# Tsingtao Brewery (600600.SHG)

Canonical: https://gigainvestors.com/s/600600.SHG

Analysis as of: 2026-10-16T07:35:47.260Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 52.22 per share; close as of 2026-10-15.

Estimated value: low CNY 46.08 per share, central CNY 50.28 per share, high CNY 55.87 per share. Buy at or below the central value CNY 50.28 per share. Valuation as of 2026-10-16T07:35:47.260Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.16×

- FY2023: 0.17×

- FY2024: 0.18×

- FY2025: 0.17×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 52.7%

- ROIC, second-lowest year: 13.7%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 38.0%

- Recent gross margin (lower of latest and 3-year median): 36.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 41.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.7%

- FY2017: 22.5%

- FY2018: 48.4%

- FY2019: >100%

- FY2020: 10.9%

- FY2021: 68.5%

- FY2022: 94.5%

- FY2023: >100%

- FY2024: 57.1%

- FY2025: 37.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 18B

- Net income, five-year total: CNY 20B

- Return on incremental invested capital: 55.8%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 3.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 0.74×

- FY2025: 0.79×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.5% vs 57.1%

- Per-share earnings: 0.94 to 1.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: CNY 44B

- Cumulative retained earnings: CNY 14B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.8%

- Per-share value change: CNY 0.90

- Per-share value, starting three-year median: CNY 0.94

- Per-share value, ending three-year median: CNY 1.83

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 536M

- Cumulative net income, 10 years: CNY 28B

- ROIC, first three-year median: 22.5%

- ROIC, last three-year median: 57.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.77

- FY2017: CNY 0.94

- FY2018: CNY 1.05

- FY2019: CNY 1.37

- FY2020: CNY 1.63

- FY2021: CNY 2.32

- FY2022: CNY 1.56

- FY2023: CNY 1.80

- FY2024: CNY 1.83

- FY2025: CNY 3.36

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 6.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.12×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -3.4%

- FY2018: -7.5%

- FY2019: -5.8%

- FY2020: -6.6%

- FY2021: -6.2%

- FY2022: -2.3%

- FY2023: 3.0%

- FY2024: -1.6%

- FY2025: -1.1%

## Holders

## Price story

Down 57% since Mar 2023 · sales -5.7%

Story as of 2026-10-16T10:00:06.025Z; price observation 2026-10-15.

Price needs cash profits to grow 2.2% a year for ten years

### Sales · FY2024–2025

sales -5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 26B 

- FY2017: CNY 26B 

- FY2018: CNY 27B 

- FY2019: CNY 28B 

- FY2020: CNY 28B 

- FY2021: CNY 30B 

- FY2022: CNY 32B 

- FY2023: CNY 34B 

- FY2024: CNY 32B 

- FY2025: CNY 30B 

### Gross margin · FY2025

gross margin 36.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 41.4% 

- FY2017: 40.4% 

- FY2018: 37.6% 

- FY2019: 38.8% 

- FY2020: 35.1% 

- FY2021: 36.4% 

- FY2022: 36.6% 

- FY2023: 38.4% 

- FY2024: 40.0% 

- FY2025: 36.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages brewers; annual sales are CNY 30.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2025: revenue 30300858000; grossProfit 11056913000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600600.SHG: 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.

### Why customers stay

Margins ranged from 36.5% to 40% during 2023–25; it earns 52.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2023: grossProfit / revenue = 38.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2024: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2025: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); 10-year return on capital observations [[2016,0.13666157310737823],[2017,0.22450711990921776],[2018,0.48399312829234975],[2019,1.3936391265036407],[2020,0.1086681713230581],[2021,0.6853492465733423],[2022,0.9449812505085018],[2023,3.064969285793547],[2024,0.5705797634284218],[2025,0.37405900262234976]]; median 0.5272864458603858. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 1677 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2016: growth capex 0; upkeep 855872099; owner earnings 1321005901. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2017: growth capex 0; upkeep 888193622; owner earnings 1535357378. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2018: growth capex 0; upkeep 761796099; owner earnings 1762164901. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2019: growth capex 95535070; upkeep 1059711000; owner earnings 1852103000. Growth capex / owner earnings = 0.05158194225699111.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2020: growth capex 0; upkeep 1295167063; owner earnings 1971299937. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2021: growth capex 618880831; upkeep 1016087000; owner earnings 3132900266.4. Growth capex / owner earnings = 0.19754246173663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2022: growth capex 759744983.2067041; upkeep 1020394672.7932959; owner earnings 3650920031.806704. Growth capex / owner earnings = 0.2080968568437076.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2023: growth capex 599446854; upkeep 1018296000; owner earnings 4255172396.4. Growth capex / owner earnings = 0.14087486901991317.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2024: growth capex 0; upkeep 2141049570; owner earnings 3235279088. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2025: growth capex 0; upkeep 2253224472; owner earnings 3619266023.2. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); Dividend observations: [[2016,540680895],[2017,477601817],[2018,590570756],[2019,656176804],[2020,744723916],[2021,1043379083],[2022,1511196285],[2023,2477976744],[2024,2742525468],[2025,3001219848]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); FY2025: cash repurchases 1677 CNY.

### Are managers owners

Insiders own 57.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600600.SHG SharesStats.PercentInsiders = 57.19499999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.2% yearly over ten years; actual growth was 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:47.260Z); Ten-year compound average after fade. Initial solved rate 0.013289483102076623. Price 52.22; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9995955783577583 → FY2025 2.65304135984655. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 31.14 per share

- 2016-11: CNY 30.88 per share

- 2016-12: CNY 29.44 per share

- 2017-01: CNY 31.99 per share

- 2017-02: CNY 33.09 per share

- 2017-03: CNY 32.76 per share

- 2017-04: CNY 31.99 per share

- 2017-05: CNY 33.17 per share

- 2017-06: CNY 35.10 per share

- 2017-07: CNY 33.39 per share

- 2017-08: CNY 32.06 per share

- 2017-09: CNY 30.81 per share

- 2017-10: CNY 34.57 per share

- 2017-11: CNY 30.68 per share

- 2017-12: CNY 39.33 per share

- 2018-01: CNY 39.89 per share

- 2018-02: CNY 38.13 per share

- 2018-03: CNY 40.43 per share

- 2018-04: CNY 40.69 per share

- 2018-05: CNY 52.97 per share

- 2018-06: CNY 43.83 per share

- 2018-07: CNY 44.36 per share

- 2018-08: CNY 34.20 per share

- 2018-09: CNY 34.77 per share

- 2018-10: CNY 30.20 per share

- 2018-11: CNY 30.83 per share

- 2018-12: CNY 34.86 per share

- 2019-01: CNY 37.73 per share

- 2019-02: CNY 38.28 per share

- 2019-03: CNY 43.17 per share

- 2019-04: CNY 48.59 per share

- 2019-05: CNY 48.61 per share

- 2019-06: CNY 49.93 per share

- 2019-07: CNY 45.31 per share

- 2019-08: CNY 52.82 per share

- 2019-09: CNY 48.50 per share

- 2019-10: CNY 47.00 per share

- 2019-11: CNY 50.69 per share

- 2019-12: CNY 51.00 per share

- 2020-01: CNY 48.33 per share

- 2020-02: CNY 42.70 per share

- 2020-03: CNY 45.71 per share

- 2020-04: CNY 52.75 per share

- 2020-05: CNY 63.29 per share

- 2020-06: CNY 76.50 per share

- 2020-07: CNY 83.00 per share

- 2020-08: CNY 87.36 per share

- 2020-09: CNY 75.11 per share

- 2020-10: CNY 79.22 per share

- 2020-11: CNY 91.00 per share

- 2020-12: CNY 99.40 per share

- 2021-01: CNY 88.79 per share

- 2021-02: CNY 79.63 per share

- 2021-03: CNY 84.64 per share

- 2021-04: CNY 91.01 per share

- 2021-05: CNY 104.94 per share

- 2021-06: CNY 115.65 per share

- 2021-07: CNY 80.28 per share

- 2021-08: CNY 86.32 per share

- 2021-09: CNY 80.53 per share

- 2021-10: CNY 104.28 per share

- 2021-11: CNY 98.77 per share

- 2021-12: CNY 99.00 per share

- 2022-01: CNY 92.21 per share

- 2022-02: CNY 93.79 per share

- 2022-03: CNY 79.01 per share

- 2022-04: CNY 86.30 per share

- 2022-05: CNY 92.75 per share

- 2022-06: CNY 103.92 per share

- 2022-07: CNY 98.51 per share

- 2022-08: CNY 108.00 per share

- 2022-09: CNY 106.20 per share

- 2022-10: CNY 81.80 per share

- 2022-11: CNY 101.30 per share

- 2022-12: CNY 107.50 per share

- 2023-01: CNY 101.04 per share

- 2023-02: CNY 111.48 per share

- 2023-03: CNY 120.60 per share

- 2023-04: CNY 116.80 per share

- 2023-05: CNY 95.21 per share

- 2023-06: CNY 103.63 per share

- 2023-07: CNY 98.66 per share

- 2023-08: CNY 91.10 per share

- 2023-09: CNY 87.46 per share

- 2023-10: CNY 83.57 per share

- 2023-11: CNY 74.56 per share

- 2023-12: CNY 74.75 per share

- 2024-01: CNY 69.66 per share

- 2024-02: CNY 80.24 per share

- 2024-03: CNY 83.37 per share

- 2024-04: CNY 81.96 per share

- 2024-05: CNY 77.63 per share

- 2024-06: CNY 72.77 per share

- 2024-07: CNY 68.69 per share

- 2024-08: CNY 59.45 per share

- 2024-09: CNY 78.35 per share

- 2024-10: CNY 67.13 per share

- 2024-11: CNY 72.98 per share

- 2024-12: CNY 80.92 per share

- 2025-01: CNY 69.52 per share

- 2025-02: CNY 69.68 per share

- 2025-03: CNY 76.26 per share

- 2025-04: CNY 74.40 per share

- 2025-05: CNY 74.17 per share

- 2025-06: CNY 69.46 per share

- 2025-07: CNY 67.92 per share

- 2025-08: CNY 69.50 per share

- 2025-09: CNY 65.92 per share

- 2025-10: CNY 65.71 per share

- 2025-11: CNY 63.55 per share

- 2025-12: CNY 61.20 per share

- 2026-01: CNY 60.08 per share

- 2026-02: CNY 62.47 per share

- 2026-03: CNY 61.86 per share

- 2026-04: CNY 63.41 per share

- 2026-05: CNY 61.14 per share

- 2026-06: CNY 52.23 per share

- 2026-07: CNY 56.00 per share

- 2026-08: CNY 50.70 per share

- 2026-09: CNY 50.02 per share

- 2026-10: CNY 51.25 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 16.28 per share, central CNY 17.70 per share, high CNY 19.59 per share

- FY2017: low CNY 18.20 per share, central CNY 19.77 per share, high CNY 21.86 per share

- FY2018: low CNY 20.64 per share, central CNY 22.14 per share, high CNY 24.14 per share

- FY2019: low CNY 26.63 per share, central CNY 30.44 per share, high CNY 33.52 per share

- FY2020: low CNY 30.62 per share, central CNY 34.24 per share, high CNY 37.50 per share

- FY2021: low CNY 33.73 per share, central CNY 43.54 per share, high CNY 49.02 per share

- FY2022: low CNY 18.92 per share, central CNY 20.37 per share, high CNY 22.30 per share

- FY2023: low CNY 26.41 per share, central CNY 28.65 per share, high CNY 31.63 per share

- FY2024: low CNY 23.54 per share, central CNY 25.67 per share, high CNY 28.49 per share

- FY2025: low CNY 42.40 per share, central CNY 46.42 per share, high CNY 51.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:31.473Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations