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One of China's oldest and largest beer brands, brewing and distributing Tsingtao beer domestically and for export.
One of China's oldest and largest beer brands, brewing and distributing Tsingtao beer domestically and for export.
Sells beer through distributors to shops, restaurants and bars, with the Tsingtao brand carrying the group and acquired local brands supplementing it. Profit depends on volumes, the shift to higher-priced beer, and barley, aluminium and packaging costs. Founded in 1903; the Qingdao city government's state group is the largest shareholder.
In one line: China's Anheuser-Busch (Budweiser).
Moat: narrow (brand, distribution). Best-known Chinese beer export brand with wide domestic distribution, in a competitive category.
Headquarters: Qingdao, China · Founded: 1903 · Employees: 29,257
Size Tsingtao Brewery (600600.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $9.03B, the 271st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥53.34 on 6 Nov 2026.
Performance Over six months the shares fell 15.9%, against +10.3% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 4.3% over the last twelve months (peer median -1.3%); the operating margin is 15.6% (peer median 15.4%).
Valuation It trades at 16.2× forward earnings against a peer median of 17.1× (9th 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 22.8 points above its cost of capital (8.1% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥31.1B | CN¥30.3B | CN¥30.0B | CN¥31.7B | CN¥29.9B |
| Revenue growth | — | +1% | -5% | +6% | — |
| Gross profit | CN¥13.8B | CN¥11.1B | CN¥10.5B | CN¥10.6B | CN¥9.32B |
| EBITDA | n/a | CN¥6.46B | CN¥5.73B | CN¥5.57B | CN¥4.86B |
| Net income | CN¥4.37B | CN¥4.59B | CN¥4.34B | CN¥4.26B | CN¥3.70B |
| Free cash flow | CN¥3.44B | CN¥2.90B | CN¥4.09B | CN¥1.84B | CN¥3.86B |
| Capital expenditure | CN¥2.31B | CN¥2.25B | CN¥2.14B | CN¥1.62B | CN¥1.78B |
| Total debt | CN¥349M | CN¥240M | CN¥329M | CN¥385M | CN¥741M |
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 600600.SS | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% |
| China Res Beer 0291.HK | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Bud Apac 1876.HK | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% |
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 | 600600.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +8.8% | 8th lowest of 21 |
| 6-month return | -15.9% | +10.3% | 4th lowest of 21 |
| Distance from 52-week high | -20.6% | -12.1% | 8th lowest of 21 |
| Revenue growth (TTM) | -4.3% | -1.3% | 8th lowest of 20 |
| Operating margin | 15.6% | 15.4% | 10th highest of 20 |
| Forward P/E | 16.2× | 17.1× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | 1.8% | least demanding of 19 |
| Growth delivered (Del g) | +3.4% | +7.3% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -8.5 pp | -7.0 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +22.8 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 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| 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% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| 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% |
| 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% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| 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% |