Tsingtao Brewery Company Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	31,986	31,579	33,406	31,697	29,673	27,338
Other Revenue	558.97	558.97	530.73	474.22	494.11	421.73
Revenue	32,545	32,138	33,937	32,172	30,167	27,760
Revenue Growth (YoY)	1.97%	-5.30%	5.49%	6.65%	8.67%	-0.80%
Cost of Revenue	18,974	19,293	20,892	20,402	19,183	18,018
Gross Profit	13,571	12,845	13,045	11,769	10,984	9,742
Selling, General & Admin	5,969	5,968	6,204	5,619	5,728	5,204
Research & Development	104.16	82.54	79.89	62.95	30.89	21.47
Other Operating Expenses	2,447	2,296	2,387	2,391	2,319	2,219
Operating Expenses	8,522	8,347	8,670	8,072	8,077	7,443
Operating Income	5,049	4,498	4,375	3,697	2,907	2,299
Interest Expense	-13.53	-21.84	-16.43	-9.24	-29.09	-19.13
Interest & Investment Income	561.96	734.56	678.42	629.57	501.71	549.27
Currency Exchange Gain (Loss)	-2.55	-2.55	-2.86	12.2	-8.72	-11.85
Other Non Operating Income (Expenses)	45.3	-2.22	-17.79	-0.93	-17.64	-3.53
EBT Excluding Unusual Items	5,641	5,206	5,016	4,329	3,353	2,814
Gain (Loss) on Sale of Investments	105.73	199.52	230.26	164.35	253.44	55.09
Gain (Loss) on Sale of Assets	102.47	4.27	178.58	-9.52	481.51	-5.2
Asset Writedown	-32.25	-35.75	-79.53	-26.12	-189.06	-130.55
Other Unusual Items	507.65	507.65	400.7	548.5	579.96	506.51
Pretax Income	6,324	5,881	5,746	5,006	4,479	3,240
Income Tax Expense	1,560	1,390	1,398	1,201	1,223	912.58
Earnings From Continuing Operations	4,764	4,492	4,348	3,805	3,256	2,327
Minority Interest in Earnings	-134.38	-146.79	-80.35	-94.09	-100.79	-125.65
Net Income	4,629	4,345	4,268	3,711	3,155	2,201
Preferred Dividends & Other Adjustments	0.19	0.19	7.97	9.78	10.03	-
Net Income to Common	4,629	4,345	4,260	3,701	3,145	2,201
Net Income Growth	6.42%	1.81%	15.02%	17.59%	43.34%	18.86%
Shares Outstanding (Basic)	1,364	1,362	1,357	1,353	1,351	1,351
Shares Outstanding (Diluted)	1,364	1,363	1,362	1,360	1,358	1,353
Shares Change (YoY)	0.06%	0.07%	0.15%	0.18%	0.38%	0.13%
EPS (Basic)	3.39	3.19	3.14	2.74	2.33	1.63
EPS (Diluted)	3.39	3.19	3.13	2.73	2.32	1.63
EPS Growth	6.36%	1.73%	14.84%	17.38%	42.82%	18.68%
Free Cash Flow	2,608	3,014	1,160	3,099	4,408	3,658
Free Cash Flow Per Share	1.91	2.21	0.85	2.28	3.25	2.70
Dividend Per Share	2.200	2.200	2.000	1.300	1.100	0.750
Dividend Growth	10.00%	10.00%	53.85%	18.18%	46.67%	36.36%
Gross Margin	41.70%	39.97%	38.44%	36.58%	36.41%	35.09%
Operating Margin	15.52%	14.00%	12.89%	11.49%	9.64%	8.28%
Profit Margin	14.22%	13.52%	12.55%	11.50%	10.43%	7.93%
Free Cash Flow Margin	8.01%	9.38%	3.42%	9.63%	14.61%	13.18%
EBITDA	6,114	5,543	5,393	4,678	3,923	3,364
EBITDA Margin	18.79%	17.25%	15.89%	14.54%	13.00%	12.12%
D&A For EBITDA	1,065	1,045	1,018	980.37	1,016	1,065
EBIT	5,049	4,498	4,375	3,697	2,907	2,299
EBIT Margin	15.52%	14.00%	12.89%	11.49%	9.64%	8.28%
Effective Tax Rate	24.67%	23.63%	24.33%	24.00%	27.30%	28.17%
Revenue as Reported	407.38	-	-	32,172	30,167	-
Advertising Expenses	-	1,477	1,639	1,278	1,170	912.16

Source: S&P Global Market Intelligence. Standard template. Financial Sources.