Tsingtao Brewery Company (168) Q1 2026 earnings summary

Executive summary

• Focused on high-quality development, regional market differentiation, and cost control to enhance operational efficiency and profitability in Q1 2026.

• Achieved cumulative product sales of 2.202 million kiloliters and operating revenue of RMB10.29 billion.

• Advanced brand optimization and product portfolio upgrades, with emphasis on mid-to-high-end and premium products.

• Expanded online and offline channels, driving rapid growth in online sales and strengthening brand engagement through diverse events.

Financial highlights

• Revenue for Q1 2026 was RMB10,285 million, down 1.54% compared to Q1 2025.

• Net profit attributable to shareholders rose 5.23% year-over-year to RMB1,799.8 million.

• Net profit after deducting non-recurring items increased 6.42% year-over-year to RMB1,705.8 million.

• Net cash flow from operating activities surged 67.46% year-over-year to RMB2,997 million, mainly due to higher cash received from sales.

• Basic and diluted EPS both increased 5.18% year-over-year to RMB1.319.

Outlook and guidance

• Continued focus on product innovation, channel expansion, and brand marketing to support high-quality growth.

• Ongoing efforts to optimize product mix and capture new market segments, including non-alcoholic and low-calorie beverages.