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 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
Cash & Equivalents	13,254	12,862	17,987	19,292	17,855	14,612
Short-Term Investments	51.53	147.25	160.07	3,583	5,123	6,306
Trading Asset Securities	9,712	6,228	2,022	1,924	2,684	2,778
Cash & Short-Term Investments	23,017	19,238	20,169	24,800	25,662	23,697
Cash Growth	7.71%	-4.62%	-18.67%	-3.36%	8.29%	16.35%
Accounts Receivable	126.98	126.98	102.42	100.39	124.1	124.93
Other Receivables	92.26	29.48	31.88	145.73	632.78	620.86
Receivables	219.24	506.5	264.33	246.12	1,377	1,086
Inventory	2,334	3,237	3,576	3,540	4,152	3,493
Other Current Assets	1,359	1,223	1,179	1,026	810.61	683.13
Total Current Assets	26,929	24,204	25,189	29,612	32,002	28,959
Property, Plant & Equipment	13,696	13,595	12,551	11,750	11,607	11,078
Long-Term Investments	2,844	8,167	7,482	1,790	368.73	366.64
Goodwill	1,307	1,307	1,307	1,307	1,307	1,307
Other Intangible Assets	2,561	2,596	2,684	2,493	2,558	2,481
Long-Term Deferred Tax Assets	1,995	1,963	1,930	2,026	2,250	2,131
Long-Term Deferred Charges	66.81	72.83	85.7	111.11	-	127.03
Other Long-Term Assets	3,969	226.43	191.35	166.79	218.45	113.3
Total Assets	53,368	52,132	51,420	49,256	50,312	46,563
Accounts Payable	4,184	2,848	2,928	2,757	3,248	3,235
Accrued Expenses	1,511	2,767	2,814	3,367	4,399	3,192
Short-Term Debt	-	-	-	-	225.41	245.78
Current Portion of Leases	30.19	36.71	42.06	50.25	49.26	48.43
Current Income Taxes Payable	748.65	189.85	166.45	129.75	191.11	474.54
Current Unearned Revenue	5,880	7,674	8,313	7,691	8,909	8,123
Other Current Liabilities	3,434	3,084	3,259	2,923	2,650	2,939
Total Current Liabilities	15,788	16,601	17,522	16,918	19,672	18,259
Long-Term Leases	73.61	77.75	68.24	63.39	98.4	112.78
Long-Term Unearned Revenue	3,261	2,975	2,947	2,888	3,132	3,211
Pension & Post-Retirement Benefits	693.19	705.06	747.15	877.48	918.4	991.15
Long-Term Deferred Tax Liabilities	265.92	260.51	259.75	238.17	202.12	171.4
Other Long-Term Liabilities	-	-	16.09	16.21	16.28	24.54
Total Liabilities	20,082	20,619	21,561	21,001	24,039	22,769
Common Stock	1,364	1,364	1,364	1,364	1,364	1,364
Additional Paid-In Capital	4,199	4,198	4,198	4,207	4,154	3,956
Retained Earnings	27,040	25,240	23,653	22,037	20,224	18,014
Treasury Stock	-	-	-1.5	-77.64	-171.85	-273.19
Comprehensive Income & Other	-161.16	-153.74	-153.54	-81.06	-75.8	-59.63
Total Common Equity	32,441	30,649	29,060	27,449	25,495	23,002
Minority Interest	844.98	863.25	799.16	805.27	777.49	791.85
Shareholders' Equity	33,286	31,512	29,860	28,255	26,272	23,794
Total Liabilities & Equity	53,368	52,132	51,420	49,256	50,312	46,563
Total Debt	103.8	114.47	110.3	113.64	373.08	406.99
Net Cash (Debt)	22,914	19,123	20,059	24,686	25,289	23,290
Net Cash Growth	7.75%	-4.67%	-18.74%	-2.38%	8.58%	19.40%
Net Cash Per Share	16.79	14.02	14.71	18.12	18.59	17.15
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	11,141	7,603	7,667	12,693	12,331	10,700
Book Value Per Share	23.78	22.47	21.30	20.12	18.69	16.86
Tangible Book Value	28,573	26,746	25,069	23,649	21,630	19,214
Tangible Book Value Per Share	20.95	19.61	18.38	17.34	15.85	14.08
Buildings	-	9,255	8,683	8,113	7,914	7,362
Machinery	-	14,526	13,691	13,153	12,859	12,294
Construction In Progress	-	630.08	630.87	498.57	456.53	762.29

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