Loading…
Chinese regional beer brewer majority-controlled by Denmark's Carlsberg, selling Chongqing and other regional beer brands.
Chinese regional beer brewer majority-controlled by Denmark's Carlsberg, selling Chongqing and other regional beer brands.
Carlsberg owns the majority and uses it as the vehicle to sell its brands through China's western region. It sells through distributors to bars, restaurants and shops, with Carlsberg beer brewed under licence and local brands alongside.
In one line: Carlsberg's China listed subsidiary.
Moat: narrow (brand, distribution). Carlsberg ownership brings premium-brand access and regional distribution strength in Southwest China.
Headquarters: Chongqing, China · Founded: 1958 · Employees: 6,649
Size Chongqing Brewery (600132.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $2.88B, the 890th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.74 on 6 Nov 2026.
Performance Over six months the shares fell 27.8%, against -5.9% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median -2.9%); the operating margin is 20.0% (peer median 12.1%).
Valuation It trades at 17.3× forward earnings against a peer median of 25.2× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 74.8 points above its cost of capital (7.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.1B | CN¥13.8B | CN¥13.8B | CN¥13.9B | CN¥13.1B |
| Revenue growth | — | 0% | -1% | +6% | — |
| Gross profit | CN¥7.32B | CN¥6.39B | CN¥6.03B | CN¥6.17B | CN¥6.02B |
| EBITDA | n/a | CN¥3.79B | CN¥3.60B | CN¥3.70B | CN¥3.62B |
| Net income | CN¥1.11B | CN¥1.23B | CN¥1.11B | CN¥1.34B | CN¥1.26B |
| Free cash flow | CN¥1.98B | CN¥2.20B | CN¥1.53B | CN¥2.40B | CN¥2.84B |
| Capital expenditure | CN¥373M | CN¥420M | CN¥1.07B | CN¥919M | CN¥913M |
| Total debt | CN¥120M | CN¥116M | CN¥172M | CN¥164M | CN¥102M |
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 |
|---|---|---|---|---|---|---|
| Chongqing Brewery 600132.SS | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% |
| Beijing Yanjing Brewery 000729.SZ | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% |
| China Res Beer 0291.HK | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% |
| Tsingtao Brewery 600600.SS | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% |
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 | 600132.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +3.7% | 11th highest of 21 |
| 6-month return | -27.8% | -5.9% | lowest of 21 |
| Distance from 52-week high | -33.6% | -22.3% | 7th lowest of 21 |
| Revenue growth (TTM) | -4.0% | -2.9% | 10th lowest of 21 |
| Operating margin | 20.0% | 12.1% | 2nd highest of 21 |
| Forward P/E | 17.3× | 25.2× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.9% | 5.3% | least demanding of 14 |
| Growth delivered (Del g) | +6.2% | +3.1% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -15.0 pp | +4.0 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +74.8 pp | -1.9 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Brewery 600132.SS | China | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% | +6.2% |
| Guangzhou Zhujiang Brewery 002461.SZ | China | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% | +6.9% |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Allied Blenders and Distillers ABDL.NS | India | $2.10B | +24% | -20% | 11% | 63.5× | n/a | n/a |
| Sichuan Swellfun 600779.SS | China | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% | +0.1% |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Anhui Kouzi Distillery 603589.SS | China | $1.65B | -22% | -19% | 13% | 22.9× | n/a | n/a |
| Hebei Hengshui Laobaigan Liquor 600559.SS | China | $1.64B | -12% | -17% | 11% | 30.7× | 14.2% | +2.4% |
| Shede Spirits 600702.SS | China | $1.61B | -24% | -10% | -1% | 53.4× | n/a | n/a |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Kuaijishan Shaoxing Rice Wine 601579.SS | China | $1.51B | +22% | +6% | 19% | 35.8× | 1.3% | +10.7% |
| Yantai Changyu Pioneer Wine 000869.SZ | China | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% | -3.0% |