On the evening of October 22, 2026, Zhujiang Brewery disclosed its third-quarter 2026 report. In the third quarter, the company generated operating revenue of RMB 1.874 billion, down 0.1% year on year. Net profit attributable to shareholders of the parent company was RMB 316 million, down 4.64%, while beer sales totaled 458,600 tonnes, also below the level recorded in the same period last year.

These figures show that operating revenue was close to the level of the same period last year, while the decline in net profit attributable to shareholders of the parent company was greater. This indicates that relative stability in revenue did not translate into corresponding stability in profit. Compared with the slight revenue decrease, how effectively revenue was converted into profit warrants closer attention. However, changes in profit may reflect the combined effects of product mix, costs, expenses, and other factors. These indicators alone are not sufficient to attribute the decline to any single operational factor.

The simultaneous declines in sales volume and revenue also offer a new perspective for assessing Zhujiang Brewery’s progress in premiumization: an important question in evaluating its operating performance is whether product mix adjustments can support revenue when sales volume is under pressure and, in turn, be reflected in profit. The reported changes in revenue and sales volume alone are not enough to indicate that premiumization has failed, nor do they directly prove that product upgrades have effectively offset the impact of lower sales volume.

Going forward, the impact of market competition can be assessed by focusing on the relationship between sales volume, product mix, and selling expenses. If maintaining sales requires increased market investment, while improvements in product mix do not generate sufficient returns, profit may remain under pressure. If sales volume stabilizes, product mix improves, and expense efficiency also increases, profitability may receive support. These effects will depend on subsequent operating developments.

What is clear at present is that Zhujiang Brewery’s third-quarter operating revenue, net profit attributable to shareholders of the parent company, and sales volume all declined year on year, with the decline in profit exceeding that in revenue. Subsequent public disclosures on product mix, costs and expenses, and sales volume will help further explain the reasons for the profit pressure this quarter and the operational balance between premiumization and market competition.