Tsingtao Brewery's Net Profit Rose Despite Slow Chinese Economy

By Tracy Qu

Tsingtao Brewery, one of the China's largest brewers, saw net profit rise last year despite a slow local economy.

The company said it developed more sources of income, cut costs and increased efficiency to achieve "sustainable and sound" revenue growth.

Net profit in 2023 increased 15.0% to 4.27 billion yuan ($591.6 million), while revenue rose 5.5% to CNY33.94 billion, the company said in a financial filing Wednesday.

The brewer said it expects to face challenges in the external market environment, but remains confident it can grab opportunities from technological revolutions and consumption upgrades.

Write to Tracy Qu at tracy.qu@wsj.com

(01:26 GMT) WuXi Biologics 2023 Net Profit Fell on Higher Expenses, Impairment Losses

By Tracy Qu

WuXi Biologics (Cayman) said its net profit in 2023 declined mainly due to higher expenses and impairment losses.

The biotech company's net profit fell 23.1% to 3.40 billion yuan ($471 million) compared with a profit of CNY4.42 billion in 2022.

However, revenue rose 11.6% to CNY17.03 billion, it said late Tuesday.

An increase in finance costs, research and development as well as higher impairments on trade and other receivables weighed on the company's bottomline.

Shares of the WuXi family of biotech and research companies have been under pressure since the start of the year on worries about potential U.S. sanctions.

WuXi Biologics reiterated that it remains committed to operating in accordance with applicable laws and regulations in all jurisdictions where it has business operations.

Write to Tracy Qu at tracy.qu@wsj.com