Tsingtao Brewery Company (168) H2 2025 earnings summary

Executive summary

• Achieved operating revenue of RMB 32.47 billion for 2025, up 1% year-over-year, with net profit attributable to shareholders rising 5.6% to RMB 4.59 billion.

• Product sales volume reached 7.648 million kiloliters, a 1.5% increase year-over-year.

• Focused on innovation, digital transformation, and green initiatives, with greenhouse gas emission intensity down 13.5% and 91% renewable energy usage in production.

• Expanded market share in both domestic and overseas markets, achieving localized production and sales internationally for the first time.

Financial highlights

• Revenue: RMB 32.47 billion, up 1% year-over-year.

• Net profit attributable to shareholders: RMB 4.59 billion, up 5.6% year-over-year.

• Basic and diluted EPS: RMB 3.363, compared to RMB 3.191 and RMB 3.187 in 2024.

• Gross margin improved as cost of sales decreased to RMB 18.89 billion from RMB 19.21 billion.

• Proposed final dividend of RMB 2.35 per share, pending AGM approval.

Outlook and guidance

• Plans to reinforce core beer business, expand in domestic and international markets, and accelerate digital and technological innovation.

• Focus on high-end, health-oriented, and diversified products to meet evolving consumer demand.

• Continued investment in R&D, digital transformation, and green manufacturing.