MBTBREW@EC2705A

Tsingtao Brewery Launches Promotions for the World Cup

CITIC Securities and DBS Reiterate Buy Rating for Tsingtao Brewery with Target Price

Tsingtao Beer Reports Q1 2026 Net Profit Growth Amid Revenue Decline

Morgan Stanley Downgrades Tsingtao Beer's Earnings Forecast and Raises Target Price

Tsingtao Brewery's Net Profit Increased by 5.23% in Q1

TSINGTAO BREW released FY2026 Q1 earnings on April 27 During-Market (BJT), actual revenue HKD 11.66 B (forecast HKD 11.44 B), actual EPS HKD 1.4954 (forecast HKD 1.4495)

TSINGTAO BREW to release FY2026 Q1 earnings on April 27 during market hours (BJT), forecast revenue HKD 11.44 B, EPS HKD 1.4495

Bernstein Maintains Buy Rating on Tsingtao Brewery and Sets Target Price at HKD 69

Tsingtao Brewery Announces 5.60% YoY Net Profit Growth and Dividend Plan for 2025

TSINGTAO BREW released FY2025 Annual Earnings on March 26 After-Market (BJT), actual revenue HKD 35.49 B (forecast HKD 36.37 B), actual EPS HKD 3.6759 (forecast HKD 3.7927)

TSINGTAO BREW released FY2025 Q4 earnings on March 26 After-Market (BJT), actual revenue HKD 3.455 B (forecast HKD 3.433 B), actual EPS HKD -0.5591 (forecast HKD -1.2657)

Rizhong Life Insurance Increases Holding in Tsingtao Brewery Shares

TSINGTAO BREW to Release FY2025 Earnings on March 26 After-Market (BJT), Forecast Revenue HKD 37.11 B, EPS HKD 3.8699

JPMorgan Increases Holdings in Tsingtao Brewery to 5.06%

Rizhong Life Insurance Increases Stake in Tsingtao Brewery

Tsingtao Brewery Signs Multiple Related Party Agreements

Citi Downgrades Tsingtao Beer's Net Profit Forecast, Raises Target Price to HKD76.1

Rui Zhen Life Insurance Increases Holdings in Tsingtao Brewery H Shares at Year-End

RLIC Increased Its Stake in Tsingtao Brewery to 5%

Tsingtao Brewery Plans to Invest Up to 10 Billion RMB in Wealth Management Over 12 Months

JOLIMARK

TIMES UNI GP

APEX ACE HLDG

VPOWER GROUP

GW TIANDI

FUJING HOLDINGS

TEAMWAY INTL GP

SFSY NEW MAT

FDB HOLDINGS

KEEN OCEAN

$TSINGTAO BREW(00168.HK) First take: Due to the continued weak macro environment, Tsingtao Brewery's Q3 report still showed declines in both volume and price, but there was some improvement compared to Q2.1) Revenue was 21.6 billion yuan, down 5.3% year-on-year. Among them, sales volume: In Q3, Tsingtao Brewery achieved a sales volume of 2.16 million tons, down 5.2% year-on-year. The decline narrowed compared to Q2, but considering the peak season in Q3, the company increased marketing expenses, and channel inventory remained at normal levels. Overall, we believe the improvement in sales volume fell short of expectations. Price per ton: Tsingtao Brewery's price per ton was 4,125 yuan/ton, basically flat, indicating limited effects from product mix upgrades. 2) Net profit was 1.35 billion yuan, down 9% year-on-year. Although gross margin remained stable, the company increased marketing expenses in Q3, with the sales expense ratio rising by 1% quarter-on-quarter, further narrowing the gross-to-sales margin. 3) Overall, Tsingtao Brewery currently faces significant pressure in both volume and price. In terms of volume, Dolphin Research learned that since August, the company's core Shandong market has seen a significant decline, with intensified market competition. In terms of price, although the company directly raised prices for products like Tsingtao Pure Draft this year, acceptance has been low. In the future, it may be more reasonable to indirectly increase the price per ton by optimizing the product mix.$Tsingtao Brewery(600600.SH)

Tsingtao Brewery

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