Tsingtao Brewery Company Limited released its unaudited 2026 interim results. The brewer recorded revenue of RMB 19.65 billion, down 4.08 % year-on-year, while net profit attributable to shareholders grew 0.40 % to RMB 3.92 billion.

Operating Review • Beer sales reached 4.50 million kiloliters. • Mid-to-high-end and premium products rose to 2.04 million kiloliters, supported by the revamped Classic series, White Beer and Light Dry variants. • The “Tsingtao Beer + Laoshan Beer” strategy and a diversified “1 + 1 + 1 + 2 + N” product matrix underpinned category expansion. • Overseas markets saw continued growth; Tsingtao was named to Kantar BrandZ’s “Top 50 Globalized Chinese Brands 2026.”

Cost and Expense Trends • Cost of sales fell 6.07 % to RMB 10.84 billion, reflecting lower raw-material prices and sales mix shifts. • Selling and distribution expenses decreased 12.52 % to RMB 1.91 billion amid tighter promotion spending. • Finance income contracted as lower market rates cut interest income; finance expenses swung to a gain of RMB 142.11 million (versus RMB 207.79 million gain a year earlier). • R&D spending increased 18.51 % to RMB 51.80 million, supporting new product development.

Cash Flow and Investments • Operating cash flow improved 14.69 % to RMB 5.50 billion on lower tax payments. • Net investing cash outflow widened to RMB 5.22 billion, mainly due to higher purchases of wealth-management products and bonds. • Net financing cash outflow narrowed to RMB 74.43 million; declared dividends of RMB 3.21 billion were unpaid as of period-end.

Balance-Sheet Highlights • Total assets stood at RMB 55.49 billion, up 6.43 % from end-2025. • Financial assets held for trading increased 76.76 % to RMB 11.01 billion, driven by additional wealth-management purchases. • Current portion of non-current assets rose to RMB 1.72 billion after re-classification of near-term time deposits. • Other payables nearly doubled to RMB 6.27 billion, reflecting pending dividend distribution. • The Group remains debt-free with a 0 % debt-to-capital ratio.

Corporate Governance and Other Matters • No share buy-backs, sales or redemptions of listed securities were conducted during the period. • The Board confirms compliance with Hong Kong’s Corporate Governance Code, except for the combined roles of chairman and president held by Chairman Jiang Zong Xiang. • No material litigation, contingencies or pledges of assets were reported.

Outlook Management will continue to emphasize premiumization, channel expansion and digital transformation, citing robust brand momentum, resilient cash generation and sufficient internal funding to support ongoing capital projects.