Chongqing Brewery (600132) Q1 2026 earnings summary

Executive summary

• Achieved sales volume of 886,500 kiloliters, up 0.34% year-over-year, with revenue of RMB 4.35 billion and net profit attributable to shareholders of RMB 438 million, down 7.4% year-over-year.

• Operating cash flow increased 22.25% year-over-year to RMB 1.65 billion.

Financial highlights

• Revenue decreased slightly by 0.12% year-over-year to RMB 4.35 billion.

• Net profit attributable to shareholders fell 7.4% year-over-year to RMB 437.7 million.

• Basic and diluted EPS were RMB 0.90, down from RMB 0.98 year-over-year.

• Total assets rose 12.13% from year-end to RMB 11.99 billion; shareholders’ equity increased 32.79%.

• Operating profit margin and net margin declined due to higher costs and expenses.

Outlook and guidance

• Continued focus on premiumization and channel expansion, with a net increase of 91 distributors in the quarter.