Tsingtao Brewery Company Balance Sheet

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
Cash & Equivalents	13,980	17,987	19,292	17,855	14,612	18,477
Short-Term Investments	29.11	160.07	3,583	5,123	6,306	-
Trading Asset Securities	7,116	2,022	1,924	2,684	2,778	1,889
Cash & Short-Term Investments	21,125	20,169	24,800	25,662	23,697	20,366
Cash Growth	-16.11%	-18.67%	-3.36%	8.29%	16.35%	20.94%
Accounts Receivable	139.6	102.42	100.39	124.1	124.93	125.16
Other Receivables	88.47	31.88	145.73	632.78	620.86	30.76
Receivables	228.07	264.33	246.12	1,377	1,086	256.04
Inventory	1,842	3,576	3,540	4,152	3,493	3,281
Other Current Assets	853.56	1,179	1,026	810.61	683.13	724.97
Total Current Assets	24,049	25,189	29,612	32,002	28,959	24,628
Property, Plant & Equipment	13,000	12,551	11,750	11,607	11,078	10,810
Long-Term Investments	2,648	7,482	1,790	368.73	366.64	374.93
Goodwill	1,307	1,307	1,307	1,307	1,307	1,307
Other Intangible Assets	2,613	2,684	2,493	2,558	2,481	2,504
Long-Term Deferred Tax Assets	2,088	1,930	2,026	2,250	2,131	1,718
Long-Term Deferred Charges	69.41	85.7	111.11	-	127.03	86.26
Other Long-Term Assets	5,617	191.35	166.79	218.45	113.3	85.98
Total Assets	51,390	51,420	49,256	50,312	46,563	41,514
Accounts Payable	3,795	2,928	2,757	3,248	3,235	2,648
Accrued Expenses	1,501	2,771	3,367	4,399	3,192	2,820
Short-Term Debt	-	-	-	225.41	245.78	703.27
Current Portion of Long-Term Debt	-	-	-	-	-	0.22
Current Portion of Leases	38.8	42.06	50.25	49.26	48.43	41.87
Current Income Taxes Payable	742.11	166.45	129.75	191.11	474.54	246.49
Current Unearned Revenue	5,701	8,313	7,691	8,909	8,123	6,567
Other Current Liabilities	3,378	3,303	2,923	2,650	2,939	2,483
Total Current Liabilities	15,156	17,522	16,918	19,672	18,259	15,510
Long-Term Leases	75.79	68.24	63.39	98.4	112.78	115.84
Long-Term Unearned Revenue	2,987	2,947	2,888	3,132	3,211	2,900
Pension & Post-Retirement Benefits	699.32	747.15	877.48	918.4	991.15	991.11
Long-Term Deferred Tax Liabilities	257.55	259.75	238.17	202.12	171.4	167.56
Other Long-Term Liabilities	16.01	16.09	16.21	16.28	24.54	462.05
Total Liabilities	19,192	21,561	21,001	24,039	22,769	20,146
Common Stock	1,364	1,364	1,364	1,364	1,364	1,364
Additional Paid-In Capital	4,198	4,198	4,207	4,154	3,956	3,675
Retained Earnings	25,926	23,653	22,037	20,224	18,014	15,882
Treasury Stock	-0.02	-1.5	-77.64	-171.85	-273.19	-279.58
Comprehensive Income & Other	-155.43	-153.54	-81.06	-75.8	-59.63	-19.85
Total Common Equity	31,333	29,060	27,449	25,495	23,002	20,622
Minority Interest	865.15	799.16	805.27	777.49	791.85	746.09
Shareholders' Equity	32,198	29,860	28,255	26,272	23,794	21,368
Total Liabilities & Equity	51,390	51,420	49,256	50,312	46,563	41,514
Total Debt	114.59	110.3	113.64	373.08	406.99	861.2
Net Cash (Debt)	21,010	20,059	24,686	25,289	23,290	19,505
Net Cash Growth	-16.21%	-18.74%	-2.38%	8.58%	19.40%	18.14%
Net Cash Per Share	15.40	14.71	18.12	18.59	17.15	14.42
Filing Date Shares Outstanding	1,364	1,364	1,364	1,364	1,364	1,364
Total Common Shares Outstanding	1,364	1,364	1,364	1,364	1,364	1,364
Working Capital	8,893	7,667	12,693	12,331	10,700	9,118
Book Value Per Share	22.97	21.30	20.12	18.69	16.86	15.12
Tangible Book Value	27,413	25,069	23,649	21,630	19,214	16,811
Tangible Book Value Per Share	20.09	18.38	17.34	15.85	14.08	12.32
Buildings	-	8,683	8,113	7,914	7,362	7,359
Machinery	-	13,691	13,153	12,859	12,294	12,249
Construction In Progress	-	630.87	498.57	456.53	762.29	339.81

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