Tsingtao Brewery Company Limited released its unaudited first-quarter 2026 results, highlighting a resilient earnings performance driven by premiumisation and disciplined cost control.

Revenue and Profitability • Operating revenue edged down 1.54% year-on-year to RMB 10.29 billion. • Total profit increased 6.19% to RMB 2.45 billion, while net profit attributable to shareholders rose 5.23% to RMB 1.80 billion. • After deducting non-recurring items, net profit grew 6.42% to RMB 1.71 billion. • Basic and diluted EPS both improved to RMB 1.319, up 5.18%. • Weighted average ROE held steady at 5.71% (-0.01 ppt).

Cash Flow and Balance Sheet • Net cash flow from operating activities surged 67.46% to RMB 2.99 billion, mainly reflecting higher cash receipts from product sales amid fluctuations in customer advances. • Total assets reached RMB 53.37 billion, up 2.37% from year-end 2025, while equity attributable to shareholders grew 5.85% to RMB 32.44 billion.

Operational Highlights • Beer sales volume totalled 2.202 million kilolitres. • The flagship Qingdao brand sold 1.381 million kilolitres (+0.4% YoY). • Mid-to-high-end and premium products delivered 1.042 million kilolitres, expanding 3.1% YoY. • The company advanced brand optimisation, accelerating launches in whole-grain, craft, sugar-free, low-calorie, non-alcoholic, and low-alcohol segments. • Integrated online-offline initiatives and scenario-based marketing—spanning sports events and music festivals—supported continued growth in e-commerce and new-retail channels.

Non-Recurring Items Non-recurring gains totalled RMB 93.97 million, primarily from government grants (RMB 69.81 million) and fair-value changes and disposals of financial assets (RMB 54.38 million).

Shareholder Structure (end-Q1 2026) HKSCC Nominees Limited remained the largest shareholder with a 45.02% stake. Tsingtao Brewery Group held 32.51%.

The board affirmed that the quarterly report was prepared under China Accounting Standards for Business Enterprises and has been reviewed—but not audited—by the Audit and Internal Control Committee.