Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. TSINGTAO BREWERY COMPANY LIMITED (a Sino-foreign joint stock limited company established in the Pe ople’s Republic of Chin a) (Stock Code: 168) 2025 THIRD QUARTERLY REPORT This announcement is made pursuant to the disclosure requirements of Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”), and the Inside Information Provisions (as defined in the Listing Rules) under Section XIV A of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The 2025 third quarterly report (unaudited, the “Quarterly Report”) contained in this announcement has been prepared in accordance with the China Accounting Standards of Business Enterprises and the requirements on preparation and disclosure of quarterly report issued by the Shanghai Stock Exchange, and has been approved by the Board of Directors (the “ Board”) of Tsingtao Brewery Company Limited (the “Company”). I. IMPORTANT NOTICE 1.1 The Board, directors, and senior management officers of the Company guarantee the authenticity, accuracy and completeness of the contents contained in this Quarterly Report without any false representation, misleading statement or material omissions, and they undertake both individual and joint legal liabilities. 1.2 The Quarterly Report was considered and approved at the third meeting of the eleventh session of the Board (the “Meeting”) through written proposals. 9 out of the total 9 directors attended the meeting and voted. 1.3 Unless otherwise stated in this Quarterly Report, monetary units are denominated in Renminbi. 1.4 JIANG Zong Xiang, the legal representative of the Company, HOU Qiu Yan, the person in charge of the accounting work, and SUN Zhuo Han, the person in charge of the accounting department (accounting director) guarantee that the financial statements contained in the Quarterly Report are authentic, accurate and complete. 1.5 The Quarterly Report of the Company has been reviewed by Audit and Internal Control Committee of the Board, but has not been audited.
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– 2 – II. MAJOR FINANCIAL DATA (1) Main accounting data and financial indicators Unit: Yuan Currency: RMB Item This reporting period Increase/ Decrease from the corresponding period of prior year From the beginning of the year to the end of the reporting period Increase/ Decrease from the corresponding period of prior year (%) (%) Revenue 8,875,503,365 -0.17 29,366,671,110 1.41 Total profit 1,910,412,608 4.89 7,173,570,008 6.58 Net profit attributable to shareholders of the Company 1,370,027,359 1.62 5,274,352,712 5.70 Net profit attributable to shareholders of the Company after deducting non-recurring profit or loss 1,290,067,528 2.41 4,921,707,794 5.03 Net cash flow from operating activities Not applicable Not applicable 5,816,206,274 -6.65 Basic earnings per share (Yuan per share) 1.004 1.52 3.867 5.45 Diluted earnings per share (Yuan per share) 1.004 1.52 3.866 5.63 Weighted average return on net assets (%) 4.47 Decreased by 0.16 percentage point 17.37 Increased by 0.20 percentage point As at the end of the reporting period As at the end of prior year Increase/Decrease at the end of the reporting period compared to the end of prior year (%) Total assets 51,390,464,744 51,420,385,832 -0.06 Total equity attributable to shareholders of the Company 31,333,133,632 29,060,384,527 7.82 Note: “The reporting period” refers to the three-month period from the beginning to the end of the quarter. The same applies hereinafter.
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– 3 – During the reporting period, the Company adhered to its strategic focus and accelerated high-quality development under the guidance of the Board. By leveraging the strengths of Tsingtao Beer’s brand, quality and distribution network, it also optimized product structure adjustments, continuously innovated and refined marketing operations, and actively expanded domestic and international markets. Maintaining a multi- channel approach, the Company solidified its position in mainstream distribution channels through refined operations, accelerated the development of emerging channels, and continuously strengthened its online business. Through innovative marketing models and multi-scenario marketing practices, it enhanced consumer experiences, fostered interactive engagement, and drove product consumption expansion and upgrades, thereby achieving sustained profitability improvements through multiple measures. In the first three quarters of 2025, the Company achieved operating revenue of RMB29.37 billion, a year-on-year increase of 1.4%; net profit attributable to shareholders of RMB5.27 billion, a year-on-year increase of 5.7%; and cumulative product sales of 6.894 million kiloliters, a year-on-year increase of 1.6%. Among these, the flagship brand Tsingtao Beer achieved sales of 3.99 million kiloliters, a year-on-year increase of 4.1%, while mid-to-high- end and premium products achieved sales of 2.935 million kiloliters, a year-on-year increase of 5.6%.
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– 4 – (2) Item and amounts of non-recurring profit or loss Unit: Yuan Currency: RMB Item Amount of this reporting period Amount from the beginning of the year to the end of the reporting period Gains/(Losses) on disposal of non-current assets, including the write-offs for which asset impairment provision was accrued -2,641,886 109,463,684 Government grants recognized in profit or loss for the current period, except for those that are closely related to the normal operation of the business, conform to national policies and regulations, are enjoyed in accordance with defined criteria, and have a continuing impact on the Company’s profit or loss 78,944,888 258,908,558 Profit or loss on changes in fair value of financial assets and financial liabilities held by non-financial enterprises and gain or loss on disposal of financial assets and financial liabilities, except for effective hedging business related to the Company’s normal business operations 15,956,404 50,098,307 Other non-operating income and expenses other than aforesaid items 20,258,248 33,169,386 Less: impact of income tax expense 25,189,926 82,308,433 Impact on the non-controlling interests (net of tax) 7,367,897 16,686,584 Total 79,959,831 352,644,918
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– 5 – Explanation on the reasons for the Company’s identification of items not listed under the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 – Non-recurring Profit or Losses as non-recurring gain or loss items with significant amount, and the identification of non-recurring gain or loss items listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 – Non-recurring Profit or Losses as recurring gain or loss items. Applicable ✓ Not applicable (3) Circumstances where there are changes to key accounting data and financial indicators and the reasons Applicable ✓ Not applicable III. SHAREHOLDER INFORMATION Total number of shareholders of ordinary shares, number of shareholders of preferred shares with voting right restored and shareholding of top ten shareholders Unit: Share Total number of shareholders of ordinary shares as at the end of the reporting period 98,357 shareholders including 98,123 holders of A-share and 234 holders of H-share. Number of shareholders of preferred shares with voting right restored as at the end of the reporting period (if any) Not applicable
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– 6 – Particulars of top ten shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Number of shares held Percentage of shares held Number of shares subject to sales restriction held Any pledged, marked or frozen shares Status Number (%) HKSCC Nominees Limited Overseas legal person 614,017,236 45.01 0 Unknown Unknown Tsingtao Brewery Group Company Limited State-owned legal person 443,467,655 32.51 0 Nil 0 China Securities Finance Corporation Company State-owned legal person 16,015,045 1.17 0 Nil 0 China Construction Bank Co., Ltd. – Penghua CSI Wine Transaction Open Index Securities Investment Fund Other 11,209,268 0.82 0 Nil 0 Hong Kong Securities Clearing Company Limited Overseas legal person 10,802,516 0.79 0 Nil 0 New China Life Insurance Company Ltd. - Traditional-General Insurance Products-018L- CT001 Shanghai Other 7,670,872 0.56 0 Nil 0 New China Life Insurance Company Ltd. – Dividends-Individual Dividend-018L-FH002 Shanghai Other 6,278,699 0.46 0 Nil 0 Industrial and Commercial Bank of China Limited – Huatai PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund Other 5,976,583 0.44 0 Nil 0 Industrial and Commercial Bank of China Limited -CSI Main Exchange-traded Open-end Index Securities Investment Fund Other 4,483,885 0.33 0 Nil 0 China Construction Bank Co., Ltd. – E Fund CSI 300 Exchange Traded Index Sponsored Securities Investment Fund Other 4,357,476 0.32 0 Nil 0
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– 7 – Particulars of top ten holders of shares not subject to sales restriction (excluding shares lent through refinancing) Name of shareholder Number of listed shares not subject to sales restriction held Class and number of shares Class Number HKSCC Nominees Limited 614,017,236 Overseas listed foreign shares 614,017,236 Tsingtao Brewery Group Company Limited 443,467,655 RMB-denominated ordinary shares 405,132,055 Overseas listed foreign shares 38,335,600 China Securities Finance Corporation Company 16,015,045 RMB-denominated ordinary shares 16,015,045 China Construction Bank Co., Ltd. – Penghua CSI Wine Transaction Open Index Securities Investment Fund 11,209,268 RMB-denominated ordinary shares 11,209,268 Hong Kong Securities Clearing Company Limited 10,802,516 RMB-denominated ordinary shares 10,802,516 New China Life Insurance Company Ltd. – Traditional-General Insurance Products-018L- CT001 Shanghai 7,670,872 RMB-denominated ordinary shares 7,670,872 New China Life Insurance Company Ltd. – Dividends-Individual Dividend-018L-FH002 Shanghai 6,278,699 RMB-denominated ordinary shares 6,278,699 Industrial and Commercial Bank of China Limited – Huatai PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund 5,976,583 RMB-denominated ordinary shares 5,976,583 Industrial and Commercial Bank of China Limited -CSI Main Exchange- traded Open-end Index Securities Investment Fund 4,483,885 RMB-denominated ordinary shares 4,483,885 China Construction Bank Co., Ltd. – E Fund CSI 300 Exchange Traded Index Sponsored Securities Investment Fund 4,357,476 RMB-denominated ordinary shares 4,357,476
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– 8 – Explanation of associations or actions in concert among the above shareholders 1. The total number of shares held by Tsingtao Brewery Group Company Limited (“Tsingtao Group”) includes 38,335,600 shares of H-share held in the Company by itself and through Hong Kong Xinhaisheng Investment Limited (“Xinhaisheng”), a wholly-owned subsidiary, and 405,132,055 shares of A-share held in the Company by itself. 2. Both HKSCC Nominees Limited and Hong Kong Securities Clearing Company Limited are wholly-owned subsidiaries of Hong Kong Exchanges and Clearing Limited. The H-shares are held by HKSCC Nominees Limited on behalf of different clients, excluding the H-shares held by Tsingtao Group and Xinhaisheng, while A-shares are held by Hong Kong Securities Clearing Company Limited on behalf of different clients as well. Save as disclosed above, the Company is unaware of whether there are any associations among these top ten shareholders or if they are of the parties these shareholders are acting in concert. Participation of top ten shareholders and top ten shareholders without restricted sale conditions in securities margin trading and refinancing (if any) Not applicable Participation of shareholders holding more than 5% of the shares, top 10 shareholders, and top 10 shareholders of unrestricted outstanding shares in lending shares through refinancing Applicable ✓ Not applicable Changes in top 10 shareholders and top 10 holders of unrestricted outstanding shares due to lending/ returning through refinancing, as compared with the previous period Applicable ✓ Not applicable
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– 9 – IV . MISCELLANEOUS MATTERS Other important information regarding the Company’s business performance during the reporting period that needs to be brought to the attention of investors Applicable ✓ Not applicable Please refer to the website of Shanghai Stock Exchange (http://www.sse.com.cn) and the website of the Company (http://www.tsingtao.com.cn) for the unaudited balance sheets, income statements and cash flow statements of the Company as at 30 September 2025. By Order of the Board Tsingtao Brewery Company Limited HOU Qiu Yan Executive Director and Joint Company Secretary Qingdao, the People’s Republic of China 27 October 2025 The Company’s Directors as at the date of this announcement are: Executive Directors: Mr. JIANG Zong Xiang (Chairman), Mr. LIU Fu Hua and Mr. HOU Qiu Yan Employee Director: Ms. SUN Jing Independent Non-executive Directors: Mr. XIAO Geng, Mr. SHENG Lei Ming, Ms. Rania ZHANG, Mr. ZHAO Chang Wen and Ms. ZHAO Hong