Tsingtao Brewery, a time-honored beer brand headquartered in Qingdao, Shandong province, released its first quarter report on April 24.

Tsingtao Brewery products [Photo/IC]

From January to March, the company achieved a total product sales volume of 2.36 million kiloliters, up 11.02 percent year-on-year, and medium and high-end products achieved a sales volume of 984,000 kiloliters, up 11.55 percent.

Over the period, the company's operating revenue reached 10.71 billion yuan ($1.55 billion), a year-on-year growth of 16.27 percent, and its net profit attributable to its shareholders increased by 28.86 percent year-on-year to 1.45 billion yuan.

Tsingtao Brewery has been promoting the high-quality development strategy formulated by its board of directors to accelerate the optimization of its 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.