Ge Long Hui A P P·2025-10-28 04:00Core Viewpoint - Goldman Sachs reports that Qingdao Beer’s Q3 revenue was 8.88 billion yuan, a year-on-year decline of 0.2%, slightly below the bank's expected growth of 1.3% [1] - Net profit was 1.37 billion yuan, a year-on-year increase of 1.6%, also below the expected growth of 8.8% [1] - Sales volume grew only 0.3% year-on-year, with average product prices declining by 0.5%, both underperforming the bank's expectations of 0.9% and 0.4% growth respectively [1] Financial Performance - Revenue for Q3 was 8.88 billion yuan, down 0.2% year-on-year [1] - Net profit reached 1.37 billion yuan, up 1.6% year-on-year [1] - Sales volume increased by 0.3% year-on-year, while average product prices fell by 0.5% [1] Margin Analysis - Gross margin improved by 1.4 percentage points to 36.1%, but fell short of the expected 36.7% due to weak product pricing [1] Market Segmentation - Sales of mid-to-high-end products grew by 6.8% year-on-year, increasing their share of total sales to 43.6%, compared to 41% in the same period last year [1] Investment Outlook - Goldman Sachs believes Qingdao Beer is continuing its high-end strategy, maintaining a "Buy" rating with a target price of 61.4 HKD, corresponding to a projected P/E ratio of approximately 15.2 times for 2026 [1]