Tsingtao Brewery Company (168) H1 2026 earnings summary

Executive summary

• Achieved operating revenue of RMB 19.65 billion and net profit attributable to shareholders of RMB 3.92 billion for the six months ended 30 June 2026, reflecting robust operational resilience and sustainable growth despite weak consumer demand.

• Product sales reached 4.5 million kiloliters, with mid-to-high-end and health-oriented categories driving growth; premium products accounted for 2.044 million kiloliters, up 2.6% year-over-year.

• Continued expansion in emerging channels and overseas markets, with record-high sales in online, convenience retail, and modern retail segments.

Financial highlights

• Revenue decreased by 4.08% year-over-year to RMB 19.65 billion, mainly due to lower sales volume.

• Cost of sales declined by 6.07% year-over-year, reflecting lower sales volume and reduced raw material costs.

• Net profit attributable to shareholders was RMB 3.92 billion, nearly flat year-over-year.

• Basic and diluted EPS were both RMB 2.873, compared to RMB 2.862 in the prior year.

• Net cash flow from operating activities increased by 14.69% year-over-year to RMB 5.50 billion.

Outlook and guidance

• Focus remains on brand-led high-quality development, product innovation, and channel transformation to drive future growth.

• Continued investment in new construction, relocation, and expansion projects, with sufficient internal funds to support capital needs.