关于青岛啤酒股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 我们接受委托，依据中国注册会计师审计准则审计了青岛啤酒股份有限公司（以下简称 "贵公司"）2024 年 12 月 31 日合并及母公司资产负债表，2024 年度合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注（以下合称"财 务报表"），并于 2025 年 3 月 28 日签发了德师报(审)字(25)第 P03580 号无保留意见的审计报 告。 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行 保险监督管理委员会公布的《上市公司监管指引第 8 号——上市公司资金往来、对外担保的 监管要求》的要求，贵公司编制了后附的 2024 年度非经营性资金占用及其他关联资金往来情 况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表并确保其真实性、合法性及完整性是贵公司管理层的责任。 我们对汇总表所载资料与本所审计贵公司 2024 年度财务报表时所复核的会计资料和经审计的 财务报表的相关内容进行了核对，在所有重大方面没有发现不一致。除 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-006 青岛啤酒股份有限公司 第十届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届监事会（"监事会"）第二十次会议 （"会议"）于 2025 年 3 月 27 日在青岛以现场会议方式召开。会议通知及会议材 料已于会前向全体监事发出，会议应出席监事 5 人，实际出席监事 5 人。会议由 公司监事会临时召集人李燕女士主持。会议的召开、表决符合《中华人民共和国 公司法》等相关法律、法规、上市地上市规则以及《青岛啤酒股份有限公司章程》 的规定。 二、监事会会议审议情况 1、审议通过公司 2024 年年度报告（包括经审计的财务报告）。 监事会认为，公司 2024 年年度报告的编制和审议程序符合法律、行政法规 和相关监管规定，报告内容真实、准确、完整地反映了公司的经营情况和财务状 况。监事会同意通过该议案。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届董事会第二十次会议（"会议"）于 2025 年 3 月 28 日在青岛以现场结合视频会议方式召开。会议通知及会议材料已于会前向 全体董事发出，会议应出席董事 7 人，实际出席董事 7 人。会议由董事长姜宗祥先 生召集并主持，公司董事会秘书列席参加。会议的召开、表决符合《中华人民共和国 公司法》等相关法律、法规、上市地上市规则以及《青岛啤酒股份有限公司章程》的 规定。 证券代码：600600 证券简称：青岛啤酒 公告编号：2025-005 青岛啤酒股份有限公司 第十届董事会第二十次会议决议公告 二、董事会会议审议情况 1、审议通过公司 2024 年年度报告（包括 2024 年度董事会报告和经审计的财务 报告）。同意在境内外公布 2024 年年报和年度业绩公告。 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 2、审议通过公司关于会计师事务所 2024 年度审计履职情况的评估报告。 表决情况 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-007 青岛啤酒股份有限公司 关于2024年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 青岛啤酒股份有限公司（"公司"、"本公司"）2024年度利润分配预案： 每股派发现金红利人民币2.20元（含税）。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 ● 本次在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每 股派发现金红利金额不变，相应调整分配总额，并将另行公告具体调整情况。 ● 本次利润分配预案尚待本公司2024年年度股东会审议通过后方可实施。 ● 公司不触及《上海证券交易所股票上市规则（2024年4月修订）》（"《股票 上市规则》"）第9.8.1条第一款第（八）项规定的可能被实施其他风险警示的情 形。 一、 利润分配预案内容 （一）利润分配方案的具体内容 经德勤华永会计师事务所（特殊普通合伙）审计，本公司2024年度按照中国 会计准则计算的母公司净利 ...

Financial Performance - The total operating revenue for 2024 was RMB 32,137,830,111, a decrease of 5.30% compared to RMB 33,936,522,741 in 2023[18]. - The net profit attributable to shareholders of the listed company reached RMB 4,344,983,858, an increase of 1.81% from RMB 4,267,851,406 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was RMB 3,951,102,172, reflecting a growth of 6.19% compared to RMB 3,720,724,776 in 2023[18]. - The net cash flow from operating activities significantly increased by 85.58% to RMB 5,154,661,132 from RMB 2,777,567,140 in the previous year[18]. - The total assets at the end of 2024 were RMB 51,420,385,832, representing a 4.39% increase from RMB 49,256,011,349 at the end of 2023[18]. - The net assets attributable to shareholders of the listed company increased by 5.87% to RMB 29,060,384,527 from RMB 27,449,478,216 in 2023[18]. - Basic earnings per share for 2024 were RMB 3.191, up 1.66% from RMB 3.139 in 2023[19]. - The diluted earnings per share also increased to RMB 3.187, a rise of 1.76% compared to RMB 3.132 in the previous year[19]. - The weighted average return on equity decreased to 15.38%, down 0.74 percentage points from 16.12% in 2023[19]. Sales and Market Performance - In 2024, the company achieved a product sales volume of 7.538 million kiloliters and operating revenue of RMB 32.14 billion, with a net profit attributable to shareholders of RMB 4.34 billion, representing a year-on-year growth of 1.8%[26]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of RMB 3.95 billion, an increase of 6.2% year-on-year[26]. - The company’s online product sales increased by 21% year-on-year, marking 12 consecutive years of growth in this segment[27]. - The company’s main brand, Qingdao Beer, achieved a sales volume of 4.34 million kiloliters, with mid-to-high-end products accounting for 3.154 million kiloliters[28]. - The company’s sales in the Shandong region accounted for 69.97% of total sales revenue, totaling 22.09 billion RMB[76]. Product Development and Innovation - The company launched new products including the "Aogute A Series, Nikashi White Beer, and Non-Alcoholic Beer Series" to meet diverse consumer demands[28]. - The company has launched a series of new products, including "Tsingtao Legend" and "Tsingtao IPA," enhancing brand image and meeting market demand[33]. - The company continues to focus on innovation-driven high-quality development, enhancing brand influence and operational efficiency[26]. - The beer industry in China is experiencing a rise in mid-to-high-end products, with a focus on innovation and diversification to capture new growth opportunities[91]. Operational Efficiency and Cost Management - The company's revenue decreased by 5.30% year-on-year, primarily due to a decline in sales volume[36]. - The company's operating costs decreased by 7.72% year-on-year, influenced by lower sales and a decrease in some raw material costs[37]. - The gross profit margin for beer products was 40.11%, with a year-on-year increase of 1.60 percentage points[42]. - The overall gross margin increased by 1.70 percentage points to 26.42% for other brands[81]. - Raw material costs accounted for 65.81% of total costs, down 9.06% year-on-year[83]. Environmental and Sustainability Initiatives - The company is committed to sustainable development and aims to achieve carbon neutrality while optimizing its value chain costs[93]. - The company reported compliance with pollution discharge standards, with COD emissions at 794.3 tons/year, below the approved limit of 6763.75 tons/year[144]. - The company has implemented effective wastewater treatment processes, ensuring all facilities meet environmental regulations[144]. - The company achieved a 11.8% year-on-year reduction in greenhouse gas emissions per unit product for 2024[162]. - Renewable energy electricity usage reached 80% in 2024, with all factories in Shandong utilizing renewable energy[162]. Governance and Management - The company held 11 board meetings and 9 supervisory meetings during the reporting period to ensure effective governance and decision-making[101]. - The company has independent directors serving in various other organizations, enhancing governance[110]. - The company has not faced any penalties from securities regulatory authorities in the past three years[113]. - The company has established a performance evaluation and compensation system for senior management, which includes a base salary and performance-based annual salary[137]. Future Outlook and Strategic Plans - The company anticipates challenges in 2025 due to intense market competition and insufficient consumer demand, but also sees opportunities in technological innovation and consumption stimulation[95]. - The company plans to accelerate its digital transformation to improve operational efficiency and product quality, aiming for a fully integrated digital experience[94]. - The company aims to enhance its market operations and profitability by leveraging its brand, quality, and distribution network, focusing on the beer core business[94]. - Future initiatives will focus on enhancing wastewater treatment technologies to further reduce emissions[144].

Financial Performance - The basic earnings per share for 2024 is 3.1910 yuan, showing an increase of 1.66% compared to 3.1390 yuan in 2023 [1] - The operating revenue for 2024 is 32.138 billion yuan, a decrease of 5.3% from 33.937 billion yuan in 2023 [1] - The net profit for 2024 is 4.345 billion yuan, reflecting a growth of 1.8% from 4.268 billion yuan in 2023 [1] - The return on equity for 2024 is 15.38%, down from 16.12% in 2023, indicating a decline of 4.59% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 113,147.87 million shares, accounting for 82.94% of the circulating shares, with a change of 2.8723 million shares from the previous period [1] - Hong Kong Central Clearing (Agent) Limited remains the largest shareholder with 61,400.13 million shares, representing 45.01% of total share capital [2] - Qingdao Beer Group Co., Ltd. holds 44,346.77 million shares, making up 32.51% of total share capital, with no change [2] Dividend Distribution - The company has announced a dividend distribution of 22.0 yuan per share (including tax) [2]

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-001 青岛啤酒股份有限公司第十届董事会 第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 青岛啤酒股份有限公司（以下简称"公司"）第十届董事会第十九次会议（以下简称"会 议"）于 2025 年 1 月 10 日以现场结合视频会议方式召开，会议通知及会议材料已按照《青岛 啤酒股份有限公司章程》（以下简称"《公司章程》"）规定及时以书面方式送达全体董事。会 议应出席董事 7 人，实际出席董事 7 人。会议由董事长姜宗祥先生主持，公司董事会秘书列 席参加。会议的召开、表决符合《中华人民共和国公司法》等相关法律、法规及上市地上市 规则以及《公司章程》的规定。 二、 董事会会议审议情况 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 1 (一)审议通过青岛啤酒财务有限责任公司（"财务公司"）2025 年度有价证券投资专项业 务规划。 1. 同意财务公司在有效防控风险、确保资金安全的前提下，有价证 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2025-002 青岛啤酒股份有限公司第十届监事会 第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2、审议通过公司与青岛啤酒集团有限公司及其附属公司签署有关 2025 年度 日常关联交易（持续关连交易）事项的框架协议及确定其交易上限的议案。 表决情况：有权表决票 5 票，同意 5 票、反对 0 票、弃权 0 票，通过。 特此公告。 青岛啤酒股份有限公司监事会 2025 年 1 月 14 日 青岛啤酒股份有限公司（"公司"）第十届监事会第十九次会议（"会议"）于 2025 年 1 月 9 日在青啤大厦会议室以现场结合视频会议的方式召开，会议通知 及会议材料已于会前向全体监事发出，会议应出席监事 5 人，实际出席监事 5 人，会议由公司监事会临时召集人李燕女士主持。本次会议的召集和召开符合《中 华人民共和国公司法》等法律、行政法规、部门规章、规范性文件和《青岛啤酒 股份有限公司章程》的规定。 二、监事会会议审议情况 经全体监事审议表决，通过了以下议案： ...

Investment Rating - The investment rating for Qingdao Beer is "Buy" and is maintained [6]. Core Views - The company has announced the retirement of Chairman Huang Kexing, with Jiang Zongxiang elected as the new Chairman and concurrently serving as the President [4][10]. - The new Chairman has extensive management experience across various functions, which is expected to bring positive changes to the company [10]. - In 2024, the company plans to enhance inventory management to ensure healthy channel operations, despite a 7% decline in total sales in the first three quarters due to weak dining consumption [10]. - The company aims for a recovery in sales volume and price in 2025, supported by consumption stimulus policies and a marginal recovery in dining scenarios [10]. - The strategic direction remains unchanged, focusing on product innovation and market investment, particularly in high-end products like white beer, classic, and pure draft [10]. - Earnings per share (EPS) are projected to be 3.3, 3.8, and 4.1 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 23X, 20X, and 18X [10]. Financial Data Summary - Current stock price is 75.60 yuan, with a total share capital of 136,420 million shares [6]. - The company's total revenue for 2023 is estimated at 33,937 million yuan, with a net profit of 4,348 million yuan [14]. - The projected net profit for 2024 is 4,593 million yuan, increasing to 5,278 million yuan in 2025 and 5,713 million yuan in 2026 [14]. - The dividend payout ratio for 2023 is expected to reach 64% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with expected relative stock price returns of over 20% within 6 months [7][23] Core Views - The company's production and sales strategies are expected to remain consistent, with no significant changes due to leadership transitions [4] - The new chairman, Jiang Zongxiang, brings extensive experience in corporate governance, strategic management, digital transformation, and supply chain management, which is expected to drive continued innovation and profitability [2][4] - The company is expected to benefit from external factors such as consumption promotion policies and the recovery of dining and nightlife scenes, which will boost beer demand and upgrade speed [7] Financial Performance and Projections - Revenue is projected to decline by 5% in 2024, followed by growth of 3% in 2025 and 2% in 2026, reaching RMB 33.7 billion by 2026 [7] - Net profit attributable to the parent company is expected to grow by 3%, 10%, and 8% in 2024, 2025, and 2026, respectively, reaching RMB 5.23 billion by 2026 [7] - EBITDA is forecasted to increase from RMB 6.08 billion in 2023 to RMB 7.84 billion in 2026, with a CAGR of 8.9% [5] - EPS is projected to grow from RMB 3.13 in 2023 to RMB 3.83 in 2026 [5] Valuation Metrics - The P/E ratio is expected to decline from 25.01x in 2023 to 20.42x in 2026, indicating improving valuation attractiveness [5] - The EV/EBITDA ratio is projected to decrease from 12.80x in 2023 to 10.25x in 2026, reflecting better operational efficiency [5] - The P/B ratio is forecasted to drop from 3.89x in 2023 to 3.39x in 2026, suggesting a more favorable valuation [5] Strategic Initiatives - The company is focusing on improving operational quality and implementing an ERP system in 2024, which is expected to enhance efficiency [7] - The new management team is expected to lead the company towards high-quality development, with a focus on innovation, brand influence, and profitability [4][7] Industry Context - The company operates in the food and beverage industry, specifically in the non-baijiu segment, with a strong focus on beer production and sales [9] - The industry is expected to benefit from the recovery of consumption scenarios, which will drive demand for beer and accelerate product upgrades [7]