Tsingtao Brewery Co. Ltd's shares took a significant hit on Tuesday, plunging over 5% in Hong Kong trading. The steep decline came after the Chinese beer maker reported underwhelming financial results for the third quarter of 2024.

According to a filing with the Hong Kong Stock Exchange, Tsingtao Brewery's net profit attributable to shareholders dropped 9% year-over-year to 1.35 billion yuan ($189 million) in Q3. The company's earnings per share also declined to 0.989 yuan for the quarter. Additionally, Tsingtao Brewery's revenue for the three-month period slid 5.3% compared to a year ago, coming in at 8.89 billion yuan ($1.24 billion).

The weaker-than-expected top and bottom-line results weighed heavily on investor sentiment, causing the brewer's stock to sell off sharply. The disappointing earnings performance raised concerns among market participants about Tsingtao Brewery's growth prospects and ability to navigate the competitive Chinese beer market. While the company has yet to provide guidance for the remainder of the year, analysts will be closely watching for any potential improvement or further deterioration in its financial performance.