others of 5,657,347.23 yuan, deposits
for litigation of 951,945.90 yuan and other deposits of 451,845.93 yuan included in cash in bank were
with use restrictions and not considered as cash and cash equivalents, which had been excluded from cash
and cash equivalents.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Reason and basis for
Items Closing balance Opening balance
designation
Financial assets measured at fair
value through profit or loss
Including:
Money market fund 380,090,698.69 /
Financial assets designated as at
fair value through profit or loss
Including:
Total 380,090,698.69 /
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 68,384,310.04 22,482,125.72
Other remarks
Please refer to item XII 2 of this section for details on floating gains or losses on hedging instruments.
ANNUAL REPORT 2025
(1) Details on categories
□ Applicable √ Not Applicable
(2) Pledged notes at the balance sheet date
□ Applicable √ Not Applicable
(3) Endorsed or discounted but undue notes at the balance sheet date
□ Applicable √ Not Applicable
(4) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Notes receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of notes receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(6) Notes receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant notes receivable written off
□ Applicable √ Not Applicable
Remarks on notes receivable written off
□ Applicable √ Not Applicable
Other remarks
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year (inclusive) 91,622,288.63 66,549,268.70
Subtotal 91,622,288.63 66,549,268.70
Over 5 years
Total 92,265,797.47 67,931,340.60
(2) Details on categories of provision accrual methods
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Categories Book balance Provision for bad debts Book balance Provision for bad debts
Carrying Carrying
Provision amount Provision amount
% to % to
Amount Amount proportion Amount Amount proportion
total total
(%) (%)
Receivables with
provision made on 978,412.63 1.44 978,412.63 100.00
an individual basis
Including:
Receivables with
provision made on 92,265,797.47 100.00 4,858,021.74 5.27 87,407,775.73 66,952,927.97 98.56 3,529,293.12 5.27 63,423,634.85
a collective basis
Including:
Total 92,265,797.47 100.00 4,858,021.74 5.27 87,407,775.73 67,931,340.60 100.00 4,507,705.75 6.64 63,423,634.85
Accounts receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Accounts receivable with provision made on a collective basis using age analysis method
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance
Items Provision proportion
Accounts receivable Provision for bad debts
(%)
Within 1 year 91,622,288.63 4,581,109.36 5.00
ANNUAL REPORT 2025
Closing balance
Items Provision proportion
Accounts receivable Provision for bad debts
(%)
Total 92,265,797.47 4,858,021.74 5.27
Remarks on provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of accounts receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(3) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period movements
Opening Transfer- Closing
Categories Recovery Other
balance Accrual out/ Write- balance
or reversal movements
off
Receivables with
provision made on an 978,412.63 13,359.00 -4,945.79 -991,771.63 4,945.79
individual basis
Receivables with
provision made on a 3,529,293.12 1,328,728.62 4,858,021.74
collective basis
Total 4,507,705.75 1,342,087.62 -4,945.79 -991,771.63 4,945.79 4,858,021.74
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(4) Accounts receivable actually written off in the current period
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount
Accounts receivable actually written off 991,771.63
Significant accounts receivable written off
ANNUAL REPORT 2025
□ 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
Closing balance
Closing balance Closing balance total balance of
of accounts Provision for
Debtors of accounts of contract accounts receivable
receivable and bad debts
receivable assets and contract assets
contract assets
(%)
Carlsberg Brewery Hong
Kong Limited
Liangshan Yongyuanfeng
Trading Co., Ltd.
Wal-Mart (China)
Investment Co., Ltd.
Lincang Liangyuan
Trading Co., Ltd.
Kunming Yuanmingxuan
Trading Co., Ltd.
Total 30,439,278.59 30,439,278.59 32.99 1,521,963.94
Other remarks
None.
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Reasons for significant changes in carrying amount of contract assets in the reporting period
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Contract assets with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on contract assets with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Contract assets with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of contract assets with changes in provision for bad debts
□ Applicable √ Not Applicable
(4) Details on provision for bad debts of contract assets in the current period
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(5) Details on contract assets actually written off in the current period
□ Applicable √ Not Applicable
Significant contract assets written off
□ Applicable √ Not Applicable
Remarks on contract assets written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Pledged receivables financing at the balance sheet date
□ Applicable √ Not Applicable
(3) Endorsed or discounted but undue receivables financing at the balance sheet date
□ Applicable √ Not Applicable
(4) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Receivables financing with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Remarks on receivables financing with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Receivables financing with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of receivable financing with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(6) Details on receivables financing actually written off in the current period
□ Applicable √ Not Applicable
Significant receivables financing written off
□ Applicable √ Not Applicable
Remarks on receivables financing written off
□ Applicable √ Not Applicable
(7) Current period movements and changes in fair value of receivable financing
□ Applicable √ Not Applicable
(8) Other remarks
□ Applicable √ Not Applicable
(1) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Closing balance Opening balance
Ages
Amount % to total Amount % to total
Within 1 year 39,250,091.42 100.00 28,012,999.57 100.00
Over 3 years
Total 39,250,091.42 100.00 28,012,999.57 100.00
Reasons for unsettlement on advances paid with age over one year and significant amount
None.
(2) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the total balance
Debtors Closing balance
of advances paid (%)
PICC Property and Casualty
Company Limited
Xinjiang Gas Group Co., Ltd. 2,665,661.11 6.79
SoftwareOne (Shanghai) Trading
Co., Ltd.
Digital China Cloud Technology
Limited
Tianchang Natural Gas Co., Ltd. 507,456.80 1.29
Total 14,056,912.76 35.80
Other remarks
None.
Other remarks
□ Applicable √ Not Applicable
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 17,689,807.43 27,585,675.00
Total 17,689,807.43 27,585,675.00
ANNUAL REPORT 2025
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Interest receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on interest receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Interest receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(4) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of interest receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(6) Details on interest receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant interest receivable written off
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Remarks on interest receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Dividend receivables
(7) Dividend receivable
□ Applicable √ Not Applicable
(8) Significant dividend receivable with age over one year
□ Applicable √ Not Applicable
(9) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Dividend receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on dividend receivable with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Dividend receivable with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(10) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of dividend receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(11) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(12) Details on dividend receivable actually written off in the current period
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Significant dividend receivable written off
□ Applicable √ Not Applicable
Remarks on dividend receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Other receivables
(13) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year (inclusive) 13,173,843.85 21,447,471.73
Subtotal 13,173,843.85 21,447,471.73
Over 5 years 5,152,780.64 4,966,690.54
Total 28,554,073.58 38,352,668.18
(14) Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Nature of receivables Closing book balance Opening book balance
Deposits 11,791,827.19 14,635,762.66
Scrap materials disposal fees
receivable, etc.
Land disposal fees receivable 4,300,000.00 4,300,000.00
Exclusive sale fees receivable
and advances paid on behalf of 2,142,577.10 11,651,444.97
others
Petty cash 94,500.00 141,872.24
Others 728,948.74 57,515.90
Total 28,554,073.58 38,352,668.18
(15) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Stage 1 Stage 2 Stage 3
Provision for bad 12‑month Lifetime expected Lifetime expected Total
debts expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Balances at
January 1, 2025
Balances at
January 1, 2025 in
the current period
--Transferred to
-38,333.63 38,333.63
stage 2
--Transferred to
-52,246.44 52,246.44
stage 3
--Reversed to
stage 2
--Reversed to
stage 1
Provision made in
-375,347.71 34,455.73 1,060,379.85 719,487.87
the current period
Provision
recovered in the -103,812.90 -103,812.90
current period
Provision
reversed in the
current period
Provision written
off in the current -518,402.00 -518,402.00
period
Other changes
Balances at
December 31, 2025
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of other receivables with changes in provision for bad
debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(16) Provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
ANNUAL REPORT 2025
(17) Other receivables actually written off in the current period
√Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount written off
Other receivables actually written off 518,402.00
Significant other receivables written off in the current period
□ Applicable √ Not Applicable
Remarks on other receivables written off
□ Applicable √ Not Applicable
(18) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the
Closing balance
Closing total balance of Nature of
Debtors Ages of provision for
balance other receivables receivables
bad debts
(%)
Chongqing Hongye Land
Industry (Group) Co., 4,300,000.00 15.06 disposal fees 3-4 years 2,150,000.00
Ltd. receivable
Kingold Group Co., Ltd. 1-2 years, 2-3
[Note] years, 3-4 years
Chongqing Kaiyuan Oil
and Gas Co., Ltd.
Within 1 year, 1-
Beijing Jiaao Real Estate
Development Co., Ltd.
years
Scrap
Chongqing Changnuo materials
Biotechnology Co., Ltd. disposal fees
receivable
Total 10,827,698.21 37.92 / / 6,310,532.61
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co., Ltd.
(19) Balances presented under other receivables due to the centralized fund management
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details on categories
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Closing balance Opening balance
Provision for Provision for
Items inventory write- inventory write-
Carrying
Book balance down/ impairment of Book balance down/ impairment Carrying amount
amount
costs to fulfill a of costs to fulfill a
contract contract
Materials in
transit
Raw materials 299,735,230.11 18,204,167.31 281,531,062.80 319,900,789.25 18,612,313.53 301,288,475.72
Work in process 75,330,303.16 75,330,303.16 87,113,811.13 87,113,811.13
Goods on hand 502,668,286.84 2,063,389.15 500,604,897.69 685,365,797.12 3,878,477.15 681,487,319.97
Revolving
materials
Consumptive
biological assets
Costs to fulfill a
contract
Packages 1,648,535,697.41 470,829,319.05 1,177,706,378.36 1,590,199,657.83 474,253,643.93 1,115,946,013.90
Total 2,535,641,319.74 491,096,875.51 2,044,544,444.23 2,682,580,055.33 496,744,434.61 2,185,835,620.72
(2) Data resources recognized as inventories
□ Applicable √ Not Applicable
(3) Provision for inventory write-down/impairment of costs to fulfill a contract
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Items Opening balance Reversal or Closing balance
Accrual Others Others
transfer-out
Raw materials 18,612,313.53 2,142,569.61 2,550,715.83 18,204,167.31
Work in process
Goods on hand 3,878,477.15 1,481,629.18 3,296,717.18 2,063,389.15
Revolving materials
Consumptive
biological assets
Costs to fulfill a
contract
Idle packages 49,179,805.60 5,745,756.41 13,711,360.74 41,214,201.27
Packages lent out
which expected to be 425,073,838.33 155,346,570.08 150,805,290.63 429,615,117.78
irrecoverable [Note]
Total 496,744,434.61 164,716,525.28 170,364,084.38 491,096,875.51
Reasons for the reversal or transfer-out of provision for inventory write-down
√ Applicable □ Not Applicable
Note: For packages lent out which were expected to be irrecoverable, the Company made provision for
inventory write-down of 155,346,570.08 yuan, and accrued allowances for other payables at the after-tax
amount of non-refundable deposits of 85,745,151.46 yuan, with the difference of 69,601,418.62 yuan
recognized as assets impairment loss; packages lent out are accounted for as a sale when there is objective
ANNUAL REPORT 2025
evidence indicating that the packages are irrecoverable, and the Company transferred out provision for
inventory write-down of 150,805,290.63 yuan, and transferred out allowances for other payables at the
after-tax amount of non-refundable deposits of 93,359,912.11 yuan, with the difference of 57,445,378.52
yuan recognized as operating cost. Please refer to item VII 41 of this section for details on accrual and
transfer-out of allowances.
Determination basis of net realizable value and reasons for the reversal or transfer-out of provision for
inventory write-down
Reasons for reversal or
Items Determination basis of net realizable value transfer-out of provision for
inventory write-down
Estimated selling price of raw materials less
relevant taxes and surcharges; estimated selling
Such inventories were used
Raw materials price of relevant finished goods less cost to be
or sold.
incurred upon completion, estimated selling
expenses, and relevant taxes and surcharges
Estimated selling price of disposal waste less Such inventories were sold
Idle packages
relevant taxes and surcharges or scrapped.
For packages lent out which expected to be
irrecoverable, the Company made provision for
Packages lent out There is objective evidence
inventory write-down based on the carrying
which expected indicating that the packages
amount, and accrued allowances for other
to be lent out would not be
payables at the after-tax amount of non-refundable
irrecoverable returned.
deposits, with the difference recognized as assets
impairment loss
Estimated selling price less cost to be incurred
Such inventories were used
Work in process upon completion, estimated selling expenses, and
or sold.
relevant taxes and surcharges
Estimated selling price less estimated selling
Goods on hand Such inventories were sold.
expenses and relevant taxes and surcharges
Other remarks
Monetary unit: RMB Yuan
Items Inventory age Closing book balance Provision for write-down
Finished liquor Within 1 year 512,040,089.06 2,063,389.15
Semi-finished liquor
Within 1 year 75,330,303.16
(including basic liquor)
Subtotal 587,370,392.22 2,063,389.15
Provision for inventory write-down made on a collective basis
□ Applicable √ Not Applicable
Determination basis of portfolios
□ Applicable √ Not Applicable
(4) Capitalized amount of borrowing costs and its measurement criteria and basis
□ Applicable √ Not Applicable
(5) Remarks on the amortization of costs to fulfill a contract
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Debt investments due within one year
□ Applicable √ Not Applicable
Other debt investments due within one year
□ Applicable √ Not Applicable
Other remarks on non-current assets due within one year
None.
√ 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 157,905,732.88 270,038,356.51
Other remarks
None.
(1) Details
□ Applicable √ Not Applicable
Changes in provision for impairment of debt investments in the current period
□ Applicable √ Not Applicable
(2) Significant debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Classification basis of stages and proportion of provision for impairment
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of debt investments with changes in provision for
impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Debt investments actually written off in the current period
□ Applicable √ Not Applicable
Significant debt investments written off in the current period
□ Applicable √ Not Applicable
Remarks on debt investments written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
Changes in provision for impairment of other debt investments in the current period
□ Applicable √ Not Applicable
(2) Significant other debt investments at the balance sheet date
□ Applicable √ Not Applicable
(3) Provision for impairment
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for impairment
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of other debt investments with changes in provision for
impairment
□ Applicable √ Not Applicable
Determination basis for provision for impairment made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(4) Other debt investments actually written off in the current period
□ Applicable √ Not Applicable
Significant other debt investments written off in the current period
□ Applicable √ Not Applicable
Remarks on other debt investments written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Long-term receivables with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Remarks on long-term receivables with provision for bad debts made on an individual basis
□ Applicable √ Not Applicable
Long-term receivables with provision for bad debts made on a collective basis
□ Applicable √ Not Applicable
(3) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of long-term receivables with changes in provision for
bad debts
□ Applicable √ Not Applicable
Determination basis for provision for bad debts made in the current period and whether credit risk has
increased significantly
□ Applicable √ Not Applicable
(4) Details on provision for bad debts
□ Applicable √ Not Applicable
Significant provision for bad debts collected or reversed in the current period
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Other remarks
None.
(5) Details on long-term receivables actually written off in the current period
□ Applicable √ Not Applicable
Significant long-term receivables written off
□ Applicable √ Not Applicable
Remarks on long-term receivables written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase/Decrease
Opening
Investment Cash Closing balance Closing balance
balance Adjustment in
Investees income Changes dividend/ (Carrying of provision for
(Carrying Investments Investments other Provision for
recognized in other Profit Others [Note] amount) impairment
amount) increased decreased comprehensive impairment
under equity equity declared for
income
method distribution
I. Joint ventures
Subtotal
II. Associates
Chongqing
Jiawei Beer 142,861,296.29 -29,601,625.03 28,050,000.00 141,309,671.26
Co., Ltd.
Subtotal 142,861,296.29 -29,601,625.03 28,050,000.00 141,309,671.26
Total 142,861,296.29 -29,601,625.03 28,050,000.00 141,309,671.26
Note: The Company intends to make a one-off settlement payment for volume-price differences to
Chongqing Jiawei Beer Co., Ltd. pursuant to the “Mediation Agreement”, and the portion attributable to
the Company based on its holding proportion has been included into other changes. Please refer to item
XIV 5 (8) of this section for details.
(2) Impairment test of long-term equity investments
□ Applicable √ Not Applicable
Other remarks
None.
ANNUAL REPORT 2025
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase/Decrease Dividend Accumulated Accumulated
Reasons for being
income gains included losses included
Gains included Losses included designated as at fair value
Items Opening balance Closing balance recognized in into other into other
Investments Investments into other into other through other
Others the current comprehensive comprehensive
increased decreased comprehensive comprehensive comprehensive income
period income income
income income
As the Company invested
in Bank of Guizhou Co.,
Ltd. not for trading, such
Bank of
investment was
Guizhou 17,825,955.91 -4,251,859.71 13,574,096.20 287,171.90 12,574,096.20
designated as an equity
Co., Ltd.
instrument investment at
fair value through other
comprehensive income
Total 17,825,955.91 -4,251,859.71 13,574,096.20 287,171.90 12,574,096.20
(2) Remarks on other equity instrument investment derecognized in the current period
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
The fair value per share of the Company’s equity investment in Bank of Guizhou Co., Ltd. as at December
report under certain discount method.
√ 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
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Fixed assets 4,448,065,510.73 4,755,026,247.47
Disposal of fixed assets
Total 4,448,065,510.73 4,755,026,247.47
Other remarks
□ Applicable √ Not Applicable
Fixed assets
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
I. Cost
(1) Acquisition 4,445,567.68 35,881,175.07 40,326,742.75
(2) Transferred in from
construction in progress
(1) Disposal/Scrapping 10,157,964.00 21,373,886.29 2,679,266.85 15,986,547.18 50,197,664.32
II. Accumulated depreciation
(1) Accrual 128,451,182.13 310,684,438.59 501,171.96 49,623,216.25 489,260,008.93
(1) Disposal/Scrapping 7,165,216.64 16,857,703.57 2,453,563.11 13,848,188.31 40,324,671.63
III. Provision for impairment
(1) Accrual 12,154,889.25 11,633,596.63 849,536.74 24,638,022.62
(1) Disposal/Scrapping 2,742,765.60 723,504.08 281,018.47 3,747,288.15
ANNUAL REPORT 2025
Buildings and Transport Other
Items Machinery Total
structures facilities equipment
IV. Carrying amount
(2) Fixed assets temporarily idle
□ Applicable √ Not Applicable
(3) Fixed assets leased out under operating leases
□ Applicable √ Not Applicable
(4) Fixed assets with certificate of titles being unsettled
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Carrying amount Reasons for unsettlement
Buildings and structures 71,789,711.37 In processing
Subtotal 71,789,711.37
(5) Impairment tests of fixed assets
√ Applicable □ Not Applicable
Recoverable amount determined based on the fair value less costs of disposal
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Determination
Carrying Recoverable Impairment method of fair Determination basis
Items Key parameters
amount amount amount value and costs for key parameters
of disposal
Comprehensive The Management
Comprehensive
judgements makes provision for
Closed judgements from
from the impairment with
Yongzhou 26,532,546.91 2,970,433.08 23,562,113.83 the Management
Management reference to market
plants with reference to
with reference to factors for fixed assets
market factors
market factors in closed plants.
Total 26,532,546.91 2,970,433.08 23,562,113.83 / / /
Recoverable amount determined based on the present value of estimated future cash flows
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the aforementioned information and the information
used in impairment tests in previous years or external information
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the information used in the Company’s impairment
tests in previous years and the actual situation of those years
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
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 181,117,208.79 159,772,560.73
Construction materials
Total 181,117,208.79 159,772,560.73
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
Smart Core
project
line project
One Plan project 17,628,183.57 17,628,183.57 13,271,312.67 13,271,312.67
Sporadic
engineering
Total 181,117,208.79 181,117,208.79 159,772,560.73 159,772,560.73
(2) Changes in significant projects
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Including:
Accumulated
Amount of
Accumulated Completion amount of Annual
Opening Transferred to Other Closing borrowing cost Fund
Projects Budgets Increase input to budget percentage borrowing capitalization
balance fixed assets decreases balance capitalization source
(%) (%) cost rate (%)
in the current
capitalization
period
Smart Core Self-
project raised
Self-
packaging 52,622,665.00 104,940.00 35,026,150.98 11,152,421.57 23,978,669.41 66.76 66.76
raised
line project
Total 232,022,665.00 94,967,344.71 66,149,197.94 11,152,421.57 86,156,197.67 63,807,923.41 / / / /
ANNUAL REPORT 2025
(3) Provisions for impairment of construction in progress
□ Applicable √ Not Applicable
(4) Impairment test of construction in progress
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Construction materials
(5) Details
□ Applicable √ Not Applicable
(1) Productive biological assets measured at cost
□ Applicable √ Not Applicable
(2) Impairment test on productive biological assets measured at cost
□ Applicable √ Not Applicable
(3) Productive biological assets measured at fair value
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Impairment test
□ Applicable √ Not Applicable
Other remarks
None.
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Buildings and Transport
Items Machinery Total
structures facilities
I. Cost
ANNUAL REPORT 2025
Buildings and Transport
Items Machinery Total
structures facilities
(1) Leased in 15,705,966.82 249,937.38 18,227,299.49 34,183,203.69
(1) Disposal 54,894,902.92 939,277.00 34,469,140.67 90,303,320.59
II. Accumulated depreciation
(1) Accrual 30,408,867.62 4,477,675.45 16,475,783.41 51,362,326.48
(1) Disposal 32,742,486.00 939,277.00 20,512,436.88 54,194,199.88
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Carrying amount
(2) Impairment test
□ Applicable √ Not Applicable
Other remarks
None.
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Patent Non-patented
Items Land use right Trademark Software Total
right technology
I. Cost
ANNUAL REPORT 2025
Patent Non-patented
Items Land use right Trademark Software Total
right technology
(1) Acquisition
(2) Internal
research and
development
(3) Business
combination
(4) Transferred in
from construction 124,753,389.40 124,753,389.40
in progress
(1) Disposal 3,964,957.72 4,022,234.06 7,987,191.78
II. Accumulated amortization
(1) Accrual 15,299,314.68 9,212,189.26 55,569,821.29 80,081,325.23
(1) Disposal 3,015,375.17 4,022,234.06 7,037,609.23
III. Provision for impairment
(1) Accrual 45,970.75 45,970.75
(1) Disposal 949,582.55 949,582.55
IV. Carrying amount
(2) Data resources recognized as intangible assets
□ Applicable √ Not Applicable
(3) Land use right with certificate of titles being unsettled
□ Applicable √ Not Applicable
(4) Impairment test
√ Applicable □ Not Applicable
Recoverable amount determined based on the fair value less costs of disposal
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Determination
Carrying Recoverable Impairment method of fair Determination basis for
Items Key parameters
amount amount amount value and costs of key parameters
disposal
The Management makes
Comprehensive Comprehensive
provision for
Closed judgements from judgements from
impairment with
Yongzhou 45,970.75 45,970.75 the Management the Management
reference to market
plants with reference to with reference to
factors for fixed assets
market factors market factors
in closed plants.
Total 45,970.75 45,970.75 / / /
Recoverable amount determined based on the present value of estimated future cash flows
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the aforementioned information and the information
used in impairment tests in previous years or external information
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the information used in the Company’s impairment
tests in previous years and the actual situation of those years
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(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.
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
Increase Decrease
ANNUAL REPORT 2025
Investees or events Opening Closing
Accrual Others Disposal Others
resulting in goodwill balance balance
Carlsberg Chongqing
Brewery 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
Whether
Composition of asset group or asset group Operating segment and
Name of entities consistent with
portfolios and its basis its basis
previous years
Assets and businesses related to goodwill
Northwestern region
resulting from the acquisition of Xinjiang
Xinjiang Wusu (according to the place
Wusu Brewery Co., Ltd. by Carlsberg Yes
Brewery Co., Ltd. where sales revenue is
Breweries A/S through business combination
generated)
not under common control.
Assets and businesses related to goodwill
resulting from the acquisition of Carlsberg Southern region
Carlsberg (China)
(China) Breweries and Trading Co., Ltd. by (according to the place
Breweries and Yes
Carlsberg Singapore Pte Ltd. through where sales revenue is
Trading Co., Ltd.
business combination not under common generated)
control.
Assets and businesses related to goodwill
Northwestern region
Ningxia Xixia resulting from the acquisition of Ningxia Xixia
(according to the place
Jianiang Brewery Jianiang Brewery Co., Ltd. by Carlsberg Yes
where sales revenue is
Co., Ltd. Breweries A/S through business combination
generated)
not under common control.
Assets and businesses related to goodwill
Central region
Carlsberg resulting from the acquisition of Carlsberg
(according to the place
Chongqing Chongqing Brewery Co., Ltd. by the Company Yes
where sales revenue is
Brewery Co., Ltd. through business combination not under
generated)
common control.
Changes in asset group or asset group portfolios
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
In April 2012, the Company acquired Carlsberg Chongqing Brewery Co., Ltd., and recognized the
goodwill at the difference between the fair value of identifiable net assets and the consideration paid at the
acquisition date. Pursuant to the “Proposal on Accrual of Provision for Impairment of Assets” deliberated
and approved by the ninth meeting of the seventh session of the Board of Directors held in 2013, the
Company performed impairment test on relevant assets group portfolios that included goodwill and made
provision for impairment of goodwill of 19,037,610.07 yuan at the difference between the recoverable
amount of relevant asset group portfolios and the carrying amount.
(4) Specific method for determining recoverable amount
Recoverable amount determined based on the fair value less costs of disposal
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Recoverable amount determined based on the present value of estimated future cash flows
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Key parameters
Key
for stable period
Forecast parameters for Determination basis
Recoverable Impairment (growth rate, Determination basis of key parameters
Items Carrying amount period forecast period of parameters for
amount amount profit rate, for stable period
(years) (growth rate, forecast period
discount rate,
profit rate, etc.)
etc.)
Compound Growth rate: revenue and costs remain
Growth rate: 0%;
Xinjiang revenue stable after the forecast period;
Gross profit
Wusu growth rate: - Gross profit rate: revenue and gross
Brewery Co., 0.26%; profit rate remain stable after the
Discount rate:
Ltd. Gross profit forecast period, and the gross profit
rate: 51% rate for the stable period remains
Compound basically consistent with that for the
Carlsberg Growth rate: 0%;
revenue The key parameters forecast period;
(China) Gross profit
growth rate: are determined by Discount rate: determined based on
Breweries 887,572,208.09 1,930,000,000.00 5 rate: 44.98%;
and Trading Discount rate:
Gross profit on its historical of capital (BTWACC), including
Co., Ltd. 12.63%
rate: 45% experience and parameters such as risk-free interest
forecast of market rate, market risk premium, beta
development. coefficient, capital structure, specific
Compound
Growth rate: 0%; risk return rate, creditor’s expected
Ningxia Xixia revenue
Gross profit return rate, etc. The selection of each
Jianiang growth rate:
Brewery Co., 0.54%;
Discount rate: applicable guidelines for the
Ltd. Gross profit
rate: 39%
Regulatory Commission - No. 1 on
Assessment.
Total 2,665,963,234.91 8,325,000,000.00 / / / /
Reasons for obvious inconsistencies between the aforementioned information and the information
used in impairment tests in previous years or external information
□ Applicable √ Not Applicable
Reasons for obvious inconsistencies between the information used in the Company’s impairment
tests in previous years and the actual situation of those years
□ Applicable √ Not Applicable
(5) Performance commitments and corresponding goodwill impairment
Performance commitments exist when goodwill is formed, and the performance commitment period
covers the reporting period or the previous period of the reporting period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
(1) Deferred tax assets before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Closing balance Opening balance
Items Deductible Deductible
Deferred tax Deferred tax
temporary temporary
assets assets
difference difference
Accrued expenses and
contract liabilities
Provision for
impairment of assets
Employee benefits
payable
Deferred income 121,547,210.20 28,893,099.50 136,095,763.48 32,126,715.28
Lease liabilities 106,630,138.56 26,089,043.21 161,272,859.72 37,416,573.07
Long-term employee
benefits payable
Fixed assets 39,573,667.82 9,626,839.90 29,217,118.06 6,913,912.23
Intangible assets 33,072,246.60 8,196,862.69 29,752,610.86 5,206,313.96
Unrealized profit from
internal transactions
Provisions 11,295,353.93 1,694,303.09 25,916,227.76 3,887,434.16
Deductible losses 7,236,459.55 1,809,114.89 228,769.76 57,192.44
Deductible
advertising expenses
Other non-current
financial assets
Cash flow hedging
instruments
Total 3,921,120,360.18 929,922,283.25 3,960,699,049.66 774,507,118.89
(2) Deferred tax liabilities before offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Taxable Taxable
Deferred tax Deferred tax
temporary temporary
liabilities liabilities
difference difference
Fixed assets 117,525,718.85 24,531,323.23 127,431,334.52 21,601,136.53
Right-of-use assets 106,755,805.25 26,114,234.72 160,044,048.75 37,196,574.57
Cash flow hedging
instruments
Assets appraisal
appreciation due to
business combination not
under common control
Other equity instrument
investments
Intangible assets 12,000,000.00 3,000,000.00 12,000,000.00 3,000,000.00
Held-for-trading
financial assets
ANNUAL REPORT 2025
Closing balance Opening balance
Items Taxable Taxable
Deferred tax Deferred tax
temporary temporary
liabilities liabilities
difference difference
Total 352,025,091.67 78,210,014.55 382,151,155.17 77,546,898.40
(3) Deferred tax assets or liabilities presented by net amount after offset
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Deferred tax assets Deferred tax Deferred tax assets Deferred tax
offset by deferred assets/liabilities offset by deferred assets/liabilities
tax liabilities after offset tax liabilities after offset
Deferred tax
assets
Deferred tax
liabilities
(4) Details of unrecognized deferred tax assets
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Deductible temporary difference 320,275,010.64 199,685,884.80
Deductible losses 475,817,927.88 474,650,717.22
Total 796,092,938.52 674,336,602.02
(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 2026 111,306,097.97 111,306,097.97 /
Year 2027 130,494,958.88 139,981,514.55 /
Year 2028 80,042,915.92 80,042,915.92 /
Year 2029 74,164,930.91 131,189,192.34 /
Year 2030 79,809,024.20 /
Total 475,817,927.88 462,519,720.78 /
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Closing balance Opening balance
Items Book Provision for Carrying Provision for Carrying
Book balance
balance impairment amount impairment amount
Costs to obtain a
contract
Costs to fulfill a
contract
Costs of goods
expected to be
returned
Contract assets
Prepayments for
acquisition of 292,092.83 292,092.83 479,496.08 479,496.08
non-current assets
Total 292,092.83 292,092.83 479,496.08 479,496.08
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Reasons Reasons
Book Carrying Type of Book Carrying Type of
for for
balance amount restrictions balance amount restrictions
restrictions restrictions
Cash and
bank 7,061,139.06 7,061,139.06 713,020.81 713,020.81
balances
Including:
Accrued
interest on Interest Interest Interest Interest
seven-day receivable receivable receivable receivable
call deposits,
etc.
Deposits for Deposits are
litigation frozen
Other Deposits are Deposits
deposits frozen are frozen
Notes
receivable
Inventories
Including:
Data
resources
Fixed assets
Intangible
assets
Including:
Data
resources
ANNUAL REPORT 2025
Total 7,061,139.06 7,061,139.06 / / 713,020.81 713,020.81 / /
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
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 897,606.82
Other remarks
Please refer to item XII 2 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
ANNUAL REPORT 2025
Items Closing balance Opening balance
Payments for acquisition of materials
and receiving of services
Payments for engineering equipment 325,105,887.43 296,242,291.74
Total 2,386,658,458.32 2,464,568,207.31
(2) Significant accounts payable with age over one year or overdue
□ 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
(3) Amount and reasons for significant changes in carrying amount during the reporting period
□ 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 1,715,801,921.24 1,779,557,566.67
Total 1,715,801,921.24 1,779,557,566.67
(2) Significant contract liabilities with age over one year
□ Applicable √ Not Applicable
(3) Reasons for significant changes in carrying amount
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Opening
Items Increase Decrease Closing balance
balance
I. Short-term
employee benefits
II. Post-
employment
benefits - defined
contribution plan
III. Termination
benefits
IV. Other benefits
due within one year
Total 364,552,366.42 1,752,227,610.26 1,659,070,939.71 457,709,036.97
(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 41,528,161.92 41,528,161.92
III. Social insurance premium 7,695,943.77 79,206,700.04 79,197,961.71 7,704,682.10
Including: Medicare premium 7,044,151.20 73,420,643.52 73,394,676.24 7,070,118.48
Occupational injuries
premium
Maternity premium 142,272.01 404,327.87 367,654.85 178,945.03
IV. Housing provident fund 5,775,707.80 87,610,435.13 87,415,413.61 5,970,729.32
V. Trade union fund and
employee education fund
VI. Short-term paid leave
VII. Short-term profit-sharing
plan
Total 285,778,981.42 1,597,259,533.90 1,489,438,127.64 393,600,387.68
(3) Details of defined contribution plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Opening balance Increase Decrease Closing balance
insurance premium
premium
ANNUAL REPORT 2025
Total 35,634,200.74 139,852,248.90 144,277,733.82 31,208,715.82
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Enterprise income tax 44,591,266.76 56,899,798.23
Consumption tax 22,418,178.49 25,783,304.83
Individual income tax withheld
for tax authorities
VAT 5,838,425.44 3,961,849.96
Housing property tax 3,284,156.48 3,284,841.71
Land use tax 2,483,874.53 2,483,874.62
Urban maintenance and
construction tax
Education surcharge 1,275,429.49 1,460,169.18
Others 3,167,859.25 3,434,366.17
Total 91,837,629.51 105,740,056.40
Other remarks
None.
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest payable
Dividend payable
Other payables 2,535,652,165.74 2,943,112,335.02
Total 2,535,652,165.74 2,943,112,335.02
Other remarks
□ Applicable √ Not Applicable
(2) Interest payable
Details on categories
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Significant interest payable overdue
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(3) Dividend payable
Details on categories
□ Applicable √ Not Applicable
(4) Other payables
Other receivables categorized by nature
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Accrued expenses 1,252,612,694.29 1,372,674,537.72
Deposits for packages 986,262,297.13 953,492,764.02
Allowances for deposits for packages -310,506,185.72 -318,120,946.37
Other security deposits 395,373,568.27 899,638,045.74
Trademark licensing fees payable 95,841,530.25 29,152,050.19
Others [Note] 116,068,261.52 6,275,883.72
Total 2,535,652,165.74 2,943,112,335.02
Note: It includes a one-off settlement payment for volume-price differences of 100 million yuan (tax
exclusive) that the Company intends to pay to Chongqing Jiawei Beer Co., Ltd. pursuant to the “Mediation
Agreement”. Please refer to item XIV 5 (8) of this section for details.
Significant other payables with age over one year or overdue
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Accrual and transfer-out of allowances for deposits for packages
Monetary unit: RMB Yuan
Reversal or Closing
Items Opening balance Accrual
transfer-out balance
Allowances for deposits
for packages
Subtotal 318,120,946.37 85,745,151.46 93,359,912.11 310,506,185.72
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
√ 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 39,240,375.92 49,642,933.51
Total 39,240,375.92 49,642,933.51
Other remarks
None.
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 21,755,132.31 31,238,861.91
Total 21,755,132.31 31,238,861.91
Increase or decrease of short-term bonds payable
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(1) Details on categories
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Bonds payable
□ Applicable √ Not Applicable
(2) Details (not including other financial instruments such as preferred shares/perpetual bonds
classified as financial liabilities)
□ Applicable √ Not Applicable
(3) Remarks on convertible bonds
□ Applicable √ Not Applicable
Accounting treatment and judgment basis for equity transfer
□ Applicable √ Not Applicable
(4) Other financial instruments classified as financial liabilities
Basic information of other financial instruments such as preferred shares or perpetual bonds outstanding
at the balance sheet date
□ Applicable √ Not Applicable
Current period movements of financial instruments such as preferred shares or perpetual bonds
outstanding at the balance sheet date
□ Applicable √ Not Applicable
Remarks on other financial instruments classified as financial liabilities
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Lease liabilities 76,415,513.66 122,624,097.45
Total 76,415,513.66 122,624,097.45
ANNUAL REPORT 2025
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. Post-employment benefits - Net defined benefit liabilities 126,774,724.42 137,967,731.78
II. Termination benefits
III. Other long-term benefits 16,614,776.05 6,597,657.56
Total 143,389,500.47 144,565,389.34
(2) Movements in defined benefit plan
Present value of obligations in defined benefit plan
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Opening balance 137,967,731.78 144,859,660.56
II. Components of defined benefit costs recognized
in profit or loss
ANNUAL REPORT 2025
Current period Preceding period
Items
cumulative comparative
III. Components of defined benefit costs recognized
in other comprehensive income
IV. Other movements -16,064,007.36 -8,809,655.65
V. Closing balance 126,774,724.42 137,967,731.78
Plan assets
□ Applicable √ Not Applicable
Net defined benefit liabilities (assets)
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Opening balance 137,967,731.78 144,859,660.56
II. Components of defined benefit costs recognized
in profit or loss
III. Components of defined benefit costs recognized
in other comprehensive income
IV. Other movements -16,064,007.36 -8,809,655.65
V. Closing balance 126,774,724.42 137,967,731.78
Contents and risks of defined benefit plan, and effect on amount, timing and uncertainty of future cash
flows
√ Applicable □ Not Applicable
The Company provides the following supplementary post-retirement benefits for existing and future
retirees: a. supplementary pension benefits paid to certain existing and future retirees on a monthly or
annual basis until their death, which would not be adjusted in the future; b. 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; c. heating expenses paid to existing and future retirees until their
death, which would be adjusted according to local policies; d. retirement allowance and family worker
allowance paid to certain existing retirees until their death, which would not be adjusted in the future; and
e. 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
ANNUAL REPORT 2025
√ Applicable □ Not Applicable
Items Closing balance Opening balance
Post-employment benefits: 2%, 2.25%; Post-employment benefits: 2.25%; other
Discount rate
other long-term benefits: 1.5% long-term benefits: 1.5%, 2%
China Life Insurance Mortality Table China Life Insurance Mortality Table
Death rate
(2010-2013) (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 benefits refer to long-term paid leaves.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Reasons for
Items Closing balance Opening balance
balance
Guarantee provided for other entities
Liabilities related to exclusive sales
businesses
Pending lawsuits 11,295,353.93 279,945,417.62
Including: Exclusive sales lawsuit 254,029,189.86 [Note 1]
Glass bottle lawsuit 10,011,494.96 24,632,368.79 [Note 2]
Others 1,283,858.97 1,283,858.97
Products quality guarantee
Restructuring obligations
Onerous contract to be implemented
Payables for returned goods
Others
Total 156,269,045.15 279,945,417.62 /
Other remarks on significant assumption on material provisions and estimates
Note 1: In 2024, for the lawsuit regarding the fulfillment of the exclusive sales agreement with Chongqing
Jiawei Beer Co., Ltd., the Company accrued provisions for possible compensation losses in accordance
with the relevant court judgment. During the current period, the parties entered into the “Mediation
Agreement” at the second-instance stage, and the Company reversed the litigation provisions accrued in
prior years and accrued related liabilities based on the “Mediation Agreement” and exclusive sales
businesses. Please refer to item XIV 5 (8) of this section for details.
ANNUAL REPORT 2025
Note 2: It refers to the lawsuit regarding the glass beer bottle and disputes over losses arising from
production line suspension between Xinjiang Wusu Beer (Wusu) Company Limited and Gaomi Shengtai
Glass Products Co., Ltd. Xinjiang Wusu Beer (Wusu) Company Limited accrued provisions based on the
possible liquidated damages, compensation and litigation fees according to the relevant court judgment.
The final amount to be paid is still pending as of the date of approval for issuing the financial statements.
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Opening Closing Reasons for
Items Increase Decrease
balance balance balance
Government
Government
grants
assets
Total 221,731,621.94 5,184,725.58 26,570,247.01 200,346,100.51 /
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Movements
Opening Issue of Conversion of Closing
Items Bonus
balance new reserve to Others Subtotal balance
shares
shares 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
ANNUAL REPORT 2025
□ 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 24,278,991.00 12,302,153.00 36,581,144.00
Total 24,278,991.00 12,302,153.00 36,581,144.00
Other remarks on current period movements and reasons for the movements, etc.
Current increase was due to the recognition of equity incentives offered by Carlsberg Group to executives
free of charge.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period cumulative
Less: OCI
Less: OCI previously
Opening previously recognized Attributable to
Items Current period Attributable to Closing balance
balance recognized but but non-
cumulative Less: Income parent
transferred to transferred controlling
before income tax expenses company after
profit or loss in to retained shareholders
tax tax
the current earnings in after tax
period the current
period
I. Items not to be
reclassified
-21,312,485.42 -8,943,859.71 -741,678.01 -4,711,235.85 -3,490,945.85 -26,023,721.27
subsequently to
profit or loss
Including:
Remeasurements
-27,801,415.31 -4,692,000.00 321,286.92 -3,071,506.15 -1,941,780.77 -30,872,921.46
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
ANNUAL REPORT 2025
Current period cumulative
Less: OCI
Less: OCI previously
Opening previously recognized Attributable to
Items Current period Attributable to Closing balance
balance recognized but but non-
cumulative Less: Income parent
transferred to transferred controlling
before income tax expenses company after
profit or loss in to retained shareholders
tax tax
the current earnings in after tax
period the current
period
Changes in fair
value of the
Company’s own
credit risk
II. Items to be
reclassified 11,357,669.4
subsequently to 8
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 11,357,669.4
hedging reserves 8
Translation
reserves
Total -12,839,145.94 60,290,806.90 22,434,875.47 13,327,321.86 13,912,618.10 488,175.92
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
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
ANNUAL REPORT 2025
Remarks on surplus reserve, including current period movements and reasons for the movements
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Balance before adjustment at the end of
preceding period
Add: Increase due to adjustment (or less:
decrease)
Opening balance after adjustment 447,823,621.95 1,414,306,729.77
Add: Net profit attributable to owners 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 1,064,736,635.60 2,081,076,151.40
Dividend on ordinary shares converted to
share capital
Closing balance 613,984,071.76 447,823,621.95
Details of adjustments on opening balance of undistributed profit
None.
Other remarks
Pursuant to the profit distribution plan of 2024 proposed at the annual shareholders’ meeting of 2024 dated
May 29, 2025, the Company intends to distribute cash dividend of 0.9 yuan (tax inclusive) per share out
of profits available for distribution as of December 31, 2024. Pursuant to the interim profit distribution
plan of 2025 proposed at the second extraodinary shareholder’s meeting of 2025 dated December 4, 2025,
the Company intends to distribute cash dividend of 1.30 yuan (tax inclusive) per share out of profits
available for distribution as of June 30, 2025.
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 14,367,762,683.17 6,919,200,974.00 14,252,844,969.57 7,197,586,122.32
Other operations 354,108,424.28 312,844,865.16 391,752,872.89 333,790,699.96
Total 14,721,871,107.45 7,232,045,839.16 14,644,597,842.46 7,531,376,822.28
Including: Revenue from contracts
with customers
Monetary unit: RMB Yuan
Customers Operating revenue % to total
Customer 1 159,439,836.93 1.08
Customer 2 147,443,121.81 1.00
Customer 3 143,838,965.61 0.98
Customer 4 133,390,773.57 0.91
Customer 5 118,540,113.41 0.81
Subtotal 702,652,811.33 4.78
(2) Breakdown of operating revenue and operating cost
□ Applicable √ Not Applicable
Other remarks
√ Applicable □ Not Applicable
Breakdown of revenue
Monetary unit: RMB Yuan
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Beer 14,297,811,488.03 6,858,333,019.67 14,169,778,204.59 7,126,652,193.94
Sale of packages,
waste materials, etc.
Subtotal 14,721,871,107.45 7,232,045,839.16 14,644,597,842.46 7,531,376,822.28
Please refer to item XVIII 6 of this section for details.
services
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Recognized at a point in time 14,721,871,107.45 14,644,597,842.46
ANNUAL REPORT 2025
Items Current period cumulative Preceding period comparative
Subtotal 14,721,871,107.45 14,644,597,842.46
(3) Remarks on performance obligation
□ Applicable √ Not Applicable
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
(5) Significant changes in contracts or significant adjustments on transaction price
□ Applicable √ Not Applicable
Other remarks
The Company’s performance obligations mainly refer to delivering beer products to distributors or their
designated carriers in accordance with the contract.
revenue in the current period.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Consumption tax 718,749,666.75 706,570,803.79
Urban maintenance and construction
tax
Education surcharge 84,008,943.87 81,197,090.04
Housing property tax 26,670,769.51 24,502,844.46
Land use tax 20,437,141.71 20,597,214.48
Stamp duty 10,591,290.13 11,805,690.15
Others 1,789,540.39 1,933,975.17
Total 971,454,967.72 951,746,523.65
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
Current period
Items Preceding period comparative
cumulative
Advertisement and marketing expenses 1,294,747,143.52 1,213,701,109.02
Employee benefits 864,234,249.11 802,616,663.85
Trademark licensing expenses 233,286,131.77 228,556,463.57
Business travelling expenses 62,435,527.57 62,982,702.05
Depreciation 55,564,487.60 57,575,991.56
Lease expenses and depreciation of
right-of-use assets
Amortization of intangible assets 13,885,954.04 18,038,224.19
Others 90,017,740.24 87,813,337.55
Total 2,654,819,257.02 2,512,653,717.31
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 299,047,353.08 249,300,423.91
IT-related expenses 87,699,885.77 78,670,580.11
Office expenses and intermediary
service expenses
Amortization of intangible assets 44,884,412.14 35,117,583.21
Depreciation 25,343,525.55 21,818,405.59
Share-based payments 12,302,153.00 8,256,456.00
Security and fire prevention expenses 11,323,036.21 11,309,663.06
Business travelling expenses 10,252,369.64 11,588,351.71
Pollution discharge fees 8,534,152.46 7,788,446.08
Lease expenses and depreciation of
right-of-use assets
Enrergy expenses 2,722,116.93 6,153,156.51
Others 31,954,775.92 25,403,942.50
Total 598,471,485.36 516,942,153.92
Other remarks
None.
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 7,363,711.26 7,071,729.04
Depreciation 4,789,500.95 2,528,350.13
Power expenses 1,062,342.06 1,847,187.53
Raw materials and revolving materials used 861,971.28 8,340,824.22
Other expenses 1,802,958.97 2,877,955.24
Total 15,880,484.52 22,666,046.16
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Interest expenses 5,152,290.61 7,672,861.33
Less: Interest income 23,909,423.80 41,044,772.00
Gains and losses on foreign exchange 211,933.17 62,806.90
Handling charges 600,867.29 1,408,830.57
Others [Note] 3,072,000.00 3,933,999.80
Total -14,872,332.73 -27,966,273.40
Other remarks
Note: It refers to interest expenses on net defined benefit liabilities of 2,806,000.00 yuan and interest
expenses on net long-term employee benefits liabilities of 266,000.00 yuan.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Classified by nature Current period cumulative Preceding period comparative
Government grants related to assets 26,570,247.01 29,529,751.40
Government grants related to income 36,890,860.93 29,852,813.74
Refund of handling fees for withholding
individual income tax, etc.
Total 65,462,679.13 61,030,811.67
Other remarks
None.
ANNUAL REPORT 2025
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Investment income from long-term
-29,601,625.03 65,650,171.63
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 -23,915,259.81 80,199,285.18
Other remarks
Investment income from long-term equity investments under equity method
Monetary unit: RMB Yuan
Investees Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Co., Ltd. -29,601,625.03 65,650,171.63
Subtotal -29,601,625.03 65,650,171.63
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Held-for-trading financial assets 90,698.69
Including: Gains on changes in fair value
of derivative financial instruments
ANNUAL REPORT 2025
Current period Preceding period
Items
cumulative comparative
Including: Gains on changes in fair value
of financial assets classified as at fair 90,698.69
value through profit or loss
Held-for-trading financial liabilities
Investment property at fair value
Total 90,698.69
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Bad debts of notes receivable
Bad debts -1,952,816.80 -3,037,528.86
Impairment loss of debt investments
Impairment loss of other debt investments
Bad debts of long-term receivables
Impairment loss of financial guarantee
Total -1,952,816.80 -3,037,528.86
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
I. Impairment loss of contract assets
II. Inventory write-down loss and
impairment loss of costs to fulfill a -78,971,373.82 -85,541,751.58
contract [Note]
III. Impairment loss of long-term equity
investments
IV. Impairment loss of investment
property
V. Impairment loss of fixed assets -24,638,022.62 -6,500,072.95
VI. Impairment loss of construction
materials
ANNUAL REPORT 2025
Current period Preceding period
Items
cumulative comparative
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 -45,970.75
XI. Impairment loss of goodwill
XII. Others
Total -103,655,367.19 -92,041,824.53
Other remarks
Note: It refers to the net amount of provision for inventory write-down of irrecoverable packages after
deducting allowances for other payables of non-refundable deposits.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period
Items
cumulative comparative
Gains on asset disposal 5,552,802.45 1,184,670.85
Total 5,552,802.45 1,184,670.85
Other remarks
None.
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Reversal of provisions for
exclusive sales lawsuits 37,105,498.64 37,105,498.64
[Note]
Gains on disposal of non-
current assets
Including: Gains on
disposal of fixed 788,575.91 807,841.87 788,575.91
assets
Gains on disposal of
intangible assets
Gains on exchange of
non-cash assets
Receiving of donations
ANNUAL REPORT 2025
Current period Preceding period Amount included in non-
Items
cumulative comparative recurring profit or loss
Government grants
Wanzhou factory flood
insurance compensation
Others 14,863,961.47 6,294,449.12 14,863,961.47
Total 52,758,036.02 15,904,212.80 52,758,036.02
Note: Please refer to item XIV 5 (8) of this section for details.
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 exclusive
sales lawsuits [Note]
Losses on disposal of
non-current assets
Including: Losses on
disposal of fixed 3,341,557.90 6,689,377.11 3,341,557.90
assets
Losses on disposal
of intangible assets
Losses on exchange of
non-cash assets
Donation expenditures 480,000.00 348,000.00 480,000.00
Others 12,665,036.68 19,424,300.54 12,665,036.68
Total 16,486,594.58 280,490,867.51 16,486,594.58
Note: Please refer to item XIV 5 (8) of this section for details.
Other remarks
None.
(1) Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Current period income tax
expenses
Deferred income tax expenses -165,368,039.68 -30,807,936.53
ANNUAL REPORT 2025
Total 763,717,921.20 670,547,119.78
(2) Reconciliation of accounting profit to income tax expenses
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period
Items
cumulative
Profit before tax 3,241,925,584.31
Income tax expenses based on statutory/applicable tax rate 810,481,396.08
Effect of different tax rate applicable to subsidiaries -42,908,289.66
Effect of prior income tax reconciliation 2,147,306.20
Effect of non-taxable income 5,978,814.95
Effect of non-deductible costs, expenses and losses [Note] -1,604,494.68
Effect of utilization of deductible losses not previously recognized as deferred
tax assets
Effect of deducible temporary differences or deductible losses not recognized as
deferred tax assets in the current period
Extra deduction of R&D expenses -674,755.97
Effect of tax rate changes on income tax expenses at the beginning of the year -38,218,511.47
Income tax expenses 763,717,921.20
Note: It mainly refers to the effect of reversal of provisions for exclusive sales lawsuits on income tax.
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.
(1) Cash receipts related to operating activities
Other cash receipts related to operating activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash receipts from deposits for
packages
Cash receipts from security deposits 206,925,786.23 630,405,057.20
Cash receipts from government
grants, refund of handling fees for
withholding individual income tax,
etc.
ANNUAL REPORT 2025
Items Current period cumulative Preceding period comparative
Cash receipts from interest income 18,889,048.79 52,231,793.29
Others 17,398,307.73 10,516,157.66
Total 562,431,473.46 955,830,799.96
Remarks on other cash receipts related to operating activities
None.
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 fees related to IT 87,796,336.16 86,719,617.84
Cash payments for business
travelling expenses
Others 148,379,490.77 127,254,102.85
Total 1,905,589,874.11 1,995,209,071.86
Remarks on other cash payments related to operating activities
None.
(2) Other cash receipts related to investing activities
Cash receipts related to significant investing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Money market funds 1,665,399,193.32
Structured deposits 1,364,463,941.65
Total 1,665,399,193.32 1,364,463,941.65
Remarks on cash receipts related to significant investing activities
None.
Cash payments for significant investing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Money market funds 2,040,000,000.00
ANNUAL REPORT 2025
Items Current period cumulative Preceding period comparative
Structured deposits 990,000,000.00
New beer project with an annual
output of 500,000 kiloliters in 153,796,668.29 705,701,226.52
Foshan
Total 2,193,796,668.29 1,695,701,226.52
Remarks on cash payments for significant investing activities
None.
Other cash receipts related to investing activities
□ Applicable √ Not Applicable
Remarks on other cash receipts related to investing activities:
None.
Other cash payments related to investing activities
□ Applicable √ Not Applicable
(3) Cash receipts related to financing activities
Other cash receipts related to financing activities
□ Applicable √ Not Applicable
Other cash payments related to financing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Cash payments for lease liabilities 60,779,576.40 62,560,923.19
Total 60,779,576.40 62,560,923.19
Remarks on other cash payments related to financing activities
None.
Changes in liabilities arising from financing activities
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Increase Decrease
Opening Closing
Items Changes Changes in Changes in Changes in
balance balance
in cash non-cash cash non-cash
Lease liabilities
(including lease
liabilities due
within one year)
Total 172,267,030.96 39,335,494.30 55,761,079.27 40,185,556.41 115,655,889.58
(4) Remarks on cash flows presented on a net basis
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
Monetary unit: RMB Yuan
Basis for presentation on a net
Items Relevant factual situation Financial effects
basis
Related cash flows refer Presentation on a net basis
Other cash to cash inflows and reflects the Company’s cash
receipts related to outflows collected from flow situation, which is more
operating and paid to customers useful for evaluating its
activities with fast turnover, large payment ability and solvency
amount, and short period. and analyzing its cash flows.
Related cash flows refer Presentation on a net basis
Other cash to cash inflows and reflects the Company’s cash
payments related outflows collected from flow situation, which is more
to operating and paid to customers useful for evaluating its
activities with fast turnover, large payment ability and solvency
amount, and short period. and analyzing its cash flows.
(5) Significant activities not related to current cash receipts and payments but affect the financial
position of the Company or may affect the Company’s future cash flows and the financial effects
□ Applicable √ Not Applicable
(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 2,478,207,663.11 2,249,380,492.36
Add: Provision for assets impairment 103,655,367.19 92,041,824.53
Provision for credit impairment loss 1,952,816.80 3,037,528.86
Depreciation of fixed assets, oil and
gas assets, productive biological 489,260,008.93 452,943,648.62
assets
Amortization of right-of-use assets 51,362,326.48 51,689,060.30
Amortization of intangible assets 80,081,325.23 71,285,156.47
Amortization of long-term
prepayments
Losses on disposal of fixed assets,
intangible assets and other long-term -5,552,802.45 -1,184,670.85
assets (Less: gains)
Fixed assets retirement loss (Less:
gains)
Losses on changes in fair value
-90,698.69
(Less: gains)
Financial expenses (Less: gains) 5,152,290.61 7,672,861.33
Investment losses (Less: gains) 23,915,259.81 -80,199,285.18
Decrease of deferred tax assets (Less:
-164,067,055.54 -29,506,964.03
increase)
ANNUAL REPORT 2025
Supplementary information Current period cumulative Preceding period comparative
Increase of deferred tax liabilities
-1,300,984.14 -1,300,972.50
(Less: decrease)
Decrease of inventories (Less:
-23,425,348.79 -268,583,777.35
increase)
Decrease of operating receivables
-33,626,300.21 20,319,267.71
(Less: increase)
Increase of operating payables (Less:
-383,886,550.84 -31,428,980.02
decrease)
Others
Net cash flows from operating
activities
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 745,940,749.18 1,080,946,053.26
Less: Cash at the beginning of the
period
Add: Cash equivalents at the end of
the period
Less: Cash equivalents at the
beginning of the period
Net increase of cash and cash
-335,005,304.08 -1,619,130,152.78
equivalents
(2) Net cash payments for the acquisition of subsidiaries
□ Applicable √ Not Applicable
(3) Net cash receipts from the disposal of subsidiaries
□ Applicable √ Not Applicable
(4) Composition of cash and cash equivalents
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
I. Cash 745,940,749.18 1,080,946,053.26
Including: Cash on hand 26,146.10 1,381.00
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
ANNUAL REPORT 2025
Items Closing balance Opening balance
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
(5) Balances with use restrictions but still considered as cash and cash equivalents
□ Applicable √ Not Applicable
(6) Cash and bank balances not considered as cash and cash equivalents
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance Reasons
Accrued interest of Accrued interest is not
seven-day call 5,657,347.23 636,972.22 considered as cash
deposits, etc. equivalents.
Deposits for litigation 951,945.90 Deposits are frozen.
Other deposits 451,845.93 76,048.59 Deposits are frozen.
Total 7,061,139.06 713,020.81 /
Remarks on “Others” with balances at the end of prior year adjusted and the adjusted amount:
□ Applicable √ Not Applicable
(1) Monetary items in foreign currencies
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance in RMB equivalent at
Items Exchange rate
foreign currencies the end of the period
Cash and bank balances
Including: USD 663.82 6.99328 4,642.28
Accounts receivable
Including: USD 56,573.57 6.99328 395,634.82
Accounts payable
Including: GBP 1,358,766.70 9.43758 12,823,473.00
DKK 44,576.00 1.10084 49,071.04
ANNUAL REPORT 2025
EUR 27.78 8.22204 228.41
Other remarks
None.
(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
(1) The Company as the lessee
√ Applicable □ Not Applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not Applicable
Short-term leases and leases of low-value assets with simplified approach
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Expenses for short-term leases 21,930,617.52 22,625,172.81
Total 21,930,617.52 22,625,172.81
Sale and leaseback transactions and determination basis
□ Applicable √ Not Applicable
Cash flows related to leases totaled 77,175,517.92 yuan.
(2) The Company as the lessor
Operating lease
□ Applicable √ Not Applicable
Finance lease
□ Applicable √ Not Applicable
Reconciliation of undiscounted lease payments to net investment in the lease
□ Applicable √ Not Applicable
Undiscounted lease payments in the in the next five years
□ Applicable √ Not Applicable
(3) Recognition of profit or loss related to finance leases as a manufacturer or distributor
□ Applicable √ Not Applicable
Other remarks
ANNUAL REPORT 2025
None.
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Categories Terms and conditions
In order to maintain a long-term and stable cooperative relationship with
Accounts payable suppliers, the Company has established a financing bridge to extend the
financing payment period and enhance liquidity. The Company has not provided
any guarantee for the above supplier finance arrangement.
(1) Carrying amount of related liabilities
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Accounts payable 255,806,486.25 244,623,879.02
Including: Payments already received
by suppliers
Subtotal 255,806,486.25 244,623,879.02
(2) Range of payment due dates for related liabilities
Range of payment due dates Range of payment due dates
Items at the end of the current at the beginning of the
period current period
Liabilities under finance 95-157 days after invoice 95-156 days after invoice
arrangements issuance issuance
Comparable accounts payable not 0-168 days after invoice 0-166 days after invoice
under finance arrangements issuance issuance
VIII. R&D costs
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Employee benefits 7,363,711.26 7,071,729.04
Depreciation 4,789,500.95 2,528,350.13
Power expenses 1,062,342.06 1,847,187.53
Raw materials and revolving
materials used
Others 1,802,958.97 2,877,955.24
ANNUAL REPORT 2025
Items Current period cumulative Preceding period comparative
Total 15,880,484.52 22,666,046.16
Including: R&D costs to be expensed 15,880,484.52 22,666,046.16
R&D costs to be capitalized
Other remarks
None.
□ Applicable √ Not Applicable
Significant capitalized R&D projects
□ Applicable √ Not Applicable
Provision for impairment of development expenditures
□ Applicable √ Not Applicable
Other remarks
None.
□ Applicable √ Not Applicable
IX. Changes in the consolidation scope
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Transactions or events leading to loss of control over a subsidiary in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Disposal of subsidiaries in stages leading to loss of control in the current period
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Remarks on changes in the consolidation scope due to other reasons (e.g., establishment/liquidation of
subsidiaries, etc.) and relevant conditions
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
X. Interest in other entities
(1) Composition of the group
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Holding
Main operating Registered Business proportion Acquisition
Subsidiaries Place of registration (%)
place capital nature method
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
Carlsberg Economic Economic
Beer Investment and
Brewery (Hunan) Development Zone, 200,000,000.00 Development Zone, 98.75
industry establishment
Co., Ltd. [Note 2] Lixian, Hunan Lixian, Hunan
Business
Chongqing Beer
Heshiba, Panzhihua Heshiba, Panzhihua Beer combination
Panzhihua Co., 100,555,500.00 100.00
City City industry under common
Ltd. [Note 2]
control
Chongqing Beer Huashi Village, Huashi Village, Business
Group Chengdu Deyuan Town, Pidu Deyuan Town, Pidu Beer combination not
Boke Beer Co., District, Chengdu District, Chengdu industry under common
Ltd. [Note 2] City City control
Business
Chongqing Beer Shao’e Street, Baixi Shao’e Street, Baixi
Beer combination not
Yibin Co., Ltd. Town, Yibin 50,000,000.00 Town, Yibin 100.00
industry under common
[Note 2] County, Yibin City County, Yibin City
control
Carlsberg Beer
Business
Enterprise
Beer combination
Management Chongqing City 648,580,000.00 Chongqing City 100.00
industry under common
(Chongqing) Co.,
control
Ltd. [Note 2]
Business
Kunming Huashi
Kunming City, Kunming City, Beer combination
Brewery Co., Ltd. 79,528,080.08 100.00
Yunnan Province Yunnan Province industry under common
[Note 2]
control
Carlsberg (China) Dali City, Dali Bai Dali City, Dali Bai Business
Breweries and Autonomous Autonomous Beer combination
Trading Co., Ltd. Prefecture, Yunnan Prefecture, Yunnan industry under common
[Note 2] Province Province control
Business
Xinjiang Wusu Urumqi, Xinjiang Urumqi, Xinjiang
Beer combination
Brewery Co., Ltd. Uygur Autonomous 75,480,000.00 Uygur Autonomous 100.00
industry under common
[Note 2] Region Region
control
Carlsberg Business
Huizhou City,
Brewery Huizhou City, Beer combination
Guangdong 350,886,363.22 99.00
(Guangdong) Co., Guangdong Province industry under common
Province
Ltd. [Note 2] control
Business
Ningxia Xixia
Beer combination
Jianiang Brewery Yinchuan City 191,929,277.02 Yinchuan City 70.00
industry under common
Co., Ltd. [Note 2]
control
Carlsberg
Yancheng City, Yancheng City, Beer Investment and
Brewery (Jiangsu) 60,000,000.00 100.00
Jiangsu Province Jiangsu Province industry establishment
Co., Ltd. [Note 2]
Carlsberg
Enterprise
Tianhe District, Tianhe District, Beer Investment and
Management 50,000,000.00 100.00
Guangzhou City Guangzhou City industry establishment
Consulting Co.,
Ltd. [Note 2]
ANNUAL REPORT 2025
Holding
Main operating Registered Business proportion Acquisition
Subsidiaries Place of registration (%)
place capital nature method
Direct Indirect
Carlsberg Foshan City,
Foshan City, Beer Investment and
Brewery (Foshan) Guangdong 610,000,000.00 100.00
Guangdong Province industry establishment
Co., Ltd. [Note 2] Province
Xinjiang Wusu Urumqi, Xinjiang Urumqi, Xinjiang
Beer Investment and
Beer Trading Co., Uygur Autonomous 30,000,000.00 Uygur Autonomous 100.00
industry establishment
Ltd. [Note 2] Region Region
G-Shell Asia Business
Pacific (Beijing) Chaoyang District, Chaoyang District, Beer combination not
Food Company Beijing City Beijing City industry under common
Limited [Note 2] control
Beijing Capital Business
Brewing Jinmai Chaoyang District, Chaoyang District, Beer combination not
Trading Company Beijing City Beijing City industry under common
Limited [Note 2] control
Chongqing Beer
Anning Town, Anning Town, Beer Investment and
Xichang Co., Ltd. 74,500,000.00 100.00
Xichang City Xichang City industry establishment
[Note 3]
Carlsberg Business
Tianmuhu Beer combination
Liyang City 160,000,000.00 Liyang City 100.00
Brewery (Jiangsu) industry under common
Co., Ltd. [Note 4] control
Economic Economic Business
Carlsberg
Development Zone, Development Zone, Beer combination
Brewery (Anhui) 64,000,000.00 75.00
Tianchang City, Tianchang City, industry under common
Co., Ltd. [Note 4]
Anhui Province Anhui Province control
Korla, Bayingolin Korla, Bayingolin
Xinjiang Wusu Mongol Mongol Business
Beer (Kuerle) Autonomous Autonomous Beer combination
Company Limited Prefecture, Xinjiang Prefecture, Xinjiang industry under common
[Note 5] Uygur Autonomous Uygur Autonomous control
Region Region
Yining City, Ili
Yining City, Ili
Xinjiang Wusu Kazakh Business
Kazakh Autonomous
Beer (Yining) Autonomous Beer combination
Company Limited Prefecture, Xinjiang industry under common
Uygur Autonomous
[Note 5] Uygur Autonomous control
Region
Region
Xinjiang Wusu Aksu Prefecture, Business
Aksu Prefecture,
Beer (Akesu) Xinjiang Uygur Beer combination
Company Limited Autonomous industry under common
Autonomous Region
[Note 5] Region control
Xinjiang Wusu Wusu City, Tacheng Wusu City, Tacheng Business
Beer (Wusu) Prefecture, Xinjiang Prefecture, Xinjiang Beer combination
Company Limited Uygur Autonomous Uygur Autonomous industry under common
[Note 5] Region Region control
Note 1: The Company and Guangzhou Carlsberg Investment Co., Ltd. holds 51.42% and 48.58% of equity
of Carlsberg Chongqing Brewery Co., Ltd. respectively.
Note 2: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co., Ltd. holds 98.75% of
equity of Carlsberg Brewery (Hunan) Co., Ltd., 100.00% of equity of Chongqing Beer Panzhihua Co.,
Ltd., 100.00% of equity of Chongqing Beer Group Chengdu Boke Beer Co., Ltd., 100.00% of equity of
Chongqing Beer Yibin Co., Ltd., 100.00% of equity of Carlsberg Beer Enterprise Management
(Chongqing) Co., Ltd., 100.00% of equity of Kunming Huashi Brewery Co., Ltd., 100.00% of equity of
Carlsberg (China) Breweries and Trading Co., Ltd., 100.00% of equity of Xinjiang Wusu Brewery Co.,
Ltd., 99.00% of equity of Carlsberg Brewery (Guangdong) Co., Ltd., 70.00% of equity of Ningxia Xixia
ANNUAL REPORT 2025
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., 100.00% of equity of Carlsberg Brewery
(Foshan) Co., Ltd., 100.00% of equity of Xinjiang Wusu Beer Trading Co., Ltd., 100.00% of equity of G-
Shell Asia Pacific (Beijing) Food Company Limited (CN) and 100.00% of equity of Beijing Capital
Brewing Jinmai Trading Company Limited.
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 100.00% of equity of
Carlsberg Tianmuhu Brewery (Jiangsu) Co., Ltd. and 75.00% of equity of Carlsberg Brewery (Anhui) Co.,
Ltd.
Note 5: Xinjiang Wusu Brewery Co., Ltd. holds 100.00% of equity of Xinjiang Wusu Beer (Kuerle)
Company Limited, Xinjiang Wusu Beer (Yining) Company Limited, Xinjiang Wusu Beer (Akesu)
Company Limited and Xinjiang Wusu Beer (Wusu) Company Limited.
Remarks on inconsistency between holding proportion and voting right proportion in subsidiaries
None.
Basis for the control of an investee while holding its half or less than half voting rights, and the non-control
of an investee while holding its more than half voting rights
None.
Basis for control of significant structured entities brought into the consolidation scope
None.
Basis for determining an entity being acting as an agent or a principal
None.
Other remarks
None.
(2) Significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Holding Closing balance
Non-controlling Dividend declared
proportion of of non-
Subsidiaries shareholders’ profit to non-controlling
non-controlling controlling
or loss shareholders
shareholders interest
Carlsberg
Chongqing 48.58% 1,247,310,577.70 1,046,191,356.18 1,483,469,681.05
Brewery Co., Ltd.
Remarks on inconsistency between holding proportion and voting right proportion of non-controlling
shareholders in subsidiaries:
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Other remarks
□ Applicable √ Not Applicable
(3) Main financial information of significant not wholly-owned subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Closing balance Opening balance
Subsidiaries
Current Non-current Current Non-current Total Current Non-current Current Non-current Total
Total assets Total assets
assets assets liabilities liabilities liabilities assets assets liabilities liabilities liabilities
Carlsberg
Chongqing 343,036.78 716,569.56 1,059,606.34 720,310.05 52,504.86 772,814.91 352,960.79 731,427.94 1,084,388.73 769,531.37 71,652.71 841,184.08
Brewery Co., Ltd.
Current period cumulative Preceding period comparative
Subsidiaries Total Total
Operating Cash flows from Operating Cash flows from
Net profit comprehensive Net profit comprehensive
revenue operating activities revenue operating activities
income income
Carlsberg Chongqing Brewery
Co., Ltd.
Other remarks
None.
(4) Significant restriction on use of the group assets and liquidation of the group liabilities
□ Applicable √ Not Applicable
(5) Financial or other support provided for structured entities brought into the consolidation
scope
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
(1) Significant joint ventures or associates
√ Applicable □ Not Applicable
Holding Accounting
Main proportion (%) treatment on
Joint ventures Place of Business
operating investments in
or associates registration nature
place Direct Indirect joint ventures or
associates
Chongqing Chongqing Chongqing Production
Jiawei Beer Co., Jianqiao Jianqiao and sales of 33.00 Equity method
Ltd. [Note] Industrial Park Industrial Park beers
ANNUAL REPORT 2025
Note: The Company’s holding subsidiary Carlsberg Chongqing Brewery Co., Ltd. holds 33.00% of equity
of Chongqing Jiawei Beer Co., Ltd.
Remarks on inconsistency between holding proportion and voting right proportion in joint ventures or
associates
None.
Basis for significant influence over an entity on which the Company held less than 20% voting rights or
insignificant influence over an entity on which the Company held more than 20% voting rights
None.
(2) Main financial information of significant joint ventures
□ Applicable √ Not Applicable
(3) Main financial information of significant associates
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance/ Opening balance/
Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Chongqing Jiawei Beer
Co., Ltd. Co., Ltd.
Current assets 617,118,438.07 541,533,008.11
Non-current assets 109,835,288.67 186,543,107.18
Total assets 726,953,726.74 728,076,115.29
Current liabilities 244,893,368.59 203,060,181.74
Non-current liabilities 53,849,233.13 92,102,914.46
Total liabilities 298,742,601.72 295,163,096.20
Non-controlling interest
Equity attributable to owners of parent
company
Proportionate share in net assets 141,309,671.26 142,861,296.29
Adjustments
-- Goodwill
-- Unrealized profit in internal transactions
-- Others
Carrying amount of investments in
associates
Fair value of equity investments in
associates with quoted market prices
Operating revenue 237,593,116.79 529,354,974.63
Net profit -89,701,894.04 198,939,914.04
Net profit of discontinued operations
Other comprehensive income
ANNUAL REPORT 2025
Closing balance/ Opening balance/
Current period cumulative Preceding period comparative
Chongqing Jiawei Beer Chongqing Jiawei Beer
Co., Ltd. Co., Ltd.
Total comprehensive income -89,701,894.04 198,939,914.04
Dividend from associates received in the
current period
Other remarks
The above financial data is based on the management report provided by Chongqing Jiawei Beer Co., Ltd.,
taking the valuation appreciation into account. Meanwhile, when the Company accrued provisions related
to exclusive sales businesses, it had already taken investment income into account and estimated the
amount on a net basis. Therefore, the net profit of Chongqing Jiawei Beer Co., Ltd. shown above is stated
after deduction of the relevant profit arising from the “Mediation Agreement”.
(4) Aggregated financial information of insignificant joint ventures and associates
□ Applicable √ Not Applicable
(5) Significant restrictions on remittance of fund from joint ventures or associates to the Company
□ Applicable √ Not Applicable
(6) Excess losses incurred by joint ventures or associates
□ Applicable √ Not Applicable
(7) Unrecognized commitments related to investments in joint ventures
□ Applicable √ Not Applicable
(8) Contingent liabilities related to investments in joint ventures or associates
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Remarks on unconsolidated structured entities:
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XI. Government grants
□ Applicable √ Not Applicable
Reasons for not receiving government grants receivable at the expected time point
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Amount
Amount
included
Opening transferred Other Closing Related to
Items Increase into non-
balance into other changes balance assets/income
operating
income
revenue
Deferred Related to
income assets
Total 221,731,621.94 5,184,725.58 26,570,247.01 200,346,100.51 /
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Current period cumulative Preceding period comparative
Related to assets 26,570,247.01 29,529,751.40
Related to income 36,890,860.93 29,852,813.74
Total 63,461,107.94 59,382,565.14
Other remarks
None.
XII. 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.
ANNUAL REPORT 2025
(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 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:
of default in the remaining lifetime has risen by more than a certain percentage compared with the initial
recognition;
position, present or expected changes in technology, market, economy or legal environment that will have
significant adverse impact on the debtor’s repayment ability;
(2) Definition of default and credit-impaired assets
A financial instrument is defined as defaulted when one or more following events have occurred, of which
the standard is consistent with that for credit-impairment:
having 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.
and closing balance of loss allowances of financial instrument.
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to
ANNUAL REPORT 2025
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 customers. The Company manages credit risk aggregated by customers. As of December
short settlement period between the Company and distributors and the effective collection of payments.
The maximum amount of exposure to credit risk of the Company is the carrying amount of each financial
asset at the balance sheet.
(II) Liquidity risk
Liquidity risk is the risk that the Company may encounter deficiency of funds in meeting obligations
associated with cash or other financial assets settlement, which is possibly attributable to failure in selling
financial assets at fair value on a timely basis, or failure in collecting liabilities from counterparties of
contracts, or early redemption of debts, or failure in achieving estimated cash flows.
In order to control such risk, the Company utilizes financing tools such as credit terms with suppliers, etc.
and adopts short-term financing methods to maintain a balance between financing sustainability and
flexibility.
Financial liabilities classified based on remaining time period till maturity
Monetary unit: RMB Yuan
Closing balance
Items Contract amount
Carrying amount Within 1 year 1-3 years Over 3 years
not yet discounted
Derivative
financial
liabilities
Accounts
payable
Other
payables
Non-current
liabilities due 39,240,375.92 39,240,375.92 39,240,375.92
within one year
Lease
liabilities
Subtotal 5,037,966,513.64 5,043,420,903.31 4,961,550,999.98 49,956,974.17 31,912,929.17
(Continued)
ANNUAL REPORT 2025
December 31, 2024
Items Contract amount
Carrying amount Within 1 year 1-3 years Over 3 years
not yet discounted
Derivative
financial 897,606.82 897,606.82 897,606.82
liabilities
Accounts
payable
Other payables 2,943,112,335.02 2,943,112,335.02 2,943,112,335.02
Non-current
liabilities due 49,642,933.51 49,642,933.51 49,642,933.51
within one year
Lease liabilities 122,624,097.45 137,720,336.36 78,352,206.50 59,368,129.86
Subtotal 5,580,845,180.11 5,595,941,419.02 5,458,221,082.66 78,352,206.50 59,368,129.86
(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 rate. The Company’s fair value interest risks arise
from fixed-rate financial instruments, while the cash flow interest risks arise from floating-rate financial
instruments. The Company determines the proportion of fixed-rate financial instruments and floating-rate
financial instruments based on the market environment, and maintains a proper financial instruments
portfolio through regular review and monitoring.
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.
(1) Risk management of hedging business
√ Applicable □ Not Applicable
Economic Achievement
relationships of expected Effect of
Corresponding risk management Qualitative and quantitative between hedged risk corresponding hedging
Items
strategies and objectives information on hedged risk items and related management activities on risk
hedging objectives on exposure
instruments effectiveness
The purchase price of aluminum, The approval procedures of Exposure to Expected There might be a
one of the significant packaging foreign hedges carried out by commodity commodity situation where
Cash
materials for beer production, has the Company using self-owned swaps and swaps can commodity swaps
flow
fluctuated considerably due to the funds comply with relevant expected fully hedge cannot fully hedge
hedges
influence of macroeconomy in national laws and regulations, future the price the price risks of
recent years. In order to ensure the and hedges carried out to avoid purchases risks of future purchases,
ANNUAL REPORT 2025
Economic Achievement
relationships of expected Effect of
Corresponding risk management Qualitative and quantitative between hedged risk corresponding hedging
Items
strategies and objectives information on hedged risk items and related management activities on risk
hedging objectives on exposure
instruments effectiveness
relative stability of product costs fluctuations in price of moves in the future resulting in hedge
and achieve stable operation, the aluminum were conductive to opposite purchases ineffectiveness
Company analyzed the expected controlling business risks and direction and hedges
aluminum purchase transactions, improving the Company’s are effective
based on which the Company capability to withstand the
carried out hedges by futures, fluctuations in the market, and
options, swaps and other derivative regulations of the “Management
instruments. Measures for Foreign Hedges”.
Please refer to the following
note for quantitative
information.
Other remarks
√ Applicable □ Not Applicable
Note: Quantitative analysis on cash flow hedges
Monetary unit: RMB Yuan
Hedge effectiveness
Hedging Accumulated amount at the
Categories Hedged risks Current period
instruments end of the period (hedging
cumulative
reserve)
Fluctuation in
Cash flow Commodity
price of 46,799,791.14 68,384,310.04
hedges swaps
aluminum
(2) Conducting eligible hedging businesses and applying hedge accounting
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Cumulative fair value
Carrying amount hedge adjustments of Hedge Relevant effects of hedge
related to hedged hedged items included effectiveness and accounting on the
Items
items and hedging in the carrying sources of Company’s financial
instruments amount of recognized ineffective portion statements
hedged items
Type of hedging risk
Expected
commodity swaps
Derivative financial assets:
can fully hedge
Commodity price 68,384,310.04;
risk other comprehensive
future purchases
income: 35,442,121.66
and hedges are
effective
Categories of hedges
Expected
commodity swaps
Derivative financial assets:
can fully hedge
Cash flow hedges 68,384,310.04 22,434,875.47 the price risks of
other comprehensive
future purchases
income: 35,442,121.66
and hedges are
effective
Other remarks
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(3) Conducting hedges for risk management with expectation to achieve risk management
objectives but not applying hedge accounting
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Ways of financial assets transfer
□ Applicable √ Not Applicable
(2) Financial assets derecognized due to transfer
□ Applicable √ Not Applicable
(3) Continuing involvement in the transferred financial assets
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
XIII. Fair value disclosure
√ 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
measured as at fair
value through profit
or loss
(1) Debt instrument
investments
(2) Equity instrument
investments
(3) Others 380,090,698.69 380,090,698.69
designated as at fair
value through profit
or loss
(1) Debt instrument
investments
ANNUAL REPORT 2025
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
(2) Equity
instrument
investments
financial assets
(II) Other debt
investments
(III) Other equity
instrument 13,574,096.20 13,574,096.20
investments
(IV) Investment
property
held for lease
lease
held for transfer
after appreciation
(V) Biological assets
biological assets
biological assets
Total assets at
recurring fair 68,384,310.04 13,574,096.20 380,090,698.69 462,049,104.93
value measurement
(VI) Held-for-
trading liabilities
liabilities measured
as at fair value
through profit or
loss
Including: Held-for-
trading bonds issued
Derivative
financial
liabilities
Others
liabilities designated
as at fair value
through profit or
loss
Total liabilities at
recurring fair
value measurement
II. Non-recurring
fair value
measurement
ANNUAL REPORT 2025
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) 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 were determined based on the bank statements provided by the
financial institutions.
fair value at recurring and non-recurring fair value measurement
√ Applicable □ Not Applicable
The Company took level 2 inputs as the fair value as the shares of Bank of Guizhou Co., Ltd. (the “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, 2025 was measured based on the net assets per
share of Guizhou Bank as at June 30, 2025 disclosed in the latest interim report under certain discount
method.
fair value at recurring and non-recurring fair value measurement
√ Applicable □ Not Applicable
The Company’s held-for-trading financial assets refer to investments in money market funds, with
amounts determined based on the fair value system reports provided by the financial institutions.
The Company’s other non-current financial assets refer to equity investments in Xinjiang Guozhiming
Packaging Co., Ltd., which has been closed in previous year and is a non-public interest entity. The
Management has made full provisions for impairment on such entity in previous year due to its high going
concern risk.
the closing balances, and sensitive analysis on unobservable inputs
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
determining inter-level transfer time
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XIV. 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
Please refer to item X of this section for details 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 item X of this section for details on the Company’s significant joint ventures and associates.
Details of other joint ventures or associates carrying out related party transactions with the Company in
the current period or in preceding period but with balance in the current period are as follows:
√ Applicable □ Not Applicable
ANNUAL REPORT 2025
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
Under common control of the Company’s ultimate
Carlsberg Marketing Sdn BHD
controlling party
Under common control of the Company’s ultimate
Carlsberg Supply Company AG
controlling party
Under common control of the Company’s ultimate
CAMBREW LIMITED
controlling party
Under common control of the Company’s ultimate
Carlsberg Breweries A/S
controlling party
Under common control of the Company’s ultimate
Carlsberg Brewery Hong Kong Limited
controlling party
Under common control of the Company’s ultimate
Carlsberg Singapore Pte Ltd
controlling party
Under common control of the Company’s ultimate
Lao Brewery Co., Ltd.
controlling party
Under common control of the Company’s ultimate
Carlsberg A/S
controlling party
Under common control of the Company’s ultimate
Carlsberg Italia S.p.A.
controlling party
Under common control of the Company’s ultimate
G B Marketing Pvt. Ltd.
controlling party
Under common control of the Company’s ultimate
CMBC Supply Limited
controlling party
Under common control of the Company’s ultimate
Home of Carlsberg A/S
controlling party
Under significant influence of the Company’s ultimate
Super Bock Bebidas S.A.
controlling party
Other remarks
None.
(1) Purchase and sale of goods, rendering and receiving of services
Purchase of goods and receiving of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Content of Current period Preceding period
Related parties
transactions cumulative comparative
Purchase of goods
Chongqing Jiawei Beer Co., Ltd. 235,504,158.91 523,270,452.13
[Note]
ANNUAL REPORT 2025
Content of Current period Preceding period
Related parties
transactions cumulative comparative
CMBC Supply Limited Purchase of goods 22,678,673.46
Home of Carlsberg A/S Purchase of goods 49,071.04
Carlsberg Supply Company AG Purchase of goods 228.41 2,631.21
Carlsberg A/S Purchase of goods 230,673.47
Total 258,232,131.82 523,503,756.81
Note: Please refer to item XIV 5 (8) of this section for details on exclusive sales of purchase of beers.
Sale of goods and rendering of services
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Content of Current period Preceding period
Related parties
transaction cumulative comparative
Carlsberg Brewery Hong Kong
Sale of goods, etc. 95,479,534.07 91,728,941.78
Limited
Carlsberg Singapore Pte Ltd Sale of goods, etc. 5,838,157.69 21,598,085.29
CAMBREW LIMITED Sale of goods, etc. 582,089.74 1,232,052.99
Lao Brewery Co., Ltd. Sale of goods 159,735.98 106,089.44
Sale of equipment,
Carlsberg Italia S.p.A. 155,675.70
etc.
G B Marketing Pvt. Ltd. Sale of goods 112,787.00
Carlsberg Marketing Sdn BHD Sale of goods 86,544.72
Chongqing Jiawei Beer Co., Ltd. Sale of materials 5,935.50 44,499.96
Total 102,420,460.40 114,709,669.46
Remarks on purchase and sale of goods, rendering and receiving of services
√ Applicable □ Not Applicable
Note: The transaction amounts presented in item XIV 5 of this section were tax-excluded amounts.
(2) Related party trust/contracting and consignation/outsourcing
The Company’s trust/contracting:
□ Applicable √ Not Applicable
Remarks on related party trust/contracting
□ Applicable √ Not Applicable
The Company’s consignation/outsourcing
□ Applicable √ Not Applicable
Remarks on related party consignation/outsourcing
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
(3) Related party leases
The Company as the lessor:
□ Applicable √ Not Applicable
The Company as the lessee
□ Applicable √ Not Applicable
Remarks on related party leases
□ Applicable √ Not Applicable
(4) Related party guarantees
The Company as the guarantor
□ Applicable √ Not Applicable
The Company as the guaranteed party
□ Applicable √ Not Applicable
Remarks on related party guarantees
□ Applicable √ Not Applicable
(5) Call loans between related parties
□ Applicable √ Not Applicable
(6) Assets transfer and debt restructuring of the related parties
□ Applicable √ Not Applicable
(7) Key management’s emoluments
√ Applicable □ Not Applicable
Monetary unit: RMB Ten Thousand Yuan
Items Current period cumulative Preceding period comparative
Key management’s emoluments 2,148.54 2,123.44
(8) Other related party transactions
√ Applicable □ Not Applicable
(1) The Company as the licensee
Monetary unit: RMB Yuan
Related parties Current period cumulative Preceding period comparative
Carlsberg Breweries A/S [Note] 233,286,131.77 228,556,463.57
Total 233,286,131.77 228,556,463.57
Note: Carlsberg Breweries A/S granted the Company a license to use trademarks including Carlsberg,
Tuborg, Carlsberg LIGHT, Kronenbourg 1664, Jolly Shandy, Somersby, etc., with the licensing period
the same as the registration validity period of licensed trademarks agreed in the trademark licensing
contract and its appendix. It was agreed by both parties that trademark licensing fees shall be calculated
ANNUAL REPORT 2025
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
(2) The Company as the licensor
Monetary unit: RMB Yuan
Current period Preceding period
Related parties
cumulative comparative
Carlsberg Singapore Pte Ltd [Note 1] 143,013.76 2,475.44
Carlsberg Brewery Hong Kong Limited [Note 2] 75,933.51 31,944.66
Total 218,947.27 34,420.10
Note 1: The Company granted Carlsberg Singapore Pte Ltd a license to use the trademark of Wusu Beer
and Jing-A Beer, with the licensing period the same as the registration validity period of licensed
trademarks agreed in the trademark licensing contract and its appendix. It was agreed by both parties that
trademark licensing fees shall be calculated based on the licensee’s net sales revenue from sales of
products with licensed trademark in the calendar year, with rate of licensing fees of 3.75% for Wusu Beer
and 5% for Jing-A Beer.
Note 2: The Company granted Carlsberg Brewery Hong Kong Limited a license to use the trademark of
Wusu Beer, with the licensing period the same as the registration validity period of licensed trademarks
agreed in the trademark licensing contract and its appendix. It was agreed by both parties that trademark
licensing fees shall be calculated based on the licensee’s net sales revenue from sales of products with
licensed trademark in the calendar year, with rate of licensing fees of 3.75% from January 1, 2024.
Super Bock Bebidas S.A. granted Carlsberg Tianmuhu Brewery (Jiangsu) Co., Ltd. to produce beer with
trademark of “Super Bock” and sell it to the designated third party. In the current period, 2,518.46 kiloliters
of beer were produced and the sales amount was 8,312,233.33 yuan.
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
increase by 14,000 kiloliters each year from 2009 to 2013, ensuring that the sales volume would reach
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
ANNUAL REPORT 2025
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 0.15 million kiloliters. The validity period of the agreement
is 20 years. The matters related to exclusive sales of beers mentioned above have been deliberated and
approved in the Company’s first extraordinary shareholders’ meeting of 2009.
Due to the disputes from both parties on performance of terms related to price in the exclusive sales
agreement and the accumulated difference in exclusive sales of beers and under approval of the seventh
meeting of the eighth session of the Board of Directors, the Company signed a supplementary agreement
of “Framework Agreement on Exclusive Sales of Products” with Jiawei Beer on December 28, 2016 to
ensure the sound cooperation in future. The main contents of the supplementary agreement are as follows:
(1) Adjustment on the calculation method of sales volume and net revenue from beers agreed in the
exclusive sales agreement: both parties agreed to involve the sales volume of Hechan Branch in 2015 in
the calculation of the growth rate of sales volume and the average net revenue from beers from January
(2) Clarification on the solutions for difference in volume and price: both parties agreed that the
Company should adjust the volume of beers purchased from Jiawei Beer or pay compensation in cash at
the price of beers per kiloliter agreed by both parties when there is difference in volume or price during
the performance of the exclusive sales agreement.
(3) Clarification on settlement in the original way: both parties agreed that the settlement should be
carried out in accordance with the exclusive sales agreement, and jointly engage a third-party intermediary
agency to conduct a special audit on the average price and volume of beers of both parties in the previous
year, which should be taken as the basis for the final settlement of the year.
(4) Compensation on difference in price: both parties agreed that within 3 years from January 1, 2016,
the difference in price should be treated as follows: for difference in price between the higher average net
revenue from beers of the Company and that of Jiawei Beer in the first year (2016), if the difference is
less than or equivalent to 4% of the average net revenue from beers of Jiawei Beer in 2016, the Company
would not compensate Jiawei Beer; otherwise, the Company would compensate Jiawei Beer for the portion
exceeding 4%; if the difference in the second year (2017) is less than or equivalent to 2% of the average
net revenue from beers of Jiawei Beer in 2017, the Company would not compensate Jiawei Beer; otherwise,
the Company would compensate Jiawei Beer for the portion exceeding 2%; if the difference in the third
year (2018) is less than or equivalent to 1% of the average net revenue from beers of Jiawei Beer in 2018,
ANNUAL REPORT 2025
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 Chunsheng”, etc. under the premise of
meeting the corresponding production standards of products, and the products should be exclusively sold
by the Company.
It is confirmed by both parties that the supplementary agreement would come into effect from the date of
signing by both parties, and would be implemented retrospectively from January 1, 2016. In the meantime,
it is agreed in the supplementary agreement that the Company should pay settlement fees of 30.00 million
yuan to Jiawei Beer within one month after the effective date of the agreement. Except for the settlement
fees, Jiawei Beer could not require the Company to bear any liabilities for breach of “Framework
Agreement on Exclusive Sales of Products” before the effective date of the supplementary agreement.
In December 2023, Jiawei Beer initiated legal proceedings against the Company, claiming compensation
for breach of exclusive sales agreement. The Company received a copy of the Civil Judgment of the First
Instance ([2023] Yu 05 Min Chu No. 232] issued by Chongqing No. 5 Intermediate People’s Court in
March 2025. The court ruled that the Company shall pay compensation of 353.06 million yuan to Jiawei
Beer for losses. The Company’s controlling subsidiary Carlsberg Chongqing Brewery Co., Ltd., which
conducted the exclusive sales business, had made provisions of 254.03 million yuan in 2024. The
Company was dissatisfied with the first-instance judgment and filed an appeal with Chongqing High
People’s Court.
On December 31, 2025, under the mediation of Chongqing High People’s Court, as well as the approval
of the sixth meeting of the eleventh session of the Board of Directors and the third extraordinary
shareholders’ meeting of 2025, the Company signed a “Mediation Agreement” with Jiawei Beer. The main
contents of the agreement are as follows:
(1) Settlement payment for volume and price differences and waiver of historical claims
off settlement payment for volume and price differences of 100 million yuan (tax exclusive) as of
December 31, 2025 to Jiawei Beer.
statement alleging that the other party has breached the exclusive sales agreement. Neither the Company
nor Jiawei Beer shall bring any claims against the other party in respect of the performance of the exclusive
sales agreement up to December 31, 2025 (including but not limited to claims relating to fermentation
broth, internal transfers, toll processing and externally purchased beer previously raised by Jiawei Beer,
and claims relating to sales expenses and consulting service fees that may be raised by the Company).
(2) Cooperation arrangements for the remaining term of the exclusive sales agreement (2026-2028)
ANNUAL REPORT 2025
price from January 1, 2026 as agreed below. Under this new arrangement, the volume is no longer tied to
the Company or its subsidiaries, and the purchase price is no longer referenced to the average net price of
the Company and its subsidiaries. The terms regarding volume, price, sales scope, and preemptive rights
to new production capacity stipulated in the original exclusive sales agreement shall cease to have effect.
million kiloliters of beer per year from Jiawei Beer (i.e., the contracted purchase volume) at an average
purchase price of 4,000 yuan per kiloliter (VAT exclusive), with annual settlement adjustments for any
shortfall or excess. For any shortfall in the contracted purchase volume, compensation shall be made as
follows:
a. If the Company’s actual annual purchase volume is less than 0.1426 million kiloliters, the Company
shall make up the shortfall in the contracted purchase volume for the previous year by purchasing the
additional volume by March 31 of the following year (the “make-up purchase”).
b. The Company shall provide cash compensation if it fails to make up the prior year’s shortfall within the
first quarter of the following year. The compensation shall be calculated as follows: If the actual annual
purchase volume is 0.11 million kiloliters or less, the compensation shall be calculated on a tiered basis:
yuan per kiloliter for the difference between 0.1426 million kiloliters and 0.11 million kiloliters. If the
actual annual purchase volume exceeds 0.11 million kiloliters but is less than 0.1426 million kiloliters, the
shortfall between the actual volume and 0.1426 million kiloliters shall be compensated at a rate of 1,800
yuan per kiloliter.
or sales expenses in connection with the beer supplied under the exclusive sales agreement.
Beer (Group) Co., Ltd.) and Jiawei Beer (including Chongqing Risun Industrial Group Co., Ltd.) shall
expire on December 31, 2028, and shall not be performed thereafter.
Beer will cease cooperation. To ensure the smooth handover of bottles, crates and related deposits, the
parties shall, within six months prior to such expiration, negotiate the handling of the bottles and crates
and the refund of the related deposits by Jiawei Beer.
but undistributed dividends for the period from 2024 to 2025, and shall complete such dividend
distribution by May 31, 2026. In addition, the parties shall agree on matters relating to dividend
distributions for the period from 2026 to 2028.
(Case No.: [2024] Yu 0104 Min Chu No. 6639) within 15 days after the “Mediation Agreement” becomes
ANNUAL REPORT 2025
effective.
Following the execution of the “Mediation Agreement”, the Company’s controlling subsidiary Carlsberg
Chongqing Brewery Co., Ltd., which conducted the exclusive sales business, reversed provisions for
litigation of 254.03 million yuan accrued in prior years, and accrued liabilities of 216.92 million yuan in
relation to the one-off settlement for volume and price differences and other related items based on the
“Mediation Agreement” and the exclusive sales business.
In 2025, the Company actually sold beers of 60,372.79 kiloliters with the trademarks of “Shancheng”,
“Chongqing” and “Tuborg” totaling 235.50 million yuan (tax exclusive) and Jiawei Beer should pay
selling expenses of 6.04 million yuan.
(1) Balances due from related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
Accounts
receivable
Carlsberg Brewery
Hong Kong Limited
Carlsberg Singapore
Pte Ltd
CAMBREW
LIMITED
Carlsberg Marketing
Sdn BHD
Lao Brewery Co.,
Ltd.
Subtotal 19,836,235.32 991,811.77 27,975,100.74 1,398,755.04
Other
receivables
Chongqing Jiawei
Beer Co., Ltd.
Carlsberg Italia
S.p.A.
Carlsberg Singapore
Pte Ltd
Carlsberg Brewery
Hong Kong Limited
Subtotal 1,155,101.93 57,755.10 10,225,847.09 511,292.35
(2) Balances due to related parties
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Related parties Closing book balance Opening book balance
Accounts payable
ANNUAL REPORT 2025
Items Related parties Closing book balance Opening book balance
CMBC Supply Limited 12,823,473.00
Chongqing Jiawei Beer
Co., Ltd.
Home of Carlsberg A/S 49,071.04
Carlsberg Supply
Company AG
Subtotal 13,537,047.89
Other payables
Chongqing Jiawei Beer
Co., Ltd.
Carlsberg Breweries A/S 95,841,530.25 29,152,050.19
Subtotal 195,841,530.25 29,152,050.19
(3) Others
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XV. Share-based payment
(1) Details
□ Applicable √ Not Applicable
(2) Share options or other equity instruments outstanding at the balance sheet date
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XVI. Commitments and contingencies
√ Applicable □ Not Applicable
Significant commitments, their nature and amount at the balance sheet date
Please refer to item XIV 5 (8) of this section for details on beer produced by Jiawei Beer and exclusively
sold by the Company.
Other than the above-mentioned events, the Company has no significant commitments to be disclosed as
of the balance sheet date.
(1) Significant contingencies at the balance sheet date
□ Applicable √ Not Applicable
(2) Remarks shall also be given if the Company has no significant contingencies to be disclosed.
√ Applicable □ Not Applicable
The Company has no significant contingencies to be disclosed as of the balance sheet date.
□ Applicable √ Not Applicable
XVII. Events after the balance sheet date
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Profit or dividend planned to be distributed 580,765,437.60
Profit or dividend approved to be
distributed
Pursuant to the profit distribution plan of 2025 proposed at the seventh meeting of the eleventh session of
the Board of Directors dated March 9, 2026, the Company intends to distribute cash dividend of 1.20 yuan
ANNUAL REPORT 2025
(tax inclusive) per share out of profits available for distribution as of December 31, 2025. Such event
needs to be submitted to the shareholders’ meeting for deliberation and approval.
Except for the aforementioned events, the Company has no other events after the balance sheet date to be
disclosed as of the date of approval for issuing the financial statements.
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
XVIII. Other significant events
Please refer to item V of section V for details.
□ Applicable √ Not Applicable
(1) Non-cash assets exchange
□ Applicable √ Not Applicable
(2) Other assets exchange
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Current period cumulative
Profit from
discontinued
operations
Items Revenue Expenses Total profit Income tax Net profit
attributable to
owners of the
parent company
Shutdown
factories and 40,575,126.01 6,453,277.65 -20,982,953.48 -998,342.94 -19,984,610.54 -10,147,635.66
companies
ANNUAL REPORT 2025
Preceding period comparative
Profit from
discontinued
operations
Items Revenue Expenses Total profit Income tax Net profit
attributable to
owners of the parent
company
Shutdown
factories and 114,022,554.00 14,354,380.62 2,957,232.66 1,546,158.98 1,411,073.68 715,515.77
companies
Other remarks
None.
(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 517,843.03 425,143.62 673,999.53 -144,799.07 1,472,187.11
Including: Revenue
from contracts with 517,843.03 425,143.62 673,999.53 -144,799.07 1,472,187.11
customers
Operating cost 258,962.20 225,590.76 360,741.98 -122,090.36 723,204.58
Total assets 563,672.74 332,552.13 926,891.90 -754,040.88 1,069,075.89
Total liabilities 305,391.43 198,354.60 663,130.26 -383,848.39 783,027.90
(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
ANNUAL REPORT 2025
making
√ Applicable □ Not Applicable
Pursuant to the “Proposal on Continuing to Carry Out Aluminum Hedging Business” deliberated and
approved by the 20th meeting of the tenth session of the Board of Directors of 2025 and the 15th meeting
of the tenth session of the Board of Directors of 2024, the Company and its subsidiaries intend to, in legal
compliance without affecting normal operations, invest in aluminum hedges at an appropriate time using
self-owned funds of not more than USD 110.00 million. As of December 31, 2025, the Company’s position
amounted to USD 54,959,560.00, which has not yet expired.
□ Applicable √ Not Applicable
XIX. 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
Accounts receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Accounts receivable with provision made on a collective basis
□ Applicable √ Not Applicable
Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of accounts receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(3) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
ANNUAL REPORT 2025
None.
(4) Accounts receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant accounts receivable written off in the current period
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
□ Applicable √ Not Applicable
(5) Details of the top 5 debtors with largest balances
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Details
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 3,111,837.11 12,838,508.69
Total 3,111,837.11 12,838,508.69
Other remarks
□ Applicable √ Not Applicable
Interest receivable
(1) Details on categories
□ Applicable √ Not Applicable
(2) Significant overdue interest
□ Applicable √ Not Applicable
(3) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Interest receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Remarks on interest receivable with provision made on an individual basis
□ Applicable √ Not Applicable
ANNUAL REPORT 2025
Interest receivable with provision made on a collective basis
□ Applicable √ Not Applicable
(4) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of interest receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(5) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(6) Interest receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant interest receivable written off
□ Applicable √ Not Applicable
Remarks on accounts receivable written off
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
Dividend receivable
(7) Details
□ Applicable √ Not Applicable
(8) Significant balance with age over one year
□ Applicable √ Not Applicable
(9) Details on categories of provision accrual methods
□ Applicable √ Not Applicable
Dividend receivable with provision made on an individual basis
□ Applicable √ Not Applicable
Remarks on dividend receivable with provision made on an individual basis
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
Dividend receivable with provision made on a collective basis
□ Applicable √ Not Applicable
(10) Provision for bad debts made using three-stage model
□ Applicable √ Not Applicable
Classification basis of stages and proportion of provision for bad debts
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of dividend receivable with changes in provision for bad
debts
□ Applicable √ Not Applicable
(11) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(12) Details on dividend receivable actually written off in the current period
□ Applicable √ Not Applicable
Significant dividend receivable written off
□ Applicable √ Not Applicable
Remarks on dividend receivable written off
□ Applicable √ Not Applicable
Other remarks:
□ Applicable √ Not Applicable
Other receivables
(13) Age analysis
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Ages Closing book balance Opening book balance
Within 1 year (inclusive) 912,631.81 10,209,407.41
Subtotal 912,631.81 10,209,407.41
ANNUAL REPORT 2025
Ages Closing book balance Opening book balance
Over 5 years
Total 5,386,305.60 14,683,081.20
(14) 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 4,300,000.00
Exclusive sales fees receivable 912,631.81 10,209,407.41
Security deposits 173,673.79 173,673.79
Total 5,386,305.60 14,683,081.20
(15) Provision for bad debts
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Stage 1 Stage 2 Stage 3
Provision for bad debts 12‑month Lifetime expected Lifetime expected Total
expected credit credit losses (credit credit losses
losses not impaired) (credit impaired)
Balances at January 1,
Balances at January 1,
period
--Transferred to stage 2
--Transferred to stage 3 -4,000.00 4,000.00
--Reversed to stage 2
--Reversed to stage 1
Provision made in the
-464,838.78 894,734.76 429,895.98
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
Classification basis of stages and proportion of provision for bad debts
ANNUAL REPORT 2025
□ Applicable √ Not Applicable
Remarks on significant changes in book balance of other receivables with changes in provision for bad
debts
□ Applicable √ Not Applicable
Determination basis for provision for credit impairment made in the current period and whether credit
risk has increased significantly
□ Applicable √ Not Applicable
(16) Provision for bad debts
□ Applicable √ Not Applicable
Significant provisions collected or reversed in the current period
□ Applicable √ Not Applicable
Other remarks
None.
(17) Other receivables actually written off in the current period
□ Applicable √ Not Applicable
Significant other receivables written off
□ Applicable √ Not Applicable
Remarks on other receivables written off
□ Applicable √ Not Applicable
(18) Details of the top 5 debtors with largest balances
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Proportion to the
Closing balance
Closing total balance of Nature of
Debtors Ages of provision for
balance other receivables receivables
bad debts
(%)
Chongqing Hongye
Land disposal
Industry (Group) Co., 4,300,000.00 79.84 3-4 years 2,150,000.00
fees receivable
Ltd.
Chongqing Jiawei Exclusive sales
Beer Co., Ltd. fees receivable
Kingold Group Co., Security
Ltd. [Note] deposits
Guangzhou Wenxin
Security
Automotive Leasing 40,000.00 0.74 2-3 years 12,000.00
deposits
Co., Ltd.
Total 5,386,305.60 100.00 / / 2,274,468.49
Note: It includes its wholly-owned subsidiary Guangzhou Kingold Property Co., Ltd.
ANNUAL REPORT 2025
(19) Balances presented under other receivables due to the centralized fund management
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
√ 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 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
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
ANNUAL REPORT 2025
(1) Investments in subsidiaries
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Opening Current movements Closing
Opening balance Closing balance
balance of balance of
Investees of carrying Provision for of carrying
provision for Investments Investments provision for
amount impairment Others amount
impairment increased decreased impairment
made
Carlsberg
Chongqing 1,695,066,358.71 19,037,610.07 1,695,066,358.71 19,037,610.07
Brewery Co., Ltd.
Total 1,695,066,358.71 19,037,610.07 1,695,066,358.71 19,037,610.07
(2) Investments in associates and joint ventures
□ Applicable √ Not Applicable
(3) Impairment test of long-term equity investments
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(1) Details
□ Applicable √ Not Applicable
(2) Breakdown of operating revenue/operating cost
□ Applicable √ Not Applicable
Other remarks
□ Applicable √ Not Applicable
(3) Remarks on performance obligations
□ Applicable √ Not Applicable
(4) Remarks on transaction price allocated to the remaining performance obligations
□ Applicable √ Not Applicable
(5) Significant changes in contracts or significant adjustments on transaction prices
□ Applicable √ Not Applicable
Other remarks
None.
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
ANNUAL REPORT 2025
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 1,087,018,800.00 1,427,933,400.00
Other remarks
Note: Pursuant to the resolution and approval of the shareholders’ meeting of 2024 and the Company’s
second extraordinary shareholders’ meeting of 2025, Carlsberg Chongqing Brewery Co., Ltd. distributed
dividend of 1.087 billion yuan to the Company based on its profits available for distribution as of October
□ Applicable √ Not Applicable
XX. Other supplementary information
√ Applicable □ Not Applicable
Monetary unit: RMB Yuan
Items Amount Remarks
Gains or losses on disposal of non-current
assets, including write-off of provision for 2,999,820.46
impairment
Government grants included in profit or loss
(excluding those closely related to operating
activities of the Company, satisfying
government policies and regulations,
enjoyed based on certain standards, and
continuously affecting gains or losses of the
ANNUAL REPORT 2025
Items Amount Remarks
Company)
Gains on changes in fair value of financial
assets and financial liabilities held by non-
financial enterprises, and gains from
disposal of financial assets and financial 5,489,892.01
liabilities, excluding those arising from
hedging business related to operating
activities
Fund possession charge from non-financial
entities and included in profit or loss
Gains on assets consigned to the third party
for investment or management
Gains on designated loans
Losses on assets incurred due to force
majeure such as natural disasters
The reversed provision for impairment of
receivables based on impairment testing on 108,758.69
an individual basis
Gains on acquisition of subsidiaries, joint
ventures and associates due to the surplus of
acquisition-date fair value of net identifiable
assets in acquiree over the acquisition cost
Net profit on subsidiaries acquired through
business combination under common
control from the beginning of the period to
the combination date
Gains on non-cash assets exchange
Gains on debt restructuring
One-off expenses incurred due to the
discontinuation of relevant operating
activities, such as severance payments
One-off effects on profit or loss due to
amendments of laws and regulations on
taxation, accounting, etc.
Share-based payments recognized at one
time due to cancellation or modification of
the equity incentive plan
Gains arising from changes in the fair value
of employee benefits payable after the
vesting date for cash-settled share-based
payment
Gains on changes in fair value of
investment properties with subsequent
measurement at the fair value mode
Gains on transactions with unfair value
Contingent gains on non-operating activities 37,105,498.64
Management charges for consigned
operations
Other non-operating revenue or
expenditures
Other profit or loss satisfying the definition
ANNUAL REPORT 2025
Items Amount Remarks
of non-recurring profit or loss
Less: Enterprise income tax affected 25,115,724.88
Non-controlling interest affected (after
tax)
Total 43,173,513.83
Remarks on defining items not listed in “Interpretation Pronouncement on Information Disclosure Criteria
for Public Companies No. 1 – Non-Recurring Profit or Loss” as non-recurring profit or loss with
significant amount 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
Other remarks
□ Applicable √ Not Applicable
√ Applicable □ Not Applicable
Weighted average EPS (yuan/share)
Profit of the reporting period
ROE (%) Basic EPS Diluted EPS
Net profit attributable to ordinary
shareholders
Net profit attributable to ordinary
shareholders after deducting non- 78.82 2.45 2.45
recurring profit or loss
accounting standards
□ Applicable √ Not Applicable
□ Applicable √ Not Applicable
Chairman of the Board of Directors: João Miguel Ventura Rego Abecasis
Date of approval for issuance: March 9, 2026
Revision
□ Applicable √ Not Applicable
