Changes in Hong Kong stocks | Tsingtao Brewery Co., Ltd. (00168) fell nearly 3%, and the industry's peak season growth fell short of expectations, Citi lowered the company's sales forecast for this year and next two years

The Zhitong Finance App learned that Tsingtao Brewery Co., Ltd. (00168) fell nearly 3%. As of press release, it fell 2.38% to HK$39.42, with a turnover of HK$117 million.

According to the news, Tsingtao Brewery previously announced interim results. Revenue for the first half of the year was 19.655 billion yuan, down 4.08% year on year; net profit attributable to shareholders of listed companies was 3.92 billion yuan, a slight increase of 0.4%; and product sales volume of 4.5 million kiloliters. The return on net assets (weighted) was 12.02%, down 6.09% year over year. Citibank believes that considering that mainland China's beer industry grew less than expected during the peak season from the second to third quarter, the bank lowered Tsingtao Brewery's sales forecast for this year and next by 6% and 7%, respectively, and the net profit forecast by 2% and 5%, respectively.