Company Profile · Consumer Defensive

Tsingtao Brewery Co Ltd

600600 · Shanghai
Industry
Beverages
Exchange
Shanghai
Country
China
IPO date
Jul 15, 1993
Employees
29,257
Website
www.tsingtao.com.cn
Price at Publication
¥51.49
Sep 5, 2026 close
Fair Buy
≤ ¥36
Margin-of-safety entry
Baillie Growth Score
27/100
Poor
Buffett Score
70/100
Strong
Intrinsic Value · Three-Tier Range Price at publication ¥51.49 · Within the fair intrinsic-value range

Composite valuation range · conservative ¥34–¥36 / fair ¥48–¥64 / optimistic ¥80–¥88. At the publication price of ¥51.49 (Sep 5, 2026), Within the fair intrinsic-value range.

Financial snapshot
Market capCN¥68.24B
Revenue (TTM)CN¥31.64B
EBITDACN¥6.3B
Profit margin14.55%
ROE15.02%
P/E (TTM)14.8
Forward P/E15.48
PEG10.67
EPSCN¥3.38
Dividend yield4.75%
52-week rangeCN¥49.48 – CN¥68.60

Data from EODHD, shown in the reporting currency; for reference only, not investment advice.

About the company

Tsingtao Brewery Company Limited, together with its subsidiaries, engages in the manufacture and sale of beer products in Mainland China, Hong Kong, Macau, and internationally. It operates in seven segments: Shandong Region; South China Region; North China Region; East China Region; Southeast China Region; Hong Kong, Macau and Other Overseas Regions; and Finance Company. The company sells its beer products primarily under the Tsingtao Beer, Laoshan Beer, Hans Beer, Tsingtao Beer Museum, TSINGTAO 1903 Pubs, and Tsingtao Prince brand names. It also provides wealth management, agency collection, real estate, software and IT, and payment services, as well as technology promotion and application services. In addition, the company is involved in industrial engineering; technology promotion and application; and industrial investment activities. Tsingtao Brewery Company Limited was founded in 1903 and is headquartered in Qingdao, the People's Republic of China.

Background

History

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Industry position

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Research on this stock
27/100 Hold Tsingtao Brewery: H1 Volume Fell 4.9% While Profit Held Flat on Cost Savings, and CNY51.49 Is 12% Above Conservative Value Tsingtao Brewery is a national Chinese brewer anchored in Shandong that monetises its master brand through premium mix while aggregate beer volumes decline, with mid/high-end products now about 75.5% of main-brand volume and no financial debt on the balance sheet. H1 2026 shows the margin story running ahead of the volume story: volume fell 4.9% to 4.500 million kL and revenue to CNY19.655bn, yet attributable profit still rose CNY15.5m, because gross margin improved from 43.70% to 44.86% and selling expense fell CNY274m, roughly CNY167m of that beyond what lower volume alone explains. The competitive read is harder than the industry read, because national output rose 0.2% over the same half while China Resources Beer grew volume 1.7% and premium volume above 10% against Tsingtao's 2.6%. Rating Hold: CNY51.49 sits inside the CNY48-64 acceptable-hold band on 15.3x trailing earnings and a mid-4% yield, but roughly 12% above the CNY46 conservative fair value, so the margin of safety is none and the ideal buy range is CNY34-36. Tsingtao Brewery Company Limited600600 · ShanghaiBeveragesSep 5, 2026