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One of China's oldest and most iconic beer brands, brewing and distributing beer nationwide and for export.
One of China's oldest and most iconic beer brands, brewing and distributing beer nationwide and for export.
Sells beer through distributors to shops, restaurants and bars, with the Tsingtao brand carrying the group. Profit depends on volumes, the shift toward higher-priced beer and the cost of barley, aluminium and packaging. The Qingdao city government's state group is the largest shareholder; these are the company's Hong Kong-listed H shares.
In one line: A Chinese Anheuser-Busch heritage-brand peer.
Moat: narrow (brand, distribution). Long-established heritage brand recognition, both domestically and as China's best-known beer export.
Headquarters: Qingdao, China · Founded: 1903 · Employees: 29,257
Size Tsingtao Brewery (0168.HK) is a Hong Kong Consumer Staples company (Beverages: Alcoholic) with a market value of $9.12B, the 170th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$41.84 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against +10.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.1% over the last twelve months (peer median -1.3%); the operating margin is 15.8% (peer median 15.4%).
Valuation It trades at 10.8× forward earnings against a peer median of 17.1× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.5 points above its cost of capital (9.4% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$35.5B | HK$32.9B | HK$32.5B | HK$35.0B | HK$34.8B |
| Revenue growth | — | +1% | -7% | +1% | — |
| Gross profit | HK$15.8B | HK$12.0B | HK$11.3B | HK$11.7B | HK$10.8B |
| EBITDA | n/a | HK$7.00B | HK$6.21B | HK$6.15B | HK$5.65B |
| Net income | HK$5.04B | HK$4.98B | HK$4.71B | HK$4.71B | HK$4.30B |
| Free cash flow | HK$4.14B | HK$3.14B | HK$4.43B | HK$2.03B | HK$4.49B |
| Capital expenditure | HK$2.65B | HK$2.44B | HK$2.32B | HK$1.79B | HK$2.07B |
| Total debt | HK$408M | HK$267M | HK$350M | HK$424M | HK$832M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tsingtao Brewery 0168.HK | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% |
| China Res Beer 0291.HK | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% |
| Bud Apac 1876.HK | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% |
| Beijing Yanjing Brewery 000729.SZ | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% |
| Chongqing Brewery 600132.SS | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% |
| Guangzhou Zhujiang Brewery 002461.SZ | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% |
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0168.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | +8.8% | 8th lowest of 21 |
| 6-month return | -20.5% | +10.3% | 2nd lowest of 21 |
| Distance from 52-week high | -25.3% | -12.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +1.1% | -1.3% | 7th highest of 20 |
| Operating margin | 15.8% | 15.4% | 10th highest of 20 |
| Forward P/E | 10.8× | 17.1× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | 1.8% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +2.6% | +7.3% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | -7.6 pp | -7.0 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | +24.5 pp | +4.8 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |