


Core Viewpoint - Qingdao Beer achieved a net profit attributable to shareholders of 3.9 billion yuan in 1H25, representing a year-on-year increase of 7.2% [1] - The company continues to focus on high-end product development and brand strategy, enhancing competitiveness in the market [1] Financial Performance - In 2Q25, the net profit attributable to shareholders was 2.2 billion yuan, with a year-on-year growth of 7.3% [1] - The gross profit margin for 1H25 was 43.7%, an increase of 2.1 percentage points year-on-year [1] - Beer production costs were 2406 yuan per thousand liters in 1H25, reflecting a decrease of 3.9% year-on-year [1] Sales and Market Strategy - In 2Q25, the total beer sales volume was 2.47 million kiloliters, showing a year-on-year increase of 1.2% [1] - Sales volume for the main Qingdao brand reached 1.34 million kiloliters, up by 3.8% year-on-year, while other brands saw a decline of 1.7% to 1.13 million kiloliters [1] - The company is advancing its brand strategy of "Qingdao Beer main brand + Laoshan Beer as a national second brand" to enhance product competitiveness [1]