Tsingtao Brewery : ANNOUNCEMENT ON PRELIMINARY FINANCIAL DATA FOR THE YEAR ENDED 2020

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TSINGTAO BREWERY COMPANY LIMITED

(a Sino-foreign joint stock limited company established in the People's Republic of China)

(Stock Code: 168)

ANNOUNCEMENT ON PRELIMINARY FINANCIAL DATA

FOR THE YEAR ENDED 2020

This announcement of Tsingtao Brewery Company Limited (the "Company") contains inside information disclosed in compliance with the requirements of the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, the Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and Rule 13.09(2) of the Listing Rules.

The key financial data for the year of 2020 as set out in this announcement is the preliminary accounting data under the China Accounting Standards for Business Enterprises, which has not been audited by an accounting firm. The specific data to be disclosed in the 2020 annual report of the Company (the "2020 Annual Report") should prevail. Investors are reminded to pay attention to the investment risks involved.

• I. KEY FINANCIAL DATA AND INDICATORS FOR THE YEAR ENDED 2020

  RMB'0,000

  The corresponding Increase or

  The reporting
  Items	period
  Total operating revenue	2,775,971	2,798,376	-0.80
  Operating profit	325,008	269,789	20.47
  Total profit	323,955	272,691	18.80
  Net profit attributable to the
  shareholders of the Company	220,132	185,210	18.86
  Net profit after non-recurring
  profit or loss attributable to the
  shareholders of the Company	181,558	134,698	34.79
  Basic earnings per share (RMB)	1.629	1.371	18.86
  Weighted average return on net	Increased by 1.16
  assets (%)	11.13%	9.97%	percentage point
  As at the end	Increase or
  of the reporting	As at the end of	decrease
  period	previous year	(%)
  Total assets	4,151,419	3,731,238	11.26
  Equity attributable to the
  shareholders of the Company	2,062,178	1,917,158	7.56
  Share capital	136,418	135,098	0.98
  Net assets per share attributable to
  the shareholders of the Company
  (RMB)	15.12	14.19	6.52
  Notes:

  period of decrease

  previous year (%)

• 1. The financial data and indicators above are based on the data of the consolidated financial statement but such data has not been audited. The specific data to be disclosed in the 2020 Annual Report should prevail.

• 2. In the calculation of the net assets per share attributable to the shareholders of the Company, the numerator is the equity attributable to the shareholders of the Company, and the denominator is the total share capital before deduction of the 13.2 million restricted A shares that have not been unlocked as of the end of the reporting period.

II.

NOTES ON OPERATING RESULTS AND FINANCIAL POSITIONS

In 2020, the COVID-19 pandemic has had a greater impact on the domestic consumer market and beer sales encountered huge difficulties and severe challenges. Under the leadership of the board of directors of the Company, the Company did not wait or rely on others, forged ahead amidst difficulties, resolutely drove the implementation of high-quality development strategy, and coordinated and mastered overall plans for epidemic prevention and control and business development. The Company fully realised the brand and quality advantages of Tsingtao Beer, carried out multiple measures to actively develop domestic product markets, accelerated the development of high value-added products such as canned wine and craft products, and unceasingly promoted innovation-driven and product structure optimization and upgrades. At the same time, the Company actively increased sources of revenue and controlled expenditures, reduced costs and increased efficiency, continued to optimize the fine cost management system, improved the effectiveness of sales promotion expenses and marketing efficiency, and achieved growth in profits in the face of headwinds. In 2020, the Company achieved a total of 7.823 million kilolitres of product sales, realized an operating revenue of RMB27.76 billion and a net profit attributable to shareholders of the Company of RMB2.20 billion.

III. RISK WARNINGS

There were no material uncertainties of the Company that may affect the accuracy of this announcement on preliminary financial data, but the key financial data for the year ended 2020 as disclosed are only preliminary accounting data from the consolidated financial statements and has not been audited by an accounting firm, and may be different from the data to be disclosed in the 2020 Annual Report. The specific data to be disclosed in the 2020 Annual Report should prevail. Investors are reminded to pay attention to the investment risks involved.

IV. DOCUMENTS FOR REFERENCE

The comparative balance sheet and income statement as duly signed and sealed by the Company's incumbent legal representative, person-in-charge of accounting work and person in-charge of the accountants (accounting supervisor).

By order of the Board Tsingtao Brewery Company Limited

ZHANG Rui Xiang Company Secretary

Qingdao, PRC

5 March 2021

Directors of Tsingtao Brewery Company Limited as at the date of this announcement are:

Executive Directors:	Mr. HUANG Ke Xing (Chairman), Mr. YU Zhu Ming and
Mr. WANG Rui Yong
Non-executive Director:	Mr. SHI Kun
Independent Non-executive	Mr. YU Zeng Biao, Mr. XIAO Geng, Mr. SHENG Lei Ming and
Directors:	Mr. JIANG Xing Lu