Core Insights - Qingdao Beer reported a record net profit of RMB 5.27 billion for the first three quarters of 2025, marking a year-on-year increase of 5.7% and the first time net profit surpassed RMB 5 billion [1] - The company achieved a total product sales volume of 6.894 million kiloliters and an operating revenue of RMB 29.37 billion during the same period [1] Sales Performance - The main brand, Qingdao Beer, recorded a sales volume of 3.99 million kiloliters, reflecting a year-on-year growth of 4.1% [1] - Sales of mid-to-high-end products reached 2.935 million kiloliters, with a year-on-year increase of 5.6% [1] Strategic Initiatives - The company is committed to high-quality development by leveraging its brand, quality, and channel network advantages [1] - Qingdao Beer is actively optimizing its product structure and innovating its marketing operations to expand both domestic and international markets [1] Market Adaptation - In response to evolving consumer demands, emerging channels, and competition, Qingdao Beer is focusing on multi-channel strategies and fine-tuned operations to strengthen its market position [1] - The company is enhancing consumer experience through innovative marketing models and multi-scenario marketing practices, which contribute to the continuous improvement of its profitability [1]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of 29.367 billion yuan, a year-on-year increase of 1.41% [1][2] - The net profit attributable to shareholders was 5.274 billion yuan, up 5.70% year-on-year [1][2] - The non-recurring net profit was 4.922 billion yuan, reflecting a growth of 5.03% year-on-year [1][2] - In Q3 alone, revenue was 8.876 billion yuan, showing a slight decline of 0.17% year-on-year, while net profit attributable to shareholders was 1.370 billion yuan, an increase of 1.62% [1][2] Core Business Progress - Total sales volume in the first three quarters reached 6.894 million kiloliters, a year-on-year increase of 1.6% [3] - The main brand, Tsingtao Beer, sold 3.99 million kiloliters, up 4.1% year-on-year [3] - Sales of mid-to-high-end products reached 2.935 million kiloliters, reflecting a growth of 5.6% year-on-year [3] - The growth is primarily driven by the expansion of the mid-to-high-end product line and the continued strength of the main brand [3] Development Strategy - The company is focused on upgrading product structure, strengthening mainstream channel positions, and accelerating the development of emerging channels [1][3] - Online business continues to improve, supported by innovative marketing across multiple scenarios to drive consumption upgrades [1][3] - The company is also making progress in expanding its presence in overseas markets, maintaining its brand internationalization efforts [3] Asset and Equity Structure - As of the end of Q3, total assets stood at 51.4 billion yuan, remaining stable [3] - Shareholder equity attributable to the parent company was 31.3 billion yuan, an increase of 7.82% year-on-year [3] - The weighted average return on equity slightly increased to 17.37%, indicating stable profitability [3] Areas of Concern - Operating cash flow decreased by 6.65% year-on-year, indicating some pressure on cash flow despite profit growth [4] - The slight decline in Q3 revenue may reflect seasonal effects and uncertainties in consumer recovery [4] - Market expectations for the company's high-end transformation and profitability improvements are already established, but ongoing breakthroughs in channel innovation and brand internationalization may lead to better-than-expected performance [4]

Major Events - Guizhou Moutai's chairman Zhang Deqin resigned due to work adjustments, with Chen Hua recommended as the new chairman [4] - Kid King plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [5] - Postal Savings Bank received approval to establish a financial asset investment company with a registered capital of 10 billion RMB [6] - Seres announced that the maximum price for its H-share issuance will not exceed 131.5 HKD per share [7] - China Bank appointed Liu Chenggang as vice president [8] - ST Guangwu's stock will be delisted from risk warning and renamed to "Guanghui Logistics" [9] - Wireless Media's initial pricing for share transfer is set at 29.11 RMB per share [10] - Jiangshan Oupai's subsidiaries in Henan and Chongqing will cease operations due to insufficient orders and will transfer business to Zhejiang [11][12] - Zhenyu Technology plans to invest 2.11 billion RMB in precision component manufacturing and humanoid robot projects [13] - Jinyuan Co.'s general manager Lian Changyun resigned, with Qiu Yongping appointed as the new general manager [14] Performance Overview - CanSino reported a Q3 net profit of 27.93 million RMB, up 842.01% year-on-year [15] - Jiangshan Co. achieved a Q3 net profit of 86.73 million RMB, a significant increase of 11,890.01% year-on-year [16] - Yingshi Innovation's Q3 net profit decreased by 15.90% to 272 million RMB [17] - Chip Origin reported a Q3 net loss of 26.85 million RMB [18] - Tonghua Dongbao's Q3 net profit surged by 499.86% to 984 million RMB [19] - Hengrui Medicine's Q3 net profit increased by 9.53% to 1.301 billion RMB [20] - Zhongguang Lightning's Q3 net profit rose by 382.66% to 6.46 million RMB [21] - Ice River Network's Q3 net profit grew by 244.58% to 166 million RMB [22] - Daheng Technology's Q3 net profit skyrocketed by 1,960.72% to 71.48 million RMB [23] - Yanjin Puzhi's Q3 net profit increased by 33.55% to 232 million RMB [24] - Sichuan Gold's Q3 net profit reached 160 million RMB, up 184.38% year-on-year [26] - Sanbo Brain Science's Q3 net profit fell by 63.26% to 13.93 million RMB [27] - Hengli Petrochemical's Q3 net profit rose by 81.47% to 1.972 billion RMB [28] - Deepin Technology's Q3 net profit surged by 1,097.40% to 147 million RMB [29] - Huisheng Biological's Q3 net profit increased by 1,575.79% to 70.72 million RMB [30] - Gaode Infrared's Q3 net profit grew by 1,143.72% to 401 million RMB [31] - Qingdao Beer reported a Q3 net profit of 1.37 billion RMB, up 1.62% [32] - Nanjing Public Utilities' Q3 net profit soared by 2,492.12% to 84.62 million RMB [34] - Zhangyuan Tungsten's Q3 net profit increased by 118.56% to 75.02 million RMB [35] - Yongmaotai's Q3 net profit rose by 6,319.92% to 30.41 million RMB [36] - Northern Rare Earth's Q3 net profit increased by 69.48% to 610 million RMB [37] - Hunan Gold's Q3 net profit grew by 63.13% to 373 million RMB [38] - Wansheng Intelligent's Q3 net profit increased by 205.56% to 67.13 million RMB [39] - Saiwei Electronics reported a Q3 net profit of 1.576 billion RMB, up 2,199.10% [40] Financing Activities - Lingzhi Software is planning to acquire control of Kaimiride and raise matching funds [41] Major Contracts - High-speed Rail Electric has pre-qualified for a 62.39 million RMB urban rail transit project [42]

Core Insights - Qingdao Beer reported a revenue of 29.367 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders of the listed company reached 5.274 billion yuan, showing a year-on-year increase of 5.70% [1]

Core Viewpoint - Qingdao Beer Co., Ltd. reported a slight decline in revenue for Q3 2025, while net profit showed a modest increase, indicating a mixed performance in the current financial period [1] Financial Performance - Revenue for Q3 2025 was approximately RMB 8.876 billion, representing a year-on-year decrease of 0.17% [1] - Net profit for Q3 2025 was around RMB 1.37 billion, reflecting a year-on-year increase of 1.62% [1] - Basic earnings per share for Q3 2025 stood at RMB 1.004 [1] Year-to-Date Performance - For the first three quarters of 2025, total revenue reached approximately RMB 29.367 billion, showing a year-on-year increase of 1.41% [1] - Net profit for the first three quarters was about RMB 5.274 billion, which is a year-on-year increase of 5.7% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列青島啤酒股份有限公司於中華人民共和國（「中國」）若干報章及上海證券交易所網站 （www.sse.com.cn）刊載之《青島啤酒股份有限公司2025年第三季度報告》，僅供參閱。 承董事會命 青島啤酒股份有限公司 侯秋燕 執行董事及聯席公司秘書 证券代码：600600 证券简称：青岛啤酒 青岛啤酒股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中國 • 青島 2025年10月27日 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜 ...

Financial Performance - For the third quarter of 2025, the company reported operating revenue of RMB 8,875,503,365, a decrease of 0.17% year-on-year[8]. - The total profit for the same period was RMB 1,910,412,608, reflecting an increase of 4.89% compared to the previous year[8]. - Net profit attributable to shareholders was RMB 1,370,027,359, which represents a year-on-year growth of 1.62%[8]. - The weighted average return on net assets was 4.47%, a decrease of 0.16 percentage points compared to the previous year[8]. - The total assets at the end of the reporting period were RMB 51,390,464,744, a slight decrease of 0.06% from the previous year[8]. - The equity attributable to shareholders increased by 7.82% year-on-year, reaching RMB 31,333,133,632[8]. Sales and Market Performance - The company achieved a cumulative product sales volume of 6.894 million kiloliters, an increase of 1.6% year-on-year, with the main brand Tsingtao Beer growing by 4.1%[9]. - The online business has been continuously strengthened, contributing to the overall growth in consumer engagement and product consumption[9]. - The company plans to continue optimizing its product structure and expanding its market presence both domestically and internationally[9]. - The company is focused on enhancing consumer experience through innovative marketing strategies and multi-scenario marketing practices[9]. Shareholder Information - The largest shareholder, Hong Kong Central Clearing (Agent) Co., Ltd., holds 614,017,236 shares, representing 45.01% of total shares[15]. - Qingdao Beer Group Co., Ltd. owns 443,467,655 shares, accounting for 32.51% of total shares, with 405,132,055 shares being RMB ordinary shares[16]. - The top ten shareholders do not have any known relationships or act in concert[17]. - The company has not disclosed any participation in margin financing or securities lending by the top ten shareholders[18]. Corporate Governance - As of September 30, 2025, the company will provide unaudited financial statements on its website and the Shanghai Stock Exchange[19]. - The board of directors includes key members such as Chairman Jiang Zongxiang and Executive Director Hou Qiuyan[20].

Core Viewpoint - Qingdao Beer has reported its latest performance in the beer sector, showing a slight decline in revenue but an increase in net profit, indicating resilience amid industry challenges [2][5]. Financial Performance - In Q3 2025, Qingdao Beer achieved revenue of 8.88 billion yuan, a year-on-year decrease of 0.17%, while net profit attributable to shareholders was 1.37 billion yuan, reflecting a growth of 1.62% [2][3]. - For the first three quarters, the total revenue exceeded 29 billion yuan, and net profit surpassed 5.27 billion yuan, with expectations for record annual profits [2][3]. Sales and Market Position - The company reported a slight increase in sales volume of 2.155 million kiloliters in Q3, with a year-on-year growth of only 0.3%, and a total increase of 1.6% for the first three quarters [6]. - The main brand's sales grew by 4.2% year-on-year, with mid-to-high-end products seeing a 6.8% increase, outperforming industry averages [6][7]. Strategic Initiatives - Qingdao Beer is focusing on brand strength, quality, and channel network advantages, accelerating product structure optimization, and innovating marketing strategies to enhance consumer experience and drive consumption [5]. - The company is actively expanding both domestic and international markets while maintaining a multi-channel approach to solidify its market position [5]. Shareholder Dynamics - Hong Kong Central Clearing Limited reduced its holdings from 23.34 million shares to 10.8 million shares, representing a significant decrease in ownership [8]. - As of the latest data, the top shareholders include Hong Kong Central Clearing Limited and Qingdao Beer Group, with the latter holding 32.51% of shares [9]. Stock Performance - As of October 27, Qingdao Beer’s stock price has declined by 15.9% this year [10].

公告数据显示，1—9月青岛啤酒累计实现产品销量689.4万千升，同比增长1.6%，其中主品牌青岛啤酒 实现产品销量399万千升，同比增长4.1%；中高端以上产品实现销量293.5万千升，同比增长5.6%。 北京商报讯（记者 刘一博 冯若男）10月27日，青岛啤酒股份有限公司（以下简称"青岛啤酒"）发布 《2025年第三季度报告》显示，1—9月青岛啤酒实现营业收入293.67亿元，同比提升1.41%；实现归属 于上市公司股东的净利润为52.74亿元，同比提升5.7%。 ...

Core Viewpoint - Qingdao Beer reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable performance despite a minor decline in Q3 revenue [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of approximately 29.367 billion yuan, a year-on-year increase of 1.4% [1] - The net profit attributable to shareholders was about 5.274 billion yuan, reflecting a year-on-year growth of 5.7% [1] - In Q3 2025, the company experienced a revenue decline of 0.17%, totaling 8.876 billion yuan, while net profit increased by 1.62% to 1.37 billion yuan [1] Sales Volume - The total product sales volume for the first three quarters reached 6.894 million kiloliters, marking a year-on-year increase of 1.6% [1] - The main brand, Qingdao Beer, achieved a sales volume of 3.99 million kiloliters, up 4.1% year-on-year [1] - Sales of mid-to-high-end products reached 2.935 million kiloliters, with a year-on-year growth of 5.6% [1]