ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Consumer Non-Durables

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 HKDUSD
Gross Profit10,187.58M1,310.66M
Operating income3,523.88M453.35M
Income before tax5,373.32M691.29M
Net income3,790.90M487.71M
Diluted EPS2.800.36
Dividends Per Share1.280.16
Total Assets57,337.72M7,354.47M
Total liabilities24,274.03M3,113.53M
Total equity28,137.36M3,609.06M
Operating cash flow8,044.21M1,034.91M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 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 2017Dec 2018Dec 2019Dec 2020Dec 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
Operating margin10.49%
Profit margin11.29%

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


  • Qingdao State-Owned Assets Supervision & Administration (5.8%)
  • E Fund Management Co., Ltd. (4.8%)
  • Fidelity Management & Research Co. LLC (3.5%)
  • China Universal Asset Management Co., Ltd. (3.3%)
  • Fullgoal Fund Management Co., Ltd. (3.0%)
  • The Vanguard Group, Inc. (2.7%)
  • T. Rowe Price Hong Kong Ltd. (2.1%)
  • BlackRock Fund Advisors (1.7%)
  • CITIC Securities Co., Ltd. (Invt Port) (1.7%)
  • Morgan Stanley Asia Ltd. (Investment Management) (1.5%)

Contact Details

  • Website:
  • Address: Tsingtao Beer Tower, May Fourth Square, Qingdao, 266071, China
  • Phone: +86.532.8571.3831

Related Companies

  • Tsingtao Brewery (Minhang) Co., Ltd.
  • Tsingtao Brewery (Yangpu) Co., Ltd.
  • Tsingtao Brewery (Lianyungang) Co., Ltd.
  • Tsingtao Brewery (Huai'an) Co., Ltd.
  • Tsingtao Brewery (Kunshan) Co., Ltd.
  • Tsingtao Brewery New Songjiang Manufacturing Co., Ltd.
  • Tsingtao Brewery (Shanghai) Investing Co., Ltd.
  • Tsingtao Brewery Equipment Manufacture Co., Ltd.
  • Shandong Lulansa Brewery Co., Ltd.
  • Tsingtao Brewery (Lianyungang) Sales Co., Ltd.
  • Tsingtao Brewery (Shanghai) Market Service Co., Ltd.
  • Asia Brewery (Macau) Co., Ltd.
  • Tsingtao Brewery Beverage Co., Ltd.
  • Tsingtao Brewery Construction Co., Ltd.
  • Tsingtao Brewery (Suizhou) Co., Ltd.
  • Nanning Tsingtao Brewery Co., Ltd.
  • Shanghai Tsingtao Catering Management Co., Ltd.
  • Tsingtao Brewery (Zhangjiakou) Co., Ltd.
  • Tsingtao Brewery (Shanghai) Industrial Co., Ltd.
  • Tsingtao Brewery (Luoyang) Co., Ltd.
  • Tsingtao Brewery (Xuzhou) Enterprise Mgmt Service Co., Ltd.
  • Tsingtao Brewery (Jiujiang) Co., Ltd.
  • Tsingtao Brewery (Electronic Commerce) Co., Ltd.
  • Tsingtao Brewery (Shaoguan) Co., Ltd.
  • Tsingtao Brewery (Taiyuan) Co., Ltd.
  • Tsingtao Brewery (Shijiazhuang) Co., Ltd.
  • Tsingtao Brewery Machinery & Equipment Co., Ltd.
  • Tsingtao Brewery Chenzhou Sales Co., Ltd.
  • Tsingtao Brewery Chengyang Sales Co., Ltd.
  • Tsingtao Brewery (Yulin) Co., Ltd.


  • Anheuser-Busch InBev SA/NV
  • San Miguel Food & Beverage, Inc.
  • San Miguel Corp.
  • Top Frontier Investment Holdings, Inc.
Last Updated on 3 Oct, 2022

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more