Tsingtao Brewery, the world's fifth-largest brewery headquartered in Qingdao, Shandong province, celebrated its 120th anniversary in grand style on Saturday in Qingdao.

The event not only commemorated the company's rich history but also emphasized its unwavering commitment to accelerated high-quality development and its vision of becoming a world-class enterprise.

Zhang Chonghe, the head of the China National Light Industry Council, lauded Tsingtao Brewery's significant role in shaping China's national industries and its invaluable contributions to the country's beer sector.

He praised the brewery's global renown and its strategic focus on technology leadership for high-quality development.

Huang Kexing, chairman of Tsingtao Brewery, expressed the company's dedication to achieving even more fruitful results in high-quality development and to enhance the strength of made-in-China products.

During the ceremony on Saturday, a momentous occasion took place as the national key laboratory of Tsingtao Beer officially launched its new base. In collaboration with over 40 leading research institutions both at home and abroad, this base is poised to become a cutting-edge industry-university-research platform.

Tsingtao Brewery further solidified its position as an industry leader by signing a number of investment projects with enterprises spanning both the upstream and downstream of the industrial chains.

These initiatives include the upgrade of the industrial internet lighthouse factory and the establishment of the world's largest beer manufacturing base, boasting an impressive annual production capacity of 1 million metric tons of draft beer.

In line with its commitment to environmental stewardship, the brewery also announced plans to contribute to ecological protection by planting 1.2 million trees along the Yellow River.

Founded in August 1903 in Qingdao by German and British settlers, Tsingtao Brewery has grown to be a global brewery with its products now distributed in more than 120 countries and regions.

This year, Tsingtao was honored among the World's 500 Most Influential Brands, with its brand value estimated at 240 billion yuan ($33 billion).