Chongqing Brewery Co., Ltd. (600132.SS) reported first-half 2026 operating revenue of 8.576 billion yuan, down 2.98% year-on-year, and net profit attributable to shareholders of 796 million yuan, down 7.98%. Net profit excluding non-recurring items fell 8.27% to 784 million yuan, while beer sales reached 1.7492 million kiloliters. Premium revenue declined 1.53% to 5.185 billion yuan, mainstream revenue fell 5.69% to 2.966 billion yuan, and economy revenue rose 3.17% to 202 million yuan. The Northwest region was the only one to grow, while the larger Central region declined 7.48%. Operating cash flow remained comparatively strong at 2.855 billion yuan, and the distributor network expanded by 15 to 3,295. The results highlight pressure on China’s mature, stock-driven beer market and test Chongqing Brewery’s premiumization and channel-development strategy.