29 October, 2024

China: Tsingtao Brewery's Q3 revenue and profit both decline year-on-year

Tsingtao Brewery's Q3 revenue and profit both declined year-on-year, with operating income at 8.891 billion RMB, a decrease of 5.28% year-on-year; while net profit was 1.348 billion RMB, a decrease of 9.03% year-on-year, LongPort reported on October 28.

Revenue: Achieved operating income of 8.891 billion yuan in the third quarter, a year-on-year decrease of 5.28%.

Net Profit: Net profit for the third quarter was 1.348 billion yuan, a year-on-year decrease of 9.03%.

Basic Earnings Per Share: 0.989 yuan/share in the third quarter.

Total Assets: At the end of this reporting period, total assets were 50.371 billion yuan, a year-on-year increase of 2.26%.

In the first three quarters, the company achieved operating income of 28.96 billion yuan, a year-on-year decrease of 6.52%; net profit was 4.99 billion yuan, a year-on-year increase of 1.67%.

The company's announcement stated that during the reporting period, facing the severe situation of sluggish domestic beer market consumption, the company adhered to its strategic determination, continued to promote product innovation and structural optimization upgrades. At the same time, the company increased market sales expenses and market promotion efforts, actively exploring the market.

In the first three quarters of 2024, the company cumulatively achieved product sales volume of 67.85 million hectoliters, including:

The main brand Tsingtao Beer achieved a product sales volume of 38.35 million hectoliters,

Sales volume of mid-to-high-end products reached 27.79 million hectoliters,

The company's hectoliter beer operating income increased by 0.49% year-on-year.

During the reporting period, Tsingtao Brewery's sales expenses were 3.421 billion yuan, a slight decrease year-on-year; management expenses were 0.939 billion yuan, a decrease year-on-year. In addition, research and development expenses increased to 56.7391 million yuan, demonstrating the company's emphasis on product innovation.

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