Xin Lang Cai Jing·2025-11-27 01:10Core Viewpoint - The long-standing equity dispute between Tibet Development (ST Xifa) and Carlsberg over Lhasa Beer is approaching a critical juncture by the end of 2025, with Tibet Development planning to acquire the remaining 50% stake from Carlsberg to achieve full control of Lhasa Beer, enhancing its core business and overall competitiveness [1][4]. Group 1: Background of the Dispute - Lhasa Beer was established in 2004 as a joint venture between Tibet Development and Carlsberg, each holding a 50% stake, with Tibet Development retaining operational control [4]. - The partnership was influenced by the booming Chinese beer market and Carlsberg's strategic shift to invest in western China after 2003 [4]. - Despite initial ambitions, Lhasa Beer has struggled to become an international brand, with Carlsberg expressing intentions to exit as early as 2016 due to unsatisfactory performance and lack of control [5][6]. Group 2: Financial Performance and Challenges - Lhasa Beer experienced declining revenues from 2013 to 2015, with revenues of 447 million, 398 million, and 391 million yuan, and net profits also decreasing during the same period [6]. - In 2022, Lhasa Beer reported a revenue of 337 million yuan, a 21.64% increase year-on-year, and in 2024, revenue reached 421 million yuan, growing by 25.11% [8][9]. - The company has shifted towards high-end products, with the "3650" small bottle beer achieving a revenue increase of 296.50% in 2024 [9]. Group 3: Recent Developments and Future Prospects - The negotiations between Tibet Development and Carlsberg have shifted from confrontation to collaboration, with Tibet Development's board approving the terms for the 50% stake acquisition on July 21, 2025 [11]. - The ongoing restructuring phase for Tibet Development poses risks, including potential bankruptcy, which could affect the planned equity transfer [12]. - The successful acquisition of Lhasa Beer would be crucial for Tibet Development, as it represents a significant portion of its revenue and could enhance market confidence [11].