Chongqing Brewery H1 Revenue Falls 2.98%, Net Profit Drops 7.98%

Chongqing Brewery Co. , Ltd. released its semi-annual report for 2026. During the first half, beer sales volume reached 1.7492 million kiloliters, down 2.87% year-on-year; operating revenue was RMB 8.576 billion, down 2.98%; net profit attributable to shareholders was RMB 796 million, down 7.98%; basic earnings per share stood at RMB 1.64. In the second quarter, revenue was RMB 4.226 billion, down 5.75% year-on-year, and attributable net profit was RMB 358 million, down 8.69%. The first-half revenue and profit declines widened compared with the 2025 interim period. From 2022 to 2024, the company maintained positive growth in both revenue and net profit.

By product category, premium product revenue was RMB 5.185 billion, down 1.53%; mainstream product revenue was RMB 2.966 billion, down 5.69%; and economy product revenue was RMB 202 million, up 3.17%. Products are tiered by consumer price: RMB 8 and above is premium, RMB 4 to RMB 8 is mainstream, and below RMB 4 is economy. Among period expenses, selling, administrative, financial, and research and development expenses increased 5.23%, 2.44%, 43.98%, and 39.39% respectively. The financial expense change was due to reduced interest payments, while the R&D expense change reflected the centralized transfer of R&D functions.

Wholesale and agency revenue was RMB 8.325 billion, down 3.13%. In the second quarter, 193 new distributors were added and 182 removed, bringing the period-end total to 3,091 distributors, an increase of 11 from the end of March. The report noted that the non-dining channel serves as a core growth segment, with instant retail O2O, e-commerce, and specialty food stores maintaining growth. As Carlsberg Group's operating platform in China, the company holds international brands such as Carlsberg, Tuborg, and 1664, alongside local brands including Wusu, Chongqing, and Shancheng. During the reporting period, it launched non-beer products including Tianshan Fresh Fruit Manor orange soda and Dianchi energy drink. In terms of shareholding, Carlsberg Hong Kong and Carlsberg Chongqing together hold a 60% stake.

According to data from the National Bureau of Statistics, beer production by large-scale industrial enterprises reached 4.049 million kiloliters in June 2026, down 3.1% year-on-year; cumulative production in the January-June period was 19.362 million kiloliters, up 0.2%. The report described the industry as characterized by stock competition with diverging consumption demand. Based on 2025 revenue, Chongqing Brewery ranked fifth among China's five largest beer companies. As of the close on August 19, Chongqing Brewery shares traded at RMB 42.51, down 0.21%, with a total market value of RMB 20.6 billion, and a cumulative decline of 16.5% since the start of 2026.