BUDWEISER BREWING COMPANY APAC LIMITED 股份代號 : 1876 百威亞太控股有限公司 2025 年度報告 敢夢敢創 未來共喝彩 目錄 1 致股東函件 3 我們的策略 5 我們的社區 7 我們的員工 9 企業管治報告 第71頁 10 董事會報告 11 可持續發展報告 13 財務資料 15 公司資料 第296頁 16 釋義 第2頁 2 關於百威亞太 第4頁 第10頁 4 適度飲酒 第36頁 第40頁 6 我們的影響力 第46頁 第56頁 8 管理層討論與分析 第58頁 第111頁 第143頁 12 獨立核數師報告 第216頁 第221頁 14 五年財務摘要 第295頁 第297頁 致股東函件 BIG FUTURE WE DREAM TO CREATE A WITH MORE CHEERS 各位股東： 2025年對百威亞太而言是充滿挑戰的一年，但亦彰顯 了我們的業務及員工具備的適應能力及固有優勢。我 們在中國的業績未盡潛能，然而我們在亞太地區的多 元化區域佈局仍然是業務穩定性及價值創造的核心來 源，韓國及印度地區的強大執行力使得市場份額和溢 利雙雙增長。 在中國，我們已採取了明 ...

Core Viewpoint - The Chinese beer industry is experiencing a decline in production, with a total output of 35.36 million kiloliters in 2025, marking a 1.1% year-on-year decrease, and the performance among companies is increasingly divergent [3][4]. Group 1: Company Performance - Among the top five beer companies in China, four have released their 2025 annual reports or performance forecasts, with two showing growth and two experiencing declines [4]. - Chongqing Beer reported a revenue of 14.722 billion yuan in 2025, a 0.53% increase year-on-year, and a net profit of 1.231 billion yuan, up 10.43% [4]. - Yanjing Beer expects a net profit growth of 50% to 65% for 2025 [5]. - Budweiser APAC's revenue in 2025 decreased by 6.1% year-on-year, with normalized EBITDA down by 9.8% due to challenges in the Chinese market [5]. - China Resources Beer anticipates a net profit of approximately 2.92 billion to 3.35 billion yuan, reflecting a year-on-year decrease of about 29.6% to 38.6%, primarily due to goodwill impairment from its acquisition of a liquor company [5]. Group 2: Industry Trends - Prior to 2010, growth in the domestic beer sector was largely driven by mergers and acquisitions, while post-2015 growth has shifted towards premiumization and structural upgrades in product offerings [6]. - The beer industry has undergone significant restructuring in both product and distribution channels, with innovations in flavors and a shift towards non-on-premise sales channels [6]. - The industry is now in a mature phase characterized by low overall growth and structural support, making it increasingly difficult for companies to achieve higher profit growth [6]. Group 3: Consumer Preferences and Innovation - Companies are focusing more on consumer satisfaction, with an emphasis on enhancing product experiences rather than merely increasing consumption [7]. - Chongqing Beer launched over 30 new products in 2025, including craft beers and flavored beverages, to cater to younger consumers' preferences [7][8]. - The company is also optimizing its production system to improve efficiency and product delivery capabilities [8]. Group 4: Future Outlook - Budweiser APAC aims to reignite growth trends in China and rebuild market share, viewing the Chinese market as a significant opportunity for long-term profit growth [9]. - The company plans to enhance its product mix and accelerate the development of non-on-premise marketing channels while leveraging digitalization to improve execution and consumer engagement [9].

截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 百威亞太控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 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 | 本月底法定/註冊 ...

Core Insights - An analysis of Budweiser's 2025 financial results reveals a stark contrast between global performance and challenges in the Asia-Pacific region, particularly China [1][8] - Despite a global revenue decline of 0.8% to $59.32 billion, net profit increased by 16.8% to $6.837 billion, showcasing a successful strategy of premiumization and digitalization [1][2] - The Asia-Pacific segment, however, reported a revenue drop of 6.1% to $5.764 billion, with a significant 32.6% decline in profit attributable to shareholders, primarily driven by an 11.3% revenue decrease in the Chinese market [1][3] Global Performance - Budweiser's global sales volume decreased by 2.3%, yet net profit grew nearly 17%, indicating a successful shift towards higher-margin products [2] - The company saw a 7.6% increase in sales of ultra-premium brands like Corona, with double-digit growth in 30 markets, highlighting the willingness of high-net-worth consumers to pay for premium products [3][4] - The introduction of low-calorie and non-alcoholic beers contributed to an 8.9% increase in net revenue, with non-alcoholic beer sales soaring by 34% [3][4] Digitalization Strategy - Budweiser's B2B digital platform, BEES, significantly contributed to revenue, with 75% of the group's income generated through digital channels [3][4] - The platform enhances pricing strategies, improves distribution efficiency, and provides real-time consumer data to inform product innovation [4] Regional Disparities - The Americas remain a stronghold for Budweiser, with North America gaining market share through brands like Michelob and Cutwater, while South America saw a 4.9% organic revenue growth [5][6] - The European market faced challenges but managed to mitigate some impacts through premiumization strategies, while the Asia-Pacific region experienced a 6.5% organic revenue decline, primarily due to China [6] Challenges in China - Budweiser's reliance on on-premise channels, such as nightclubs and high-end dining, has become a liability as these venues struggle with foot traffic [12][13] - The shift in consumer behavior towards home and community consumption has left Budweiser lagging in adapting its channel strategy [14][15] - Competitors have aggressively captured market share in the premium segment, with local brands like China Resources Snow Beer and Tsingtao Beer gaining ground [19][21] Strategic Responses - Budweiser plans to increase investment in marketing and distribution, particularly in non-premise channels, to regain market share [22][24] - The company aims to leverage upcoming major sporting events to enhance brand visibility and consumer engagement [28][30] - A focus on a complete product portfolio across key price segments is deemed essential for regaining competitive advantage [26][27] Future Outlook - The year 2026 is positioned as a critical period for Budweiser to stabilize its presence in the on-premise market while building new advantages in off-premise channels [33]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights that Zhujiang Beer achieved a total operating revenue of 5.878 billion yuan in 2025, representing a year-on-year growth of 2.56%, and a net profit attributable to shareholders of 903 million yuan, up 11.42% year-on-year [6] - Budweiser APAC reported an operating revenue of 5.764 billion USD for the fiscal year 2025, with an organic year-on-year decline of 6.1% and a normalized EBITDA of 1.588 billion USD, down 9.8% year-on-year [6] - The report emphasizes the ongoing structural upgrades in the beer industry, with Zhujiang Beer focusing on high-end products and innovative marketing strategies to enhance market share [6] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 2.49% over the past month, but a decline of 8.51% over the past three months and 22.95% over the past year [3] Company Performance - Zhujiang Beer has optimized its product structure, with high-end beer sales increasing by 14.16% year-on-year in the first half of 2025 [6] - Budweiser APAC's sales in China experienced an organic year-on-year decline of 3.9% in Q4 2025, with overall performance in China falling short of industry averages [6] Market Trends - Several beer companies are launching special edition products for the Year of the Horse, with Budweiser introducing limited edition cans symbolizing various New Year blessings [6] - The report suggests that the focus on new year-themed products and youthful packaging is becoming standard practice among leading beer companies [6] Investment Recommendations - The report recommends paying attention to A-share listed companies such as Qingdao Beer, Chongqing Beer, Yanjing Beer, and Zhujiang Beer, as well as Hong Kong-listed companies like China Resources Beer and Budweiser APAC [6]

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

近日，百威亚太披露2025年业绩，公告显示，公司2025年营收、利润、销量全线下滑，中国市场也继续 承压。 运营商财经网 周颖/文 具体来看，百威亚太2025年收入为57.64亿美元，约为人民币397.78亿元，同比减少6.1%，公司股权持 有人应占溢利由2024年的7.26亿美元下降至2025年的4.89亿美元，约合109.59亿元人民币，同比大幅下 降32.6%，创百威亚太上市以来的历史新低，总销量也同比减少了6.0%至796.58万千升。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 此外百威亚太还提到，其2026年在中国的首要任务是"重燃增长趋势，并重建市场份额的增长动能"，看 来百威在中国市场的情况不容乐观。 而在2025年上半年，百威亚太营业收入同比下降7.74%至224.5亿元，就被华润啤酒以0.83%的增速和 239.4亿元的营收规模超越，失去了行业第一的宝座。截至目前，华润啤酒还未公布2025年全年业绩相 关情况，不知今年这行业第一的位置究竟花落谁家。 此外值得一提的是，在公布业绩的同时 ...

Core Viewpoint - Budweiser APAC (01876) is undergoing a deep adjustment period in the Chinese market, facing short-term performance pressure due to reform pains and external shocks, but positive signals are emerging from channel transformation, with preliminary improvements in market share observed in Q4 [1] Group 1: Financial Performance - For the full year 2025, the company's revenue and EBITDA were $5.76 billion and $1.59 billion, respectively, representing a year-on-year decline of 6.1% and 9.8%; Q4 revenue and EBITDA were $1.07 billion and $170 million, down 4.2% and 24.7% year-on-year [2] - The Chinese market significantly dragged down performance, with Q4 revenue and EBITDA declining by 11.4% and 42.3% year-on-year, and full-year revenue and EBITDA down 11.3% and 15.7% [2] - The net profit attributable to shareholders for the full year was $489 million, a decrease of 32.1% year-on-year, while cash flow remained robust with a dividend payout ratio increased to 153% [2] Group 2: Market Dynamics and Strategy - The industry in China is experiencing stable volume but declining prices, with Budweiser APAC actively transforming its channels; the decline in sales volume in Q4 narrowed from 11% in Q3 to 3.9% [3] - The company is focusing on high-end product positioning and expanding into new channels like instant retail and O2O, with expectations for ASP improvement in 2026 supported by various factors including policy changes and increased consumer confidence [3] - Management's outlook for 2026 includes organic growth, inorganic expansion, and shareholder returns, with a focus on high-end channels in China and maintaining a strong position in the Korean market [3] Group 3: Valuation and Target Price - The estimated EPS for the company for 2026-2028 is projected at $0.04, $0.05, and $0.05, respectively, with the valuation multiple for 2026 adjusted from 20x PE to 25x PE, maintaining a target price of HKD 7.9 [1][2]

Core Viewpoint - Budweiser APAC is undergoing a deep adjustment period in the Chinese market, facing short-term performance pressure due to reform pains and external shocks, but positive signals are emerging from channel transformation, with preliminary improvements in Q4 market share [1] Group 1: Financial Performance - For the full year 2025, revenue and EBITDA were $5.76 billion and $1.59 billion, down 6.1% and 9.8% year-on-year; Q4 revenue and EBITDA were $1.07 billion and $170 million, down 4.2% and 24.7% year-on-year [2] - The Chinese market significantly dragged down performance, with Q4 revenue and EBITDA declining 11.4% and 42.3% year-on-year, and full-year revenue and EBITDA down 11.3% and 15.7% year-on-year [2] - The net profit attributable to shareholders for the full year was $489 million, a decrease of 32.1% year-on-year, while cash flow remained robust with a dividend payout ratio increasing to 153% [2] Group 2: Market Dynamics - The industry saw stable volume but declining prices in Q4 2025, with leading companies maintaining stable operations; however, the average selling price (ASP) has been under pressure, hindering premiumization [3] - Budweiser APAC, as a leader in high-end beer, is increasing investments in emerging channels like instant retail and O2O, with early signs of improvement as the decline in sales volume narrowed from 11% in Q3 to 3.9% in Q4 [3] - The company is expected to benefit from multiple factors supporting ASP improvement in 2026, including effective policies to boost consumer confidence and demand, alongside the release of benefits from high-end positioning and channel transformation [3] Group 3: Strategic Outlook - The management has outlined three core outlooks for 2026: organic growth, inorganic expansion, and shareholder returns, with a focus on high-end home channels and O2O expansion in China [4] - The company plans to explore M&A and collaboration opportunities in the Asia-Pacific region, supported by strong cash flow for external growth [4] - A high dividend policy continues, with a dividend yield of 5.6% providing a solid safety net for the stock price; the depreciation of the US dollar is also expected to positively impact financial statements [4]

Core Insights - The article discusses the current state of the beer industry in China, highlighting the dominance of major players in the market and the structure of the industry chain [1][5]. Industry Overview - The beer industry in China has a mature supply chain, with upstream suppliers providing raw materials, brewing equipment, and packaging [1]. - Major players in the midstream beer production segment include China Resources Beer, Tsingtao Brewery, Budweiser APAC, Chongqing Beer, and Yanjing Beer, which collectively hold approximately 80% of the market share [1][5]. Supply Chain Structure - Upstream suppliers consist of companies like Angel Yeast and Yongshuntai for raw materials, and CIMC Anrui and Lehui International for brewing equipment [5]. - The downstream market includes physical supermarkets such as Yonghui Supermarket and online retail platforms like Alibaba, JD.com, and Suning [5]. Regional Distribution - The beer industry chain is primarily concentrated in the Guangdong-Hong Kong-Macau Greater Bay Area, followed by Zhejiang, Beijing, and Fujian [7]. - Midstream beer manufacturers are mainly located in the Guangdong-Hong Kong-Macau Greater Bay Area, Shandong, and Chongqing [8]. Investment Trends - A summary of investment activities from 2020 to 2026 in the beer industry indicates various funding rounds and investments in emerging companies [12]. - Notable investment events include multiple funding rounds for companies like Xuanbo Beer and Aigulu, with amounts ranging from millions to tens of millions of RMB [14].