重庆啤酒：重庆啤酒股份有限公司2025年年度报告（英文版）

Important Notice I.The Board of Directors,the directors,and seniormanagement of the Company guarantee that theinformation of the Annual Report is true, accurate and complete and there are no falserepresentations,misleading statements or material omissions, and assume individual and joint liabilities to the informationcontained herein. II.All Directors of the Company attended theBoard meeting. III.Pan-China Certified Public Accountants LLP (Special General Partnership)has issuedan auditor’sreport with an unqualified opinionto theCompany. 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, theperson-in-charge of the accounting department (head ofthe accounting department) hereby declare their guarantees for the authenticity, accuracy and completenessof the financial report in the Annual Report. V.Plans on profit distribution or conversion of capital reserve to increase share capital in the currentreporting 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 atthe equity registration date for the 2025 annual profit distribution. Cash dividends of RMB 1.20 (tax inclusive) pershare will be distributed. As of December 31, 2025, the Company’s total share capital was 483,971,198 shares anda total of cash dividend of RMB 580,765,437.60 (tax inclusive) will be distributed on such basis. Previously, forthe 2025 interim period, the Company distributed a cash dividend of RMB 1.30 (tax inclusive) per share to allshareholders, totaling RMB 629,162,557.40 (tax inclusive). Accordingly, the total cash dividend for 2025 is RMB1,209,927,995.00 (tax inclusive), accounting for 98.30% of the net profit attributableto shareholders of theCompany in 2025. If there is any change in the Company’s total share capital before the equity registration date for the 2025 annualprofit distribution, the distribution ratio per share will remain unchanged, with corresponding adjustments to thetotal 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 theCompany’s profit distribution and other related matters VI.Risk statement with respect to forward-looking statements √ Applicable□ Not applicableForward-looking statements,includingfuture plans, contained in this report do not constituteactualcommitmentsmade bythe Company to investors.Investors should be aware of investmentrisks. VII.Is there any fund occupied by the controlling shareholder and its related parties for nonoperationalpurposes? No 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 andcompleteness of the annual report disclosed by the Company? No X.Notice of material risks The Company has describedrelevant potentialrisks in this report.For details, please refer to“VI.Discussion andAnalysis on the Future Development of the Company”under Section IIIof this Report. XI.Others □ Applicable√ Not applicable This report is prepared in Chinese. An English translation is provided for reference only. In case of anydifferences between the Chinese version and the English translation, the Chinese version shall prevail. CONTENTS SECTION IDEFINITIONS...........................................................................................................................................................5SECTION IICOMPANY PROFILE AND PRINCIPAL FINANCIAL INDICATORS............................................................5SECTION IIIMANAGEMENT DISCUSSION AND ANALYSIS................................................................................................9SECTION IVCORPORATE GOVERNANCE,ENVIRONMENTAL AND SOCIALRESPONSIBILITY..........................38SECTION VIMPORTANT MATTERS......................................................................................................................................63SECTION VICHANGES IN SHARES ANDPARTICULARS OFSHAREHOLDERS..........................................................79SECTION VIIPARTICULARS OFBONDS.................................................................................................................................86SECTIONVIIIFINANCIAL REPORT............................................................................................................................................87 SECTION IDEFINITIONS I. Definitions In this Report,unless the context otherwise requires,the following words shall have the following meanings: SECTION IICOMPANY PROFILE AND PRINCIPAL FINANCIALINDICATORS I.CorporateInformation II.Contact Persons and Contact Information III.Basic Information IV.Pl