China: Fujian Yanjing Huiquan Brewery reports higher third-quarter profit as revenue slips

Fujian Yanjing Huiquan Brewery, the regional Chinese brewer known as Huiquan Beer, reported higher third-quarter profit even as revenue slipped, as stronger sales of higher-priced beer offset weakness in its conventional products, Vinetur reported on October 26.

In an unaudited quarterly report filed on CNINFO and reproduced in full by the financial portal CFi.cn, the company said third-quarter net profit attributable to shareholders rose 13.98% from a year earlier to 67.23 million yuan. Revenue for the same period fell 2.78% to 218.18 million yuan.

The figures point to a clear change in Huiquan’s sales mix in its main market of Fujian province in southeastern China. For the first nine months of the year, revenue from mid-range and premium beer reached 241.14 million yuan, up 19.68% from a year earlier. Revenue from conventional beer fell 8.61% to 332.32 million yuan.

That shift was large enough to outweigh the drop in lower-priced products. Compared with the same period a year earlier, mid-range and premium beer added 39.65 million yuan in revenue in the first nine months, while conventional beer lost 31.32 million yuan, according to the figures in the filing reproduced by CFi.cn.

The same pattern appeared in the latest quarter. Compared with the third quarter of 2025, Huiquan’s revenue fell by about 6.24 million yuan, but attributable net profit increased by about 8.25 million yuan. The result suggests improved profitability despite a smaller top line, a sign often linked to a more premium product mix.

For the first nine months, Huiquan posted revenue of 587.44 million yuan, up 2.03% from a year earlier, while net profit attributable to shareholders rose 17.71% to 116.01 million yuan.

Huiquan is a much smaller brewer than its parent company, Beijing Yanjing Brewery, which holds 50.08% of its shares. Huiquan sold 221,700 kiloliters and recorded 640.30 million yuan in revenue in 2025, with more than 90% of its income coming from beer. Beijing Yanjing Brewery reported 15.333 billion yuan in revenue in 2025, including 13.568 billion yuan directly from beer, making the parent group more than 20 times larger by sales.

The company is based in Hui’an, in coastal Fujian, where it also concentrates most of its business. That makes the quarterly report a close measure of beer demand and pricing in a single provincial market rather than across China as a whole.

The report also stands out because it comes against a weaker national industry backdrop. According to China’s National Bureau of Statistics, as cited in the filing, beer production by China’s large brewers fell 6% in the January-through-September period. Huiquan’s profit growth therefore outpaced the broader industry trend, even though its own third-quarter revenue declined.

Investors and analysts may still treat the category data with caution. Huiquan said in the report that it raised the threshold it uses to classify beer as mid-range or premium. That means the year-over-year comparison by segment is not fully like-for-like, even if the overall trend still points to a move away from conventional beer.

There was also a one-day difference in publication dating between the two sources carrying the document. CFi.cn showed the report on Oct. 25, while the CNINFO file path indicated an Oct. 26 publication date. The underlying source was the company’s official quarterly filing.

The report did not indicate that quarterly sales volume had risen. Instead, the main change was in the composition of revenue. That is important for Huiquan because beer remains the core of its business, and a shift toward higher-priced products can support earnings even when total sales growth slows or turns negative.

For a regional brewer with heavy exposure to one province, the latest results suggest that product mix is doing more of the work than volume expansion. In the third quarter, that was enough to lift profit by nearly 14% even as revenue moved lower.

27 October, 2026