尽管线上热闹，但面对愈发贴身肉搏的高端化竞争，啤酒厂商整体增速放缓，"增利难增收"的现状 仍在延续。 从单纯的速度比拼，转向高端化、消费场景的综合较量，啤酒厂商如何在激烈竞争中脱颖而出？当 产业增速放缓，啤酒市场的新增量、新增长点又在哪里？ 近日，在2025中国啤酒T5峰会上，华润啤酒、青岛啤酒、百威亚太、燕京啤酒、嘉士伯中国等头 部啤酒企业掌门人齐聚一堂，试图给出啤酒市场穿越产业周期的"答案"。 谈产品 "双11"线上赚吆喝，啤酒业却仍"增利难增收"？ 5家头部酒企掌门人揭秘破局关键 【中国国际啤酒网】刚过去的"双11"，不仅白酒迎来狂欢，啤酒市场同样热闹非凡。 京东超市数据显示，今年双11期间，青岛啤酒、百威啤酒、燕京啤酒成为京东超市啤酒品牌销售榜 Top3。其中，京东独家定制青岛啤酒211毫升小白啤成交额环比增长近4倍；喜力经典500ml*24听成交 额同比增长128%。 天猫店啤酒热销榜上，鲜啤30公里的精酿果啤、百威经典醇正啤酒、青岛啤酒5L原浆等啤酒更是 备受青睐，销量遥遥领先。 百威亚太首席执行官兼联席主席程衍俊则更关注产品技术进步。他认为，啤酒的独特魅力来自发酵 工艺、风味层次以及新鲜特性，企 ...

文 | 子弹财经 星空 编辑 | 蛋总 2025年，中国啤酒市场的消费变迁与竞争激化，正将曾经的"啤酒之王"百威亚太推向关键拐点。 面对即饮渠道萎缩、非即饮布局滞后带来的持续业绩压力，百威亚太在4月换上了首位中国籍CEO程衍俊，被视为其本 土化自救的关键一步。 正所谓"新官上任三把火"，程衍俊上任后对公司的战略、渠道与组织进行了系统性改革。这场押上未来的破局之战，就 此拉开序幕。 01 前三季业绩区域分化明显，中国市场表现疲软 俗话说，冰冻三尺非一日之寒，百威亚太的业绩表现不佳也已有约两年时间。 从单季度啤酒销量看，百威亚太已经连续8个季度出现同比下滑的情况。 其中，2023年第四季度是百威亚太业绩表现的转折点，彼时啤酒总销量出现了2.1%的同比下滑，而中国市场作为公司 的核心业务地区，销量出现了3.1%的同比下滑。 从单季度收入来看，百威亚太则已经连续7个季度出现同比下滑的情况。 显然，百威亚太在中国与印度、韩国市场的表现，呈现出"冰火两重天"的情况。 2024年第一季度，公司收入出现0.4%的同比下滑，中国市场的收入也在该季度出现了2.7%的下滑。此后，百威亚太的 收入持续出现了同比下滑的态势。 若按年度 ...

当百威中国新任掌门人盛锦华以"粤港澳大湾区全球招商顾问"的新身份亮相广州时，这家啤酒巨头在中 国市场的战略图景已然展开全新维度。继百威集团全球首席执行官邓明潇10月在上海市长咨询会议上力 推"夜间经济"后，百威中国决定在其深耕四十余载的粤港澳大湾区继续延展这一议题，为大湾区的发展 贡献力量。 百威集团中国区总裁盛锦华（Fabio Sala） 这并非简单的战略复制，而是一次商业逻辑的升华。在百威中国的视野中，啤酒早已突破快消品的范 畴，成为撬动夜间社交、激活消费增量的关键支点。百威集团结缘中国的"起点"——粤港澳大湾区，正 成为其实践商业新方法论的舞台。 加码大湾区"啤酒+"撬动夜经济 "明年，我们将加大对广东的商业投资。"刚刚结束粤港澳大湾区全球招商大会的百威中国区总裁盛锦华 告诉第一财经记者。在这场大会上，盛锦华被授予"粤港澳大湾区全球招商顾问"的重要角色，这也意味 着在与大湾区市场共生共荣40年余后，百威中国在大湾区将开启新一轮融合发展。 位于中国东南的粤港澳大湾区也是中国经济最为发达的区域之一，除了近9000万常住人口外，还拥有中 国十分之一的经济总量，更重要的是，四十多年前，百威集团在中国的旅程正是在 ...

Core Viewpoint - Budweiser China is expanding its strategic focus in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the integration of beer with the night economy to stimulate consumption and social engagement [1][5][9]. Group 1: Strategic Expansion - Budweiser China plans to increase its commercial investment in Guangdong, marking a new phase of development in the Greater Bay Area after over 40 years of presence [5][6]. - The company aims to leverage its historical ties to the region, where it began its journey in China, to foster a new wave of integrated growth [5][6]. Group 2: Night Economy Focus - Budweiser China is preparing a "Beer +" strategy to enhance the night economy by introducing international sports and music events, including the FIFA World Cup in 2026 [8][9]. - The company recognizes that most consumer spending in Chinese cities occurs after 6 PM, particularly in the Greater Bay Area, which is seen as a natural environment for developing the night economy [9][11]. Group 3: Evolving Consumption Patterns - The night economy in China has grown significantly, with its market size increasing from 22.54 trillion yuan in 2018 to 50.25 trillion yuan in 2023, indicating robust consumer potential [11]. - Budweiser China is adapting to changing consumer preferences, where beer is increasingly viewed as a social catalyst rather than just a beverage associated with food [12][15]. Group 4: New Narrative and Brand Strategy - Budweiser China is shifting from traditional marketing narratives to a "fireworks narrative" that emphasizes emotional connections and social experiences [18][20]. - The "Flagship Brand × Super Platform" strategy aims to create a multi-dimensional brand ecosystem that resonates with consumers through immersive experiences and high-frequency interactions [19][20].

Core Viewpoint - Daiwa's report indicates that Budweiser APAC (01876) is facing challenges in its China business for Q3 2025, with management maintaining a cautious outlook for Q4 sales despite lower channel inventory levels compared to industry averages [1] Group 1: Financial Performance - Budweiser APAC's revenue in China for Q3 decreased by 15.1% year-on-year, primarily due to a 11.4% drop in sales volume and a 4.1% decline in average selling price [1] - The decline in performance is attributed to weak dining channel sales, a deteriorating product mix, and discounts offered to certain distributors to enhance penetration in Chinese household channels [1] Group 2: Management Outlook - Management expects that inventory levels will not be quickly replenished, despite being lower than the industry average [1] - The cautious stance for Q4 sales performance reflects ongoing challenges in the market [1]

智通财经APP获悉，大和发布研报称，尽管百威亚太(01876)中国业务在2025年第三季度表现艰难，且对 比基期大幅放缓，公司管理层对第四季度中国销售表现仍持谨慎态度。展望2025年第四季度，百威亚太 管理层认为其渠道库存水平甚至低于行业平均水平，但预计不会迅速补充库存。大和给予百威亚太"买 入"评级。 报告提及，百威亚太中国收入于第三季度同比下跌15.1%，主要受累于销量同比下跌11.4%及平均售价 同比下跌4.1%。这是由于餐饮渠道持续疲弱及产品组合转差，以及为加快渗透中国家庭渠道，而向部 分经销商提供折扣所致。 ...

Core Viewpoint - Morgan Stanley's report predicts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (600600) and Budweiser APAC (01876) [1] Company Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressure in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the company's business remains resilient and its development pace is steady [1] - The management has reiterated its targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by low single-digit to double-digit year-on-year, with sales growth projected at low single-digit [1]

致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01876 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 百威亞太控股有限公司 呈交日期: 2025年11月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,00 ...

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation as a non-executive director and member of the Audit and Risk Committee is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].