Financials Tsingtao Brewery Company Limited Hong Kong S.E.

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:10 2025-12-17 EST			5-day change	1st Jan Change
50.85 ^HKD	0.00%		-0.29%	-10.48%

10-27	Tsingtao Brewery's Q3 Profit Rises 2%; Hong Kong Shares Down 3%	MT
10-27	Tsingtao Brewery Q3 net profit up 1.6% y/y	RE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	27,760	30,167	32,172	33,937	32,138	32,797	33,763	34,810
Change	-	8.67%	6.65%	5.49%	-5.3%	2.05%	2.95%	3.1%
EBITDA ¹	4,373	5,546	6,078	6,865	7,023	6,854	7,231	7,681
Change	-	26.84%	9.59%	12.94%	2.3%	-2.4%	5.5%	6.22%
EBIT ¹	3,250	4,455	5,001	5,737	5,843	5,659	6,127	6,534
Change	-	37.07%	12.26%	14.72%	1.85%	-3.15%	8.27%	6.65%
Interest Paid ¹	-470.9	-	-	457.1	567.8	-430.3	-479.6	-517
Earnings before Tax (EBT) ¹	3,240	4,479	5,006	5,746	5,881	6,345	6,813	7,291
Change	-	38.26%	11.77%	14.79%	2.35%	7.88%	7.37%	7.02%
Net income ¹	2,201	3,155	3,711	4,268	4,345	4,698	5,020	5,360
Change	-	43.34%	17.59%	15.02%	1.81%	8.12%	6.86%	6.78%
Announcement Date	3/5/21	3/28/22	3/22/23	3/26/24	3/30/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,338	8,928	9,363	8,480	3,395	10,065	9,837	3,062	10,706	10,886	9,386	2,958	10,150	9,918	8,891	3,179	10,446	10,046	8,876	3,057
Change	-	167.49%	4.88%	-9.43%	-59.96%	196.42%	-2.26%	-68.88%	249.68%	1.68%	-13.77%	-68.48%	243.08%	-2.28%	-10.36%	-64.25%	228.63%	-3.83%	-11.65%	-65.56%
EBITDA	-	-	-	1,602	-	2,148	1,778	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-17.21%	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-886	-	1,884	1,632	-458.4	2,323	1,885	-729.5	1,961	2,641	1,987	-852.8	2,156	2,756	1,816	-884.5	2,302	2,948	1,889	-1,029
Change	-	-	-	-13.36%	-128.09%	606.7%	-18.85%	-138.7%	368.81%	34.7%	-24.76%	-142.91%	352.85%	27.81%	-34.12%	-148.72%	360.3%	28.03%	-35.91%	-154.45%
Charge d'intérêts ¹	-	-	-	-	-	-	-	101.7	-	120.9	-	-	-	-	-	-	-	-	-	-91
Earnings before Tax (EBT) ¹	-884.2	-	-	1,645	-456.5	2,324	1,893	-732	-	2,640	1,991	-848.9	-	2,752	1,821	-849.4	-	2,956	1,910	-795
Change	-	-	-	-	-127.76%	609.13%	-18.54%	-138.67%	-	-	-24.59%	-142.63%	-	-	-33.83%	-146.64%	-	-	-35.37%	-141.61%
Net income ¹	-776.7	-	-	1,195	-455.3	1,726	1,415	-556.4	-	1,974	1,482	-639.9	1,597	2,044	1,348	-644.9	1,710	2,194	1,370	-1,057
Change	-	-	-	-	-138.1%	479.03%	-18.02%	-139.32%	-	-	-24.94%	-143.17%	349.63%	28%	-34.05%	-147.83%	365.21%	28.28%	-37.55%	-177.18%
Announcement Date	3/5/21	4/22/21	8/25/21	10/28/21	3/28/22	8/25/22	10/26/22	3/22/23	4/24/23	8/27/23	10/27/23	3/26/24	4/29/24	8/29/24	10/29/24	3/30/25	4/28/25	8/26/25	10/27/25	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S2
Net sales ¹	18,291	11,876	19,273	12,899	21,592	12,345	20,068	12,070	20,491	11,919	12,070
Change	-	-35.07%	62.29%	-33.07%	67.39%	-42.83%	62.57%	-39.86%	69.78%	-41.83%	1.26%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,281	1,173	3,845	1,156	4,602	1,135	4,912	931.1	5,250	452.6	-
Change	-	-64.24%	227.68%	-69.95%	298.26%	-75.35%	332.95%	-81.05%	463.9%	-91.38%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	3,845	1,161	4,604	1,142	4,910	971.9	5,263	952	-
Change	-	-	-	-69.8%	296.55%	-75.19%	329.81%	-80.21%	441.56%	-81.91%	-
Net income ¹	-	-	2,852	858.5	3,426	842.2	3,642	703.3	3,904	682	-
Change	-	-	-	-69.9%	299.01%	-75.41%	332.4%	-80.69%	455.12%	-82.53%	-
Announcement Date	8/25/21	3/28/22	8/25/22	3/22/23	8/27/23	3/26/24	8/29/24	3/30/25	8/26/25	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-17,722	-14,303	-17,580	-19,232	-17,937	-19,108	-20,282	-20,976
Change	-	19.29%	-22.91%	-9.4%	6.73%	-6.53%	-6.14%	-3.42%
Announcement Date	3/5/21	3/28/22	3/22/23	3/26/24	3/30/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,275	1,602	1,738	895.4	1,941	1,465	1,376	1,388
Change	-	25.67%	8.49%	-48.48%	116.82%	-24.55%	-6.04%	0.88%
Free Cash Flow (FCF) ¹	3,679	4,441	3,141	1,882	3,213	3,971	4,583	4,918
Change	-	20.73%	-29.28%	-40.07%	70.72%	23.57%	15.42%	7.3%
Announcement Date	3/5/21	3/28/22	3/22/23	3/26/24	3/30/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	15.75%	18.39%	18.89%	20.23%	21.85%	20.9%	21.42%	22.07%
EBIT Margin (%)	11.71%	14.77%	15.54%	16.9%	18.18%	17.25%	18.15%	18.77%
EBT Margin (%)	11.67%	14.85%	15.56%	16.93%	18.3%	19.35%	20.18%	20.94%
Net margin (%)	7.93%	10.46%	11.53%	12.58%	13.52%	14.32%	14.87%	15.4%
FCF margin (%)	13.25%	14.72%	9.76%	5.55%	10%	12.11%	13.57%	14.13%
FCF / Net Income (%)	167.11%	140.75%	84.64%	44.1%	73.96%	84.53%	91.3%	91.75%
Profitability
ROA	5.58%	7.17%	7.66%	8.57%	8.63%	8.96%	9.2%	9.31%
ROE	11.13%	14.47%	15.3%	16.12%	15.38%	15.52%	15.95%	16%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.59%	5.31%	5.4%	2.64%	6.04%	4.47%	4.08%	3.99%
CAPEX / EBITDA (%)	29.15%	28.88%	28.59%	13.04%	27.64%	21.37%	19.03%	18.07%
CAPEX / FCF (%)	34.65%	36.07%	55.34%	47.57%	60.41%	36.89%	30.03%	28.23%
Items per share
Cash flow per share ¹	3.631	3.26	3.576	2.036	3.778	4.03	4.888	4.657
Change	-	-10.22%	9.7%	-43.07%	85.58%	6.65%	21.31%	-4.73%
Dividend per Share ¹	0.75	1.1	1.8	2	2.2	2.395	2.534	2.695
Change	-	46.67%	63.64%	11.11%	10%	8.86%	5.81%	6.33%
Book Value Per Share ¹	15.12	16.86	18.69	20.12	21.3	21.93	23.34	24.81
Change	-	11.51%	10.84%	7.67%	5.87%	2.94%	6.42%	6.34%
EPS ¹	1.629	2.324	2.728	3.132	3.187	3.444	3.673	3.916
Change	-	42.66%	17.38%	14.81%	1.76%	8.07%	6.63%	6.62%
Nbr of stocks (in thousands)	1,364,183	1,364,355	1,364,233	1,364,197	1,364,197	1,364,195	1,364,195	1,364,195
Announcement Date	3/5/21	3/28/22	3/22/23	3/26/24	3/30/25	-	-	-