Beijing Yanjing Brewery Co Ltd

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.

Yanjing Beer released its 2026 interim report, with net profit attributable to the parent company at 1.399 billion yuan, up 26.86% from the same period last year. Total operating revenue was 9.031 billion yuan, up 5.53% year-on-year, marking five consecutive years of growth. Net cash inflow from operating activities was 2.892 billion yuan, up 2.73% year-on-year. The company's latest gross margin was 49.46%, up 3.96 percentage points from a year earlier, and its latest return on equity was 8.29%, up 1.27 percentage points.

In the first half of 2026, a number of consumer companies listed on the Shenzhen Stock Exchange have issued positive earnings forecasts, as policies to boost consumption continue to take effect. Yanjing Beer expects net profit attributable to shareholders of 1.379 billion to 1.489 billion yuan, up 25 to 35 percent year on year, with its core product Yanjing U8 maintaining nearly 30 percent growth in the first quarter. Qiaqia Food forecasts net profit attributable to shareholders to rise by 170.75 to 198.96 percent year on year, driven by product upgrades and expansion into emerging channels. Yisheng Livestock & Poultry Breeding expects net profit attributable to shareholders of 270 million to 300 million yuan, a sharp year-on-year increase of 4,286.61 to 4,774.01 percent, benefiting from a strong white-feather broiler industry. Xiantan Co. forecasts net profit attributable to shareholders of 170 million to 181 million yuan, up 24.33 to 32.37 percent year on year, as capacity release in prepared foods fuels growth. Bairun Investment Holding expects net profit attributable to shareholders to rise by 19.51 to 25.94 percent year on year, with progress in both its pre-mixed cocktail and whisky businesses.