机构：国泰海通证券 经营寻底，业绩承压。百威亚太发布2025H1 中期业绩，公司公告2025H1 营业收入31.4 亿美元，同 比-7.7%，内生同比-5.6%；净利润4.1 亿美元，同比-24.4%；收入和净利润均下滑，收入调整主因主营 地区渠道疲软及提前发货安排，净利润主要受到内部重组产生的非基础所得税影响，正常化每股盈利下 降至3.59 美分，同比-14.3%。 中国区总体疲软零售渠道较优，印度、韩国市场表现分化。公司公告2025H1 亚太西部地区实现营业收 入25.2 亿美元，同比-8.3%；啤酒销量379.2 万千升，同比-7.1%。其中，中国地区收入同比-9.5%，销量 同比-8.2%，每百升收入同比-1.4%。值得关注的是2025H1 公司非即饮渠道收入、销量同比实现增长， 非即饮渠道内高端及超高端产品占比超越中餐厅渠道对应占比。其他市场方面，韩国市场上半年销量持 平，二季度同比下滑，主因市场需求偏弱以及发货节奏前置；印度市场上半年收入持续增长，高端及超 高端销量与收入均实现双位数增长，经营态势良性。 核心盈利指标同比承压，股息或筑估值底。2025H1 公司毛利率同比-0.08pct 至51.4 ...

Investment Rating - The investment rating for Budweiser APAC is "Buy" [5]. Core Views - The company continues to face performance pressure in the first half of 2025, primarily due to weak demand in China and internal channel adjustments. However, there are signs of improvement in non-immediate consumption channels, while markets like India and South Korea show mixed performance [2][3]. Financial Summary - Total revenue is projected to decline from 6,856 million RMB in 2023 to 5,871 million RMB in 2025, reflecting a decrease of 8.9% in 2024 and 6.0% in 2025. Revenue is expected to recover slightly in 2026 and 2027 [4]. - Gross margin is expected to remain stable, increasing from 50.4% in 2023 to 51.8% by 2027 [4]. - Net profit is forecasted to decrease from 852 million RMB in 2023 to 721 million RMB in 2025, with a slight recovery to 820 million RMB by 2027 [4]. - The price-to-earnings (PE) ratio is projected to be 29.1 in 2023, dropping to 17.5 in 2024, and stabilizing around 17.0 by 2027 [4]. Market Performance - The stock price has fluctuated between 6.94 and 10.82 HKD over the past 52 weeks, with a current market capitalization of 108,596 million HKD [5]. - The company is expected to pay an annual dividend of 5.66 USD (approximately 43.96 HKD), resulting in a dividend yield of about 5.36% based on the current stock price [8]. Earnings Forecast - Earnings per share (EPS) is projected to be 0.05 USD in 2025, with a target price set at 9.74 HKD, corresponding to a PE valuation of approximately 23x for 2025 [8].

金错刀 . 科技商业观察家。爆品战略提出者。 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于金错刀 ，作者祥燎 今年即时零售领域神仙打架， "小鬼们"受益匪浅。消费者喝奶茶喝到吐；外卖小哥接单接到手软； 茶饮品牌的股价集体飙升。 不仅是奶茶市场，啤酒市场也因此震荡，结果就是 ——中国啤酒，终于干掉外国巨头！ 百威英博是全球饮料之王，收入比可口可乐还多。其子公司百威亚太，过去多年则在中国市场称王称 霸，不仅营收领先，毛利率也超 50%，稳压一众中国啤酒品牌。 而就在今年上半年，百威亚太的营收却被华润啤酒反超，痛失第一宝座。格局变化和神仙打架不无关 系，华润啤酒表示，上半年即时零售业务的 GMV同比增长接近五成。 不过百威亚太被反超，关键原因还在于自己。 快被赶去印度求生了。 作者丨 祥燎 来源丨 快刀财经 俗话说，神仙打架小鬼遭殃，但有时恰恰相反。 早在 2023年， 它 就出现 了 增收不增利的情况 ， 此后更是营收利润双下滑。 自 2019年头顶"亚 洲最大啤酒公司"的光环上市以来， 其 市值已缩水近 3000 亿港元。 在日韩、印度等亚太国家，百威亚太依旧强势，偏偏在中国这个最大啤酒市场越卖 ...

而就在今年上半年，百威亚太的营收却被华润啤酒反超，痛失第一宝座。格局变化和神仙打架不无关系，华润啤酒表示，上半年即时零售业务的GMV同 比增长接近五成。 俗话说，神仙打架小鬼遭殃，但有时恰恰相反。 今年即时零售领域神仙打架，"小鬼们"受益匪浅。消费者喝奶茶喝到吐；外卖小哥接单接到手软；茶饮品牌的股价集体飙升。 不仅是奶茶市场，啤酒市场也因此震荡，结果就是——中国啤酒，终于干掉外国巨头！ 百威英博是全球饮料之王，收入比可口可乐还多。其子公司百威亚太，过去多年则在中国市场称王称霸，不仅营收领先，毛利率也超50%，稳压一众中国 啤酒品牌。 不过百威亚太被反超，关键原因还在于自己。 早在2023年，它就出现了增收不增利的情况，此后更是营收利润双下滑。自2019年头顶"亚洲最大啤酒公司"的光环上市以来，其市值已缩水近3000亿港 元。 在日韩、印度等亚太国家，百威亚太依旧强势，偏偏在中国这个最大啤酒市场越卖越少。 它在中国的威风都丢到哪儿去了？ 点击这里边听边看 啤酒老大哥，快被赶去印度求生了 把百威亚太挤下神坛，搁几年前似乎是个不可能的任务。 背靠百威英博这个全球最大啤酒生产商，百威亚太也算家大业大，此前的地位可谓固 ...

Group 1 - The event focused on international cooperation and market opportunities in the agricultural and food industry, with participation from leading companies such as COFCO, Bunge, Cargill, Kraft Heinz, and Budweiser, as well as representatives from various economic and technological development zones [1] - The Deputy Director of the Investment Promotion Bureau emphasized that China is the world's second-largest consumer market with the largest middle-income group, indicating a growing demand for green, healthy, and convenient food products due to consumption upgrades and health awareness [1] - The discussion highlighted the current status, trends, and investment cooperation prospects in the agricultural and food industry, aiming to strengthen the connection between enterprises and development zones [1] Group 2 - The event included a product showcase where Kraft Heinz introduced its new authentic pasta sauce, and COFCO promoted the unique taste and brand culture of Great Wall wine [2] - Attendees expressed a clearer understanding of the direction for the development of a green, healthy, and delicious agricultural and food industry, establishing a solid foundation for enhancing communication and investment cooperation between enterprises and development zones [2]

MINING(00975) 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；偏离值为当前股票的沽空比率与该股过去30天平均沽空比率的差值。 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-SW(09988) | 47.15 亿元 | 17.88% | 0.67% | | 腾讯控股(00700) | 22.80 亿元 | 18.70% | 1.28% | | 百度集团-SW(09888) | 12.99 亿元 | 34.49% | 2.73% | | 美团-W(03690) | 11.40 亿元 | 11.91% | -10.89% | | 紫金矿业(02899) | 8.44 亿元 | 42.83% | 11.33% | | 京东集团-SW(09618) | 6.65 亿元 | 14.56% | -3.26% | | 中芯国际(00981) | 6.19 亿元 | 11.42% | 4.22% | | 小米集团-W(01810) | 5.97 亿元 | 7.60% | -9.58% ...

2025年，啤酒行业的竞争硝烟依然弥漫。 上半年，国内啤酒企业迎来业绩修复窗口期。上市酒企披露的中期财报显示，多家头部及区域啤酒企业 实现营利双增，整体呈现"多数回暖、少数承压"的分化格局。 头部企业的市场主导地位进一步巩固。华润啤酒（00291.HK）、百威亚太（01876.HK）、青岛啤酒 （600600.SH）以超200亿元营收规模稳居行业前三，重庆啤酒（600132.SH）、燕京啤酒（000729.SZ） 紧随其后。据统计，这五家啤酒厂商上半年合计营收超840亿元，继续瓜分中国啤酒市场近九成份额。 不过，业绩回暖并未让啤酒巨头们高枕无忧。受现饮渠道疲软、消费观念转变等因素影响，啤酒行业已 步入市场收缩与存量时期，增长天花板逐渐显现。 2025年，啤酒行业的战场更显喧嚣。一边是五粮液、珍酒李渡等业外巨头扎堆"染啤"，另一边，面对增 长瓶颈，啤酒巨头们转头盯上了其他赛道。 一、华润啤酒"登顶"，燕京半年赚了去年一年的钱 受线下餐饮消费疲软、极端天气等多重因素冲击，去年啤酒行业整体业绩陷入普遍下滑。进入2025年， 行业整体虽迎修复期，但并未呈现全面回暖。 上半年，TOP5 啤酒企业格局生变。华润啤酒在营收 ...

BUDWEISER BREWING COMPANY APAC LIMITED 百威亞太控股有限公司 1876 2025 中期報告 中期報告 2025 百威亞太控股有限公司 關於百威亞太控股有限公司 百威亞太控股有限公司（百威亞太）是亞太地區最大的啤酒公司，在高端及超高端啤酒分部中佔 據領導地位。公司釀製、進口、推廣、經銷及出售超過50個啤酒品牌組合，包括百威®、時代®、 科羅娜®、哈爾濱®、福佳®及凱獅®。百威亞太通過其當地附屬公司，在主要市場開展業務，包括 中國、韓國、印度及越南。百威亞太的總部設於中國香港特別行政區，於亞太地區營運47家釀酒 廠，並僱用超過21,000名員工。 百威亞太於香港聯交所上市，股份代號為「1876」，屬恒生指數成份股。本公司為總部位於比利時 魯汶的泛歐交易所上市公司Anheuser-Busch InBev的附屬公司，其擁有超過600年的釀酒歷史及 龐大的全球業務。 有關更多詳情，請訪問我們的網站：http://www.budweiserapac.com 。 | 目錄 | | --- | | 2 | 管理層討論與分析 | | --- | --- | | 13 | 其他資料 | | ...

Summary of Key Points Core Viewpoint - The alcoholic beverage industry in China is undergoing a significant adjustment phase, with varying performance across different segments such as baijiu, beer, yellow wine, and wine. While some companies are experiencing declines, others are managing to maintain or grow their revenues through strategic adjustments and market focus [3][4][14]. Baijiu Industry - The baijiu sector is the most affected by the adjustment phase, with 13 out of 20 listed companies reporting declines in both revenue and net profit. Only 6 companies showed growth in both metrics [4][5]. - Major players like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu have managed to maintain growth, while smaller companies face more significant declines [4][5]. - Companies are adopting strategies to address inventory issues and optimize product channels, attributing performance declines to proactive adjustments rather than market weakness [5][6]. Beer Industry - The beer industry is showing signs of recovery, with leading companies like China Resources Beer and Qingdao Beer reporting growth in both revenue and net profit. In contrast, foreign companies like Budweiser APAC are experiencing declines [6][7]. - The high-end segment continues to be a focal point, with companies competing in the premium market, while the 8 yuan price range is emerging as a new growth driver [7][8]. - Beer companies are also diversifying into other beverage sectors to seek new growth opportunities [8][9]. Yellow Wine Industry - The yellow wine sector is struggling to achieve collective growth, with only a few companies like Kuaijishan showing positive performance. The market remains heavily concentrated in the Jiangsu and Zhejiang regions [10][11]. - Despite the introduction of new products aimed at younger consumers, overall performance remains lackluster, with traditional products still driving most sales [10][11]. Wine Industry - The wine market is in a deep adjustment phase, with most companies reporting revenue declines. The market is heavily impacted by the increasing share of imported wines, which continue to challenge domestic brands [12][13]. - Companies are exploring new sales channels, such as live e-commerce, to boost performance and adapt to changing consumer preferences [13][14]. - The emotional value of wine consumption, such as "self-drinking" and "social drinking," is seen as a potential avenue for recovery in the domestic market [13][14].

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 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百威亞太控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 III.已發行股份及/或庫存股份變動詳情 | 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 ...