Companies that brew and sell beer — the big beer brands you see at bars, restaurants and the supermarket.
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Carlsberg to buy two PepsiCo bottlers in Georgia and Armenia
Carlsberg A/S agreed to acquire two PepsiCo bottling businesses from Revery, adding Iberia Refreshments in Georgia and JI Pepsi Cola Bottler Armenia to its non-alcoholic beverage operations. Financial terms for the two deals were not disclosed. Once completed, Carlsberg will take responsibility for producing, selling, and distributing PepsiCo's soft drink portfolio in both countries, lifting the number of markets covered by Carlsberg's PepsiCo bottling arrangements to 17. Carlsberg plans to combine Georgia and Armenia with Azerbaijan, where it has separately agreed to become PepsiCo's bottler, into a South Caucasus operating cluster intended to support a wider beverage portfolio and shared production, sales, and distribution. PepsiCo SVP and GM of Internal Beverages Europe Natalia Filippociants said the expanded partnership is expected to help the company unlock the next phase of growth in the two markets.
0AI4.LSE · Capital · Positive Carlsberg agreed to acquire two PepsiCo bottlers in Georgia and Armenia, expanding its non-alcoholic beverage operations.
PEP · Demand · Positive Carlsberg will produce, sell and distribute PepsiCo's soft drinks in Georgia and Armenia, expanding PepsiCo's bottling reach to 17 markets and supporting growth.
Revery · Capital · Neutral Revery is selling its two PepsiCo bottling businesses in Georgia and Armenia to Carlsberg, but terms and impact are undisclosed.
Iberia Refreshments · Capital · Neutral Iberia Refreshments in Georgia is being acquired by Carlsberg from Revery, but no financial terms or standalone impact are given.
JI Pepsi Cola Bottler Armenia · Capital · Neutral JI Pepsi Cola Bottler Armenia is being acquired by Carlsberg from Revery, with no financial terms disclosed.
Boston Beer Rolls Out Sinless Vodka Cocktails and LYTT Electric Coolers
Boston Beer is pushing into faster-growing categories beyond traditional beer with two new launches, Sinless Vodka Cocktails and LYTT Electric Coolers. Sinless, a liquor-based cocktail with zero sugar, zero carbs and 100 calories per can, has launched in more than 30 states, while LYTT, a 15% ABV malt-based offering in six flavors sold in a resealable 6.8-ounce single-serve package, is available in more than five states. Management said wholesalers, retailers and drinkers have responded positively, but neither brand is expected to contribute meaningfully to 2026 volumes, though both should provide some shipment support in the back half of the year. Sinless has shown enough initial traction to support its rollout across roughly 30 states, with management waiting for more evidence before expanding further, while LYTT is described as a hand sell product needing specialized merchandising and cooler placement, with margins two to three times those of even higher-end beer. Boston Beer expects a more reliable read on both launches only by early 2027. Peers are pursuing similar innovation, with Anheuser-Busch InBev's Beyond Beer revenues up 44% in second-quarter 2026, Diageo Beer Company growing organically by around 4% in fiscal 2026, and Brown-Forman expanding its ready-to-drink portfolio.
SAM · Technology · Positive Boston Beer launched two new products, Sinless Vodka Cocktails and LYTT Electric Coolers, with positive early trade and consumer response.
Heineken Names Vietnam, India, China as Key APAC Growth Markets
Heineken is targeting Vietnam, India and China as its key growth markets in Asia Pacific, with six of its 18 global lead markets based in the region, APAC President Jacco van der Linden said on Bloomberg's "Insight with Haslinda Amin." In Vietnam, Heineken posted double-digit volume, revenue and operating profit growth in the first half, with the Heineken brand growing in the 40s this year after 20% rates previously, though van der Linden said that pace is not sustainable. In China, where consumption tipped in 2015 toward drinking less but better, the premium segment is outpacing mainstream and economy, benefiting Heineken and more recently Amstel through its long-term strategic partnership with China Resources. Rising fuel costs tied to the Iran war are pushing up input costs in Asia, where Heineken is more dependent on Middle East oil, and the company is passing 70 to 80% of inflation on to consumers while improving productivity 3-4% year-on-year. Van der Linden cited geopolitical tensions and the predictability of regulation and taxation as the biggest risks, and said Heineken continues to invest and expand in the region, including at its biggest APAC brewery in Vung Tau, Vietnam.
HEIA.AS · Demand · Positive Heineken targets Vietnam, India and China as key growth markets, with double-digit volume/revenue/profit growth in Vietnam and premium-segment gains in China.
HEIA.AS · Supply · Negative Rising fuel costs tied to the Iran war are pushing up input costs in Asia, where Heineken is more dependent on Middle East oil.
HEIO.AS · Demand · Positive As Heineken's parent holding company, it is indirectly affected by Heineken's APAC growth-market demand, though not directly discussed.
AB InBev Touts Organic Growth Engine at Capital Markets Day
Anheuser-Busch InBev SA/NV used its Capital Markets Day to present an organic growth strategy, with CEO Michel Doukeris describing ownership and disciplined execution as central to building what he called an "organic compounding machine." Doukeris said the brewer has shifted from a strategy centered on acquisitions to one focused on compounding organic growth, and that it cut capital expenditures from $5.5 billion to $3.6 billion while revenue, volume and portfolio development continued to grow. He said the company's Beyond Beer category has reached $2 billion less than 10 years after it began pursuing the opportunity, and that in the U.S. the Cutwater, NÜTRL and BeatBox spirits portfolio was up 37% year to date. Simon Wuestenberg, chief sales officer for the U.S. business, said AB InBev coordinates with nearly 400 independently owned wholesalers who deploy approximately 10,000 sales representatives and call on roughly 500,000 accounts, and that the company has raised its category-captain role from 50% of industry stores and dollars to more than 70%. Wuestenberg also said Michelob ULTRA increased on-premise distribution by 13% during the FIFA World Cup, when AB InBev and its wholesalers executed nearly 40,000 soccer-themed activations reaching more than 2 million consumers.
BUD · Capital · Positive Company cut capex from $5.5B to $3.6B while revenue and volume kept growing, presenting an organic compounding strategy at its Capital Markets Day.
BUD · Demand · Positive Beyond Beer hit $2B and US spirits portfolio (Cutwater, NÜTRL, BeatBox) rose 37% YTD, with Michelob ULTRA on-premise distribution up 13% during the World Cup.
Heineken Details Second €750 Million Tranche of €1.5 Billion Buyback
Heineken has disclosed fresh details on the second €750 million tranche of its €1.5 billion share buyback, covering recent repurchases made on exchange and from Heineken Holding. The brewer's shares recently traded at €71.70, a level well below the €89.31 fair value cited in the most-followed analyst narrative, which sees the stock as 20% undervalued. Heineken has posted a 1-year total shareholder return of 12.45%, while its 3-year and 5-year total shareholder returns are both in decline, suggesting recent momentum has improved but remains weaker over the longer stretch. Investors are weighing the buyback activity alongside reports of a possible Stonegate pub acquisition. The bull case rests on continued portfolio premiumization, including strong performance of global brands Heineken, Amstel, and extensions such as Heineken Silver and 0.0, which supports higher average selling prices and improved profitability. Risks to that view include currency swings hitting reported earnings and mature European beer demand weakening faster than expected.
HEIA.AS · Capital · Positive Heineken disclosed details of the second €750 million tranche of its €1.5 billion share buyback, a shareholder-return event.
HEIA.AS · Demand · Positive Bull case rests on portfolio premiumization with strong Heineken, Amstel, Heineken Silver and 0.0 performance supporting higher average selling prices.
HEIO.AS · Capital · Positive Heineken repurchased shares from Heineken Holding as part of the buyback tranche.
Stonegate Group · Capital · Neutral Reports of a possible Stonegate pub acquisition are mentioned but not confirmed or detailed.
Asahi Group Holdings posts 56.2% rise in operating profit to 144.1 billion yen in first half of fiscal year ending December 2026
Asahi Group Holdings has announced its results for the first half of the fiscal year ending December 2026, with revenue up 7.7% year on year to 1.4639 trillion yen, operating profit up 56.2% to 144.1 billion yen, and net profit up 68.8% to 99.1 billion yen. Within that same first half, the first quarter saw revenue of 647.1 billion yen, up 2.6%, and operating profit of 32.8 billion yen, down 3.1%, a modest decline, meaning the first-half profit gain was built up during the second quarter. For the full year, the company forecasts revenue of 3.22 trillion yen, up 11.2%, operating profit of 297 billion yen, up 59.8%, and net profit of 194 billion yen, up 59.6%, and the first-half operating profit of 144.1 billion yen represents roughly half of that full-year forecast. In the fiscal year ending December 2025, operating profit was 185.8 billion yen and net profit 121.5 billion yen, both down by around 30% from the prior year, while ROE fell from 7.5% to 4.3%, operating cash flow shrank from 403.7 billion yen to 104.8 billion yen, and the company recorded an impairment loss of 27.6 billion yen. Of total assets of 6.0284 trillion yen at the end of the fiscal year ending December 2025, goodwill accounted for 2.4107 trillion yen, with total intangible assets reaching 3.6579 trillion yen.
Anheuser-Busch invests $23M in Fort Collins brewery
Anheuser-Busch is investing $23 million in its Fort Collins, Colorado, brewery to increase production capacity for Michelob ULTRA and expand manufacturing skills training. The investment will add capabilities to produce 25-ounce cans and increase rail capacity at the brewery, strengthening transportation and distribution operations. The Budweiser parent will also open a technical skills training center at the facility, one of 15 such centers planned nationwide, and aims to provide additional skills training to more than 90% of its manufacturing workforce over the next five years. The Fort Collins investment is part of Anheuser-Busch's Brewing Futures initiative, under which the company plans to invest $600 million in its U.S. operations across 2025 and 2026. Anheuser-Busch said it has invested $93 million in its Fort Collins facilities since 2021; the brewery, which has operated since 1988, produces more than 48 brands, including Michelob ULTRA, Busch Light, Budweiser and Bud Light.
BUD · Capital · Positive Anheuser-Busch is investing $23M in its Fort Collins brewery to expand Michelob ULTRA capacity and add a training center, part of a $600M U.S. investment plan.
Asahi Beer to Convert Clear Asahi to Beer, Launching October 27
Asahi Beer announced on the 18th that, in line with the liquor tax revision on October 1, it will convert its flagship third-category beer product Clear Asahi into beer. The product will be renamed Clear Asahi Draft, with canned versions going on sale on October 27. The company has not disclosed the selling price, but the price is expected to rise by a few yen from the current market price of around 198 yen for a 350-milliliter can. Commercial kegs will be switched over sequentially from October 6 onward. The malt ratio has been increased to bring it closer to the satisfying taste of draft beer, and a proprietary brewing method was used to achieve a clear flavor free of off-notes.
Asahi Beer to Convert Clear Asahi to Beer, Launching October 27
Asahi Beer announced on the 18th that, in line with the liquor tax revision on October 1, it will convert its flagship third-category beer product Clear Asahi into beer. The product will be renamed Clear Asahi Draft, with canned versions going on sale on October 27. The company has not disclosed the selling price, but the price is expected to rise by a few yen from the current market price of around 198 yen for a 350-milliliter can. Kegs for commercial use will be switched over sequentially from October 6 onward. The malt ratio has been increased to bring it closer to the satisfying taste of draft beer, and a proprietary brewing method was used to achieve a clear flavor free of off-tastes.
Philip Morris Leads Q2 Beats as Beverage, Alcohol and Tobacco Stocks Slide
Philip Morris International reported second-quarter revenues of $11.19 billion, up 10.4% year on year and 5.5% above analysts' consensus estimates, the biggest estimate beat among the 13 beverages, alcohol, and tobacco stocks tracked. Vita Coco posted the group's best quarter, with revenues of $216.2 million, up 28.1% year on year and 3% ahead of expectations, and the highest full-year guidance raise among its peers, though its stock is down 22.7% since reporting and trades at $57.55. Celsius delivered the weakest performance against estimates, with revenues of $817.9 million, up 10.6% year on year but 6.2% short of expectations, missing significantly on EBITDA and EPS, and its stock is down 2.3% at $28.48. Zevia reported revenues of $45 million, up 1.1% year on year and 1.8% above expectations, while Boston Beer's revenues of $568.3 million fell 3.3% year on year and were in line with expectations. As a group, the 13 stocks beat consensus revenue estimates by 1% and guided next-quarter revenue 2.2% above, yet their shares are down an average of 7.1% since the latest results.
Anheuser-Busch InBev to Hold Capital Market Day in St. Louis on September 22
Anheuser-Busch InBev is set to hold a Capital Market Day in St. Louis, Missouri, on September 22, the first time the beer giant has held the event in St. Louis since 2010. Ahead of the event, RBC Capital Markets analyst James Edwardes Jones highlighted that it is the first time he can remember the company approaching a Capital Markets Day needing to do no more than demonstrate it can continue to deliver 4% to 8% organic EBITDA growth and avoid any "rushes of blood to the head" in terms of capital allocation. Edwardes Jones thinks that if management can underpin confidence in the organic EBITDA growth, the strong share price performance should continue as the share price trends towards RBC's price target of €93. Shares of Anheuser-Busch InBev have solidly outperformed other beer and spirits stocks over the last year. Belgium-based InBev acquired Anheuser-Busch in 2008 in an all-cash deal worth about $52B, ending roughly 150 years of independence for the St. Louis brewer behind Budweiser, Bud Light, and Michelob and creating the world's largest brewer.
BUD · Capital · Positive RBC analyst says AB InBev can underpin 4-8% organic EBITDA growth and sees shares trending toward €93 price target ahead of Capital Market Day
C&C Group has agreed to acquire Asahi Group Holdings' Nectar Imports wholesale and distribution business in the UK for nominal consideration. The assets will be folded into C&C's Matthew Clark Bibendum wholesale operation, and the deal includes the lease of Nectar Imports' depot in Hindon in Wiltshire. Under the agreement, MCB will assume the supply arrangements for the Fuller, Smith & Turner on-trade estate, while Asahi will end its direct distribution services from its Griffin Brewery site in west London, which will transfer to MCB; Asahi retains full ownership and operational control of the Griffin Brewery, including production of London Pride. C&C chief executive Roger White said the deal would bring a significant number of new customers to MCB along with immediate scale and efficiency, and Asahi UK managing director Tim Clay called MCB the right long-term home for Nectar Imports and Asahi UK's existing direct distribution customers. The agreement was announced alongside C&C's trading for the six months to 31 August, in which net revenue declined 3% year on year, with branded revenue up 2% and distribution revenue down 4%, and the company expects first half underlying operating profit of between €43m and €44m.
2502.JP · Capital · Positive Asahi divests its Nectar Imports wholesale and direct distribution business while retaining full ownership and operational control of the Griffin Brewery.
CCR.LSE · Capital · Positive C&C agrees to acquire Asahi's Nectar Imports wholesale business for nominal consideration, adding scale and new customers to its MCB operation.
Matthew Clark Bibendum · Capital · Positive Matthew Clark Bibendum folds in Nectar Imports assets, gains a Wiltshire depot lease, and assumes supply for Fuller's on-trade estate.
FSTA.LSE · Supply · Neutral Fuller, Smith & Turner's on-trade estate supply arrangements will be assumed by MCB under the deal, but no financial impact on Fuller is stated.
Magners and Tennent's maker C&C has agreed to buy the UK wholesale arm of Japanese beer brand Asahi for a nominal sum. The London-listed Irish firm said the deal includes all of Asahi UK's wholesale customer and supplier relationships and agreements, along with intellectual property, a leased depot and other assets such as vehicles and stock. All supply arrangements to the Fuller, Smith & Turner on-trade estate will transfer to Dublin-based C&C, which will merge the Asahi wholesale business into its Matthew Clark Bibendum operations when the deal completes in October. In a trading update released alongside the deal, C&C said revenues fell 3% in the first half to August 31, with branded revenues up 2% on hot weather and the World Cup offset by a 4% drop in distribution sales, and it remains on track for underlying earnings of around 43 million to 44 million euros, or 37 million to 38 million pounds, for the half. Shares in C&C lifted 6% in morning trading on Friday.
Heineken Taps Serena Williams for 0.0 as US Beer Volumes Hit Historic Lows
Heineken's US chief executive Maggie Timoney named Serena Williams the first global ambassador for Heineken 0.0, a non-alcoholic beer that grew 86% from 2023 through 2025, even as she simultaneously fronts a GLP-1 weight-loss brand. Timoney told Bloomberg that the impact of GLP-1 drugs on drinking habits is "inconclusive," while acknowledging that US consumption of alcoholic beverages is at historic lows per a recent Gallup poll. Boston Beer reported Q2 FY2026 adjusted EPS of $3.65 versus $4.83 consensus, a 24.36% miss, on revenue of $568.34M, down 3.3% year over year, with depletions falling 6% and weakness concentrated in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew, and Dogfish Head. Molson Coors posted Q2 non-GAAP EPS of $1.58 versus $1.51 consensus and net sales of $3.10 billion, down 3.3% year over year, as financial volume fell 5.4% and US domestic shipments dropped 7.3%, against a US beer industry decline of 4.2% in the quarter. CEO Rahul Goyal, who took over October 1, 2025, is pushing a beyond-beer pivot through the Fever-Tree partnership and the $275M Monaco Cocktails acquisition completed in Q1 2026, while the company reaffirmed 2026 guidance for an underlying EPS decline of 11-15%.
SAM · Capital · Negative Boston Beer reported Q2 FY2026 adjusted EPS of $3.65 vs $4.83 consensus, a 24.36% miss, with revenue down 3.3% and depletions falling 6%.
TAP · Capital · Negative Molson Coors posted Q2 net sales down 3.3% YoY with financial volume down 5.4% and US domestic shipments down 7.3%, and reaffirmed 2026 guidance for an 11-15% underlying EPS decline.
HEIA.AS · Demand · Neutral Heineken named Serena Williams as first global ambassador for Heineken 0.0, which grew 86% from 2023-2025, even as US alcoholic beverage consumption sits at historic lows.
Anheuser-Busch Invests $13 Million in Michelob ULTRA and Cutwater
Anheuser-Busch InBev SA/NV announced on August 21 that it will invest $13 million in its Baldwinsville facility in New York to meet growing consumer demand for Michelob ULTRA and Cutwater, the top two fastest-growing alcohol brands in the United States. The investment is part of the brewing giant's broader strategy to direct capital toward its faster-growing brands and expand its US manufacturing footprint, increasing production of Michelob ULTRA and upgrading can and bottle lines, as well as expanding production capabilities for Cutwater. Cutwater was the fastest-growing brand in the US spirits industry in the second quarter, and since acquiring it in 2019, Anheuser-Busch has leveraged its logistics and packaging capabilities to expand it beyond its original 34-state footprint. Michelob ULTRA is the top-selling beer in the United States. This investment follows a $20 million-plus commitment to AB InBev's St. Louis brewery announced in June, which will also upgrade equipment and open a new technical skills training center. Despite these investments, the company faces risks from shifting drinking habits, as total North American beer volumes fell 1.9% year-over-year in the first half of 2026, and Bud Light sales are expected to decline to 12.7 million barrels this year from 41 million at its peak.
Zhujiang Beer's 2026 interim net profit reaches 674 million yuan, up 10.02% year-on-year
Zhujiang Beer released its 2026 interim report, with total operating revenue of 3.359 billion yuan, up 5.04% year-on-year, and net profit attributable to the parent of 674 million yuan, up 10.02% year-on-year, both achieving five consecutive years of growth. Net cash inflow from operating activities was 1.013 billion yuan, up 51.21% year-on-year. The asset-liability ratio was 28.90%, gross margin was 52.42%, return on equity was 5.97%, and diluted earnings per share was 0.30 yuan. The number of shareholders was 32,900, and the top ten shareholders held 87.91% of the total share capital.
Zhujiang Beer's first-half net profit attributable to parent reaches 674 million yuan, up 10% year-on-year
Zhujiang Beer released its 2026 half-year report, with first-half net profit attributable to the parent of 674 million yuan, up 10% year-on-year. Operating revenue was 3.36 billion yuan, up 5.0% year-on-year; net profit attributable to the parent after deducting non-recurring items was 639 million yuan, up 9.0% year-on-year; net operating cash flow was 1.013 billion yuan, up 51.2% year-on-year. In the second quarter, operating revenue was 2.06 billion yuan, up 4.5% year-on-year; net profit attributable to the parent was 495 million yuan, up 8.6% year-on-year. First-half beer sales volume was 750,100 tonnes, up 2.18% year-on-year, with high-end beer sales volume up 8.16% year-on-year. The company continued to optimise its product mix, strengthen its new retail business, and advance digital transformation.
Tsingtao Brewery's 2026 interim net profit was 3.920 billion yuan, up 0.40% year on year
Tsingtao Brewery released its 2026 interim report, with total operating revenue of 19.655 billion yuan and net profit attributable to the parent company of 3.920 billion yuan, an increase of 15.4843 million yuan compared with the same period last year, achieving five consecutive years of growth and a year-on-year increase of 0.40%. Net cash inflow from operating activities was 5.505 billion yuan, up 14.69% year on year. The company's latest asset-liability ratio was 41.92%, gross margin was 44.86%, return on equity was 12.50%, and diluted earnings per share was 2.87 yuan. The number of shareholders was 111,100, and the top ten shareholders held 81.44% of the total share capital.
Lanzhou Huanghe first-half revenue 176 million yuan, loss widens to 25.82 million yuan
Lanzhou Huanghe released its 2026 interim report. First-half operating revenue reached 176 million yuan, up 81.7 percent year on year, but net profit attributable to the parent swung to a loss of 25.82 million yuan, widening from a loss of 11.91 million yuan in the same period last year. Net profit attributable to the parent after deducting non-recurring items was a loss of 19.38 million yuan, and net operating cash flow was negative 123 million yuan, down 509.4 percent year on year. Second-quarter revenue was 108 million yuan, up 119.1 percent year on year, while net profit attributable to the parent was a loss of 9.15 million yuan, narrowing from a loss of 19.15 million yuan a year earlier. The company's beer and beverage business revenue rose 31.59 percent year on year, accounting for 66.55 percent of main business revenue, and online channel revenue surged 1537.70 percent year on year. The juice business accounted for 27.07 percent of main business revenue. The Chongqing Huanghe juice and beverage project has been fully put into production, and capacity at Wuzhong Huanghe and Sanmenxia Huanghe continues to expand. At the same time, the company carried out capacity consolidation, transferring production capacity from Lanzhou Jianiang to other bases.
Tsingtao Brewery's first-half net profit edges up 0.4%, second-quarter revenue and net profit both decline
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.
ST Xifa first-half 2026 net profit 22.18 million yuan, down 14.66% year on year
ST Xifa released its 2026 interim report. For the six months ended June 30, 2026, the company achieved total operating revenue of 200 million yuan, and net profit attributable to the parent company of 22.18 million yuan, a decrease of 3.81 million yuan from the same period last year, down 14.66% year on year. Net cash inflow from operating activities was 70.36 million yuan. The asset-liability ratio was 18.70%, up 0.34 percentage points from the previous quarter. Gross margin was 40.88%, down 0.63 percentage points from the previous quarter and down 1.35 percentage points from the same period last year. Diluted earnings per share were 0.08 yuan, down 14.62% from the same period last year. Total asset turnover was 0.14 times, down 20.29% from the same period last year. Inventory turnover was 3.89 times. The number of shareholders was 15,700, and the top ten shareholders held 73.53 million shares, accounting for 27.88% of total share capital.
Molson Coors leans on pricing to offset volume declines
Molson Coors Beverage Company is relying on pricing and favorable mix to counter persistent volume weakness in a challenging beer market. In the second quarter of 2026, U.S. domestic shipments declined 7.3%, while the broader U.S. beer industry fell an estimated 4.2%, and consolidated net sales revenues decreased 3.6% on a constant-currency basis. The company continues to expect an annual U.S. price increase of 1%-2% in 2026, alongside mix benefits from premiumization across both business units. Management acknowledged that share performance is not yet where it wants it to be and is stepping up commercial execution, innovation, retail activation and brand support. Shares have declined 13.9% in the past six months and trade at a forward 12-month price-to-earnings multiple of 8.67X, a discount to the industry average of 14.97X.
Yanjing Beer's 2026 interim net profit reaches 1.399 billion yuan, up 26.86% year on year
Yanjing Beer released its 2026 interim report, with net profit attributable to the parent company at 1.399 billion yuan, an increase of 296 million yuan from the same period last year, up 26.86% year on year, marking five consecutive years of growth. The company's total operating revenue was 9.031 billion yuan, up 5.53% year on year, and net cash inflow from operating activities was 2.892 billion yuan, up 2.73% year on year. The latest gross margin was 49.46%, up 3.96 percentage points year on year, and the latest return on equity was 8.29%, up 1.27 percentage points year on year. The company's diluted earnings per share was 0.50 yuan, up 26.86% year on year.
ST Xifa's first-half net profit attributable to parent was 22.18 million yuan, down 14.7% year on year
ST Xifa released its 2026 half-year report. Operating revenue was 200 million yuan, up 1.4% year on year. Net profit attributable to the parent was 22.18 million yuan, down 14.7% year on year. Net profit attributable to the parent after deducting non-recurring items was 19.64 million yuan, up 138.4% year on year. Net operating cash flow was 70.36 million yuan, up 5.4% year on year. Earnings per share were 0.0841 yuan. In the second quarter, operating revenue was 101 million yuan, up 8.5% year on year. Net profit attributable to the parent was 14.62 million yuan, down 23.3% year on year. Net profit attributable to the parent after deducting non-recurring items was 12.58 million yuan, up 138.5% year on year. Earnings per share were 0.0554 yuan. As of the end of the second quarter, total assets were 1.444 billion yuan, up 4.3% from the end of the previous year. Net assets attributable to the parent were 636 million yuan, up 3.6% from the end of the previous year. The company's main business is the production and sale of beer. Its core brand, Lhasa Beer, has strong influence in the region, and it has launched new product lines including Huanchang, Kazhuo, Meiying, and Bingchun.
Yanjing Beer's 2026 interim net profit reaches 1.399 billion yuan, up 26.86% 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.
Chongqing Brewery's 2026 interim net profit was 796 million yuan, down 7.98% year-on-year
Chongqing Brewery released its 2026 interim report, with net profit attributable to the parent company of 796 million yuan, a decrease of 7.98% compared with the same period last year. The company's total operating revenue was 8.576 billion yuan, down 2.98% year-on-year; net cash inflow from operating activities was 2.855 billion yuan, down 1.77% year-on-year. The latest gross margin was 50.16%, achieving three consecutive years of growth; diluted earnings per share were 1.64 yuan, down 8.38% year-on-year.
Chongqing Brewery first-half revenue and net profit both decline; Big Wusu stores accelerate expansion in Sichuan
Chongqing Brewery released its performance report for the first half of 2026. Operating revenue was approximately 8.576 billion yuan, down 2.98 percent year on year, while net profit attributable to shareholders of the listed company was approximately 796 million yuan, down 7.98 percent year on year. During the reporting period, beer sales volume was 1.7492 million kiloliters. Revenue from premium products priced at 8 yuan and above was approximately 5.185 billion yuan, revenue from mainstream products priced between 4 yuan and 8 yuan was approximately 2.966 billion yuan, and revenue from economy products priced below 4 yuan was approximately 202 million yuan. Only the economy segment recorded positive growth of 3.17 percent. The company said it faces risks including macroeconomic fluctuations, raw material cost volatility, intensifying industry competition, and extreme weather. At the same time, Wusu Beer's Big Wusu Little Barbecue stores had opened more than 130 locations by June this year, covering over 60 cities, with Chengdu as one of the key cities for expansion. At the industry level, data from the National Bureau of Statistics showed that from January to June 2026, cumulative output of beer enterprises above designated size nationwide was 19.362 million kiloliters, up only 0.2 percent year on year. Over the same period, China Resources Beer reported comprehensive revenue of 24.24 billion yuan, up 1.2 percent year on year, but profit attributable to shareholders was 5.169 billion yuan, down 10.71 percent year on year.
600132.CG · Capital · Negative First-half revenue and net profit both declined year on year.
80291.HK · Demand · Negative Industry beer output growth nearly flat and peer profit decline indicate weak demand, though company's own revenue rose slightly.
Carlsberg sees full-year operating profit near top of forecast range; first half misses market expectations
Danish brewer Carlsberg said on the 19th that although first-half results missed market expectations, full-year operating profit is expected to come in near the top of its previous forecast range. It now expects full-year organic operating profit growth of 4 to 6 percent, up from a previous forecast of 2 to 6 percent. The benefits from its acquisition of British soft drinks maker Britvic in 2025 are materialising faster than expected, with around 50 percent of the total 110 million pounds in synergies expected to be realised in 2026. It had previously expected a realisation rate of 30 to 40 percent. First-half operating profit was 7.45 billion Danish kroner, below analyst expectations of 7.55 billion kroner.
Chongqing Brewery first-half revenue and net profit both decline, dragged down by mid-to-high-end products
Chongqing Brewery released its 2026 semi-annual report. In the first half, it achieved operating revenue of 8.576 billion yuan, down 2.98 percent year on year, and net profit attributable to the parent of 796 million yuan, down 7.98 percent year on year. By product tier, high-end products generated revenue of 5.185 billion yuan, down 1.53 percent year on year, mainstream products generated revenue of 2.966 billion yuan, down 5.69 percent year on year, and economy products generated revenue of 202 million yuan, up 3.17 percent year on year. In the first half, the company sold 1.7492 million kiloliters of beer. Selling expenses rose 5.23 percent year on year to 1.403 billion yuan. Net cash flow from operating activities was 2.855 billion yuan, down 1.77 percent year on year. Cash and bank balances at the end of the period were 2.281 billion yuan, a sharp increase of 202.97 percent from the end of last year. Accounts receivable were 445 million yuan, a sharp increase of 408.99 percent from the end of last year. The company said this was mainly due to the peak sales season.
Chongqing Brewery first-half net profit 796 million yuan, sales volume 1.7492 million kiloliters
Chongqing Brewery released its 2026 interim report. In the first half, it achieved net profit attributable to shareholders of 796 million yuan, operating revenue of 8.576 billion yuan, and beer sales volume of 1.7492 million kiloliters. The company continued to advance product innovation, brand building, and operational optimization, launching nearly 50 new products, including one-liter craft offerings such as Carlsberg Western Pilsner craft beer, Chongqing Guobin craft beer, and Wusu specialty fruit-infused craft white beer, as well as distinctive flavored beers like Tuborg PRO triple-hop and 1664 blood orange sea salt. In June, Chongqing Guobin officially began production and went on sale at Carlsberg's brewery in Malaysia, marking the first time a Chinese domestic beer brand has been brewed overseas. On ESG, carbon emissions per unit of product fell to 2.84 kilograms of CO2 equivalent per hectoliter, down 11.3 percent year on year, and water consumption per unit of product dropped to 1.91 hectoliters per hectoliter, down 5.0 percent year on year.
Yanjing Huiquan first-half revenue reaches 3.693 billion yuan, up 5.11% year on year
Fujian Yanjing Huiquan Brewery Company Limited, an indirect non-wholly-owned subsidiary of Beijing Enterprises Holdings, has disclosed its 2026 interim report. For the six months ended 30 June 2026, Yanjing Huiquan achieved operating revenue of 3.693 billion yuan, up 5.11% year on year; pre-tax profit of 566 million yuan, up 23.56% year on year; and profit attributable to shareholders of 488 million yuan, up 23.26% year on year. As of 30 June 2026, the company had total assets of 17.557 billion yuan, total liabilities of 3.649 billion yuan, and total equity of 13.908 billion yuan.
Chongqing Brewery's first-half revenue and net profit both decline, with only economy-tier product revenue growing
Chongqing Brewery released its 2026 semi-annual report. In the first half, beer sales volume reached 1.7492 million kiloliters, down 2.87 percent year on year. Operating revenue was 8.576 billion yuan, down 2.98 percent, and net profit attributable to the parent company was 796 million yuan, down 7.98 percent. In the second quarter, revenue was 4.226 billion yuan, down 5.75 percent year on year, and net profit attributable to the parent company was 358 million yuan, down 8.69 percent. By product category, premium product revenue was 5.185 billion yuan, down 1.53 percent. Mainstream product revenue was 2.966 billion yuan, down 5.69 percent. Economy product revenue was 202 million yuan, up 3.17 percent. Premium and mainstream products together accounted for about 95 percent of total revenue. The company said the non-on-premise channel is a core growth segment, and instant retail O2O and e-commerce maintained good growth momentum. As of the close on August 19, Chongqing Brewery traded at 42.51 yuan per share, with a total market value of 20.6 billion yuan, and has fallen 16.5 percent cumulatively this year.
Huiquan Beer's 2026 interim report shows net profit of 48.7773 million yuan, up 23.26% year-on-year
Huiquan Beer released its 2026 interim report, with net profit attributable to the parent company of 48.7773 million yuan, an increase of 9.2057 million yuan compared with the same period last year, up 23.26% year-on-year, achieving five consecutive years of growth. The company's total operating revenue was 369 million yuan, up 5.11% year-on-year, achieving four consecutive years of growth; net cash inflow from operating activities was 99.5396 million yuan. The latest gross margin was 40.20%, an increase of 5.16 percentage points year-on-year, achieving six consecutive years of growth; the latest return on equity was 3.53%, an increase of 0.57 percentage points year-on-year. The company's diluted earnings per share was 0.20 yuan, up 23.42% year-on-year.
Chongqing Brewery first-half net profit attributable to parent 796 million yuan, down 8.0% year on year
Chongqing Brewery released its 2026 interim report. First-half net profit attributable to the parent was 796 million yuan, down 8.0% year on year. Operating revenue was 8.58 billion yuan, down 3.0% year on year. Net profit attributable to the parent excluding non-recurring items was 784 million yuan, down 8.3% year on year. Net operating cash flow was 2.855 billion yuan, down 1.8% year on year. Second-quarter operating revenue was 4.23 billion yuan, down 5.8% year on year, and net profit attributable to the parent was 358 million yuan, down 8.7% year on year. As of the end of the second quarter, total assets were 11.996 billion yuan, up 12.2% from the end of the previous year, and net assets attributable to the parent were 1.584 billion yuan, up 15.0% from the end of the previous year.
Chongqing Brewery's first-half 2026 net profit falls 7.98% year on year
Chongqing Brewery released its first-half 2026 report, achieving operating revenue of 8.576 billion yuan, down 2.98% year on year, and net profit attributable to shareholders of the listed company of 796 million yuan, down 7.98% year on year. During the reporting period, the company achieved beer sales volume of 1.7492 million kiloliters, while continuing to advance brand portfolio optimization and channel development, and strengthening supply chain coordination and operational efficiency improvement. The company's second-quarter net profit was 358 million yuan, and first-quarter net profit was 438 million yuan, meaning second-quarter net profit fell 18% quarter on quarter.
Huiquan Beer's 2026 interim net profit reaches 48.78 million yuan, up 23.26% year on year
Huiquan Beer released its 2026 interim report, with net profit attributable to the parent company of 48.78 million yuan, up 23.26% from the same period last year. Total operating revenue was 369 million yuan, up 5.11% year on year, marking four consecutive years of growth. Net cash inflow from operating activities was 99.54 million yuan, down 18.69% year on year. The company's latest gross margin was 40.20%, up 5.16 percentage points year on year, achieving six consecutive years of increase. The latest return on equity was 3.53%, up 0.57 percentage points year on year. Diluted earnings per share were 0.20 yuan, up 23.42% year on year.
Huiquan Beer first-half net profit reaches 48.7773 million yuan, up 23.26% year on year
Huiquan Beer disclosed its 2026 interim report. In the first half, it achieved operating revenue of 369 million yuan, up 5.11% year on year. Net profit attributable to shareholders of the listed company was 48.7773 million yuan, up 23.26% year on year. Basic earnings per share were 0.195 yuan. During the reporting period, sales volume in the company's greater Quanzhou region rose 1.27% year on year, sales volume of mid-to-high-end strategic products jumped 190% year on year, and product gross margin improved by 5.12 percentage points year on year.
Huiquan Beer's net profit for the first half of 2026 grows 23.26% year on year
Huiquan Beer released its semi-annual report for 2026, achieving operating revenue of 369 million yuan, up 5.11% year on year. Net profit attributable to shareholders of the listed company was 48.7773 million yuan, up 23.26% year on year. During the reporting period, sales volume of the company's mid-to-high-end strategic products grew 190% year on year, and product gross margin rose 5.12 percentage points year on year, with profit growth outpacing revenue growth. The company's second-quarter net profit was 41 million yuan, and first-quarter net profit was 8 million yuan. Based on this, second-quarter net profit increased 393% quarter on quarter.
Chongqing Brewery releases 2026 interim report: revenue of 8.576 billion yuan, net profit attributable to parent of 796 million yuan
Chongqing Brewery Company Limited released its 2026 interim report. In the first half of the year, it achieved beer sales of 1.7492 million kiloliters, operating revenue of 8.576 billion yuan, and net profit attributable to the parent of 796 million yuan. The company launched nearly 50 new products around demand for craft beer, flavored beer, and low-alcohol options. Among them, the "Big Wusu Little Barbecue" partnership stores have exceeded 130, covering more than 60 cities nationwide. In June, its "Chongqing Guobin" brand officially began production and went on sale at Carlsberg's brewery in Malaysia, marking the first time a Chinese domestic beer brand has been brewed overseas. On ESG, carbon emissions per unit of product fell to 2.84 kilograms of CO2 equivalent per hectoliter, down 11.3 percent year on year, and water consumption per unit of product dropped to 1.91 hectoliters per hectoliter, down 5.0 percent.
Huiquan Beer first-half net profit attributable to parent 48.78 million yuan, up 23.3% year on year
Huiquan Beer released its 2026 interim report. First-half net profit attributable to the parent was 48.78 million yuan, up 23.3% year on year. Operating revenue was 369 million yuan, up 5.1% year on year. Net profit attributable to the parent after deducting non-recurring items was 46.3 million yuan, up 20.6% year on year. Net operating cash flow was 99.54 million yuan, down 18.7% year on year. Second-quarter net profit attributable to the parent was 40.55 million yuan, up 21.9% year on year. The company said sales volume in the greater Quanzhou area rose 1.27% year on year, revenue per thousand liters of beer rose 6.50% year on year, and comprehensive energy consumption fell 8.75% year on year.
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