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) ANNOUNCEMENT ON 2026 INTERIM RESULTS The Board of Directors (the “Board”) of Tsingtao Brewery Company Limited (the “Company”) hereby presents the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2026 (the “Reporting Period”) made pursuant to the China Accounting Standards for Business Enterprises. I. INTERIM FINANCIAL INFORMATION (All amounts in RMB Yuan unless otherwise stated) Consolidated Balance Sheet ASSETS Notes 30 June 2026 31 December 2025 (unaudited) Current assets Cash at bank and on hand 11,555,004,419 12,859,566,861 Financial assets held for trading 11,009,037,557 6,228,400,545 Accounts receivable 2 159,620,633 126,983,141 Advances to suppliers 176,894,761 134,631,742 Other receivables 79,469,657 69,681,772 Inventories 2,270,441,023 3,236,740,516 Current portion of non-current assets 1,716,257,918 48,213,397 Other current assets 1,736,538,138 1,499,563,254 Total current assets 28,703,264,106 24,203,781,228 Non-current assets Long-term equity investments 380,846,727 372,338,347 Other non-current financial assets 2,870,859,390 2,471,993,300 Investment properties 44,884,015 53,320,573 Fixed assets 13,114,630,767 12,860,857,041 Construction in progress 622,445,400 630,084,165 Right-of-use assets 111,819,019 120,054,467 Intangible assets 2,585,598,782 2,596,199,354 Goodwill 1,307,103,982 1,307,103,982 Long-term prepaid expenses 66,644,000 72,832,144 Deferred tax assets 1,854,309,030 1,963,115,004 Other non-current assets 3,825,117,480 5,479,906,093 Total non-current assets 26,784,258,592 27,927,804,470 TOTAL ASSETS 55,487,522,698 52,131,585,698
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– 2 – Consolidated Balance Sheet (continued) LIABILITIES AND SHAREHOLDERS’ EQUITY Notes 30 June 2026 31 December 2025 (unaudited) Current liabilities Notes payable 223,439,776 125,586,924 Accounts payable 3 4,147,937,571 3,050,359,193 Contract liabilities 5,626,155,728 7,674,071,543 Employee benefits payable 4 1,605,845,949 1,595,109,102 Taxes payable 1,049,345,338 442,764,137 Other payables 6,269,019,405 3,337,758,688 Current portion of non-current liabilities 29,441,725 36,713,618 Other current liabilities 77,769,424 338,211,423 Total current liabilities 19,028,954,916 16,600,574,628 Non-current liabilities Lease liabilities 77,554,447 77,752,524 Long-term employee benefits payable 678,302,383 705,061,917 Deferred income 3,214,222,874 2,975,490,394 Deferred tax liabilities 259,539,479 260,510,358 Total non-current liabilities 4,229,619,183 4,018,815,193 Total liabilities 23,258,574,099 20,619,389,821 Shareholders’ Equity Share capital 1,364,195,121 1,364,195,121 Capital surplus 4,198,517,596 4,198,492,389 Less: Treasury stock – – Other comprehensive income (165,344,493) (153,741,746) Surplus reserve 1,400,704,380 1,400,704,380 General reserve 301,761,292 301,761,292 Undistributed profits 5 24,251,488,030 23,537,536,867 Total equity attributable to shareholders of the Company 31,351,321,926 30,648,948,303 Non-controlling interests 877,626,673 863,247,574 Total shareholders’ equity 32,228,948,599 31,512,195,877 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 55,487,522,698 52,131,585,698
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– 3 – Consolidated Income Statement Notes Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) I. Revenue 6 19,654,849,637 20,491,167,745 Less: Cost of sales 6 10,836,991,732 11,537,070,863 Taxes and surcharges 7 1,349,317,989 1,398,844,628 Selling and distribution expenses 1,913,379,513 2,187,282,017 General and administrative expenses 695,742,510 682,991,956 Research and development expenses 51,804,165 43,711,961 Finance expenses (142,106,657) (207,791,457) Including: Interest expenses 8,702,431 4,846,659 Interest income 160,035,179 222,322,168 Add: Other income 163,880,493 194,953,690 Investment income 36,990,268 41,235,057 Including: Share of profit of associates and a joint venture 26,129,794 26,647,332 Profits arising from changes in fair value (Losses are listed with “–”) 180,971,792 53,498,908 Credit impairment losses (Losses are listed with “–”) 142,907 (505,690) Asset impairment losses (Losses are listed with “–”) (18,750,335) – Gains on disposals of assets (Losses are listed with “–”)8 52,417,732 112,105,570 II. Operating profit 5,365,373,242 5,250,345,312 Add: Non-operating income 14,617,534 14,829,809 Less: Non-operating expenses 4,660,059 2,017,721 III. Total profit 5,375,330,717 5,263,157,400 Less: Income tax expenses 9 1,388,643,012 1,289,191,082 IV . Net profit 3,986,687,705 3,973,966,318
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– 4 – Consolidated Income Statement (continued) Notes Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Classified by continuity of operations Net profit from continuing operations 3,986,687,705 3,973,966,318 Net profit from discontinued operations – – Classified by ownership of the equity Attributable to shareholders of the Company 3,919,809,697 3,904,325,353 Attributable to non-controlling interests 66,878,008 69,640,965 V . Other comprehensive income, net of tax (12,489,556) (2,603,882) Other comprehensive income attributable to shareholders of the Company, net of tax (11,602,747) (2,240,923) Items that will be subsequently reclassified to profit or loss (11,602,747) (2,240,923) Share of other comprehensive income of investees accounted for using the equity method that will be subsequently reclassified to profit or loss (449,305) 683,436 Currency translation differences (11,153,442) (2,924,359) Other comprehensive income attributable to non-controlling interests, net of tax (886,809) (362,959) VI. Total comprehensive income 3,974,198,149 3,971,362,436 Attributable to shareholders of the Company 3,908,206,950 3,902,084,430 Attributable to non-controlling interests 65,991,199 69,278,006 VII. Earnings per share 10 Basic earnings per share 2.873 2.862 Diluted earnings per share 2.873 2.862
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– 5 – Notes: 1 Basis of preparation The Group implements Accounting Standards for Business Enterprises and related regulations issued by the Ministry of Finance. The Group also discloses relevant financial information in accordance with the “Rules Governing the Preparation of Information Disclosure by Publicly Offered Companies No. 15 – General Requirements for Financial Reporting (Revised in 2023)”. In addition, the financial statements include relevant disclosures required by the Hong Kong Companies Ordinance and the Listing Rules of the Stock Exchange of Hong Kong Ltd. The Group assessed its ability to continue as a going concern for the period of 12 months from 30 June 2026 and did not notice any events or circumstances that may cast significant doubt upon its ability to continue as a going concern. The financial statements have been prepared on a going concern basis. Significant change in accounting policies There were no significant changes in accounting policies during the Reporting Period. 2 Accounts receivable 30 June 2026 31 December 2025 (unaudited) Accounts receivable 202,045,885 169,903,034 Less: Provision for bad debts 42,425,252 42,919,893 159,620,633 126,983,141 The majority of the Group’s sales are made by advances from customers or bank acceptances. The remainders are settled by providing credit terms from 30 to 100 days.
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– 6 – 2 Accounts receivable (continued) The ageing of accounts receivable based on their recording dates is analyzed as below: 30 June 2026 31 December 2025 (unaudited) Within 1 year 157,282,175 126,807,751 1 to 2 years 2,518,724 948,469 2 to 3 years 159,817 195 Over 5 years 42,085,169 42,146,619 202,045,885 169,903,034 Accounts receivable are mainly recorded based on the dates of transaction. The ageing of accounts receivable presented on their recording date is basically the same as the ageing presented on the dates of invoice. 3 Accounts payable The ageing of accounts payable based on their recording dates is analyzed as below: 30 June 2026 31 December 2025 (unaudited) Within 1 year 4,140,610,858 3,038,846,282 1 to 2 years 5,847,554 8,189,751 2 to 3 years 254,173 1,960,508 Over 3 years 1,224,986 1,362,652 4,147,937,571 3,050,359,193 Accounts payable are mainly recorded based on the dates of transaction. The ageing of accounts payable presented on their recording date is basically the same as the ageing presented on the dates of invoice.
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– 7 – 4 Employee benefits payable 30 June 2026 31 December 2025 (unaudited) Short-term employee benefits 1,502,049,730 1,484,035,437 Defined contribution plans (Note) 21,325,254 22,739,057 Termination benefits 82,470,965 88,334,608 1,605,845,949 1,595,109,102 Note: The Group pays the basic pension and unemployment insurance to the local labour and social security departments monthly, following the demanding proportion and base. There are no forfeited contributions can be deducted against amounts due for employees in the current and future periods. 5 Dividends Pursuant to the resolution at the Annual General Meeting dated 26 June 2026, the Company approved a cash dividend of RMB2.35 per share (tax included) to the shareholders of the Company for the year of 2025, based on a total number of 1,364,195,121 shares. As of 10 August 2026, dividend amounting to a total of RMB3,205,858,534 was distributed (2025: cash dividend of RMB2.20 per share (tax included) to the shareholders of the Company for the year of 2024, based on a total number of 1,364,196,788 shares. As of 11 July 2025, dividend amounting to a total of RMB3,001,232,934 was distributed). No interim dividend for the six months ended 30 June 2026 has been proposed by the Board (For the six months ended 30 June 2025: nil). 6 Revenue and cost of sales Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Revenue from main operation 19,336,935,197 20,214,060,489 Revenue from other operations 317,914,440 277,107,256 19,654,849,637 20,491,167,745
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– 8 – 6 Revenue and cost of sales (continued) Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Cost of main operation 10,667,836,083 11,387,010,424 Cost of other operations 169,155,649 150,060,439 10,836,991,732 11,537,070,863 7 Taxes and surcharges Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Consumption tax 974,650,585 1,007,381,854 City maintenance and construction tax 160,193,610 170,687,029 Education surcharges 118,660,101 126,487,782 Real estate tax 42,758,680 40,006,294 Land use tax 29,259,238 29,285,961 Stamp duty 18,218,699 20,161,431 Others 5,577,076 4,834,277 1,349,317,989 1,398,844,628 8 Gains on disposals of assets Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Gains on disposals of intangible assets 49,631,461 107,855,591 Gains on disposals of right-of-use assets 1,865,839 127,195 Gains on disposals of fixed assets 920,432 4,122,784 52,417,732 112,105,570
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– 9 – 9 Income tax expenses Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Current income tax calculated according to tax laws and related regulations – PRC enterprise income tax 1,280,015,696 1,471,708,910 Current profits tax calculated according to tax laws and related regulations – Hong Kong profits tax 645,420 12,490,144 Current profits supplemental tax calculated according to tax laws and related regulations – Macau profits supplemental tax 146,801 228,102 Deferred income tax 107,835,095 (195,236,074) 1,388,643,012 1,289,191,082 Reconciliation of income tax expenses to accounting profit is as follows: Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Total profit 5,375,330,717 5,263,157,400 Income tax expenses calculated at applicable tax rates (25%) 1,343,832,679 1,315,789,350 Effect of different tax rates applied by subsidiaries (5,447,211) (1,464,273) Effect of non-taxable income (7,383,242) (9,887,913) Effect of non-deductible costs, expenses and losses 27,733,792 29,907,830 Effect of utilizing deductible losses and deductible temporary differences not recognized for deferred tax assets for prior period (9,552,205) (83,222,266) Effect of deductible losses and deductible temporary differences not recognized for deferred tax assets for the period 39,459,199 38,068,354 Income tax expenses 1,388,643,012 1,289,191,082
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– 10 – 9 Income tax expenses (continued) (1) PRC enterprise income tax The applicable enterprise income tax rate for the current period of Nanning Tsingtao Brewery Co., Ltd., a subsidiary of the Company, is 15%; some of the Company’s subsidiaries incorporated and operated in Chinese Mainland are Micro and Small Enterprises, and the applicable enterprise income tax rate is 20%; the applicable enterprise income tax rate of the Company and other subsidiaries of the group incorporated and operated in Chinese Mainland for the current period is 25%. (2) Hong Kong profits tax, Macau profits supplemental tax and Vietnam corporate income tax Tsingtao Brewery Hong Kong Trading Co., Ltd., Asia Brewery (Macau) Co., Ltd. and Tsingtao Brewery Vietnam Co., Ltd., the Company’s subsidiaries, were established in Hong Kong, Macau and Vietnam, applying Hong Kong profits tax, Macau profits supplemental tax and Vietnam corporate income tax respectively. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period. Macau profits supplemental tax is imposed on the estimated taxable profit for the period at a progressive rate scale ranging from 3% to 12%. Vietnam corporate income tax has been provided at the rate of 20% on the estimated assessable profit for the period. 10 Earnings per share (1) Basic earnings per share Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Consolidated net profit attributable to ordinary shareholders of the Company 3,919,809,697 3,904,325,353 Weighted average number of outstanding ordinary shares of the Company 1,364,195,121 1,364,100,121 Basic earnings per share 2.873 2.862 Including: – Basic earnings per share from continuing operations: 2.873 2.862 Basic earnings per share is calculated by dividing consolidated net profit attributable to ordinary shareholders of the Company by the weighted average number of outstanding ordinary shares of the Company.
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– 11 – 10 Earnings per share (continued) (2) Diluted earnings per share Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Consolidated net profit attributable to shareholders of the Company 3,919,809,697 3,904,325,353 Weighted average number of outstanding ordinary shares of the Company 1,364,195,121 1,364,100,121 Increase in weighted average number of ordinary shares as a result of share-based payments – 67,799 Weighted average number of outstanding ordinary shares after dilution 1,364,195,121 1,364,167,920 Diluted earnings per share 2.873 2.862 Including: – Diluted earnings per share from continuing operations: 2.873 2.862 Diluted earnings per share is calculated by dividing net profit attributable to ordinary shareholders of the Company adjusted based on the dilutive potential ordinary share by the adjusted weighted average number of outstanding ordinary shares. 11 Segment reporting (1) Basis for determining reporting segments and related accounting policies As the Group is mainly engaged in the production and distribution of beer, the reportable segments of the Group are business units operating in different regions. Different region requires different marketing strategies, and the Group, therefore, separately manages the production and operation of each reportable segment and evaluates their operating results respectively, in order to make decisions on resources allocation to these segments and to assess their performance. Tsingtao Brewery Finance LLC. (“Finance Company”), the Group’s subsidiary, is principally engaged in the financial businesses of wealth management and agency collection and payment for its members. Due to the unique business characteristics of Finance Company, the Group manages its operation independently and evaluates its operating results separately, to determine its resources allocation and assess its performance.
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– 12 – 11 Segment reporting (continued) (1) Basis for determining reporting segments and related accounting policies (continued) The Group identified seven reportable segments as follows: – Shandong region segment, responsible for the production and distribution in Shandong region and surrounding regions – South China region segment, responsible for the production and distribution in South China region – North China region segment, responsible for the production and distribution in North China region – East China region segment, responsible for the production and distribution in East China region – Southeast China region segment, responsible for the production and distribution in Southeast China region – Hong Kong, Macau and other overseas region segment, responsible for the distribution in Hong Kong SAR, Macau SAR and other overseas regions – Finance Company segment, engaged in the financial businesses of wealth management and agency collection and payment for its members Inter-segment transfer pricing is based on mutually-agreed prices. Assets are allocated based on the operation of the segments and the physical location of the assets. Liabilities are allocated based on the operation of the segments.
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– 13 – 11 Segment reporting (continued) (2) Financial information of the reporting segments Segment information as at and for the six months ended 30 June 2026 is as follows (unaudited): Items Shandong Region South China Region North China Region East China Region Southeast China Region Hong Kong, Macau and other overseas Region Finance Company Unallocated amount Inter-segment offsetting Total Revenue from external customers 12,432,765,303 1,501,206,318 3,710,988,431 1,362,718,054 359,500,750 281,401,195 – 6,269,586 – 19,654,849,637 Inter-segment revenue 1,446,115,307 434,722,644 1,386,483,760 251,859,590 4,434,024 249,891,773 22,003,902 56,443,994 (3,851,954,994) – Cost of sale 8,316,101,426 1,269,724,944 3,346,619,897 1,097,169,371 272,396,276 444,334,908 15,998,443 60,027,719 (3,985,381,252) 10,836,991,732 Selling and distribution expenses 1,217,043,566 154,587,854 281,285,106 159,096,672 69,737,113 31,629,202 – – – 1,913,379,513 Interest income 19,116,120 16,725,154 27,252,411 6,219,434 280,480 3,711,487 82,196,106 74,788,547 (70,254,560) 160,035,179 Interest expenses 81,334,996 1,035,566 660,184 3,621,954 1,033,233 21,840 – – (79,005,342) 8,702,431 Share of profits of associates and a joint venture – – – – – 3,509,672 – 22,620,122 – 26,129,794 Credit impairment gains (losses) 287,427 (53,280) 2,400 – – 95,754 (189,394) (3,200,000) 3,200,000 142,907 Asset impairment losses (6,242,785) (1,562,603) (8,337,521) (1,914,604) (692,822) – – – – (18,750,335) Depreciation and amortization expenses 327,002,167 64,355,631 117,585,182 65,657,687 13,640,703 723,429 952,853 77,850,875 (482,840) 667,285,687 Total profits (losses) 3,658,660,970 330,468,000 1,130,244,121 183,332,430 (12,637,791) 52,459,657 148,235,447 (261,126,109) 145,693,992 5,375,330,717 Income tax expenses 882,373,546 78,594,898 296,396,137 47,791,243 5,034,827 12,221,240 34,177,163 – 32,053,958 1,388,643,012 Net profits (losses) 2,776,287,424 251,873,102 833,847,984 135,541,187 (17,672,618) 40,238,417 114,058,284 (261,126,109) 113,640,034 3,986,687,705 Total assets 30,305,473,815 4,274,922,774 8,718,665,395 3,712,303,486 748,359,701 822,822,700 13,545,580,107 6,453,169,184 (14,948,083,494) 53,633,213,668 Total liabilities 21,633,464,032 1,812,241,047 4,265,942,351 2,379,956,120 487,082,489 69,816,386 8,766,412,499 (2,965,852,714) (13,450,027,590) 22,999,034,620 Non-cash expenses other than depreciation and amortization expenses 5,363,362 7,251 768,241 10,997 321 – – 668,434 – 6,818,606 Long-term equity investments in associates and a joint venture – – – – – – – 380,846,727 – 380,846,727 (Decrease)Increase in non-current assets (Note) (983,383,613) 46,635,906 80,086,643 82,863,505 4,625,862 2,565,657 421,104 35,343,471 – (730,841,465) Note: Non-current assets do not include financial assets, long-term equity investments and deferred tax assets.
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– 14 – 11 Segment reporting (continued) (2) Financial information of the reporting segments (continued) Segment information as at and for the six months ended 30 June 2025 is as follows (unaudited): Items Shandong Region South China Region North China Region East China Region Southeast China Region Hong Kong, Macau and other overseas Region Finance Company Unallocated amount Inter-segment offsetting Total Revenue from external customers 13,108,585,144 1,458,599,511 3,820,155,114 1,457,721,006 353,760,372 286,794,974 196,451 5,355,173 – 20,491,167,745 Inter-segment revenue 1,708,867,275 524,385,347 1,379,111,236 224,943,106 8,678,879 198,823,174 7,449,636 55,503,570 (4,107,762,223) – Cost of sale 9,192,799,661 1,280,438,208 3,422,917,330 1,128,463,120 282,607,786 382,216,046 52,147,639 60,757,735 (4,265,276,662) 11,537,070,863 Selling and distribution expenses 1,492,320,804 141,219,121 277,199,265 173,779,222 73,082,755 29,680,850 – – – 2,187,282,017 Interest income 26,464,596 5,954,498 13,721,403 3,626,417 484,965 2,888,156 162,862,158 63,525,932 (57,205,957) 222,322,168 Interest expenses 33,311,445 1,255,991 680,379 3,545,462 1,106,372 98,143 52,097,172 – (87,248,305) 4,846,659 Share of profits of associates and a joint venture – – – – – 3,254,379 – 23,392,953 – 26,647,332 Credit impairment gains (losses) 14,555,253 (53,280) 2,400 – – (574,266) (14,435,797) 50,000,000 (50,000,000) (505,690) Asset impairment losses – – – – – – – – – – Depreciation and amortization expenses 299,179,726 71,555,941 120,647,324 67,819,665 17,650,093 3,055,764 868,019 66,756,973 (482,493) 647,051,012 Total profits (losses) 3,314,897,898 372,121,343 1,152,848,610 285,557,898 (21,230,776) 80,492,904 122,252,031 (132,283,422) 88,500,914 5,263,157,400 Income tax expenses 777,087,189 73,949,557 295,959,857 51,692,080 1,606,395 27,613,796 29,781,143 – 31,501,065 1,289,191,082 Net profits (losses) 2,537,810,709 298,171,786 856,888,753 233,865,818 (22,837,171) 52,879,108 92,470,888 (132,283,422) 56,999,849 3,973,966,318 Total assets 20,501,032,448 4,135,090,731 7,630,787,654 3,628,476,258 775,336,604 690,795,660 18,849,754,835 10,371,689,536 (16,319,329,509) 50,263,634,217 Total liabilities 17,319,688,469 1,890,768,909 4,580,993,089 2,508,768,086 463,233,909 72,959,702 14,757,527,307 223,633,588 (20,458,973,719) 21,358,599,340 Non-cash expenses other than depreciation and amortization expenses 5,753,412 35,465 988,981 72,870 5,913 – 11,571 707,188 – 7,575,400 Long-term equity investments in associates and a joint venture – – – – – – – 376,172,130 – 376,172,130 Increase (Decrease) in non-current assets (Note) 1,430,049,764 56,547,586 29,908,951 249,589,166 1,263,291 (520,095) 1,415,229 7,310,943 (46,497,047) 1,729,067,788 Note: Non-current assets do not include financial assets, long-term equity investments and deferred tax assets.
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– 15 – 11 Segment reporting (continued) (3) Revenue from external customers Revenue from external customers Six months ended 30 June 2026 Six months ended 30 June 2025 (unaudited) (unaudited) Chinese Mainland 19,342,563,434 20,178,128,670 Hong Kong and Macau SARs 77,468,127 83,949,059 Other overseas countries and regions 234,818,076 229,090,016 19,654,849,637 20,491,167,745 (4) Total non-current assets by geographical location Total non-current assets 30 June 2026 31 December 2025 (unaudited) Chinese Mainland 18,345,344,708 18,156,534,651 Hong Kong and Macau SARs 18,168,756 13,508,720 18,363,513,464 18,170,043,371 In the regional information above, non-current assets are attributed to the region in which the assets are located. Total non-current assets exclude financial assets and deferred tax assets.
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– 16 – II. DIVIDEND The Company will not distribute interim dividends for the six months ended 30 June 2026. III. MANAGEMENT DISCUSSION AND ANALYSIS (I) Introduction to General Information of the Company’s Operating Activities during the Reporting Period In the first half of 2026, the Company remained committed to implementing a brand-led high-quality development strategy, continuously strengthening innovation-driven growth, optimizing its product mix, deepening its market footprint, and enhancing operational efficiency. During the Reporting Period, the Company achieved product sales of 4.5 million kiloliters; generated operating revenue of RMB19.65 billion; and recorded net profit attributable to shareholders of the listed company of RMB3.92 billion. The Company maintained sound operations and strong internal momentum, demonstrating robust development resilience and sustainable growth capabilities. During the Reporting Period, the Company continued to advance the optimization and upgrading of its product mix, with mid-to-high-end and health-oriented categories driving growth. By deepening the “Tsingtao Beer + Laoshan Beer” brand strategy and leveraging the “1+1+1+2+N” product matrix, the Company built a diversified growth engine. In the first half of the year, the main “Tsingtao Beer” brand achieved sales of 2.708 million kiloliters, of which mid-to-high- end and premium products accounted for 2.044 million kiloliters, representing a year-on-year increase of 2.6%. The Company continued to strengthen the market leadership of its flagship products and fresh beer offerings, using core flagship products to solidify its foundation and strategic products to tap into incremental markets; at the same time, it accelerated its expansion into emerging segments to build a more balanced and sustainable growth structure. In the first half of the year, the Classic Series products underwent a refresh and upgrade, continuing to maintain steady growth; White Beer and Light Dry products saw strong growth, with White Beer continuing to lead its industry segment thanks to its “World Gold Medal Quality” and ranking first in the industry’s white beer category; Light Dry precisely positioned itself in the “zero-sugar, low-calorie” health segment, rapidly growing into a category benchmark. The Company implemented strategic partnerships with international premium brands; the all-malt lager produced in collaboration with Germany’s Paulaner Group gained immediate recognition upon its launch, further solidifying the Company’s premium product portfolio. During the Reporting Period, despite a market environment characterized by weak consumer demand, the Company deepened its market operations, drove channel transformation, and focused on “new products, new channels, new consumer groups, new scenarios, and new demands” to cultivate new growth drivers. Taking into account the distinct characteristics of each regional market, the Company continued to strengthen product innovation and brand communication, rigorously pursued refined market operations and point-of-sale sales promotion, pioneered “scenario- based marketing,” and built a smart and efficient supply chain; the competitive edge in traditional core markets was further consolidated, while emerging markets gradually gained momentum. In overseas markets, the Company expanded its distribution network coverage, accelerated product innovation, and achieved steady growth in export sales; Tsingtao Beer was listed among Kantar BrandZ’s “Top 50 Globalized Chinese Brands 2026,” with its global brand influence continuing to rise.
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– 17 – The Company proactively drove channel transformation. Building on strengths in mainstream channels, it accelerated its expansion into high-potential channels such as convenience retail and high-end dining, with growth in these emerging channels consistently leading the industry. During the Reporting Period, sales volumes in online, convenience retail, and modern retail all reached record highs. Notably, the convenience retail segment maintained rapid growth for six consecutive years through comprehensive product category coverage and innovative marketing models, unlocking new growth momentum in incremental markets. (II) Core Competitiveness Analysis The Company’s core competitiveness and the discussion and analysis on the Company’s future developments (including the Company’s development strategy and business plan) did not change during the Reporting Period. Please refer to the Company’s 2025 Annual Report for details. (III) Analysis of Principal Financials During the Reporting Period (Calculated in Accordance with China’s Accounting Standards for Business Enterprises) 1. Analysis of changes to items in Income Statements Unit: '000 Yuan Currency: RMB Item Current Reporting Period Corresponding period in the previous year Increase/ Decrease (%) Revenue 19,654,850 20,491,168 -4.08 Cost of sales 10,836,992 11,537,071 -6.07 Selling and distribution expenses 1,913,380 2,187,282 -12.52 General and administrative expenses 695,743 682,992 1.87 Finance expenses -142,107 -207,791 Research and development expenses 51,804 43,712 18.51 Profits arising from changes in fair value 180,972 53,499 238.27 Asset impairment losses -18,750 – Gains on disposals of assets 52,418 112,106 -53.24
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– 18 – (1) Revenue In the first half of 2026, revenue decreased by 4.08% year-on-year, mainly due to the impact of sales volume during the Reporting Period. (2) Cost of sales In the first half of 2026, cost of sales decreased by 6.07% year-on-year, mainly due to the impact of sales volume and a decrease in certain raw material costs during the Reporting Period. (3) Selling and distribution expenses In the first half of 2026, selling and distribution expenses decreased by 12.52% year-on-year, mainly due to the impact of sales volume and reduced business promotion expenses in certain regions during the Reporting Period. (4) General and administrative expenses In the first half of 2026, general and administrative expenses increased by 1.87% year-on-year, which remained largely flat compared with the same period last year. (5) Finance expenses In the first half of 2026, finance expenses increased by RMB 65,684 thousand year-on-year, mainly due to a decrease in interest income resulting from lower interest rates during the Reporting Period. (6) Research and development expenses In the first half of 2026, research and development expenses increased by 18.51% year-on-year, mainly due to increased investment in new product development during the Reporting Period. (7) Profits arising from changes in fair value In the first half of 2026, profits arising from changes in fair value increased by 238.27% year-on-year, mainly due to an increase in fair value gain generated by wealth management products, bonds and other investments held by the Group during the Reporting Period. (8) Asset impairment losses In the first half of 2026, asset impairment losses increased by RMB 18,750 thousand year-on-year, mainly due to higher impairment losses on fixed assets recognized by certain subsidiaries during the Reporting Period. (9) Gains on disposals of assets In the first half of 2026, gains on disposals of assets decreased by 53.24% year-on-year, mainly due to reduced gains from disposals of land use rights and other long-term assets recognized by certain subsidiaries during the Reporting Period.
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– 19 – 2. Analysis of changes to items in Cash Flow Statements Unit: '000 Yuan Currency: RMB Item Current Reporting Period Corresponding period in the previous year Increase/ Decrease (%) Net cash flow from operating activities 5,504,556 4,799,544 14.69 Net cash flow from investing activities -5,222,392 -2,616,463 Net cash flow from financing activities -74,425 -1,624,083 (1) Net cash flow from operating activities In the first half of 2026, net cash flow from operating activities increased by 14.69% year-on-year, mainly due to decreased tax payments resulting from the impact of sales volume during the Reporting Period. (2) Net cash flow from investing activities In the first half of 2026, net cash flow from investing activities decreased by RMB 2,605,929 thousand year- on-year, mainly due to an increase in net investment in wealth management products by the Group during the Reporting Period. (3) Net cash flow from financing activities In the first half of 2026, net cash flow from financing activities increased by RMB 1,549,658 thousand year-on- year, mainly due to the fact that the cash dividends declared pursuant to the shareholders' resolution at the end of the Reporting Period had not yet been paid. 3. Analysis of changes to items in balance sheet Unit: '000 Yuan Currency: RMB Item 30 June 2026 31 December 2025 Increase/ (Decrease) (%) Financial assets held for trading 11,009,038 6,228,401 76.76 Advances to suppliers 176,895 134,632 31.39 Current portion of non-current assets 1,716,258 48,213 3459.71 Other non-current assets 3,825,117 5,479,906 -30.20 Notes payable 223,440 125,587 77.92 Accounts payable 4,147,938 3,050,359 35.98 Taxes payable 1,049,345 442,764 137.00 Other payables 6,269,019 3,337,759 87.82 Other current liabilities 77,769 338,211 -77.01
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– 20 – (1) Financial assets held for trading At the end of the reporting period, financial assets held for trading increased by 76.76% compared with the beginning of the period, mainly due to the purchase of wealth management products during the Reporting Period. (2) Advances to suppliers At the end of the reporting period, advances to suppliers increased by 31.39% compared with the beginning of the period, mainly due to an increase in purchases of raw materials through advance payment during the Reporting Period. (3) Current portion of non-current assets At the end of the reporting period, current portion of non-current assets increased by RMB 1,668,045 thousand compared with the beginning of the period, mainly due to the reclassification of certain long-term time deposits originally presented in other non-current assets at the beginning of the year into current portion of non-current assets, as their maturity dates were less than one year from the end of the Reporting Period. (4) Other non-current assets At the end of the reporting period, other non-current assets decreased by 30.20% compared with the beginning of the period, mainly due to the reclassification of certain long-term time deposits originally presented in other non- current assets at the beginning of the year into current portion of non-current assets, as their maturity dates were less than one year from the end of the Reporting Period. (5) Notes payable At the end of the reporting period, notes payable increased by 77.92% compared with the beginning of the period, mainly due to an increase in raw material payables settled by notes during the Reporting Period. (6) Accounts payable At the end of the reporting period, accounts payable increased by 35.98% compared with the beginning of the period, mainly due to increased raw material purchases during the Reporting Period. (7) Taxes payable At the end of the reporting period, taxes payable increased by 137.00% compared with the beginning of the period, mainly due to an increase in income tax, value-added tax, consumption tax and other taxes payable during the Reporting Period. (8) Other payables At the end of the reporting period, other payables increased by 87.82% compared with the beginning of the period, mainly due to unpaid cash dividends declared pursuant to the shareholders' resolution at the end of the Reporting Period had not yet been paid.
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– 21 – (9) Other current liabilities At the end of the reporting period, other current liabilities decreased by 77.01% compared with the beginning of the period, mainly due to a decrease in deferred output V AT (output V AT to be transferred) of certain subsidiaries during the Reporting Period. 4. Other information (1) Debt/Capital ratio As at 30 June 2026, the Group’s debt/capital ratio was 0% (31 December 2025: 0%). The calculation of debt/ capital ratio is: total amount of long-term borrowings/(total amount of long-term borrowings + equity attributable to the shareholders of the Company). (2) Assets mortgage As at 30 June 2026, the Group did not have any mortgages (31 December 2025: Nil). (3) Risk of fluctuations in exchange rate The Group currently relies on imported barley as its raw material for beer production. Therefore, fluctuations in the exchange rate would affect the purchase cost of raw materials. In addition, fluctuations in exchange rate would also directly affect the product export income of the Group as some beer products of the Group are exported for sale. These matters would impact the profitability of the Group to certain extents. (4) Capital expenses In the first half of year 2026, the Group had invested a total of approximately RMB 1,109 million in new construction, relocation, reconstruction and expansion projects. Based on the current situation of the Group’s funds and profitability, there are sufficient self-owned funds and continuous net operating cash inflow to satisfy the Group’s needs for funds for its capital projects. (5) Investments See details in the notes to the financial statements of the 2026 Interim Report. (6) Contingent liabilities Nil. IV . SIGNIFICANT EVENTS 1. During the Reporting Period, the Company was not involved in any new significant litigation or arbitration. 2. During the Reporting Period, neither the Company nor its subsidiaries had purchased, sold or redeemed any listed securities of the Company.
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– 22 – V . REVIEW OF THE UNAUDITED INTERIM RESULTS The Audit & Internal Control Committee of the Board has reviewed the Company’s unaudited 2026 Interim Results. VI. CORPORATE GOVERNANCE CODE The Company is committed to maintaining and promoting stringent corporate governance standards. The principles of the Company’s corporate governance are to promote effective internal control measures and to enhance the work transparency and accountability of the Board to all shareholders. During the Reporting Period, the Company had complied with the provisions of the Corporate Governance Code contained in Appendix C1 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, except for deviation from code provision C.2.1 of the Corporate Governance Code. Pursuant to code provision C.2.1, the roles of chairman and chief executive should be separate and should not be performed by the same individual. Since 25 December 2024, Mr. Jiang Zong Xiang, an executive director of the Company, has assumed the roles and duties of the Chairman and continues to act as the President of the Company. From 20 May 2025, Mr. Jiang Zong Xiang, the Chairman of the Company, has acted on behalf of the President of the Company. Although the relevant arrangement deviates from code provision C.2.1, the Board considers that under the supervision of other existing members of the Board, the Board is appropriately structured with balance of power to provide sufficient checks to protect the interests of the Company and its shareholders. By order of the Board Tsingtao Brewery Company Limited JIANG Zong Xiang Chairman Qingdao, the People’s Republic of China 26 August 2026 Members of the Board as at the date of this announcement are as follows: 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. ZHAO Chang Wen, Ms. ZHAO Hong, Mr. W ANG Ya Ping, Ms. XUE Shuang and Mr. CHAU Kwok Keung