2026.01.23 本文字数：2597，阅读时长大约4分钟 春节怎么过？年轻人给出了新答案 —— 有人告别温馨的团圆饭，出门寻觅地道年味；有人从喧嚣的社 交场抽身，宅家刷剧、宵夜，尽享松弛时光；还有人一边自律运动，一边用美食治愈身心…… 这一代 年轻人正接过春节的 "主理权"，用自己偏爱的方式，重新定义过年的模样。 在抖音，消费者正以更鲜活的姿态，诉说对新春的诉求与期待，在传统佳节里玩出万千过年新花样。这 种 "新年味" 的表达，也推动着过年消费从功能性的 "年货采购"，逐步转向融合情感与审美的 "新春生 活方式"。在此背景下，品牌该如何呼应 "新年味" 的潮流？又该如何借助抖音，将趋势洞察转化为实实 在在的生意增长？ 第一财经《消费就是这样・WECARE》栏目携手巨量引擎，推出年货节特辑。本期特邀百威亚太首席 市场营销官车祁（Matt Che）、巨量引擎直客业务家电家居 / 食饮健康 / 母婴宠物行业总经理陈晗尧， 与《第一财经》YiMagazine 总编辑赵嘉齐聚一堂，共同探讨食饮行业如何抓住 "新年味" 带来的机遇， 实现生意增长的全新突破。 "新年味"来袭，消费者需求呈现三大变化 要理解新年味，就需 ...

2026.01. 23 本文字数：2597，阅读时长大约4分钟 春节怎么过？年轻人给出了新答案 —— 有人告别温馨的团圆饭，出门寻觅地道年味；有人从喧嚣 的社交场抽身，宅家刷剧、宵夜，尽享松弛时光；还有人一边自律运动，一边用美食治愈身心…… 这一代年轻人正接过春节的 "主理权"，用自己偏爱的方式，重新定义过年的模样。 在抖音，消费者正以更鲜活的姿态，诉说对新春的诉求与期待，在传统佳节里玩出万千过年新花 样。这种 "新年味" 的表达，也推动着过年消费从功能性的 "年货采购"，逐步转向融合情感与审美 的 "新春生活方式"。在此背景下，品牌该如何呼应 "新年味" 的潮流？又该如何借助抖音，将趋势 洞察转化为实实在在的生意增长？ 第一财经《消费就是这样・WECARE》栏目携手巨量引擎，推出年货节特辑。本期特邀百威亚太 首席市场营销官车祁（Matt Che）、巨量引擎直客业务家电家居 / 食饮健康 / 母婴宠物行业总经理 陈晗尧，与《第一财经》YiMagazine 总编辑赵嘉齐聚一堂，共同探讨食饮行业如何抓住 "新年味" 带来的机遇，实现生意增长的全新突破。 "新年味"来袭，消费者需求呈现三大变化 要理解新年味，就需要 ...

近日，花旗、摩根大通等多家大行发布了对百威亚太（01876.HK）的研报分析，普遍预测其2025年全年业绩不及预期，主要原因为中国市场需求疲 软。 花旗预测，百威亚太2025年下半年在中国市场的业务前景不及预期，全年销售和核心净利润预计下调3%和10%，且年底销售情况会因农历新年时间 较迟受到更大影响，预计其2026年营收利润下行的趋势将继续。对此，花旗将百威亚太的目标价从12.4港元降至11.4港元。 摩根大通则将百威亚太目标价由8.5港元下调至7.9港元。 其上周发布研报预测，百威亚太2025年自然销售额将下降6.4%，中国区业务持续走弱，虽然增加了广告和营销投放，销量和利润方面仍然承压；韩 国市场基数高、增长有所放缓；印度市场的强劲增长未能推动集团表现。 作为亚太地区最大的啤酒公司，百威亚太旗下经营着百威、科罗娜、福佳白、哈尔滨啤酒等超50个品牌。以往，中国市场是其最重要的增长引擎，现 在情况变了。 水芙蓉/摄 百威亚太全年业绩将于2月12日正式披露，不过从券商给出的预测来看，"新帅"还未能改变公司的下行趋势。 2025年上半年，百威亚太在中国区的啤酒销量同比减少8.2%，净收入下降9.5%，每百升收入 ...

运营商财经网讯 百威是世界知名的啤酒品牌，1876年诞生于美国，并在1984年就已经进入中国市场，成为当时珠江啤酒 第二大股东。2019年，百威英博拆分出百威亚太，并成功在港交所上市。 程衍俊在2025年4月获任为公司首席执行官，且是百威亚太近年来首位中国籍首席执行官。在他上任 后，对公司的战略、渠道与组织进行了系统性改革。而在2025年前三季度，百威亚太实现营业收入 46.91亿美元，净利润为5.94亿美元，实现了稳健发展。 运营商财经网食品快消部主任刘慧敏表示，百威亚太近年来加大非即饮渠道的拓展，重点发力百威与哈 尔滨啤酒这两大品牌，优化产品结构，通过产品创新来满足不同渠道的消费者需求。 近日，由运营商财经网独家编制的"2025年度啤酒企业五大杰出总裁"名单正式揭晓，百威亚太首席执行 官程衍俊成功入选！ （责任编辑：周颖） ...

Group 1 - Citi has revised Budweiser APAC's (01876) sales forecasts for 2025 to 2027 down by 3%, 4%, and 4% respectively, reflecting a weaker outlook for the second half of 2025 in China [1] - Due to weakened operating leverage, the core net profit forecasts for Budweiser APAC for 2025 to 2027 have been reduced by 10%, 10%, and 9% respectively [1] - The target price for Budweiser APAC has been lowered from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] Group 2 - The company anticipates that sales in the fourth quarter of last year will also be negatively impacted due to the later timing of the Lunar New Year in 2026 [1] - The preference order for the Chinese beer industry remains unchanged, with China Resources Beer (00291), Budweiser APAC, and Tsingtao Brewery (600600) (00168) ranked accordingly [1]

Group 1 - Citi has lowered Budweiser APAC's (01876) sales forecasts for 2025 to 2027 by 3%, 4%, and 4% respectively, reflecting a weaker outlook for the Chinese business in the second half of 2025 [1] - Due to weakened operating leverage, core net profit forecasts for Budweiser APAC for 2025 to 2027 have been reduced by 10%, 10%, and 9% respectively [1] - The target price for Budweiser APAC has been adjusted from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] Group 2 - The sales in the fourth quarter of last year are expected to be negatively impacted due to the later timing of the Lunar New Year in 2026 [1] - The preference order for the Chinese beer industry remains unchanged, with China Resources Beer (00291), Budweiser APAC, and Tsingtao Brewery (00168) ranked accordingly [1]

Core Viewpoint - Citigroup has lowered Budweiser APAC's sales forecasts for 2025 to 2027 by 3%, 4%, and 4% respectively, reflecting a weaker-than-expected outlook for the second half of 2025 in China [1] - The sales in the fourth quarter of last year will also be negatively impacted due to the later timing of the Lunar New Year in 2026 [1] - Due to weakened operating leverage, Citigroup has reduced Budweiser APAC's core net profit forecasts for 2025 to 2027 by 10%, 10%, and 9% respectively [1] - The target price for Budweiser APAC has been adjusted from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] - Citigroup's preference order for the domestic beer industry remains unchanged, ranking China Resources Beer, Budweiser APAC, and Tsingtao Brewery [1]

花旗发表报告表示，将百威亚太(1876.HK)2025至2027年销售预测分别下调3%、4%及4%，以反映2025 年下半年中国业务前景较预期逊色。该行认为，去年第四季销售亦会因2026年农历新年时间较迟而受到 更大负面影响。由于经营杠杆转弱，该行将百威亚太2025至2027年核心净利润预测分别下调10%、10% 及9%，目标价由12.4港元下调至11.4港元，维持"买入"评级。花旗对中国啤酒行业的偏好次序保持不 变，依次为华润啤酒(0291.HK)、百威亚太及青岛啤酒(0168.HK)。 ...

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Group 1 - The core viewpoint of the report indicates that Budweiser APAC's profitability in the fourth quarter of last year was pressured by concentrated cost recognition and high base effects, but most negative impacts have been absorbed, and a demand turning point is yet to be confirmed [1] - The report states that the EBITDA forecasts for Budweiser APAC for 2025 and 2026 have been lowered by approximately 5% [1] - The rating for Budweiser APAC is maintained at "Neutral," with a target price set at HKD 7.5 [1]