• Tsingtao Brewery average return on tangible equity for 2020 was 124.97, a 16.6% decline from 2019.
• Tsingtao Brewery average return on tangible equity for 2019 was 149.85, a 34.93% decline from 2018.
• Tsingtao Brewery average return on tangible equity for 2018 was 111.06, a 203.53% increase from 2017.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.