Tsingtao Brewery's Q3 revenue and net income both declined year-on-year. Facing the background of consumer demand adjustment in the market, the company's product innovation and market expansion are facing challenges.

On the 29th, Tsingtao Brewery released the third-quarter report for 2024:

• Revenue: Achieved revenue of 8.891 billion yuan in the third quarter, a 5.28% decrease year-on-year.

• Net income: The net income for the third quarter was 1.348 billion yuan, a 9.03% decrease year-on-year.
• Earnings per share: For the third quarter, it was 0.989 yuan per share.
• Total assets: At the end of this reporting period, total assets were 50.371 billion yuan, a 2.26% increase year-on-year.

In the first three quarters, the company achieved revenue of 28.96 billion yuan, a year-on-year decrease of 6.52%; net income was 4.99 billion yuan, a year-on-year increase of 1.67%.

The company's announcement stated that during the reporting period, in the face of the severe situation of sluggish consumption in the domestic beer market, the company adhered to its global strategy, continued to promote product innovation and structural optimization and upgrades, while increasing market sales expenses and marketing efforts, actively exploring the market.

In the first three quarters of 2024, the company cumulatively achieved product sales volume of 6.785 million kiloliters, including:

• The main brand tsingtao brewery achieved product sales volume of 3.835 million kiloliters,
• Sales volume of high-end and above products reached 2.779 million kiloliters,
• The company's kiloliter beer revenue increased by 0.49% year-on-year.

During the reporting period, tsingtao brewery's sales expenses were 3.421 billion yuan, a slight decrease year-on-year; management expenses were 0.939 billion yuan, a decrease year-on-year. In addition, research and development expenses increased to 56.7391 million yuan, demonstrating the company's emphasis on product innovation.