TSINGTAO BREW (00168) has released its first-quarter report for 2026. During the reporting period, the company pursued high-quality development, focusing precisely on regional consumption characteristics and promoting coordinated regional market growth through differentiated strategies. It also actively increased revenue sources, reduced expenses, improved cost efficiency, and controlled costs, achieving enhanced operational quality and efficiency. In the first quarter of 2026, the company’s total product sales volume reached 2.202 million kiloliters, while operating revenue amounted to 10.29 billion yuan, down 1.54% year-on-year. Net profit attributable to shareholders of the listed company was 1.8 billion yuan, an increase of 5.2% compared to the same period last year. Throughout the reporting period, the company continued to advance brand optimization and product structure upgrades. Led by core products such as TSINGTAO Classic and White Beer, it intensified the cultivation and promotion of mid-to-high-end offerings, accelerating the development of new categories and segments including all-malt, craft beers, zero-sugar light options, and non-alcoholic or low-alcohol beverages. This contributed to a steady improvement in product mix and profitability. Sales volume of the flagship TSINGTAO brand reached 1.381 million kiloliters during the period, up 0.4% year-on-year. Sales of mid-to-high-end and above products totaled 1.042 million kiloliters, rising 3.1% compared to the prior year. The company also explored new growth opportunities by focusing on "new products, new channels, new consumer groups, new scenarios, and new demands." Through integrated online and offline promotions, it continued to deepen its online presence and actively expanded into new retail and instant retail businesses, maintaining rapid growth in online product sales. Additionally, TSINGTAO BREW innovatively conducted multi-scenario brand promotions, strengthening consumer interaction by engaging in diverse settings such as sports events and music festivals. These efforts enhanced brand recognition and reputation, providing a solid foundation for the company’s high-quality development.