Tsingtao Brewery's Q3 revenue and profit both declined year-on-year. Against the backdrop of adjusting market consumer demand, the company's product innovation and market expansion face challenges.
On the 29th, Tsingtao Brewery released its third-quarter report for 2024:
<blockquote>
<ul>
<li>
Revenue: Achieved operating income of 8.891 billion yuan in the third quarter, a year-on-year decrease of 5.28%.
</li>
<li>
Net Profit: Net profit for the third quarter was 1.348 billion yuan, a year-on-year decrease of 9.03%.
</li>
<li>
Basic Earnings Per Share: 0.989 yuan/share in the third quarter.
</li>
<li>
Total Assets: At the end of this reporting period, total assets were 50.371 billion yuan, a year-on-year increase of 2.26%.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/112b34ff-aac9-4662-ae9c-ae1ecbd5d239.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/112b34ff-aac9-4662-ae9c-ae1ecbd5d239.png"/>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b7aa537c-fd11-4540-b8a8-8a6a559e5108.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b7aa537c-fd11-4540-b8a8-8a6a559e5108.png"/>
</blockquote>
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:
<blockquote>
<ul>
<li>The main brand Tsingtao Beer achieved a product sales volume of 38.35 million hectoliters,</li>
<li>Sales volume of mid-to-high-end products reached 27.79 million hectoliters,</li>
<li>The company's hectoliter beer operating income increased by 0.49% year-on-year.</li>
</ul>
</blockquote>
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.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bca2635a-a19f-4702-9641-573302c1dab8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bca2635a-a19f-4702-9641-573302c1dab8.png"/>

600600

00168

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

- Qingdao Beer reported a decline in both revenue and net profit for Q3 2024, with revenue at 8.891 billion yuan, down 5.28% year-on-year, and net profit at 1.348 billion yuan, down 9.03%.  
- For the first three quarters, total revenue was 28.96 billion yuan, a decrease of 6.52%, while net profit increased by 1.67% to 4.99 billion yuan.  
- The company is focusing on product innovation and market expansion despite challenges in the domestic beer market, with total sales volume reaching 6.785 million kiloliters.

Tsingtao Brewery Q3 revenue decreased by 5.28% year-on-year, net profit decreased by 9.03% | Financial Report Watch