The Tsingtao Brewery, China's major brewery and the producer of Tsingtao Beer based in Qingdao, Shandong province, posted a 15.17 percent growth in net profits in the first three quarters of this year.

Net profits over the first nine months were valued at 2.98 billion yuan ($443.42 million), the best performance ever, the company said in its quarterly financial report.

Tsingtao Brewery beer products [Photo/qingdaonews.com]

During this period, Tsingtao Brewery, listed both in Shanghai and Hong Kong, sold 69.42 million kiloliters of beer. Its revenue reached 24.42 billion yuan.

The company said that amid the COVID-19 pandemic, it came up with innovative strategies to cope with its impact on the domestic beer industry.

The company has launched a series of new products to further meet the high and varied demands of customers.

The Tsingtao 1903 bar in Qingdao [Photo provided to chinadaily.com.cn]

The company also launched Tsingtao 1903 bars across the country to reenergize the brand and create a more youthful, fashionable, and eco-friendly place to drink and have fun.

According to the company, its brand is now valued at 179.29 billion yuan.