Tsingtao Brewery Co Ltd Class A

600600: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tsingtao Earnings: Higher Operating Expenses Incurred to Clear Channel Inventory; Valuation Intact

Jacky Tsang

Apr 1, 2025

Tsingtao Brewery’s 2024 net profit slightly exceeded our expectations due mainly to higher nonoperating income. Although gross margin was stronger than anticipated, operating profit fell short of our forecast by 3% because of lower revenue and increased operating expenses. We believe the company raised its selling expenditures toward the end of 2024 to reduce channel inventory.

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Tsingtao Brewery Co Ltd Class A

Tsingtao Earnings: Higher Operating Expenses Incurred to Clear Channel Inventory; Valuation Intact

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