[Tsingtao Beer: Net profit in the third quarter fell 17.15% year-on-year] On October 28, Tsingtao Brewery (600600.SH) announced that its third-quarter revenue was 8.38 billion yuan, a year-on-year decrease of 5.58%; net profit was 1.135 billion yuan, a year-on-year decrease of 17.15%. Revenue in the first three quarters was 28.035 billion yuan, a year-on-year decrease of 4.53%; net profit was 5.055 billion yuan, a year-on-year decrease of 4.16%. During the reporting period, the sales volume of the domestic beer market continued to be under pressure. The company promoted refined market operations and scenario-based marketing, strengthened terminal sales, consolidated advantageous markets, and cultivated the growth potential of emerging markets. In the first three quarters, the company achieved cumulative product sales of 6.465 million kiloliters, and the main brand of Tsingtao Beer achieved sales of 3.95 million kiloliters, of which sales of mid- to high-end products reached 2.994 million kiloliters, a year-on-year increase of 2%. Xiaocai Note: The company’s Q3 net profit was 1.135 billion and Q2 net profit was 2.12 billion. Based on this calculation, Q3 net profit fell 46% month-on-month.