Chongqing Brewery (600132) Stock Price, Fundamentals & Analysis

What 600132 does

Chongqing Brewery (600132) is a stock listed on the Shanghai Stock Exchange that produces and sells beer products across China. The company markets its beers under well-known brands including Carlsberg, Tuborg, 1664, Brooklyn, Wusu, Chongqing, Somersby and Jing-A, among others. Founded in 1993 and headquartered in Guangzhou, China, it employs around 6,649 people and belongs to the Consumer Defensive sector, specifically the Beverages – Brewers industry. It operates alongside other listed Chinese beverage makers such as Tsingtao Brewery (600600) and Eastroc Beverage (Group) (605499).

Key numbers explained

• Price of 37.56 CNY with a -1.98% move today — the current trading price and its daily change; the stock sits at its 52-week low, after ranging between 37.56 and 59.85 CNY over the past year.
• Trailing P/E ratio of 15.7 — this compares the share price to earnings per share over the last 12 months (2.39 CNY); a lower figure generally means investors pay less per unit of current profit. The forward P/E ratio of 14.8 is based on expected earnings.
• Dividend yield of 9.05% — the annual dividend expressed as a percentage of the share price, which is notably high. The company pays out 105% of its earnings as dividends, meaning distributions exceed reported profit. The ex-dividend date is Jun 18, 2026.
• Market capitalization of 18.18B CNY — the total value of all shares, placing it among mid-sized listed companies.
• Return on equity of 68.4% — a measure of how efficiently profit is generated from shareholders' equity; this is a very high reading.
• Operating margin of 20.5% versus a profit margin of 8% — the share of revenue kept as operating profit and as net profit respectively, on trailing revenue of 14.46B CNY (down -5.8% year over year).
• Beta of 0.23 — historically, the stock has moved much less than the overall market, typical of defensive consumer staples.
• Debt-to-equity ratio of 3.6% and price-to-book of 11.48 — very low leverage, but the share price is a large multiple of the company's book value.

What to watch

As a brewer, Chongqing Brewery (600132) is generally sensitive to consumer spending patterns, brand competition in the Chinese beer market, and input costs such as barley, packaging and logistics. Revenue trends matter: the trailing twelve months showed a -5.8% decline, so shifts in sales volumes and pricing power are key indicators. The unusually high 9.05% dividend yield combined with a 105% payout ratio is worth monitoring, since dividends funded above earnings levels may not be sustainable indefinitely. Broader sector context can be gauged through peers like Jiangsu King's Luck Brewery Joint-Stock (603369) and consumer staples names such as Foshan Haitian Flavouring & Food Co (603288), as well as the overall direction of the CSI 300 index. Being a Consumer Defensive stock with a low 0.23 beta, it may behave differently from more cyclical sectors, but it is not immune to market-wide swings on the Shanghai Stock Exchange.