ANNUAL REPORT 2024

Company Code: 600132 Abbreviation of the Company: Chongqing Brewery

CHONGQING BREWERY CO., LTD.

ANNUAL REPORT 2024

This document is a translation of the original Chinese 2024 Annual Report of Chongqing Brewery Co., Ltd. (《重庆啤酒股份有限公司2024年年度报告》). In the event of any discrepancy between the Chinese and English versions, theChinese version shall prevail.

ANNUAL REPORT 2024

Important Notice

I. The Board of Directors, the Board of Supervisors, and the directors, supervisors and senior managementof the Company guarantee that the information of the Annual Report is true, accurate and complete andthere are no false representations, misleading statements or material omissions, and assume individual andjoint 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’sreport with an unqualified opinion to the Company.

IV. Jo?o 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 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 DirectorsThe Company intends to distribute cash dividends to all shareholders based on the total share capital as of the equityregistration date for the 2024 annual profit distribution. Cash dividends of 0.90 yuan (tax inclusive) per share willbe distributed. As of December 31, 2024, the Company’s total share capital was 483,971,198 shares and a total ofcash dividend of 435,574,078.20 yuan (tax inclusive) will be distributed on such basis. Previously, for the 2024interim period, the Company distributed a cash dividend of 1.50 yuan (tax inclusive) per share to all shareholders,totaling 725,956,797.00 yuan (tax inclusive). Accordingly, the total cash dividend for 2024 is 1,161,530,875.20yuan (tax inclusive), accounting for 104.21% of the net profit attributable to shareholders of the Company in 2024.If there is any change in the Company’s total share capital before the equity registration date for the 2024 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.

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 commitmentsmade 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 nonoperationalpurposes?No

VIII. Is there any external guarantee made in violation of required decision-making procedures?No

ANNUAL REPORT 2024

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 risksThe Company has described relevant potential risks in this report. For details, please refer to “VI. Discussion andAnalysis on the Future Development of the Company” under Section III of this Report.

XI. Others

□ Applicable √ Not applicable

ANNUAL REPORT 2024

CONTENTS

SECTION I DEFINITIONS ...... 5

SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL INDICATORS ...... 5

SECTION III MANAGEMENT DISCUSSION AND ANALYSIS ...... 10

SECTION IV CORPORATE GOVERNANCE ...... 35

SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY ...... 57

SECTION VI IMPORTANT MATTERS ...... 66

SECTION VII CHANGES IN SHARES AND PARTICULARS OF SHAREHOLDERS ...... 89

SECTION VIII INFORMATION ON PREFERRED SHARES ...... 95

SECTION IX PARTICULARS OF BONDS ...... 95

SECTION X FINANCIAL REPORT ...... 96

2024 Annual Report of Chongqing Brewery Co., Ltd

SECTION I DEFINITIONS

I. DefinitionsIn this Report, unless the context otherwise requires, the following words shall have the following meanings:

The major asset purchase of Chongqing Brewery Co., Ltd. and joint capitalincrease in the joint venture as well as related-party transactions

SECTION II COMPANY PROFILE AND PRINCIPAL FINANCIAL

INDICATORSI. Corporate Information

II. Contact Persons and Contact Information

2024 Annual Report of Chongqing Brewery Co., Ltd

III. Basic Information

IV. Place of Information Disclosure and Document Inspection

V. Stock Listing

VI. Other Relevant Information

VII. Key Accounting Data and Financial Indicators for the Past Three Years(I) Key accounting data

Monetary unit: RMB

2024 Annual Report of Chongqing Brewery Co., Ltd

(II) Key financial indicators

2024 Annual Report of Chongqing Brewery Co., Ltd

Remarks on key accounting data and financial indicators in the past three years

√ Applicable □ Not Applicable

The Ministry of Finance issued the “Interpretation of China Accounting Standards for Business Enterprises No. 16”(Cai Kuai [2022] No. 31) (the “Interpretation No. 16”) on November 30, 2022, in which, the regulations aboutaccounting for deferred tax related to assets and liabilities arising from a single transaction to which the initialrecognition exemption does not apply take effect since January 1, 2023. For taxable and deductible temporarydifferences associated with lease liabilities and right-of-use assets arising from such single transactions andpresented at the beginning of the earliest comparative period, the cumulative effect of initially applying theInterpretation No. 16 and “CASBE 18 – Enterprise Income Tax” shall be adjusted into retained earnings or otherrelated items at the beginning of the earliest comparative period presented.

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 financialreports disclosed simultaneously in accordance with international accounting standards and Chineseaccounting standards

□ Applicable √ Not applicable

(II) Differences in net profit and net assets attributable to shareholders of the listed company in the financialreports disclosed simultaneously in accordance with foreign accounting standards and Chineseaccounting standards

□ Applicable √ Not applicable

(III) Explanation on the differences between domestic and foreign accounting standards:

□ Applicable √ Not applicable

IX. Key Quarterly Financial Data in 2024

Monetary unit: RMB

Remarks on differences between quarterly data and data disclosed in periodic report

□ Applicable √ Not Applicable

X. Non-Recurring Profit or Loss

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

Monetary unit: RMB

Remarks on defining items not listed in “Interpretation Pronouncement on Information Disclosure Criteria for PublicCompanies No. 1—Non-Recurring Profit or Loss” as non-recurring profit or loss with significant amount andremarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on InformationDisclosure Criteria for Public Companies No. 1—Non-Recurring Profit or Loss” as recurring profit or loss

□ Applicable √ Not applicable

XI. Items Measured at Fair Value

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

Monetary unit: RMB

XII. Others

□ Applicable √ Not applicable

SECTION III MANAGEMENT DISCUSSION AND ANALYSIS

I. Discussion and Analysis on OperationsIn 2024, guided by the “Accelerate SAIL” strategy, the Company proactively responded to the opportunities andchallenges arising from the evolving macro environment. By continuously optimizing its product portfolio, theCompany maintained industry-leading performance in gross margin, revenue per hectoliter, and return on equity.Its beer business achieved steady growth.

I. MarketCarlsberg: In 2024, Carlsberg continued its “Artist Edition” campaign by introducing a special “Wood DragonGreets Spring Lunar New Year limited-edition can series, accompanied by the interactive social media challenge“Pass the Dragon’s Luck for a Year of Prosperity”. In brand marketing, Carlsberg partnered with Liverpool FC tolaunch the “Pursue good football, drink Carlsberg” campaign, driving sales growth and brand visibility throughadvertising, player livestreams, limited-edition cans, and promotions. In channel marketing, the brand successfullyboosted NEO channel sales by hosting the “Multiverse” EDM festival. Its distribution across both on-trade and off-trade channels continued to expand.

Tuborg: Tuborg further championed the “Tilt The World WHY NOT” philosophy by collaborating with rappers GAIand ASEN to launch a new brand campaign film and limited-edition cans, while reinforcing its distinctive brandattitude through multiple social media activities. In music marketing, Tuborg reinforced the powerful “Music + Beer”connection by sponsoring The Rap of China 2024 and Rap Star Dream Maker, launching “New Blood, Brew theVibe” initiative with an attitude-driven single, while maintaining partnerships with music festivals.

Kronenbourg 1664: K1664 signed a high-profile brand ambassador to reinforce its premium positioning andenhance consumer recognition. The brand garnered high-quality media exposure through the “1664 Blue HourEditor’s Dinner 1664” co-hosted with GQ magazine. Leveraging major sporting events, 1664 created origin vlogfrom France to showcase authentic French lifestyle, reinforcing its international image. Limited-edition packagingwas launched on e-commerce platforms to boost off-trade channel growth.

2024 Annual Report of Chongqing Brewery Co., Ltd

Somersby: Somersby drove cider awareness, creating a new drinking occasion—“The First Sip After Work”. Itsfour flavors won four awards at the 2024 World Cider Awards, while innovative packaging formats including miniand slim cans were introduced to the market. Through an integrated mix of IP collaborations, KOL seeding, celebrityfandom engagement, UTC, and on-site tastings, the brand built a premium youthful image. Focused off-trade ande-commerce execution delivered steady growth of the brand.

Wusu: Wusu strengthened its differentiation strategy through reverse marketing and targeted media placement,amplifying its “hard core” image. Leveraging Xinjiang’s tourism boom, the brand launched integrated campaignscombining online KOL matrix with offline activities such as branded highway tour and the “Wuzhong Bazaar,”showcasing its Xinjiang heritage while enhancing engagement with young consumers. The brand entrenched the“Eat BBQ, Drink Wusu” consumer occasion through engaging offline experiences, reinforcing consumer awareness.Its product lineup expanded with new offerings including Wusu Secret Brew, Wusu 1986, and a 40th AnniversaryCommemorative Edition. Supported by the Big City 2.0 program, Wusu expanded its distribution network, witheffective increases in distribution points to drive steady market development.

Chongqing: The Chongqing brand achieved significant volume growth by launching its premium offerings like craftwhite beer, with Chongqing Pure Draft as its core. The brand amplified local pride and celebrated Chongqingheritage by partnering with hometown Olympic champion as the face of the brand, hosting the “Pride in Victory”symphony concert, and introducing limited-edition cans. It cemented its connection to hot pot occasion with “EatHot Pot, Drink CQ Beer”, supported by the “Ode to Hot Pot” marketing and offline campaigns like the ChongqingHot Pot Festival to strengthen consumer experience.

Wind Flower Snow Moon: Wind Flower Snow Moon achieved high-speed growth by integrating with Yunnan’slocal culture and tourism boom. Its low-alcohol brews gained nationwide popularity among young consumers.Through its partnership with folk duo Landlord’s Cat, it created folk music livestreams and “Folk Tavern” roadshowevents, linking the brand with travel and outdoor leisure occasions. Leveraging its differentiated product portfolioand integrated off-trade channel marketing, Wind Flower Snow Moon achieved accelerated development.

Dali: The Dali brand continued to cultivate the Yunnan market, building the brand image through its V8 Extra Maltwith brand ambassador Jike Junyi. It reinforced its local ties by integrating with multi-ethnic cultural festivals suchas the March Street Festival and Torch Festival. Cross-brand partnerships with KFC and Shuanghui consolidated itsmarket presence, while new channels like O2O accelerated its growth. The launch of Dali Cang’er soft drinks furtherdiversified its product portfolio.

Craft Beer Brands: Craft beer brands continued to drive trial and purchases by simultaneously “expanding casualbeer drinkers” while “engaging and converting craft beer geeks and beer lovers”. Jing-A strengthened its distributionand consumer engagement through themed marketing campaigns, while Brooklyn launched its “Bar Crawl BusProject” initiative, partnering with bars to drive product trial and boost conversions. In 2024, the Company’s craftbeer brands participated in over 30 beer festivals, and successfully hosted signature events including Jing-A’s “Jing-A 8×8 Collaborative Brewing Project” and the “Jing-A x Brooklyn International Collaborative Brewing &Brewmaster’s China Tour”. These efforts expanded the brands’ reach among beer lovers while boosting brandprestige and influence.

II. SalesIn 2024, the Company’s off-trade channel delivered market share growth by driving canned product offerings, multi-pack formats, and new product launches. Traditional channels maintained stable share, with strongholds continuing

2024 Annual Report of Chongqing Brewery Co., Ltd

growth. The Big City program improved route-to-market in non-core markets, though certain regions presentedchallenges. MOFT channels seized growth opportunities in small-format stores, emerging channels, and large-format warehouse clubs. The Company focused key business formats and markets to enhance product mixdistribution, canning ratio, and multi-pack offerings, while utilizing new marketing campaigns to drive sales growth.

The on-trade channel faced impacts from sluggish consumption and changing consumer habits, with intensifiedcompetition in entertainment and dining channels putting pressure on product sell-through. Despite these challenges,several international and local brands achieved counter-cyclical growth.

The Big City program maintained its role as the core engine, delivering sound performance amid market challengesthrough tiered management, focused resource allocation, and customized strategies.

Digital innovation program empowered traditional and dinning channels by enhancing operational efficiencies,enabling integrated consumer promotions, and driving channel sales.

III. Supply ChainIn 2024, the Company further optimized its supply chain network. The new Foshan brewery officially beganproduction in August, effectively addressing production capacity shortage in South China while reducing deliverytime to the region by 80% and significantly cutting logistics costs. The Foshan brewery employs numerous energy-saving, eco-friendly and sustainable technologies, making it a model of green brewery. It is equipped with a 3,000-ton rainwater collection system, embodying the “sponge brewery” design concept.

To consistently enhance beer flavor profiles, the Company has prioritized taste assessment capability buildingthrough the ongoing “100 People Plan.” In collaboration with China Fermentation Research Institute and ChinaAlcoholic Drinks Association (CADA), it successfully trained and certified more than 100 professional beer tasters,significantly enhancing the team’s taste assessment capabilities. At CADA’s China International Beer Challenge,the Company’s products received 15 awards, maintaining its position as the most awarded brewery for threeconsecutive years. Notably, multiple products of the Company received four- or three-star honors, including WusuLoulan Secret Brew, Carlsberg Smooth, Carlsberg Special Brew, Somersby Elderflower Cider, Jing-A Dongbei IPAand Jing-A Triple Berry Nectar. These accolades further demonstrate the Company’s outstanding performance inproduct quality.

IV. ESGIn 2024, Chongqing Brewery further advanced its “Together Towards Zero and Beyond (TTZAB)” ESG program,strengthening communication with stakeholders and achieving significant progress across all program targets. Inthe latest ESG ratings by MSCI—a leading international rating agency, Chongqing Brewery rose from A to AA,making it one of only two highest-rated companies among China’s 120+ A-share listed food and beverage firms.

The Company gained numerous prestigious awards, including: “2024 ESG Demonstration Enterprise” by ChinaAlcoholic Drinks Association, “2024 Best Sustainability Practice Case for Listed Companies” by China Associationfor Public Companies, “2024 ESG Influence List” by Fortune China, “2024 ESG Competitive Enterprise” bySouthern Weekly, “ESG Sustainability Excellence Model” by Guangzhou Daily, “2024 Corporate SocialResponsibility Case” by People’s Daily Online, “Annual Sustainability Benchmark” by Caijing.com, and “ESGGolden Bull Award Top 100” by China Securities Journal.

The Company’s subsidiaries received multiple sustainability honors: Carlsberg Brewery Industry and Trade Co.,Ltd. was recognized as “Yunnan Provincial Water Conservation Benchmark Enterprise 2024”. Both Korla Brewery

2024 Annual Report of Chongqing Brewery Co., Ltd

and Wusu Brewery were awarded the title of “Autonomous Region-Level Green Factory”. Hunan ChongqingBrewery Grandmen Co., Ltd. was honored with the “2024 Hunan Provincial Green Factory” title.

ZERO Carbon Footprint: The Company has achieved 100% renewable electricity, with the electrification rate of itsforklift fleet reached 82%. Its breweries reduced production-related carbon emissions by 2,531 tons throughout theyear, representing a 70% reduction from the 2015 baseline. Carbon emissions per hectoliter of beer decreased by

4.5% (vs 2023) and 76.7% (vs 2015). The newly completed Foshan Brewery has become Carlsberg Group’s globalbenchmark for sustainable smart brewing.

ZERO Farming Footprint: The Company attaches great importance to the recycling of brewing by-products,achieving 100% recycling of 1.67 million tons of spent yeast liquor and 307,000 tons of spent grains in 2024, allrepurposed for agricultural and livestock applications to advance circular economy. Meanwhile, the Companyenhanced sustainable and localized raw material procurement, prioritizing suppliers within proximity to breweries,establishing long-term contracts with the suppliers to encourage local cultivation, and actively developing localhops farming. Currently, the Company has achieved 100% local procurement of key adjuncts, with 50% of hopsand 30% of malt products being sourced locally.

ZERO Packaging Waste: The Company uses glass bottles containing 60% recycled content, with Carlsberg andothers adopting eco-friendly inks and PVC-free labels. In 2024, the Company increased its bottle return rate by 3.6%compared to 2022 levels. Meanwhile, the Company prioritized the recycling of glass cullet generated duringpackaging operations, achieving an annual recovery volume of 31,346 tons (equivalent to 125 million 330ml beerbottles) and reducing carbon emissions by over 25,000 tons. In addition, by implementing bag-free transportationfor raw material procurement, the Company reduced the use of 5 million plastic woven bags and cut carbonemissions by approximately 1,500 tons annually.

ZERO Water Waste: In 2024, the Company’s breweries achieved an average water consumption of 2.09 HL/HL,representing a 45.7% decrease from 2015. The Foshan Brewery, which was put into operation in 2024, features fourrainwater collection tanks to recycle rainwater, making it the first “sponge brewery” of Carlsberg in the world.

ZERO Irresponsible Drinking: In response to the call of the International Alliance for Responsible Drinking, theCompany implemented warning labels on all its alcohol packaging such as “Not for Pregnant Women,” “UnderageDrinking Prohibited,” and “Do Not Drink and Drive,” enhancing consumer awareness of responsible drinking.Additionally, the Company actively participated in the National Responsible Drinking Awareness Week andembedded responsible drinking education into brand events such as the Dali Beer Festival. In 2024, 11 brandambassadors, including Zhao Lusi, Yu Shi, Tian Liang, GAI, and Jike Junyi, jointly advocated for responsibledrinking, amplifying this message to over 6.2 million consumers.

ZERO Accidents Culture: The Company has conducted All-Staff Safety Day for 11 consecutive years, continuouslyenhancing employee competency and safety awareness. Its five breweries have maintained Loss Time Accident(LTA)-free operations for over a decade. Compared to 2018, LTA rates for both employees and contractors havedecreased by 92%.

V. Talent DevelopmentIn 2024, the Company actively advanced its corporate culture development.

On one hand, it has fully implemented an up-to-date growth culture, organizing senior managers to participate indedicated workshops where business leaders explained cultural principles. Parallel to this, the HR team designed

2024 Annual Report of Chongqing Brewery Co., Ltd

creative activities to help employees apply growth culture in their daily work. Guided by this growth culture, theCompany launched a comprehensive efficiency and productivity optimization program, achieving significantimprovements in cross-functional collaboration through process and reporting streamlining, system functionalityupgrades, dedicated communication platforms, etc.

On the other hand, the Company has been actively fostering a culture of diversity, equality, and inclusion (DE&I).Leveraging International Women’s Day, it launched the “Women’s Special Brew” public welfare project, where ateam of female brewers crafted limited-edition brews to celebrate female power. The project not only strengthenedemployees’ sense of belonging and social responsibility through internal activities but also allocated special fundsto the Women’s Federation of Quannan County, Jiangxi Province for the “Mother’s Health Express” prgoram tosupport women’s health development. Additionally, the representation of women in mid-to-senior management rolesincreased by nearly 3% compared to 2023. In 2024, The Company was again honored with the “2024 DEI EmployerAward” and “Best DEI Project Award” by the Employer Branding Institute. The 2024 “My Voice” survey coveredover 6,300 employees, achieving a remarkable 99% participation rate. Building on the survey results, the Companyproactively addressed employee feedback by developing and implementing targeted action plans to further enhanceemployee engagement.

Employer Brand Building: Chongqing Brewery, driven by its purpose of “Brewing for a Better Today andTomorrow,” has deeply integrated diversity, equality, and inclusion (DE&I) principles into its operations. Throughinnovative initiatives like “Women’s Recruitment Month” and the “Her Era Livestreaming”, the Company hassuccessfully attracted a significant number of female talents, further strengthening its employer brand appeal amongwomen professionals. Meanwhile, Chongqing Brewery strengthened its university partnerships by partnering withrenowned academic institutions to co-develop courses. These courses provide students with cutting-edge businessand management perspectives, empowering their career development while preparing a pipeline of high-calibertalent for the Company. Additionally, Chongqing Brewery has optimized its recruitment process and enhanced itscorporate culture experience, further boosting its employer brand appeal. By integrating beer culture communicationwith employer branding, and showcasing brand vitality, the Company has been recognized as a model employer inthe industry, successfully attracting and retaining talent, thereby injecting new momentum for its sustainabledevelopment.

Talent Development Strategy: Chongqing Brewery is committed to building a multi-tiered, comprehensive talentdevelopment system, focusing on optimizing and promoting development programs for young professionals,frontline leaders, and mid-to-senior managers. Through this structured talent cultivation mechanism, ChongqingBrewery has not only strengthened its talent pipeline but also significantly improved the stability andcompetitiveness of its key positions, achieving a 70% internal fill rate for mid-to-senior management positions.

Employee Development: Chongqing Brewery offers extensive and in-depth learning opportunities to all employeesthrough a combination of online and offline learning methods, supporting the growth of both individuals and theorganization. In terms of offline training, the Company delivered over 250,000 total training hours nationwide in2024, with an average learning time per capita reaching 37 hours. Regarding online resource support, the Companycomprehensively upgraded the Carlsberg E-learning platform to cover all functional colleges, creating a one-stop,multi-functional online learning solution that enhances employees’ learning experience.

VI. Investor Relations ManagementIn 2024, the Company demonstrated strong initiative and innovation in investor relations management. Throughdiversified, multi-dimensional and scenario-based communication strategies, it effectively built a bridge of trustwith the capital markets. In addition to routine communication activities such as domestic and international

2024 Annual Report of Chongqing Brewery Co., Ltd

brokerage strategy meetings and reverse roadshows, the Company hosted brewery tours for investors to witnessproduct manufacturing process firsthand, enhancing their understanding of the Company’s production efficiencyand supply chain management strength. The “Wusu Big Big Q” tasting event allowed investors to directlyexperienced how the brand’s “Eat BBQ, Drink Wusu” positioning deeply integrates to barbecue dining occasions.The 2023 Annual Shareholders Meeting at Jing-A Taproom created a unique brand experience for shareholders andinvestors. Furthermore, throughout the reporting period, the Company consistently conducted high-standard,distinctive earnings presentations to promptly communicate corporate updates to the market and investors, whilefully safeguarding shareholders’ right to information.

During the reporting period, the Company gained widespread recognition for its excellence in investor relationsmanagement, receiving prestigious honors including: eight awards under Institutional Investor’s Asia’s BestManagement Team 2024, five awards under Corporate Governance Asia’s 14th Asian Corporate Excellence Award(2024), Securities Times’ Tianma Award for Investor Relations Management of Chinese Listed Companies(Shareholder Returns), and Top 100 Valuable Mainboard Listed Companies under the China Listed Company ValueAward. For the second consecutive year, the Company was awarded the title “Best Practice in Annual ResultsPresentation” by the China Association for Public Companies (CAPCO), a testament to its standardized operationsand innovative approaches in investor relations management.

II. Description of the Industry Where the Company Operated During the Reporting PeriodAccording to the National Bureau of Statistics of China, the cumulative beer production by beer enterprises abovethe designated size in China totaled 35.213million kiloliters in 2024, down 0.6% year-on-year.

III. Business of the Company During the Reporting PeriodThe Company mainly engages in manufacturing and sale of beer products.Business model: The Company implements management by region.Procurement: The Company adopts an approach of centralized procurement and decentralized ordering.Supply: The Company organizes production and inventory in the principle of “production based on sales”.Sales: The Company adopts a sales model that focuses primarily on wholesale agency, supplemented by directselling.

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 theGroup’s SAIL’ 27 strategy for 2027, Keep Winning in China has been identified as a strategic priority, with the goalof becoming a successful, professional and attractive brewer in the country.

Market channels: The Company has an extensive sales network reaching provinces, autonomous regions, and citiesnationwide. In its key markets, the Company possesses high-quality customer resources, strong brand advantages,and stable sales channels.

Brand portfolio: Through its powerful “Local Power Brands + International Premium Brands” brand portfolio, theCompany attains high-quality growth by fulfilling consumers’ diversified demand for quality beer. IPBs includeCarlsberg, Tuborg, K1664, Brooklyn and Somersby, while LBPs are Wusu, Chongqing, Shancheng, Xixia, Dali,

2024 Annual Report of Chongqing Brewery Co., Ltd

Wind Flower Snow Moon and Jing-A.

Supply network: The Company owns 27 breweries, which enable extensive cross-regional coordination inprocurement, production, and logistics, creating synergies and ensuring efficient operations.

Marketing: Through integrated operations and complementary brand strategies, the Company achieves enhancedmarketing efficiency via heightened brand distinctiveness and diversified marketing approaches.

V. Main Business Operation During the Reporting PeriodIn 2024, the Company sold 2.9749 million kiloliters of beer, with operating revenue of 14.645 billion yuan, andoperating profit of 3.185 billion yuan.

(I) Analysis of principal business

1. Analysis on changes in related items in income statement and cash flow statement

Monetary unit: RMB

Remarks:

Changes in financial expenses are mainly due to the increase of structured deposits purchased using idle funds andthe decrease in seven-day call deposits during the current period, leading to a decrease in interest income from bankdeposits compared to the preceding period.Changes in net cash flows from investing activities are mainly due to the increase in withdrawal of investment instructured deposits.Explanation of significant changes in business type, profit composition or profit sources in the current period.

□ Applicable √ Not Applicable

2. Revenue and cost analysis

2024 Annual Report of Chongqing Brewery Co., Ltd

√ Applicable □ Not applicable

(1) . Analysis of principal business by industry, product, region and sales model

Monetary unit: RMB

Explanation of principal business by segment, product, region and sales model:

Not applicable.

(2). Analysis on production and sales volume

√ Applicable □ Not applicable

Principal Business by Industry

2024 Annual Report of Chongqing Brewery Co., Ltd

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

2024 Annual Report of Chongqing Brewery Co., Ltd

Other information relating to cost analysis:

None.

(5). Changes in the consolidation scope due to equity changes in major subsidiaries during the reportingperiod

□ Applicable √ Not applicable

(6). Significant changes or adjustments in the Company’s business, products, or services during thereporting period

□ Applicable √ Not applicable

(7). Information on major customers and suppliers

A. Major customers of the Company

√ Applicable □ Not applicable

Sales to the top five customers amounted to RMB 663.5704 million, accounting for 4.53% of the total annual sales.Of the aforementioned amount, sales to related parties was RMB 0, accounting for 0% of the total annual sales.

During the Reporting Period, the proportion of sales to a single customer exceeded 50% of the total, there were newcustomers in the top five customers or the Company was heavily dependent on a few customers.

□ Applicable √ Not applicable

B. Major suppliers of the Company

√ Applicable □ Not applicable

Purchase from the top five suppliers amounted to RMB 873.59 million, accounting for 12.63 % of the total annualpurchase. Of the aforementioned amount, purchase from related parties was RMB 0, accounting for 0% of the totalannual purchase.

During the Reporting Period, the proportion of the purchase amount from a single supplier exceeded 50% of thetotal, there were new suppliers in the top five suppliers or the Company was heavily dependent on a few suppliers.

□ Applicable √ Not applicable

Other remarks:

None.

2024 Annual Report of Chongqing Brewery Co., Ltd

3. Expenses

√ Applicable □ Not applicable

The decrease in financial expenses is mainly due to the increase of structured deposits purchased using idle fundsand the decrease in seven-day call deposits during the current period, leading to a decrease in interest income frombank deposits compared to the prior period.

4. R&D input

(1). Details on R&D input

√ Applicable □ Not applicable

Monetary unit: RMB

(2). R&D personnel

√ Applicable □ Not applicable

(3). Remarks

□ Applicable √ Not applicable

(4). Reasons for significant changes in the composition of R&D personnel and the impact on the futuredevelopment of the Company

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

5. Cash flows

√ Applicable □ Not applicable

Decrease in net cash inflows from operating activities of RMB 554.9021 million was mainly due to the cash outflowsfrom purchase of goods and receiving of services, as well as payments for advertising and marketing expenses andemployee benefits in the current period.

Decrease in net cash outflows from investing activities of RMB 417.5485 million was mainly due to the increase inwithdrawal of investment in structured deposits.

Increase in net cash outflows from financing activities of RMB 785.0435 million was mainly due to the increase incash dividend in the current period.

(II) Remarks on significant changes in profit caused by non-operating activities

√ Applicable □ Not applicable

In March 2025, the Company received a copy of the Civil Judgment (2023) Yu 05 Min Chu No. 232 issued by theChongqing Fifth Intermediate People’s Court, which rendered a first-instance judgment ordering the Company tocompensate Chongqing Jiawei Beer Co., Ltd. for losses of RMB 353,063,502.24. Based on the principle of prudencein accounting, in 2024, Carlsberg Chongqing Brewery Co., Ltd., a subsidiary of the Company that implemented theexclusive sales, accrued provisions of RMB 254,029,189.86.

(III) Analysis of assets and liabilities

√ Applicable □ Not applicable

1. Assets and liabilities

Monetary unit: RMB

2024 Annual Report of Chongqing Brewery Co., Ltd

Other remarks:

None.

2. Overseas assets

□ Applicable √ Not applicable

3. Restriction on major assets as of the end of the Reporting Period

√ Applicable □ Not applicable

Monetary unit: RMB

4. Other remarks

□ Applicable √ Not applicable

(IV) Analysis of operating information in the liquor production industry

√ Applicable □ Not applicable

For details, please refers to the analysis of the operating information in the liquor production industry.

2024 Annual Report of Chongqing Brewery Co., Ltd

Analysis on Operating Information of Liquor Production Industry

1. Industry profile

√ Applicable □ Not applicable

For details, please refer to “VI. Discussion and Analysis on the Future Development of the Company” underSection III.

2. Production capacity

Existing capacity

√ Applicable □ Not applicable

Unit: 10,000 kl

Capacity under construction

√ Applicable □ Not applicable

Monetary unit: RMB10,000

Production capacity calculation standards

√ Applicable □ Not applicable

The capacity is calculated according to the time requirements of the beer production process, and the allocation ofthe brewery’s fixed assets.

3. Inventory at the end of the Reporting Period

√ Applicable □ Not applicable

Unit: kiloliter

Inventory impairment risk warning

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

4. Product profile

√ Applicable □ Not applicable

Monetary unit: RMB 10,000

Product grading standards

√ Applicable □ Not applicable

The Company classifies its products into three segments based on consumption price, i.e, premium (priced at RMB8 yuan and above), mainstream (priced between RMB 4-8 yuan, excluding 8 yuan), and economy (priced belowRMB 4 yuan)

Changes in product structure and business strategy

√ Applicable □ Not applicable

In proactive response to intensifying market competition, guided by the “Accelerate SAIL” strategy, the Companyhas consistently advanced the Big City program, focusing on new growth opportunities. Through continuous brandportfolio diversification and product mix optimization, the premium beer sales proportion still achieved an increaseduring the year. The accelerated expansion of off-trade channels and increased canning ratio effectivelycompensated for the sluggish recovery of on-trade consumption scenarios.

5. Raw material purchase

(1). Purchase model

√ Applicable □ Not applicable

The Company adopts an approach of centralized procurement and decentralized ordering for raw material purchase.

(2). Purchase amount

√ Applicable □ Not applicable

Monetary unit: RMB 10,000

2024 Annual Report of Chongqing Brewery Co., Ltd

6. Sales

(1). Sales model

√ Applicable □ Not applicable

The Company adopts a sales model that focuses primarily on wholesale agency channels, supplemented by directselling.

(2). Sales channel

√ Applicable □ Not applicable

Monetary unit: RMB 10,000

(3). Region

√ Applicable □ Not applicable

Monetary unit: RMB 10,000

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.

Remarks

□ Applicable √ Not applicable

Management of distributors

√ Applicable □ Not applicable

The Company places significant importance on ongoing distributor capability enhancement, with a particular focuson the competency development of key accounts. Through a hierarchical grading system, distributors are assessedbased on their abilities and provided with corresponding management support and empowerment. With a particular

2024 Annual Report of Chongqing Brewery Co., Ltd

focus on key accounts, the Company established a pilot committee system, granting empowerment and benefitsaligned with the mutually beneficial objectives of both parties. Additionally, the Company developed a channelmodel suitable for local conditions and distributor capability profile, taking into account various market stages andcompetitive environments. This enables the systematic and strategic planning of sales areas and channel divisions.Through strategic cooperation, daily operational system, and capacity development initiatives, the Companyprogressively enhances its channel planning, expands its channel coverage, and strengthens control over its salesterminals. These efforts aim to bolster the capabilities of distributors and augment their overall operationalproficiency.

(5). Information relating to online sales

□ Applicable √ Not applicable

Future online business strategy

√ Applicable □ Not applicable

The Company will intensify investments in innovative and differentiated products, enhancing consumer experienceto achieve resilient growth in traditional e-commerce Simultaneously, we will maintain robust social e-commercegrowth by investing in social media engagement and deepening collaborations with KOLs. For broader marketpenetration, we will deepen the integration of EB2B and national community group-buying platform with the BigCity program to extend coverage into non-core regions. Additionally, we will focus on developing RKA and tappinginto business opportunities in lower-tier cities.

Meanwhile, we remain committed to the full-scale development of O2O models, including home delivery and in-store services. This will be achieved through strengthened partnerships with Meituan in supermarket-to-homedelivery, food delivery, in-store experiences, and integrated marketing. Further, we will sustain high-speed growthwith Ele.me through precision operations.

7. Analysis of the Company’s revenue and costs

(1). Disclosure of the compositions of the Company’s principal business by class

√ Applicable □ Not applicable

Monetary unit: RMB

Remarks

2024 Annual Report of Chongqing Brewery Co., Ltd

√ Applicable □ Not applicable

The Company classifies its products into three segments based on consumption price, i.e, premium (priced at RMB8 yuan and above), mainstream (priced between RMB 4-8 yuan, excluding 8 yuan), and economy (priced belowRMB 4 yuan).

(2). Information on cost

√ Applicable □ Not applicable

Monetary unit: RMB

Remarks

□ Applicable √ Not applicable

8. Other explanations

□ Applicable √ Not applicable

(V) Investment analysisGeneral analysis of external equity investment

□ Applicable √ Not applicable

1. Significant equity investment

□ Applicable √ Not applicable

2. Significant non-equity investment

□ Applicable √ Not applicable

3. Financial assets measured at fair value

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

Monetary unit: RMB

Note: Please refer to item XIII (III) of Section VI for details.Financial assets measured at fair value mainly include held-for-trading financial assets, derivative financial instruments (derivative financial assets and liabilities), and equityinvestment instruments of the Company. Please refer to item VII 2, 3, 18 and 34 of section X for details.

Securities investment

□ Applicable √ Not applicable

Private equity investment

□ Applicable √ Not applicable

Derivative investment

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(1). Derivative investments for hedging purposes during the reporting period

√ Applicable □ Not applicable

Monetary unit: RMB

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

(2). Derivative investments for speculative purposes during the reporting period

□ Applicable √ Not applicable

Other remarks:

None.

4. Progress of major asset restructuring during the reporting period

□ Applicable √ Not applicable

(VI) Sales of major assets and equity interests

□ Applicable √ Not applicable

(VII) Analysis on major controlled subsidiaries and investee companies

√ Applicable □ Not applicable

Monetary unit: RMB

(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 shown consistent decline. The sector’s totaloutput dropped by 30.1% in 2024 compared to 2013. The Chinese beer market has therefore entered a mature marketphase characterized by:

1. Continued competition: The five largest beer companies in China now hold a combined market share exceeding90%. While they continue to develop business in their respective strongholds, these major players face fiercecompetition in localized markets. Niche brands and imported beers also directly compete with the five major playersin specific market niches.

2. Rising costs: Various cost factors, including raw materials, packaging, energy, and labor, may fluctuate due toclimate change, geopolitics and supply-demand dynamics, imposing higher requirements on operational efficiencyfor beer enterprises.

3. Diversification: Consumer demand has expanded beyond traditional mainstream beers, leading to a greateremphasis on diversified products. Craft beer, specialty beer, cider, alcohol-free and low-alcohol beer are gainingincreasing attention from major beer companies.

4. High-quality development: Despite the significant decline in industry output, major players have achieved high-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-qualitydevelopment is both the objective and the path forward for China’s beer industry. Embracing high-qualitydevelopment is crucial for beer companies to navigate steadily amid the new normal of economy.

2024 Annual Report of Chongqing Brewery Co., Ltd

(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.

In February 2024, Carlsberg Group announced a refresh of the SAIL’27 strategy: Accelerate SAIL. Building onthe strategic framework SAIL’27, Accelerate SAIL sets higher growth ambitions by increasing investments in andsupport for selected growth drivers within portfolio, geographies and capabilities, improving supply chain efficiency,developing a growth culture and continuing the well-embedded cost focus.

Accelerate SAIL focuses on five strategic levers:

1. Product portfolio: boosting premium growth; accelerating the Beyond Beer category.

2. Geographic focuses: driving growth in emerging markets; promoting profitable growth in stronghold markets.

3. Excellent execution: stepping up capacity building; promoting digital transformation.

4. Winning culture: building a growth culture; dedicated to Together Towards ZERO and Beyond.

5. Funding the journey: enhancing supply chain efficiency.

(III) Business plan

√ Applicable □ Not applicable

As of the date of disclosure of this report, the Company maintains a cautiously optimistic outlook on the macroeconomy and the beer industry in 2025. The Chinese beer industry is expected to benefit from a more favorableenvironment as the macro environment gradually improves and policies for stabilizing growth continue to be rolledout in 2025. However, challenges remain due to uncertainties such as intensified competition, cost fluctuations, andslower-than-anticipated consumption recovery.

In 2025, the Company will continue to strengthen and expand strategic projects under Accelerate SAIL, drivingproduct mix optimization and ongoing sales model innovation through its “International Premium Brands + LocalPower Brands” portfolio. The Company will focus on the following areas:

(i) MarketIn 2025, Carlsberg continued its “Artist Edition” with the theme “Auspicious Snake Heralds Spring, Every Step inBloom,” collaborating with an acclaimed artist to launch a limited-edition Lunar New Year packaging, reinforcingits premium positioning. Leveraging traditional Spring Festival customs, Carlsberg partners with KOLs tostrengthen regional cultural resonance, driving home the campaign message “Pursue good football, drink Carlsberg.”It will further advance its football-themed campaigns, supported by a new celebrity-endorsed advertisingcommercial. Additionally, the brand will enhance party experiences in entertainment channels, keep investing inboth on-trade and off-trade channels to accelerate market expansion.

Tuborg has strengthened the “Tilt The World WHY NOT ” brand strategy, curating a powerful team of Chinese rapambassadors and launching an all-new campaign film. It will intensify hip-hop marketing via sponsoring musicvariety shows and further engaging in large music festivals to reinforce its edgy-cool image. It will amplify TuborgPure Draft messaging, enhancing brand sophistication to drive expansion in the premium market segment.

Kronenbourg1664 continues to deepen its presence in fashion and design, reinforcing its French heritage and

2024 Annual Report of Chongqing Brewery Co., Ltd

internal appeal. For the Lunar New Year, the brand staged a “French Circus”-themed omni-channel campaign,sparking a festive sales growth. A fresh celebrity endorsement has further elevated its premium positioning. Thebrand will continue collaborating with top-tier media to amplify its visibility and influence, while ramping upproduct narrative and seeding to cultivate and deepen its signature “Blue Hour” drinking occasion.

Somersby will focus on e-commerce and modern channels, highlighting classic flavours. It will deepen distributionthrough marketing campaigns such as IP crossovers, KOL seeding, in-store tastings, and live-streaming.

Wusu will unveil an all-new brand film to cement its “hardcore” image, deepen connection with young consumers,and sustainably elevate brand popularity. It will advance nationwide tour events to strengthen the “Eat BBQ, DrinkWusu” consumer occasion. The brand will also focus on the launch of a series of new products to drive productdifferentiation. Additionally, it will strategically target channel segments to support sales growth.

In early 2025, to ring in the Lunar New Year, Chongqing Beer tapped actor Wang Yaoqing to star its campaign film“Chongqing Beer: Celebrate the Good Year!”The brand further boosted visibility by partnering with famous actorChen Xiaochun, rolling out a new commercial to reinforce its “Jianghu”(a bold brotherhood spirit) brand ethos.Beyond strengthening its ties with Chongqing hotpot through channel and offline campaigns, the brand expands itsdrinking occasions to other fiery cuisines, forging a deeper connection between the brand and the spicy, bold spiritof camaraderie.

Wind Flower Snow Moon will develop a broader range of differentiated low-alcohol products while boosting brandvisibility through collaboration with renowned celebrities.

The Dali brand will continue to deepen its presence in the Yunnan market by developing a portfolio of local specialtyproducts. Leveraging the influence of Chinese Singer Jike Junyi, it will reinforce cultural connections and establishDali Beer as one of Yunnan’s iconic labels. Additionally, the brand will expand the distribution of Dali Cang’er softdrinks, adopting “Beer + Soft Drink” product portfolio to enhance channel promotion.

Jing-A will further invest in off-trade channels, launching new canned products, and collaborating with key accountsfor joint promotion. It will also intensify investment in key markets, boosting brand visibility through initiativeslike beer gardens and scenic spot partnerships. Brooklyn will focus on product seeding and key market investmentsto drive consumer trial and repeat purchases.

(ii) SalesOff-trade channels:

For MOFT channel, the Company will further optimize the product mix in large-format retail to strengthen pricecompetitiveness and boost single-purchase volume. In the fast-growing convenience store channel, efforts will focuson canned product expansion and new product launches to secure steady growth contributions in 2025. Resourcereallocation and targeted investments will be conducted to accelerate MOFT channel growth. For traditional channel,the Company will prioritize high-potential markets through expanded distribution, while leveraging digitalinnovation to boost consumer engagement—such as “open-cap reward” promotions and BC-integrated marketing—to encourage purchases and strengthen endpoint binding. Additionally, selected mid-to-high-end products will berolled out to maximize sales potential.

On-trade channel: The Company will further refine endpoint operations and implement diversified marketingcampaigns to address the diverse needs across sub-channels and consumer tiers.

2024 Annual Report of Chongqing Brewery Co., Ltd

The Big City program: In 2025, The Company will elevate endpoint execution, optimize product portfolio, reinforcedistributor networks, and leverage digital tools for targeted resource allocation and precision execution to drivebusiness growth.

(iii) Supply ChainThe Company will vigorously promote liquor certification to enable proximity-based product supply and enhancelogistics and transportation efficiency.

In response to evolving consumer purchasing habits, we will increase investment in flexible supply chain design toachieve flexible supply operations, meet consumer demand, and keep costs optimal.

In terms of safety, we will advance ZERO Accident culture by focusing on safety awareness enhancement and caringleadership in 2025 to achieve zero-accident target.

The Company will consistently enhance its taste assessment capabilities by nominating staff members for nationaljudge training and certification programs on flavor evaluation, enhancing taste assessment expertise across itsbreweries.

We will launch pilot zero-carbon brewery projects, implementing a range of technologies concerning energy storage,solar power, electric boilers, heat pumps, and biomass boilers to advance the zero-carbon emission process.

We will continue to advance the Carlsberg Excellence process to cover the end-to-end value chain.

(iv) ESGIn 2025, we will continue to drive company-wide implementation of our “Together Towards ZERO and Beyond”ESG program to achieve a series of ambitions, including net-zero emissions across the value chain by 2040, andfulfill our corporate purpose of “Brewing for A Better Today and Tomorrow.”

(v) Talent DevelopmentIn 2025, the Company will focus on building a more inclusive and visionary employer brand while refining talentacquisition mechanism to establish a robust talent foundation for business innovation and sustainable growth. Wewill integrate growth culture into our performance management mechanism and recognition systems, inspiringleaders and employees to embody these values and serve as role models of growth culture. Furthermore, we willadvance our talent development programs to nurture high-potential individuals for our “Accelerate SAIL” strategy,driving the Company towards new horizons.

(vi) Investor Relations ManagementIn 2025, the Company will maintain open, fair, timely, effective, and transparent communication with investorsthrough a variety of means, including holding regular earnings briefings, participating in brokerage strategymeetings, conducting reverse roadshows, and organizing brewery visits.

(IV) Possible risks exposure

√ Applicable □ Not applicable

1. The consumer market is still in a recovery phase and faces uncertainties.

2. Rising costs: Operating costs, including raw materials, packaging materials, energy, and labor, may experiencesignificant fluctuations due to climate change, geopolitical tensions, supply and demand dynamics, etc.

2024 Annual Report of Chongqing Brewery Co., Ltd

3. In the Company’s market areas, increased investment by some national beer enterprises is intensifying marketcompetition. Meanwhile, emerging niche beer brands may accelerate their penetration and expansion, making themid-to-high-end beer market even more competitive.

(V) Others

□ Applicable √ Not applicable

VII. Explanation for the Company’s failure to disclose as per guidelines due to inapplicable guidelines, stateor business secrets or other special reasons

□ Applicable √ Not applicable

SECTION IV CORPORATE GOVERNANCE

I. Information on Corporate Governance

√ Applicable □ Not applicable

In strict accordance with the Company Law, the Securities Law, the Code of Corporate Governance for ListedCompanies, the Administrative Measures for Independent Directors of Listed Companies, the RegulatoryGuidelines for Listed Companies No. 3—Cash Dividend Distribution by Listed Companies, the Guidelines forArticles of Association of Listed Companies, the Rules for Listing of Stocks on Shanghai Stock Exchange and otherapplicable laws and regulations, the Company amended its Articles of Association and other internal governancedocuments twice, improved the corporate governance structure, established sound internal management and controlsystems, consistently conducted corporate governance initiatives, and promoted standardized operation to improveits corporate governance during the reporting period.

1. About shareholders and the General Meeting of Shareholders

During the reporting period, the Company convened one annual general meeting of shareholders, and threeextraordinary general meetings of shareholders. In strict accordance with the Articles of Association and the Rulesof Procedure for the General Meeting of Shareholders, the Company adjusted and standardized the organizationalconduct of the General Meeting of Shareholders and enhanced the efficiency of the meetings, to ensure that allshareholders, minority shareholders in particular, could fully exercise their own rights.

2. About the directors and the Board

During the reporting period, the Company convened six meetings of the Board, six meetings of the Audit Committee,one meeting of the Strategy and Development Committee, three meetings of the Remuneration and AppraisalCommittee, and five specialized meetings of independent directors . The Board of Directors carried out necessarydeliberation and decision-making procedures for significant matters within the scope of its authority, and carefullyimplemented all resolutions passed at the General Meeting of Shareholders in strict accordance with the Articles ofAssociation, the Rules of Procedure for the Board of Directors, and the Independent Director System. Each specialcommittee, 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 beforesubmitting 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. The members of the Boardof 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

2024 Annual Report of Chongqing Brewery Co., Ltd

decisions of the Company. Moreover, they have diligently fulfilled their responsibilities to safeguard the interestsof the Company and all shareholders. During the reporting period, the Company was awarded the “OutstandingBoard Practice Case of Listed Companies” by China Association for Public Companies, reflecting strong capitalmarket recognition for its standardized governance, compliance and value creation.

3. About the supervisors and the Board of Supervisors

During the reporting period, the Company convened five meetings of the Board of Supervisors. All supervisors, instrict accordance with of the Articles of Association and the Rules of Procedure for the Board of Supervisors,actively performed their supervisory duty on the Company’s financial position, related-party transactions, periodicreports, and the performance of directors and senior management, safeguarding the interests of the Company andall shareholders.

4. About relationship between the controlling shareholder and the listed company:

Throughout the reporting period, there were no instances of non-operating fund occupation by the controllingshareholder of the Company, nor did the listed company provide any external guarantees to the controllingshareholder.

5. About stakeholders

The Company fully respected and safeguarded the legitimate rights and interests of the stakeholders, includingbanks and other creditors, employees, consumers, and suppliers. It actively engaged in cooperative efforts, whileensuring a balance among the stakeholders in the principle of mutual benefit, honesty and good faith, so as to jointlypromote the sustainable, sound and harmonious development of the Company.

6. About related party transactions

During the reporting period, the Company, in strict compliance with applicable laws, regulations, and regulatorydocuments, improved its internal control system, standardized related-party transactions, and urged the controllingshareholder and actual controller to honor their commitments. The Company followed necessary decision-makingprocedures for its related-party transactions. These transactions were reviewed and pre-approved by the independentdirectors before being submitted to the Board for deliberation. The equity and fairness of related party transactionswere ensured, with no damage to the interests of investors, minority investors in particular.

7. About information disclosure and transparency

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 instrict accordance with the requirements of CSRC and SSE, and the Management System for Information Disclosureof the Company, ensuring that all shareholders, minority shareholders in particular, could equally and timely accessthe information of the Company and assess risks. The Company received an A-rating for its information disclosurefrom Shanghai Stock Exchange for the year 2023/2024.

8. About management of investor relations

During the reporting period, the Company maintained an open communication channel with investors by addressinginvestor hotline, hosting investor research visits, and attending investor conference calls, brokerage strategymeetings, and reverse roadshows, so that investors can have accurate and timely access to the Company’sinformation and can exercise their legal rights. The Company established a regular practice of holding performancebriefings. Throughout the year, four performance briefings were held regarding periodic reports, which greatlyenhanced the communication with investors. The Company’s 2023 Annual Results Presentation was recognized asthe “Best Practice of 2023 Annual Results Presentations of Listed Companies” by China Association of Public

2024 Annual Report of Chongqing Brewery Co., Ltd

Companies.

9. About sustainable development

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 incarbon reduction, water conservation, responsible drinking, and community engagement. These efforts havecontributed to a steady progression towards high-quality and sustainable development during the reporting period.Notably, MSCI, a leading international rating agency upgraded the Company’s ESG rating to AA.

10. About management of inside information

The Company implemented the registration and filing of insiders with inside information in strict accordance withthe requirements of CSRC and SSE, and its Registration and Management of Insiders with Access to InsideInformation and Rules for Internal Reporting of Key Information. In addition, the Company conducted relevanttraining 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 suchdifference shall be provided.

□ Applicable √ Not applicable

II. Specific measures by the controlling shareholder and actual controller of the Company to ensure theindependence of the Company’s assets, personnel, finance, organization and business, as well as thesolutions, work progress and follow-up work plans adopted where the Company’s independence isaffected

□ Applicable √ Not applicable

Same or similar business conducted by controlling shareholder, actual controller and other entities under theircontrol 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 MainlandChina (excluding the listed company and the subsidiaries controlled by the listed company) previously controlledby Carlsberg was injected into the listed company. Carlsberg no longer retains control over any beer assets orbusinesses (excluding the listed company and the subsidiaries controlled by the listed company) in Mainland Chinad,nor does it directly or indirectly engage in businesses that compete with the listed company through entities underits 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 actualcontroller 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 concerningthe equity interests of non-controlling subsidiaries of Carlsberg that were not included in the restructuring and areinvolved in beer assets and businesses in Mainland China. For details, please refer to “(I) Commitments by relevantparties such as actual controllers, shareholders, related parties, acquirers and the Company during or subsisting tothe reporting period” under Section VI.

2024 Annual Report of Chongqing Brewery Co., Ltd

III. Summary of the General Meeting of Shareholders

Holders of preferred shares with restored voting rights request the convening of an Extraordinary General Meetingof Shareholders

□ Applicable √ Not applicable

Description of the General Meeting of Shareholders

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

IV. Particulars of Directors, Supervisors and Senior Management(I) Changes in shareholding of directors, supervisors and senior management in office and resigned during the reporting period and their remuneration

√ Applicable □ Not applicable

Unit: Share

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

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.

Other remarks

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(II) Positions of directors, supervisors and senior management in office and resigned during the reportingperiod

1. Positions in shareholder’s entity

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

2. Positions in other entities

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(III) Remuneration of directors, supervisors and senior management

√ Applicable □ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(IV) Changes of directors, supervisors and senior management of the Company

□ Applicable √ Not applicable

(V) Explanation on penalties by securities regulators in the past three years

□ Applicable √ Not applicable

(VI) Others

□ Applicable √ Not applicable

V. Information about the Board Meetings Convened during the Reporting Period

2024 Annual Report of Chongqing Brewery Co., Ltd

VI. Performance of Duties by Directors(I) Attendance of Board meetings and General Meetings of Shareholders by directors

Explanation on failure to attend in person at two Board meetings in a row

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(II) Objections raised by directors on relevant matters of the Company

□ Applicable √ Not applicable

(III) Others

□ Applicable √ Not applicable

VII. Special Committees under the Board of Directors

√ Applicable □ Not applicable

(1). Members of special committees under the Board of Directors

(2). Six meetings convened by the Audit Committee during the reporting period

2024 Annual Report of Chongqing Brewery Co., Ltd

(3). Three meetings convened by the Remuneration and Appraisal Committee during the reporting period

2024 Annual Report of Chongqing Brewery Co., Ltd

(4). One meeting convened by the Strategy and Development Committee during the reporting period

(5). Particulars of objections

□ Applicable √ Not applicable

VIII. Explanation on the Risks of the Company Found by the Board of Supervisors

□ Applicable √ Not applicable

The Board of Supervisors had no objections to the matters subject to supervision during the reporting period.

IX. Employees of the Parent Company and Major Subsidiaries as at the End of the Reporting Period(I) Employees

2024 Annual Report of Chongqing Brewery Co., Ltd

(II) Remuneration policy

√ Applicable □ Not applicable

During the reporting period, the Company’s employee remuneration policy shall determined the salary growth ratioof all employees based on the Company’s economic benefits and business performance as well as the completionof the annual beer production, sales and profits, and considering the salary situation in the market. Managementpersonnel of middle level and above shall be subject to the year-end incentive assessment linked to the Company’sperformance, and production workshops shall be subject to the KPI assessment, which is combined with productquality, various consumption indicators and production efficiency. The salary of employees of the Company iscomposed of fixed salary, performance appraisal salary and year-end bonus.

(III) Training programs

√ Applicable □ Not applicable

In 2024, the Company, upholding its commitment to employees’ holistic development, implemented diverse andvaried training programs designed to enhance employee professional competencies, managerial skills, and safetyawareness, thereby building a robust talent foundation for its sustainable growth.

(1) For professional competency development, the Company has implemented position-specific training programstailored to diverse role requirements. A prime example is the “FIT” initiative for the sales team, which hassignificantly improved product knowledge and selling techniques among new sales personnel, strengthening theCompany’s market competitiveness. The production department staff received various training courses on qualitycontrol, equipment safety protocols, regulatory compliance (Red Line regulations), CarlEX sharing and awarenessenhancement. These courses enhanced their professional capabilities in production operations, equipmentmaintenance, and quality control, providing a strong guarantee for the stability of product quality. Meanwhile, tobolster technological proficiency, the Company conducted courses such as “Power Bi Training” and “Excel DataProcessing and Application,” enhancing employees’ data processing and analytical capabilities, and facilitating theiradaptation to evolving digital workplace requirements.

(2) Management capability training also yielded remarkable outcomes. The “Qinglan Program” for frontlinemanagers, which encompasses modules such as “Management Meetings,” “Management Performance,” and“Effective Interview,” has achieved over 1,000 participant attendances, significantly enhancing their teammanagement and leadership competencies. Other programs including the Management Fundamentals Program(MFP) and Core Supervisor Capability Training have provided robust development support for both high-potentialtalents and supervisory personnel, further enhancing the Company’s talent pipeline.

2024 Annual Report of Chongqing Brewery Co., Ltd

(3) Safety training is a crucial component of the Company’s training system. In 2024 the Company conductedvarious programs including “EHS Safety Training,” “Safety Training,” “Confined Space Entry Training,” and“Chemical Management Requirements and Safety Training,” achieving complete employee coverage, with over10,000 participant attendances. These programs have enhanced employee safety consciousness and emergencyresponse capabilities, effectively reducing production risks while reinforcing safeguards for stable businessoperation.

(4) Additionally, the Company implemented specialized courses aligned with evolving business development needs.For instance, the series of courses on Calsberg E-learning Platform helps employees understand key points ofchannel execution and business processes. “New Employee Orientation” and “New Employee Learning Map” assistnew hires in quickly integrating into the Company’s culture and work environment. Courses such as “WorkplaceRoles and Mindset Transition,” “Team Collaboration,” and “Communication” focus on soft skills to promotepersonal growth and teamwork among employees.

In 2024, the Company established a comprehensive and in-depth training system that effectively served employeesat all levels and addressed diverse competency development needs. Looking ahead, we will continue to refine ourtraining content and delivery methods, keeping pace with both industry evolution and employee growthrequirements. Through consistently providing high-quality training resources, we are committed to fostering mutualgrowth for both the Company and its employees, enabling collective progress to new heights.

(IV) Labor outsourcing

√ Applicable □ Not applicable

X. 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 AccountingStandards for Business Enterprises, and the Articles of Association, and considering the needs of businessdevelopment 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 as of the equityregistration date for the 2024 annual profit distribution. Cash dividends of 0.90 yuan (tax inclusive) per share willbe distributed. As of December 31, 2024, the Company’s total share capital was 483,971,198 shares and a total ofcash dividend of 435,574,078.20 yuan (tax inclusive) will be distributed on such basis. Previously, for the 2024interim period, the Company distributed a cash dividend of 1.50 yuan (tax inclusive) per share to all shareholders,totaling 725,956,797.00 yuan (tax inclusive). Accordingly, the total cash dividend for 2024 is 1,161,530,875.20yuan (tax inclusive), accounting for 104.21% of the net profit attributable to shareholders of the Company in 2024.

If there is any change in the Company’s total share capital before the equity registration date for the 2024 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.

2024 Annual Report of Chongqing Brewery Co., Ltd

(II) Special description on cash dividend policy

√ Applicable □ Not applicable

(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 reasonstherefor 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

(V) Cash dividend distribution in the last three accounting years

√ Applicable □ Not applicable

Monetary unit: RMB

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XI. The Company’s Equity Incentive Scheme, Employee Stock Ownership Plan or Other EmployeeIncentive Measures and Their Impact(I) Relevant incentive matters disclosed in interim announcements without progress or change insubsequent implementation

□ Applicable √ Not applicable

(II) Incentives not disclosed in interim announcements or with subsequent developmentEquity 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 seniormanagement during the reporting period

√ Applicable □ Not applicable

According to the needs of establishing a modern enterprise system, the Company implements the appointmentsystem for senior executives and has established a fair and transparent performance evaluation and incentivemechanism for directors, supervisors and senior executives, urging management personnel to fulfill their obligationsof integrity and diligence, clarifying their rights and responsibilities, and giving full play to the enthusiasm and

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creativity of senior executives. The management of the Company supervises the daily performance of seniorexecutives in accordance with the President’s Work Rules and the Financial Management System of the Company,and the Company conducts year-end evaluation of senior executives and gives rewards or punishments to seniorexecutives according to the business objectives set at the beginning of the year and the remuneration system forsenior executives reviewed and approved by the Board of Directors.

XII. Development and Implementation of Internal Control Systems during the Reporting Period

√ Applicable □ Not applicable

The Company evaluated and revised its business related control processes during the current year. During thereporting period, the Company provided training on risk and internal control policies to its internal control staff.The internal audit department conducted specialized audits on various processes, including sales management,purchase management, human resource management, record-to-report management, logistics management, andcontract management.

Description of significant defects in the internal control during the reporting period

□ Applicable √ Not applicable

XIII. 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, inaccordance with the corporate internal control system. Additionally, the Company ensured internal control oversightof its subsidiaries by conducting specialized process audits.

In 2024, the Company integrated and optimized the key processes of Beijing Capital Brewing Company Limitedand G-Shell Asia Pacific (Beijing) Food Co., Ltd., two subsidiaries acquired in Q4 2023, and included them in theinternal control and self-assessment scope for supervision and management.

XIV. 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 theCompany, has conducted an audit on the effectiveness of internal control related to the Company’s financial reportand issued an unqualified audit report. For details of the Company’s 2024 Internal Control Audit Report, pleaserefers to the SSE website.Disclosure of internal control audit report: Yes.Type of opinion: Unqualified opinion.

XV. Rectification of Issues Found in Self-Inspections as per the Special Campaign on Governance ofListed Companies

□ Applicable √ Not applicable

XVI. Others

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

I. Environmental Information

(I) Explanation on environmental protection of the Company and its subsidiaries falling into the categoryof key pollution discharging units listed by the environmental protection authorities

√ Applicable □ Not applicable

1. Pollution discharge information

√ Applicable □ Not applicable

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2. Construction and operation of pollution prevention facilities

√ Applicable □ Not applicable

In 2024, the Company’s pollution control facilities operated reliably, ensuring that pollutants were discharged incompliance with relevant standards. Furthermore, the Company successfully passed environmental protectioninspections conducted by relevant authorities at all levels.

3. Environmental impact assessment of construction projects and other administrative approval onenvironmental protection

□ Applicable √ Not applicable

4. Contingency plans for environmental emergencies

√ Applicable □ Not applicable

The Company attaches great importance to environmental emergency warning, risk prevention and control, andhas established comprehensive measures for environmental risk prevention and control. Each of its breweries hasformulated Environmental Emergency Response Plan and Environmental Risk Assessment Report, and thesedocuments have been filed them with relevant environmental protection departments. The Company is able toeffectively cope with local or regional environmental pollution incidents caused by sudden environmental pollutionand ecological damage, and ensure that incidents can be addressed quickly and efficiently on site to protect thebrewery and surrounding environment as well as the life and property of the people in residential areas, preventingunforeseen environmental pollution incidents.

5. Environmental self-monitoring plan

√ Applicable □ Not applicable

Each brewery of the Company has formulated its self-monitoring plan for environmental protection to effectivelymonitor various pollutant factors. The Company implements Discharge Standard of Pollutants for Beer Industry(GB19821-2005), ISO14001 Environmental Management System and internal SHAPE system (environmentalhealth and safety excellence evaluation system).

6. Administrative penalties for environmental issues during the reporting period

□ Applicable √ Not applicable

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7. Other environmental information that shall be disclosed

□ Applicable √ Not applicable

(II) Environmental protection of companies other than key pollutant discharging units

□ Applicable √ Not applicable

(III) Relevant information conducive to ecological protection, pollution prevention and control, andfulfillment of environmental responsibilities

√ Applicable □ Not applicable

The company continuously enhances its environmental management system by actively investing in comprehensiveemission reduction facilities, including waste gas, wastewater and solid waste treatment systems, to control theimpact of waste, emissions and noise. All of its breweries are ISO 14001 certified.

Wastewater discharge: The Company implements strict control throughout the entire wastewater treatment process.We have established reclaimed water reuse project, utilizing deep technology to further remove COD, odors, andsuspended solids in wastewater, thereby reducing pollutants in the discharged water.

Waste discharge: The Company has established ledgers for the generation, transfer, and disposal of hazardous wasteto ensure effective tracking and management of waste disposal. For general waste, the Company strictly implementsgarbage classification, with waste collection at designated intervals and locations, full recycling of reusableresources. For hazardous waste, the Company has comprehensively reviewed the collection scope of hazardouswaste, cleaning, storing and transferring the waste according to categories. Hazardous waste is stored in a dedicatedwarehouse and, when a certain volume is reached, is entrusted to qualified third parties for unified disposal. In 2024,the Urumqi Brewery was awarded the title of “Zero-Waste Enterprise.”

Packaging waste reduction: The Company proactively fosters innovative partnerships to advance sustainablepackaging design, promoting the adoption of eco-friendly packaging materials and lightweight packaging. Throughthese concerted efforts, we are effectively reducing packaging waste and environmental pollution. Meanwhile, theCompany continues to implement multiple bottle return projects to mitigate environmental impacts from packagingand waste. In 2024, the Company’s overall bottle return rate increased to 74.7%. Furthermore, the Companyimplements packaging-free transportation for agricultural raw material sourcing, significantly cutting environmentalpollution caused by packaging materials.

Energy conservation: For specific measures, please refer to “(IV) Measures taken to reduce carbon emissions duringthe reporting period and related effects.”

Water resource management: The Company has achieved sustained reduction in unit water consumption byimplementing a series of water conservation measures, including water-saving renovation of bottle washers,packaging water recycling programs, water-saving vacuum pumps and reclaimed water reuse projects. Its waterefficiency has improved from 3.87 HL/HL in 2015 to 2.1 HL/HL in 2024, far outperforming China’s beer industryaverage of 3.2 HL/HL.

The Company recognizes the impact of business development on biodiversity and has implemented variousinitiatives to protect wildlife and ecosystems. In 2024, in collaboration with World Wide Fund For Nature (WWF),we launched a water replenishment project in the Yangtze River Basin. Notably, the Kunming Wetland project wesupported provided improved habitat conditions for a population of over 80 black-necked cranes, which are a

2024 Annual Report of Chongqing Brewery Co., Ltd

national first-class protected species and classified as Near Threatened on the IUCN (International Union forConservation of Nature) Red List. Other wetland projects we supported also played a role in addressing agriculturalnon-point source pollution and enhancing the well-being of local communities.

(IV) Measures taken to reduce carbon emissions during the reporting period and related effects

Specific description

√ Applicable □ Not applicable

The Company is committed to achieving net-zero emission across the full value chain by 2040, and its carbonreduction actions cover raw material cultivation, production, packaging, logistics transportation and distribution,and cooling and storage.

Cultivation & Processing: The Company enhanced equipment efficiency to reduce raw material loss and improveyield rates. By recycling by-products like spent grains and yeast, it has reduced demand for feeds and fertilizerswhile lowering greenhouse gas emissions, effectively cutting the agricultural carbon footprint.

Production: The Company proactively explored clean energy alternatives to optimize its energy mix. In 2024, 100%of its electricity was sourced from green energy, totaling 169,004 MWh. In addition, it actively advanced integratedutilization projects for thermal energy sources such as biogas and steam, reducing thermal consumption and carbonemission by recycling and reusing biogas and steam from wort kettle. In 2024, the Company achieved a carbonreduction of 2,531 tons, with carbon emissions per hectoliter of beer decreasing by 4.5% year-on-year.

Use of packaging materials: The Company collaborates with suppliers to implement carbon reduction initiatives,including supporting suppliers in obtaining ISO 14001 Environmental Management System certification and theNational Green Factory certification, as well as facilitating their adoption of photovoltaic solutions. Additionally,100% of waste materials generated during brewery production,such as discarded cardboard boxes, pallets, plasticcrates, woven bags, and adhesive drums, are recycled by certified local third-party processors, effectively reducingcarbon emissions.

Packaging: The Company collaborates with suppliers to implement carbon reduction measures, supporting theircertification to ISO 14001 and National Green Factory, while facilitating their adoption of photovoltaic solutions.In 2024, the Company recycled 31,346 tons of glass cullet, and zero-carbon emission target was achieved in themanufacturing process for corrugated boxes and other primary facing materials.

Transportation: The Company has continued to advance the electrification of its logistics fleet, increasing theproportion of electric forklifts from 79% to 82% in 2024. Additionally, we have partnered with logistics providersto closely monitor fuel consumption and provide energy-efficient driving training to drivers, enhancing suppliers’energy conservation awareness and environmental performance.

2024 Annual Report of Chongqing Brewery Co., Ltd

Cooling and storage: The Company has implemented the energy-saving freezer project since 2021, purchasingfreon-free refrigerants and energy-saving freezers, cutting terminal energy consumption by 10% per year, andeffectively reducing greenhouse gas emissions generated by refrigerants.

II. 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 2024 ESG Report of Chongqing Brewery Co., Ltd. disclosed by the Company on thewebsite of Shanghai Stock Exchange (www.sse.com.cn) on the very day.

(II) Specific work on social responsibility

√ Applicable □ Not applicable

Specific description

√ Applicable □ Not applicable

In March 2024, Chongqing Brewery donated RMB 138,000 to the Red Cross Society of Quannan County, GanzhouCity, Jiangxi Province, for the “Mother’s Health Express” project, enhancing the health of women and children inQuannan County and supporting rural revitalisation.

In April 2024, the Company donated RMB 10,000 to the Dali Bai Autonomous Prefecture Disabled Persons’Federation in support of the Dali Sitting Volleyball Qualifier for the 2024 Paris Paralympics, making a tangiblecontribution to the development of parasports.

In September 2024, the 21st “Chongqing Brewery” Scholarship Granting Ceremony was jointly held by the YibinMunicipal Committee of the Communist Youth League and Chongqing Brewery Yibin Co., Ltd. A total of RMB200,000 in scholarships was awarded to 40 college freshmen at the event.

Led by Carlsberg Group’s partnership with WWF, Chongqing Brewery has implemented water replenishmentprograms across three regions in China—Chongqing, Jiangsu and Yunnan. These programs focus on wetlandecosystem conservation to replenish natural water resources while improving local communities’ livingenvironments and water access conditions. Wetlands act as natural water treatment systems, capable of removingpollutants and excess nutrients from water through plants, microorganisms, and physical filtration processes. Thishelps to purify water quality, replenish groundwater sources, and achieve water replenishment.

III. Specific Work on Consolidating and Expanding the Achievements of Poverty Alleviationand Rural Revitalization

2024 Annual Report of Chongqing Brewery Co., Ltd

√ Applicable □ Not applicable

Specific description

√ Applicable □ Not applicable

In March 2024, Chongqing Brewery donated RMB 138,000 to the Red Cross Society of Quannan County, GanzhouCity, Jiangxi Province, for the “Mother’s Health Express” project, enhancing the health of women and children inQuannan County and supporting rural revitalisation.

In September 2024, the 21th “Chongqing Beer” Scholarship Granting Ceremony was jointly held by the YibinMunicipal Party Committee of the Communist Youth League and Chongqing Brewery Yibin Co., Ltd, and a total ofRMB 200,000 in scholarships was granted to 40 university freshmen on site.

2024 Annual Report of Chongqing Brewery Co., Ltd

SECTION VI 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 reportingperiod

√ Applicable □ Not applicable

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(II) Explanation of whether the Company has fulfilled its original profit forecast in relation to assets orprojects, where there is a profit forecast for such assets or projects of the Company and the reporting periodfalls within the profit forecast period, and the reasons thereof

□ Fulfilled □ Not Fulfilled √ Not Applicable

(III) Fulfillment of performance commitment and its impact on goodwill impairment test

□ Applicable √ Not applicable

II. Funds Occupied by Controlling Shareholder and Other Related Parties for Nonoperational PurposesDuring 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 theAccounting Firm

□ Applicable √ Not applicable

V. Analysis and Explanation of the Company on the Reasons and Impacts of Changes in Accounting Policiesand Estimates or Correction of Material Accounting Errors(I) Analysis and explanation of the Company on the reasons and impacts of changes in accounting policiesand estimates

√ Applicable □ Not applicable

For details, please refer to “V. Significant accounting policies and accounting estimates 40” under Section XFinancial Report of this report.

(II) Analysis and explanation of the Company on the reasons and impacts of correction of material accountingerrors

□ 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

2024 Annual Report of Chongqing Brewery Co., Ltd

Remarks on engagement and dismissal of accounting firms

√ Applicable □ Not applicable

Pursuant to the “Proposal on Engaging Pan-China Certified Public Accountants LLP as the Company’s Auditor for2023 Annual Audit and Internal Control Audit” deliberated and approved by the Company’s shareholders’ meetingof 2023, the Company intends to pay remuneration of RMB 1.90 million for annual audit and remuneration of RMB

1.30 million for internal control audit, totaling RMB 3.20 million, to Pan-China Certified Public Accountants LLP.

Explanation on the change in accounting firms during the audit period

□ Applicable √ Not applicable

Explanation on the decrease in audit fees by more than 20% (inclusive) compared with the prior 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 materiallitigation and arbitration during the year.

(I) Litigation and arbitration disclosed in interim announcements without subsequent development

√ Applicable □ Not applicable

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(II) Litigation and arbitration not disclosed in interim announcements or with subsequent development

√ Applicable □ Not applicable

Monetary unit: RMB 10,000

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(III) Other remarks

□ Applicable √ Not applicable

X. Suspected Violation of Laws and Regulations, Punishment and Rectification of the Listed Company andits Directors, Supervisors, 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

1. Matters disclosed in interim announcements without progress or changes in subsequent implementation

√ Applicable □ Not applicable

2. Matters disclosed in interim announcements with development or changes in subsequentimplementation

□ Applicable √ Not applicable

3. Matters not disclosed in interim announcements

□ Applicable √ Not applicable

(II) Related transactions in relation to the acquisition and disposal of assets or equity

1. Matters disclosed in interim announcements without progress or changes in subsequent implementation

□ Applicable √ Not applicable

2. Matters disclosed in interim announcements with development or changes in subsequentimplementation

□ Applicable √ Not applicable

3. Matters not disclosed in interim announcements

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

4. Where an agreement on performance is involved, the performance achievements during the reportingperiod shall be disclosed

□ Applicable √ Not applicable

(III) Material related-party transactions in relation to joint external investment

1. Matters disclosed in interim announcements without progress or changes in subsequent implementation

□ Applicable √ Not applicable

2. Matters disclosed in interim announcements with development or changes in subsequentimplementation

□ Applicable √ Not applicable

3. Matters not disclosed in interim announcements

□ Applicable √ Not applicable

(IV) Balances due to or from related parties

1. Matters disclosed in interim announcements without progress or changes in subsequent implementation

□ Applicable √ Not applicable

2. Matters disclosed in interim announcements with development or changes in subsequentimplementation

□ Applicable √ Not applicable

3. Matters not disclosed in interim announcements

□ Applicable √ Not applicable

(V) Financial business between the Company and related financial institutions, the Company’s controlledfinancial institutions or related parties

□ Applicable √ Not applicable

(VI) Others

□ Applicable √ Not applicable

XIII. Material Contracts and the Performance thereof(I) Custody, contracting and leasing

1. Custody

□ Applicable √ Not applicable

2. Contracting

□ Applicable √ Not applicable

3. Leasing

□ Applicable √ Not applicable

(II) Guarantee

□ Applicable √ Not applicable

2024 Annual Report of Chongqing Brewery Co., Ltd

(III) Entrusted management of cash assets

1. Entrusted financial management

(1) Overview of entrusted financial management

√ Applicable □ Not applicable

Monetary unit: RMB

Others

□ Applicable √ Not applicable

(2) Entrusted financial management on an individual basis

√ Applicable □ Not applicable

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Monetary unit: RMB

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Others

□ Applicable √ Not applicable

(3) Provision for impairment of entrusted financial management

□ Applicable √ Not applicable

2. Entrusted loans

(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

3. Others

□ 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 andInvestment Decisions by Investors

□ Applicable √ Not applicable

SECTION VII CHANGES IN SHARES AND PARTICULARS OF

SHAREHOLDERS

I. Changes in Share Capital(I) Table of changes in shares

1. Table of changes in shares

There was no charge in the total number of shares and share capital structure of the Company during thereporting period.

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2. Description of changes in shares

□ Applicable √ Not applicable

3. Impact of changes in shares on financial indicators such as earnings per share and net assetsper share for the latest year and the latest period (if any)

□ Applicable √ Not applicable

4. Other information deemed necessary for disclosure by the Company or required so bysecurities 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 bondswith different interest rates in the duration):

□ Applicable √ Not applicable

(II) Changes in the total number of shares, shareholding structure and the structure of assets andliabilities of the Company

□ Applicable √ Not applicable

(III) Existing internal employee shares

□ Applicable √ Not applicable

III. Shareholders and Actual Controller(I) Total number of shareholders

(II) Table of shareholding of top ten shareholders and top ten holders of outstanding shares (orshareholders not subject to trading restrictions) as at the end of the reporting period

Unit: Share

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Shareholders with shareholding of over 5%, top ten shareholders, and top ten shareholders not subject totrading restrictions participating in share lending and refinancing

√ Applicable □ Not applicable

Unit: Share

Changes in top ten shareholders and top ten shareholders not subject to trading restrictions due to securitieslending/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 placingof new shares

□ Applicable √ Not applicable

IV. Controlling Shareholder and Actual Controller(I) Controlling shareholder

1. Legal person

√ Applicable □ Not applicable

2. Natural person

□ Applicable √ Not applicable

3. Special explanation on the absence of controlling shareholders in the Company

□ Applicable √ Not applicable

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4. Explanation on the changes in controlling shareholders during the reporting period

□ Applicable √ Not applicable

5. Block diagram of ownership and control relationship between the Company and its controllingshareholder

√ Applicable □ Not applicable

(II) Actual controller1 Legal person

√ Applicable □ Not applicable

2 Natural person

□ Applicable √ Not applicable

3 Special explanation on the absence of actual shareholders in the Company

□ Applicable √ Not applicable

4 Explanation on the changes in control of the Company during the reporting period

□ Applicable √ Not applicable

5 Block diagram of ownership and control relationship between the Company and its actualcontroller

√ Applicable □ Not applicable

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6. Control over the Company by actual controller by way of trust or other means of assetmanagement

□ 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 Shareholderand 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

Carlsberg Breweries Hong KongLimitedRegistration place: Hong KongCarlsberg Asia Pte Ltd.Registration place: Singapore

Carlsberg Asia Pte Ltd.Registration place: Singapore30% shares77% voting rights

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VII. Description of Restrictions on Shareholding Reduction

□ Applicable √ Not applicable

VIII. Implementation of Share Repurchase During the Reporting Period

□ Applicable √ Not applicable

SECTION VIII INFORMATION ON PREFERRED SHARES

□ Applicable √ Not applicable

SECTION IX 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

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SECTION X FINANCIAL REPORT

I. Auditor’s Report

√ Applicable □ Not Applicable

Auditor’s ReportPCCPAAR [2025] No. 8-100

To the Shareholders of Chongqing Brewery Co., Ltd.:

I. Audit OpinionWe have audited the financial statements of Chongqing Brewery Co., Ltd. (the “Company”),which comprise the consolidated and parent company balance sheets as at December 31,2024, the consolidated and parent company income statements, consolidated and parentcompany cash flow statements, and consolidated and parent company statements of changesin 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, 2024, and its financial performanceand its cash flows for the year then ended in accordance with China Accounting Standardsfor Business Enterprises.II. Basis for Audit OpinionWe conducted our audit in accordance with China Standards on Auditing. Our responsibilitiesunder those standards are further described in the Certified Public Accountant’sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the China Code of Ethics for CertifiedPublic Accountants, and we have fulfilled other ethical responsibilities. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.III. Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the financial statements of the current period. These matters wereaddressed in the context of our audit of the financial statements as a whole, and in formingour opinion thereon, and we do not express a separate opinion on these matters.(I) Revenue recognition

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1. Key audit matters

Please refer to item V 34 and VII 61 of this section for details. The Company’s operatingrevenue is mainly from beer business. In 2024, the operating revenue of the Companyamounted to 14,644,597,842.46 yuan, of which, 14,169,778,204.59 yuan was from beerbusiness, accounting for 96.76% of operating revenue. As operating revenue is one of thekey performance indicators of the Company, there might be inherent risks that the Company’smanagement (the “Management”) adopts inappropriate revenue recognition to achievespecific goals or expectations, we have identified revenue recognition as a key audit matter.

2. Responsive audit procedures

Our main audit procedures for revenue recognition are as follows:

(1) We obtained understandings of key internal controls related to revenue recognition andsales rebate, assessed the design of these controls, determined whether they had beenexecuted, and tested the effectiveness of the operation;

(2) We checked sales contracts by sampling method, identified terms related to the point intime when the customer obtained the control over relevant goods, and assessed whether therevenue recognition policy was in compliance with regulations of China AccountingStandards for Business Enterprises;

(3) We performed analysis procedure on operating revenue and gross margin, so as to identifywhether 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, salesinvoices, client acceptance records, etc.;

(5) We selected items and performed confirmation procedures on current sales amount incombination with confirmation procedure of accounts receivable and contract liabilities;

(6) We performed cut-off tests on the revenue recognized around the balance sheet date, andchecked whether the revenue was recognized in the appropriate period; and

(7) We checked whether information related to operating revenue had been presentedappropriately in the financial statements.(II) Impairment of goodwill

1. Key audit matters

Please refer to item V 27 and VII 27 of this section for details. As of December 31, 2024, the

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cost of goodwill amounted to 718,230,066.13 yuan, with provision for impairment of19,037,610.07 yuan, and the carrying amount amounted to 699,192,456.06 yuan.For asset group or asset group portfolio related to goodwill, the Management performsimpairment test on goodwill together with related asset group or asset group portfolio, andthe recoverable amount of related asset group or asset group portfolio is determined basedon the present value of estimated future cash flows. As the amount of goodwill is significantand impairment test involves significant judgment of the Management, we have identifiedimpairment of goodwill as a key audit matter.

2. Responsive audit procedures

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 testedthe effectiveness of the operation;

(2) We reviewed the outcome of the Management’s previous estimates on the present valueof future cash flows or their subsequent re-estimations;

(3) We assessed the competency, professional quality and objectivity of external appraisersengaged by the Management;

(4) We assessed the appropriateness and consistency of impairment test method adopted bythe Management;

(5) We assessed the appropriateness of significant assumptions used in impairment test andreviewed whether relevant assumptions were consistent with overall economy environment,industry condition, management situation, historical experience, operation plan, assumptionsused 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 theManagement in the impairment test and reviewed the consistency of related information inthe impairment test;

(7) We tested whether the Management’s calculation of present value of estimated future cashflows was accurate; and

(8) We checked whether information related to impairment of goodwill had been presentedappropriately in the financial statements.

2024 Annual Report of Chongqing Brewery Co., Ltd

IV. Other InformationThe Management is responsible for the other information. The other information comprisesthe information included in the Company’s annual report, but does not include the financialstatements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit or otherwiseappears to be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatementof the other information, we are required to report that fact. We have nothing to report in thisregard.V. Responsibilities of the Management and Those Charged with Governance for theFinancial StatementsThe Management is responsible for preparing and presenting fairly the financial statementsin accordance with China Accounting Standards for Business Enterprises, as well asdesigning, implementing and maintaining internal control relevant to the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the Management is responsible for assessing theCompany’s ability to continue as a going concern, disclosing, as applicable, matters relatedto going concern and using the going concern basis of accounting unless the Managementeither intends to liquidate the Company or to cease operations, or has no realistic alternativebut to do so.Those charged with governance are responsible for overseeing the Company’s financialreporting process.VI. Certified Public Accountant’s Responsibilities for the Audit of the FinancialStatementsOur objectives are to obtain reasonable assurance about whether the financial statements asa whole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,

2024 Annual Report of Chongqing Brewery Co., Ltd

but is not a guarantee that an audit conducted in accordance with China Standards onAuditing will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.We exercise professional judgment and maintain professional skepticism throughout theaudit performed in accordance with China Standards on Auditing. We also:

(I) Identify and assess the risks of material misstatement of the financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting 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 auditprocedures that are appropriate in the circumstances.(III) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Management.(IV) Conclude on the appropriateness of the Management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company’s ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are requiredto draw attention in our auditor’s report to the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Company to cease to continue as a going concern.(V) Evaluate the overall presentation, structure and content of the financial statements, andwhether the financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation.(VI) Obtain sufficient and appropriate audit evidence regarding the financial information ofthe entities or business activities within the Company to express an opinion on the financialstatements. We are responsible for the direction, supervision and performance of the groupaudit. We remain sole responsibility for our audit opinion.

2024 Annual Report of Chongqing Brewery Co., Ltd

We communicate with those charged with governance regarding the planned audit scope,time schedule and significant audit findings, including any deficiencies in internal control ofconcern that we identify during our audit.We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence, and to communicate with them allrelationships 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 thosematters that were of most significance in the audit of the financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor’sreport unless law or regulation precludes public disclosure about the matter or when, inextremely rare circumstances, we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Pan-China Certified Public Accountants LLP Chinese Certified Public Accountant: Zhao Xingming(Engagement Partner)Hangzhou · China Chinese Certified Public Accountant: Xiang Qing

Date of Report: April 1, 2025

2024 Annual Report of Chongqing Brewery Co., Ltd

II. Financial Statements

Consolidated balance sheet

As at December 31, 2024Prepared by: Chongqing Brewery Co., Ltd.

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

Parent company balance sheetAs at December 31, 2024Prepared by: Chongqing Brewery Co., Ltd.

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

Consolidated income statementFor the year ended December 31, 2024

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

Parent company income statementFor the year ended December 31, 2024

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

Consolidated cash flow statementFor the year ended December 31, 2024

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

Parent company cash flow statementFor the year ended December 31, 2024

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o Miguel Ventura Rego Abecasis Officer in charge of accounting: Chin Wee Hua Head of accounting department: Liu Liping

2024 Annual Report of Chongqing Brewery Co., Ltd

Consolidated statement of changes in equity

For the year ended December 31, 2024

Monetary unit: RMB Yuan

2024 Annual Report of Chongqing Brewery Co., Ltd

2024 Annual Report of Chongqing Brewery Co., Ltd

Legal representative: Jo?o 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, 2024

Monetary unit: RMB Yuan