Tsingtao Brewery, a time-honored beer brand located in Qingdao, Shandong province, released its annual report of 2021 on March 28.

Products of Tsingtao Brewery [Photo/IC]

Last year, the company achieved a total product sales volume of 7.93 million kiloliters. Its operating revenue reached 30.17 billion yuan ($4.74 billion), up 8.7 percent year-on-year.

The company's net profit attributable to its shareholders increased by 43.3 percent year-on-year to 3.16 billion yuan.

Tsingtao Brewery has been promoting the high-quality development strategy formulated by its board of directors to accelerate the optimization of production capacity and product structure, fully exploit its brand and quality advantages, and explore domestic and international markets, according to the company. As a result, the company's business performance has grown steadily and consistently.

A Tsingtao 1903 bar. The national chain bar is part of Tsingtao Brewery's efforts to reenergize the brand and create a more youthful, fashionable and eco-friendly place to drink and have fun. [Photo/IC]

The company is ramping up efforts to advance innovation-driven development. It has the only national key laboratory in the beer industry. Home to a number of first-class research and development platforms and high-level R&D teams, Tsingtao Brewery has formed quantities of core technologies with independent intellectual property rights.