Tsingtao Brewery Company Limited released its unaudited 2026 interim results for the six months ended 30 June 2026.

Financial performance • Revenue fell 4.08% year-on-year to RMB 19.65 billion, reflecting softer sales volumes. • Cost of sales declined 6.07% to RMB 10.84 billion, lifting the gross margin to 44.9%. • Net profit attributable to shareholders edged up 0.40% to RMB 3.92 billion; basic and diluted EPS were both RMB 2.87. • Operating profit reached RMB 5.37 billion, a 2.19% increase. • Selling and distribution expenses were cut by 12.52% to RMB 1.91 billion; finance income contracted as lower rates reduced interest income.

Cash flow and balance sheet • Net operating cash inflow rose 14.69% to RMB 5.50 billion, while net investing cash outflow widened to RMB 5.22 billion due to higher allocations to wealth-management products. • Cash and bank balances stood at RMB 11.56 billion. • Financial assets held for trading surged 76.76% to RMB 11.01 billion, pushing total assets up 6.45% from end-2025 to RMB 55.49 billion. • Long-term borrowing remained nil, leaving the debt-to-capital ratio at 0%.

Operational highlights • Beer sales volume was 4.5 million kilolitres. • The flagship “Tsingtao Beer” brand sold 2.71 million kilolitres; premium and mid-to-high-end products contributed 2.04 million kilolitres, up 2.6% year-on-year. • Management cited robust growth in premium segments such as White Beer and Light Dry, and continued expansion in convenience retail, e-commerce and high-end dining channels.

Dividend • No interim dividend was declared. A final dividend of RMB 2.35 per share for FY 2025 (total payout RMB 3.21 billion) was distributed in August 2026.

Outlook The company reiterated its brand-led, high-quality development strategy, focusing on product mix optimisation, channel innovation and operational efficiency to navigate a subdued consumer environment.