Tsingtao Brewery, a major Chinese brewery and the producer of Tsingtao Beer based in Qingdao, Shandong province, posted an 18.86 percent year-on-year growth in net profits in 2020, the company announced on March 5.

File photo of Tsingtao Beer [Photo/VCG]

The net profit attributable to shareholders of the listed company reached 2.2 billion yuan ($339.02 million).

Over the past year, the company sold 7.82 million kiloliters of beer and generated an operating revenue of 27.76 billion yuan.

According to the company, the COVID-19 pandemic severely impacted the domestic consumption market, and the sales of beer was greatly affected.

Through the implementation of a high-quality and innovation-driven development strategy, the company has taken multiple measures to explore the domestic market, as well as promote high value-added products such as canned wine and craft products, to realize the growth of profits despite the economic downturn caused by COVID-19.

In recent years, Tsingtao Brewery has made full use of its innovative research and development strength of national key laboratories to tap into the ultra-high-end market.

In July 2020, the company launched a series of new products such as Amber Lager to further refresh the quality consumption experience.

As an official sponsor of the Beijing 2022 Winter Olympics, Tsingtao Brewery launched a series of products in December 2020 that feature 15 ice sports into its product designs, which have won praise from consumers.

Tsingtao Brewery is also turning its attention to young consumers. The Tsingtao 1903 bar, a community pub plan rolled out by the company, is designed to reenergize the brand and create a more youthful, fashionable and eco-friendly place to drink and have fun. There are now more than 200 Tsingtao 1903 bars across more than 50 cities in China.