Tsingtao Brewery to Benefit From Gradual Recovery in On-Trade Channels in 2023; Raising FVE

Tsingtao Brewery has over 100 years of history and is the second largest beer brewer by volume in China. With its roots in Shandong, the largest beer consumption province in China, Tsingtao has demonstrated the favourable economics of regional concentration, with production facilities achieving scale efficiencies through a dense distribution network. Shandong province alone contributed over 60% of Tsingtao Brewery’s revenue and more than half of its net profit.