5100 Xizang Glacier Company Limited reported rapid top-line and earnings growth for the six months ended 30 June 2026, underpinned by a sharp rebound in beer sales, continued premium pricing in its water segment and wider channel rollout.
Revenue rose 31.2% year on year to RMB 221.10 million. Adjusted EBITDA climbed 49.9% to RMB 86.29 million, while profit attributable to shareholders surged 97.2% to RMB 71.38 million. Basic earnings per share increased to RMB 1.28 cents from RMB 0.79 cents.
Total assets reached RMB 3.91 billion versus RMB 3.75 billion at end-2025; equity attributable to owners stood at RMB 2.96 billion. The gearing ratio edged up to 18.86% (31 Dec 2025: 16.03%).
Segment data show contrasting growth drivers: • Water revenue gained 9.6% to RMB 129 million with a gross margin of 61.3% (+6.0 ppt). • Beer revenue jumped 82.4% to RMB 92 million, lifting segment margin to 48.8% (+30 ppt). Group gross margin improved 11.7 ppt to 56.1%.
Cost items reflected strategic investments. Selling and distribution expenses rose 180.4% to RMB 41.41 million, mainly due to RMB 16 million of equity-settled share-based payments to distributors. Administrative expenses increased 7.7% to RMB 33.14 million. Net finance income swung to a positive RMB 6.13 million from a RMB 4.75 million cost a year earlier.
Operating cash outflow totalled RMB 281.65 million, driven by working-capital expansion and higher prepayments. Financing inflow of RMB 152.65 million, chiefly new bank borrowings, limited the decline in cash; cash and cash equivalents closed at RMB 7.57 million (31 Dec 2025: RMB 96.75 million). Bank borrowings rose to RMB 480 million.
Strategic developments included: • Channel overhaul: deeper penetration into e-commerce, travel retail, cinemas and hotels; launch of the “Tonne Tonne” prepaid water-card model targeting households. • Overseas expansion: Hong Kong positioned as international hub; first Southeast Asian entry via Malaysia following Halal certification and general-agent agreement; plans to extend to the Middle East, Europe and the US. • Acquisition: On 25 June 2026, the Company agreed to acquire Nyenchen Tanglha Investment Co. Ltd., owner of 72% of Xizang Life Water Development Co., for RMB 237.60 million to be satisfied by issuing 380 million new shares; completion pending. • Product pipeline: progressing a dedicated 400,000-tonne maternal-and-infant water base in Shannan, Xizang, and accelerating aluminium-can formats.
Capital-market actions: • Share-option scheme: Outstanding options totalled 605.25 million shares after a May grant of 233.33 million options to strategic distributors at HK$0.60; related expense was RMB 16.28 million. • Convertible bonds: HK$22 million of the 5% 2026 bonds converted into 40 million shares during H1, leaving HK$215 million outstanding, convertible into 390.91 million shares at HK$0.55. • No dividends were declared for the period; no share repurchases occurred.
Governance update: Independent non-executive director Lo Wai Hung retired on 26 June 2026, leaving the audit committee temporarily below the three-member requirement; the Board targets a replacement within three months.
At the period end 5100 Xizang held unused authority to issue up to 236.66 million share-option shares and 558.83 million award shares under existing schemes.
The interim results underscore 5100 Xizang’s strategy of leveraging premium water resources, broadening multi-channel sales and accelerating internationalisation to sustain high-quality growth.
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