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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	31,669	31,830	31,579	33,406	31,697	29,673
Other Revenue	643.83	643.83	558.97	530.73	474.22	494.11
Revenue	32,313	32,473	32,138	33,937	32,172	30,167
Revenue Growth (YoY)	-0.37%	1.04%	-5.30%	5.49%	6.65%	8.67%
Cost of Revenue	18,794	19,001	19,293	20,892	20,402	19,183
Gross Profit	13,519	13,472	12,845	13,045	11,769	10,984
Selling, General & Admin	5,758	5,858	5,968	6,204	5,619	5,728
Research & Development	110.34	108.11	82.54	79.89	62.95	30.89
Other Operating Expenses	2,333	2,327	2,296	2,387	2,391	2,319
Operating Expenses	8,202	8,294	8,347	8,670	8,072	8,077
Operating Income	5,317	5,179	4,498	4,375	3,697	2,907
Interest Expense	-13.18	-11.65	-21.84	-16.43	-9.24	-29.09
Interest & Investment Income	470.95	496.49	734.56	678.42	629.57	501.71
Currency Exchange Gain (Loss)	6.91	6.91	-2.55	-2.86	12.2	-8.72
Other Non Operating Income (Expenses)	-10.98	-3.59	-2.22	-17.79	-0.93	-17.64
EBT Excluding Unusual Items	5,771	5,667	5,206	5,016	4,329	3,353
Gain (Loss) on Sale of Investments	183.7	106.45	199.52	230.26	164.35	253.44
Gain (Loss) on Sale of Assets	80.19	110.63	4.27	178.58	-9.52	481.51
Asset Writedown	-25.51	-17.82	-35.75	-79.53	-26.12	-189.06
Other Unusual Items	424.97	424.97	507.65	400.7	548.5	579.96
Pretax Income	6,434	6,291	5,881	5,746	5,006	4,479
Income Tax Expense	1,622	1,574	1,390	1,398	1,201	1,223
Earnings From Continuing Operations	4,812	4,717	4,492	4,348	3,805	3,256
Minority Interest in Earnings	-134.32	-129.32	-146.79	-80.35	-94.09	-100.79
Net Income	4,678	4,588	4,345	4,268	3,711	3,155
Preferred Dividends & Other Adjustments	-	-	0.19	7.97	9.78	10.03
Net Income to Common	4,678	4,588	4,345	4,260	3,701	3,145
Net Income Growth	4.92%	5.59%	1.81%	15.02%	17.59%	43.34%
Shares Outstanding (Basic)	1,364	1,364	1,362	1,357	1,353	1,351
Shares Outstanding (Diluted)	1,364	1,364	1,363	1,362	1,360	1,358
Shares Change (YoY)	0.04%	0.05%	0.07%	0.15%	0.18%	0.38%
EPS (Basic)	3.43	3.36	3.19	3.14	2.74	2.33
EPS (Diluted)	3.43	3.36	3.19	3.13	2.73	2.32
EPS Growth	4.88%	5.54%	1.73%	14.84%	17.38%	42.82%
Free Cash Flow	3,428	2,339	3,014	1,160	3,099	4,408
Free Cash Flow Per Share	2.51	1.72	2.21	0.85	2.28	3.25
Dividend Per Share	2.350	2.350	2.200	2.000	1.300	1.100
Dividend Growth	6.82%	6.82%	10.00%	53.85%	18.18%	46.67%
Gross Margin	41.84%	41.49%	39.97%	38.44%	36.58%	36.41%
Operating Margin	16.45%	15.95%	14.00%	12.89%	11.49%	9.64%
Profit Margin	14.48%	14.13%	13.52%	12.55%	11.50%	10.43%
Free Cash Flow Margin	10.61%	7.20%	9.38%	3.42%	9.63%	14.61%
EBITDA	6,432	6,279	5,543	5,393	4,678	3,923
EBITDA Margin	19.90%	19.34%	17.25%	15.89%	14.54%	13.00%
D&A For EBITDA	1,115	1,101	1,045	1,018	980.37	1,016
EBIT	5,317	5,179	4,498	4,375	3,697	2,907
EBIT Margin	16.45%	15.95%	14.00%	12.89%	11.49%	9.64%
Effective Tax Rate	25.21%	25.01%	23.63%	24.33%	24.00%	27.30%
Revenue as Reported	-	-	-	-	32,172	30,167
Advertising Expenses	-	1,408	1,477	1,639	1,278	1,170

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