Tsingtao Brewery Company (168) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB28.04bn and net profit attributable to shareholders was RMB5.05bn, down 4.53% and 4.16% YoY, respectively.

• Market execution centered on product, channel and consumer innovation; online, instant retail and modern retail sales volumes reached records in Q3.

Financial highlights

• Q3 revenue was RMB8.38bn, down 5.58% YoY; total profit was RMB1.55bn, down 18.70%.

• Q3 attributable net profit was RMB1.14bn, down 17.15% YoY; adjusted for non-recurring items, it was RMB963.6m, down 25.31%.

• 9M adjusted attributable net profit was RMB4.63bn, down 5.91% YoY; operating cash flow was RMB6.48bn, up 11.41%.

• At 30 September 2026, total assets were RMB52.93bn and shareholder-attributable equity was RMB32.48bn, up 1.53% and 5.98% from year-end 2025.

Segment performance

• 9M product sales volume was 6.465m kiloliters; Tsingtao main brand volume was 3.95m kiloliters.

• Mid-to-high-end and above Tsingtao products sold 2.994m kiloliters, up 2% YoY; white beer sustained double-digit growth, while fresh beer volume continued to rise.

• Light dry beer grew rapidly in the zero-sugar, low-calorie health segment; online, instant retail and modern retail volumes set Q3 records.