Tsingtao Brewery's first-half net profit edges up 0.4%, second-quarter revenue and net profit both decline

Earnings
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Summary · why it matters

Tsingtao Brewery released its 2026 half-year report on August 26. In the first half, it achieved operating revenue of 19.65 billion yuan, down 4.1% year on year, and net profit attributable to the parent of 3.92 billion yuan, up slightly by 0.4% year on year. However, in the second quarter, the company's revenue and net profit both declined, with revenue of 9.37 billion yuan, down 6.7% year on year, and net profit attributable to the parent of 2.12 billion yuan, down 3.4% year on year. The slight profit increase mainly relied on non-recurring factors such as wealth management income, cutting advertising and promotional expenses by more than 200 million yuan, and lower raw material costs. After excluding these, core profitability in the second quarter had already turned negative. Competitor Yanjing Beer achieved first-half revenue of 9.031 billion yuan, up 5.53% year on year, and net profit of 1.399 billion yuan, a sharp increase of 26.86%. China Resources Beer posted first-half turnover of 24.24 billion yuan, up 1.2% year on year.

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Tsingtao Brewery Co Ltd
600600
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Second-quarter revenue and net profit declined, core profitability turned negative, relying on non-recurring gains.

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