Tsingtao Brewery Co., Ltd.

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See more articles on Tsingtao Brewery Co., Ltd.

Company Background

Tsingtao Brewery is China's second largest brewery after China Resources Enterprise in terms of sales. Its predecessor was founded in 1903 by the Anglo-German Brewery, which was established by German and British residents of Qingdao, Shandong Province. It has long been the top Chinese brewery along with Harbin Brewery Group.

As of the end of 2014, the company has about 60 production bases in 20 provinces and direct-controlled municipalities across China. Tsingtao Brewery now sells Tsingtao Beer in 90 countries and regions around the world, including the U.S., Japan and parts of Europe. Tsingtao Brewery became the first mainland Chinese company to be listed on an overseas exchange in 1993.

Tsingtao has a long-standing relationship with Japan. During the war, the company was under the umbrella of DaiNippon Beer, current Sapporo Breweries and Asahi Breweries. With some 19.99% stake in the company, Asahi Group Holdings provides technical assistance to the company and Asahi's plant in China produces Tsingtao beer as well as Asahi beer. Meanwhile, in 2013, the company set up 50-50 joint ventures with Suntory Holdings, one in production and one in sales, and integrated their business operations in Shanghai and neighboring Jiangsu Province. In 2015, Suntory decided to end the joint venture by selling its stakes to Tsingtao who continues producing Suntory beer under a licensing agreement.

Business Summary

Tsingtao Brewery Co., Ltd. engages in the manufacture and sale of beer and related products. It operates through the following business segments: Shandong; South China; North China; East China; Southeast; Hong Kong, Macau, and overseas; and Finance. The Shandong segment engages in the production and sale of beer in Shandong and surrounding areas. The South China, North China, East China, and Southeast segments engage in the production and sale of beer in the respective areas. The Hong Kong, Macau, and overseas segment engages in the sale of beer in Hong Kong, Macau, and overseas. The Finance segment handles the financial management and financial transactions such as payment and collection of member units. The company offer the verities of beer include Great ocean beer, Huiquan beer, Tsingtao draft beer, Tsingtao dark beer, Tsingtao beer premium and Tsingtao beer. Tsingtao Brewery was founded in August 1903 and is headquartered in Qingdao, China.

Financial Highlights

Dec 2021	HKD	USD
Revenue	33,562.67M	4,317.94M
Gross Profit	10,187.58M	1,310.66M
Operating income	3,523.88M	453.35M
Income before tax	5,373.32M	691.29M
Net income	3,790.90M	487.71M
EBITDA	4,900.82M	630.50M
Diluted EPS	2.80	0.36
Dividends Per Share	1.28	0.16
Total Assets	57,337.72M	7,354.47M
Total liabilities	24,274.03M	3,113.53M
Total equity	28,137.36M	3,609.06M
Operating cash flow	8,044.21M	1,034.91M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	25,650.22M	28,721.48M	29,108.13M	28,699.84M	33,562.67M
Gross Profit	7,256.08M	8,733.53M	9,388.30M	9,742.41M	10,187.58M
Operating income	1,515.62M	1,677.43M	1,804.88M	2,604.19M	3,523.88M
Income before tax	2,403.44M	2,799.04M	3,068.06M	3,619.92M	5,373.32M
Net income	1,456.36M	1,684.52M	2,100.13M	2,473.61M	3,790.90M
EBITDA	2,872.06M	3,039.40M	3,092.35M	3,908.35M	4,900.82M
Diluted EPS	1.07	1.24	1.55	1.82	2.80
Dividends Per Share	0.51	0.54	0.59	0.90	1.28
Total Assets	37,209.37M	38,903.85M	41,847.01M	49,472.86M	57,337.72M
Total liabilities	13,438.44M	14,664.39M	16,336.46M	20,152.31M	24,274.03M
Total equity	20,581.90M	20,492.75M	21,445.24M	24,450.22M	28,137.36M
Operating cash flow	2,635.10M	5,305.63M	5,134.40M	5,987.57M	8,044.21M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	3,291.52M	3,664.60M	3,715.04M	3,700.34M	4,317.94M
Gross Profit	931.12M	1,114.31M	1,198.22M	1,256.11M	1,310.66M
Operating income	194.48M	214.02M	230.35M	335.76M	453.35M
Income before tax	308.41M	357.13M	391.57M	466.72M	691.29M
Net income	186.88M	214.93M	268.03M	318.92M	487.71M
EBITDA	368.55M	387.80M	394.67M	503.91M	630.50M
Diluted EPS	0.13	0.15	0.19	0.23	0.36
Dividends Per Share	0.06	0.06	0.07	0.11	0.16
Total Assets	4,759.87M	4,968.97M	5,370.64M	6,380.42M	7,354.47M
Total liabilities	1,719.06M	1,873.00M	2,096.62M	2,599.00M	3,113.53M
Total equity	2,632.86M	2,617.42M	2,752.28M	3,153.30M	3,609.06M
Operating cash flow	338.14M	676.95M	655.29M	771.99M	1,034.91M

Valuation Measures

Dec 2021
PER	26.01
ROA	7.09%
ROE	14.41%
Operating margin	10.49%
Profit margin	11.29%

Key executives

President & Executive Director: Zong Xiang Jiang
Chief Financial Officer & Executive Director: Qiu Yan Hou
Executive Director & Vice President: Rui Yong Wang
Security Relations Contact: Xiao Hang Sun
Secretary: Rui Xiang Zhang

Shareholders

Qingdao State-Owned Assets Supervision & Administration (5.8%)
Baillie Gifford & Co. (5.2%)
E Fund Management Co., Ltd. (4.8%)
Fidelity Management & Research Co. LLC (4.2%)
China Universal Asset Management Co., Ltd. (3.3%)
Fullgoal Fund Management Co., Ltd. (3.0%)
The Vanguard Group, Inc. (2.6%)
T. Rowe Price Hong Kong Ltd. (2.1%)
CITIC Securities Co., Ltd. (Invt Port) (1.7%)
BlackRock Fund Advisors (1.6%)

Contact Details

Website:http://www.tsingtao.com.cn
Address: Tsingtao Beer Tower, May Fourth Square, Qingdao, 266071, China
Phone: +86.532.8571.3831

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Competitors

Anheuser-Busch InBev SA/NV
San Miguel Food & Beverage, Inc.
San Miguel Corp.
Top Frontier Investment Holdings, Inc.

Last Updated on 8 Aug, 2022