The Donghai Securities Research Report pointed out that Tsingtao Brewery's sales volume is under pressure, and structural upgrades continue. 2026H1 achieved net profit of 3.92 billion yuan to mother. Net profit from Q2 operating income was 2.120 billion yuan. Cost dividends resonate with cost efficiency optimization, and profits grow steadily. The company has strong profit resilience and high dividends, and has long-term allocation value. Short-term company revenue is under phased pressure, continued structural upgrades and cost dividends, highlighting profit-side resilience. In the medium to long term, the basic market for major core products is stable, and product innovation is strengthened by combining the differentiated characteristics of regional markets; active changes on the channel side have accelerated the layout of high-potential channels such as instant retail and high-end catering. The growth rate of emerging channels continues to lead the industry, and the company's dividend ratio has reached 4.51%, which has long-term allocation value. Considering the continued weakness in food and beverage demand and the impact of heavy rainfall in Q2 on beer sales, the profit forecast was adjusted appropriately to maintain the “buy” rating.

The Donghai Securities Research Report pointed out that Tsingtao Brewery's sales volume is under pressure, and structural upgrades continue. 2026H1 achieved net profit of 3.92 billion yuan to mother. Net profit from Q2 operating income was 2.120 billion yuan. Cost dividends resonate with cost efficiency optimization, and profits grow steadily. The company has strong profit resilience and high dividends, and has long-term allocation value. Short-term company revenue is under phased pressure, continued structural upgrades and cost dividends, highlighting profit-side resilience. In the medium to long term, the basic market for major core products is stable, and product innovation is strengthened by combining the differentiated characteristics of regional markets; active changes on the channel side have accelerated the layout of high-potential channels such as instant retail and high-end catering. The growth rate of emerging channels continues to lead the industry, and the company's dividend ratio has reached 4.51%, which has long-term allocation value. Considering the continued weakness in food and beverage demand and the impact of heavy rainfall in Q2 on beer sales, the profit forecast was adjusted appropriately to maintain the “buy” rating.