Tsingtao Brewery Company (168) Q1 2025 earnings summary

Executive summary

• Achieved revenue of RMB10.45 billion in Q1 2025, up 2.91% year-over-year, with net profit attributable to shareholders rising 7.08% to RMB1.71 billion.

• Sold 2.261 million kiloliters of products, with core brand Tsingtao Beer sales up 4.1% and mid-to-high-end products up 5.3% year-over-year.

• Continued focus on brand optimization, product upgrades, and expansion in online and instant retail channels.

Financial highlights

• Net profit after deducting non-recurring items was RMB1.60 billion, up 5.95% year-over-year.

• Basic and diluted EPS both increased to RMB1.254, up 6.72% and 7.00% respectively year-over-year.

• Net cash flow from operating activities declined 37.28% year-over-year to RMB1.79 billion, mainly due to lower cash received from sales and fluctuations in customer advances.

• Total assets at quarter-end were RMB51.29 billion, down 0.25% from year-end 2024; total equity attributable to shareholders rose 5.89% to RMB30.77 billion.

Outlook and guidance

• Emphasis on further leveraging brand and quality advantages, expanding new retail, and improving operating efficiency.