Tsingtao Brewery Company (168) H1 2025 earnings summary

Executive summary

• Achieved revenue of RMB20.49 billion for the first half of 2025, up 2.1% year-over-year, with net profit attributable to shareholders rising 7.2% to RMB3.90 billion.

• Product sales volume reached 4.732 million kiloliters, a 2.3% increase year-over-year, with mid-to-high-end and above products growing 5.1%.

• Maintained leadership in both traditional and emerging sales channels, with rapid growth in instant retail and new product launches.

• Continued focus on innovation, product structure optimization, and expansion in both domestic and international markets.

Financial highlights

• Revenue: RMB20,491 million, up 2.11% year-over-year.

• Net profit attributable to shareholders: RMB3,904 million, up 7.2% year-over-year.

• Basic and diluted EPS: RMB2.862, up from RMB2.672 in the prior year.

• Gross margin improved as cost of sales decreased by 1.55% year-over-year.

• Net cash flow from operating activities: RMB4,800 million, down 16% year-over-year due to higher tax payments and lower advance receipts.

Outlook and guidance

• Management remains focused on high-quality growth, product innovation, and market expansion.

• Continued investment in new product development and digital transformation to drive future growth.

• Plans to further expand domestic and international market presence and enhance brand influence.