The 2026 interim reporting season has drawn to a close, with all 15 A-share companies controlled by Qingdao state-owned capital unveiling their mid-year report cards. Aggregating the semi-annual data from these entities, combined revenue for the first half reached approximately RMB 64.795 billion, up 2.49% year-on-year, while aggregate net profit attributable to shareholders hit roughly RMB 5.119 billion, climbing 16.54%. As of the end of June, total assets across the 15 firms stood at about RMB 184.833 billion.
On the revenue front, nine of the 15 companies posted year-on-year growth, while six recorded declines. In terms of net profit, ten companies were profitable, leaving five in the red.
Tsingtao Brewery Remains the Cornerstone, Shida Shinghwa Stages a Strong Turnaround
Looking at revenue figures, nine of the 15 firms achieved year-on-year increases, against six that saw contractions. Three companies surpassed the RMB 10 billion revenue threshold, among which Tsingtao Brewery Co Ltd (600600.SH) led the pack with RMB 19.655 billion, serving as the bedrock of the RMB 64.795 billion aggregate revenue pool. During the first half, Tsingtao Brewery deepened its "Tsingtao + Laoshan" dual-brand strategy to build a diversified growth engine. The flagship Tsingtao brand sold 2.708 million kiloliters, with mid-to-high-end and premium products contributing 2.044 million kiloliters, a 2.6% year-on-year uptick. Leveraging its "1+1+1+2+N" product matrix, the classic series achieved steady growth following a refresh, Tsingtao White Beer retained its top position in the domestic white beer segment, and the light-dry series carved out a niche in the "zero-sugar, low-calorie" health track. On the cost side, revenue costs fell 6.07% year-on-year to RMB 10.837 billion.
Shida Shinghwa Advanced Material Group Co Ltd (603026.SH) and Chengzhi Shareholding Co Ltd (000990.SZ) emerged as standout performers, forming a notable duo among the 15 Qingdao state-controlled listed companies. Shida Shinghwa generated revenue of RMB 4.785 billion in the first half, soaring 58.91% year-on-year, while Chengzhi reported RMB 6.147 billion in revenue, up 2.77%.
In terms of growth momentum, Shida Shinghwa and Caissa Tosun Development Co Ltd (000796.SZ) both delivered eye-catching results. Shida Shinghwa's 58.91% revenue surge ranked first among all 15 firms, followed by Caissa Tosun, whose revenue expanded 37.08% to RMB 435 million. The booming global lithium battery supply chain served as the principal catalyst for Shida Shinghwa's top-line growth. Globally, total lithium battery output climbed 48.79% year-on-year in the first half of 2026, energy storage battery shipments jumped 97.5%, and electrolyte production rose 47.2%. With improved supply-demand dynamics in carbonate esters, both sales volumes and selling prices advanced. For Caissa Tosun, the revenue lift was largely attributed to seizing the broader tourism market rebound, driving a robust recovery in its travel services segment, while its newly developed marine tourism business entered a harvest phase, contributing significant incremental income.
Among the Qingdao state-controlled listed firms, Hangzhou Tianmushan Pharmaceutical Enterprise Co.,Ltd. (600671.SH) stood out as the only entity with revenue below RMB 100 million, posting RMB 99 million in first-half sales, a 4.10% year-on-year contraction.
Tianmushan Pharma Faces Dual Revenue and Profit Decline
Turning to profitability, ten of the 15 Qingdao state-owned listed companies were in the black, while five reported losses. Tsingtao Brewery topped the rankings with RMB 3.92 billion in attributable net profit, followed by Shida Shinghwa and Chengzhi, which booked RMB 450 million and RMB 290 million, respectively. In terms of profit growth, Chengzhi and Shida Shinghwa both posted substantial gains, whereas six firms, including Raytech New Materials Co Ltd (605190.SH) and Tianmushan Pharma, experienced declining net profit.
Raytech New Materials generated RMB 825 million in first-half revenue, up 2.27% year-on-year, but net profit fell 22.30% to RMB 129 million, creating a sharp contrast between marginal top-line growth and a more than 20% profit drop. The interim report attributes the earnings pressure to several factors, including non-operating items such as exchange losses weighing on results, heightened volatility in upstream petrochemical raw material prices inflating operating costs, increased labor expenses from business expansion, and a shift in display materials product mix toward smaller batches with more frequent runs, which eroded gross margins.
In contrast, Tianmushan Pharma recorded revenue of RMB 99.3547 million in the first half, down 4.10% year-on-year, with net profit at RMB 6.3022 million, a 38.50% decline, reflecting dual decreases in both top and bottom lines. Overall, the company's core business profitability remains under strain. The primary drivers of the downturn were a narrowing profit margin in its main operations and a surge in selling expenses. Data show that selling expenses jumped 43.54% year-on-year to RMB 9.1859 million, largely due to increased investment from subsidiary Jiahe Pharmaceuticals, while operating costs fell 17.77% but failed to fully offset the erosion from higher expenses and tax factors. Additionally, non-recurring items provided some support to profits, including RMB 3.8054 million in non-operating income such as demolition compensation—excluding this impact, the core business would have been even less profitable.
This interim report paints a vivid picture of Qingdao state-owned listed companies: steady overall progress amid intensifying internal divergence. Tsingtao Brewery has defended its earnings base in a zero-sum market, proving the resilience of a consumer leader navigating cycles. Shida Shinghwa and Chengzhi, riding the reversal of industry cycles, contributed the bulk of the segment's profit growth. Looking ahead to the second half and beyond, the real challenge for these companies lies in reshaping competitiveness amid divergence and uncovering incremental opportunities within existing operations—factors that will ultimately determine the final quality of Qingdao state-owned firms' annual report cards.
Comments