Core Viewpoint - The Chinese beer market is highly concentrated, with leading companies gaining competitive advantages through either larger market shares or higher profitability. Recent annual reports from major players like China Resources Beer, Tsingtao Brewery, and Zhujiang Brewery show positive growth in revenue, profit, and sales, while Budweiser APAC has not yet reversed its downward trend [1][2]. Group 1: Market Performance - Major Chinese beer companies experienced collective positive growth in core performance metrics last year, with only Budweiser APAC failing to show improvement [1][2]. - The total beer production from large-scale enterprises in China is projected to decline by 1.1% in 2025, indicating continued market share concentration among leading firms [3]. - Smaller breweries like Yanjing Beer and Zhujiang Beer have successfully captured market share through product upgrades, with Yanjing's flagship product, Yanjing U8, increasing production from 100,000 tons to 900,000 tons in five years [4]. Group 2: Pricing and Profitability - The core investment appeal of beer stocks has shifted towards profit growth driven by product structure upgrades, rather than just price competition [4]. - China Resources Beer focuses on mass-market products, while Zhujiang and Yanjing have seen profit surges by upgrading their flagship products to the 8 yuan price range, with Zhujiang's price exceeding 4,000 yuan per ton [4]. - The most successful beers are not necessarily the most expensive or cheapest, but those that align with the main consumer demographic's spending power [4]. Group 3: Dividends and Investor Returns - Recent years have seen a focus on dividends to attract long-term value investors, with Tsingtao Brewery planning a record 3 billion yuan dividend for 2025, maintaining a payout ratio near 70% [5]. - Chongqing Brewery has consistently distributed all profits as dividends in recent years, while Budweiser APAC and China Resources Beer also reported high dividend payout ratios of 103% and 98% respectively [5]. - Yanjing Beer and Zhujiang Beer have room for improvement in dividend payouts, with Yanjing's payout ratio just over 50% and Zhujiang's below 50% for 2025 [5].

| | | 自選股份及受限制股份單位 | | --- | --- | --- | | 承授人 | 職位 | 的最終數目 | | 程衍俊先生 | 執行董事兼首席執行官 | 311,885股自選股份及 | | | | 822,593個受限制股份單位 | | 其他關連承授人 | 本集團若干附屬公司的董事， | 342,416股自選股份及 | | | 本公司董事除外 | 933,151個受限制股份單位 | | 其他非關連承授人 | 本公司僱員 | 2,587,865股自選股份及 | | | | 5,258,300個受限 | | | | 制股份單位 | （於開曼群島註冊成立的有限公司） （股份代號：1876） 授出自選股份及受限制股份單位的最新發展 茲提述百威亞太控股有限公司（「本公司」）日期為2026年2月16日的公告（「該公 告」），內容有關根據基於股份的報酬計劃向承授人授出自選股份及受限制股份單 位。除非另有界定，否則本公告所用詞彙與該公告所使用者具有相同涵義。 本公司謹此確認，經處理承授人作出的所有最終選擇以及最終配額的若干其他扣 除後，最終授予的詳情載列如下： 香港交易及結算所有限公司及香港聯合交易所有限公司 ...

Financial Performance - In 2025, Budweiser APAC reported revenue of $5.764 billion and normalized EBITDA of $1.588 billion, with beer sales volume reaching 79.658 million hectoliters [17]. - The company achieved over 20% revenue growth from its premium and super-premium product portfolio, which accounts for more than two-thirds of total revenue [7]. - Budweiser's normalized EBITDA margin stood at 27.6%, demonstrating robust profitability despite industry challenges [107]. - Revenue declined by 6.1% to $5,764 million in fiscal year 2025 from $6,246 million in 2024 [188]. - Normalized EBITDA decreased by 9.8% to $1,588 million in fiscal year 2025, with a normalized EBITDA margin of 27.6%, down 113 basis points from 28.9% in 2024 [188][190]. - The normalized profit attributable to equity holders was $666 million in fiscal year 2025, down from $778 million in 2024 [188]. - Net cash position decreased by $39 million to $2.8 billion at the end of fiscal year 2025 compared to the end of fiscal year 2024 [191]. - The board proposed a dividend of $750 million or $0.0566 per share for fiscal year 2025, consistent with fiscal year 2024 [191]. Market Performance - In China, sales and revenue decreased by 8.6% and 11.3%, respectively, reflecting increased investment in expanding non-immediate consumption business [192]. - In India, total market share recorded growth in both the fourth quarter of 2025 and the fiscal year 2025, driven by sustained industry momentum [192]. - In South Korea, sales showed a low single-digit decline, but revenue per hundred liters recorded low single-digit growth due to effective revenue management initiatives [192]. - In Q4 2025, sales in China decreased by 3.9%, with revenue and revenue per hectoliter down by 11.4% and 7.7% respectively, due to weak business layout and ready-to-drink channel performance [194]. - The contribution of non-ready-to-drink and O2O channels to sales and revenue improved in fiscal year 2025, reflecting progress in channel expansion strategies [194]. - In the Asia-Pacific region, sales and revenue decreased by 3.7% and 0.6% respectively in Q4 2025, while revenue per hectoliter increased by 3.2% [198]. - In Korea, sales experienced a low single-digit decline in Q4 2025, but revenue per hectoliter recorded low single-digit growth, keeping overall revenue stable [199]. Strategic Initiatives - The company is focusing on reigniting growth in China by enhancing its product mix and expanding its non-RTD (ready-to-drink) marketing channels [9]. - Budweiser APAC plans to accelerate its digital initiatives to improve execution and consumer engagement, supporting growth momentum in China [9]. - Budweiser APAC's strategy includes channel expansion and increasing penetration in O2O (online-to-offline) channels, which have shown improved contributions to sales and revenue [7]. - The company is investing in product innovation, including low-carb, sugar-free, gluten-free, and non-alcoholic options to meet diverse consumer demands [41]. - The company continues to invest in flagship brands, with a focus on Olympic-themed activities and collaborations with popular cultural phenomena to enhance brand engagement [200]. - Budweiser has established strategic partnerships with major platforms like the Olympics, FIFA, and NBA to enhance brand visibility and consumer engagement [47]. - The BEES platform expanded its coverage to over 320 cities in China by December 2025, enhancing sales rates at each distribution point [194]. Community and Sustainability Efforts - Budweiser APAC is committed to responsible drinking and promoting a balanced portfolio of beer choices to meet diverse consumer needs [12]. - The company is actively engaging in community contributions related to sustainability, responsible drinking, and road safety [36]. - The company has provided over 3.7 million cans and bottles of emergency drinking water to communities in 67 cities across the Asia-Pacific region since 2015, ensuring timely support during disasters [135]. - The company has achieved a water efficiency ratio of 1.77 in the Asia-Pacific region, improving by 40.8% since 2017 [146]. - The company has reduced Scope 1 and Scope 2 absolute emissions by 73.1% compared to the 2017 baseline, with a 71.4% increase in the percentage of renewable electricity used [145]. - By 2025, 61.0% of the company's packaging is recyclable or primarily made from recycled materials [149]. - The company aims to achieve 100% renewable energy for its purchased electricity and has set a target to reduce carbon emissions by 25% across its value chain [145]. - The company has partnered with over 1,900 direct farmers in Asia to promote sustainable agricultural practices by 2025 [157]. - The company has collaborated with local governments and industry organizations to improve planting techniques and fruit quality, enhancing farmer incomes [127]. - The company has launched a responsible drinking campaign in China, promoting its non-alcoholic product range during the Tomorrowland music festival [120]. Product Development - Budweiser is expanding its consumer reach with new packaging formats, such as the one-liter can of Budweiser Black Gold, to enhance market penetration [69]. - Harbin Beer is launching a new zero-sugar product to connect with health-conscious young adults, leveraging cultural influences from the NBA and hip-hop [75]. - The introduction of non-alcoholic products like Corona Cero and Budweiser 0.0 expands consumer choices and promotes responsible drinking [116]. - Cass beer family introduced new products: Cass Lemon Squeeze 7.0, Cass Light, and Cass All Zero, catering to diverse consumer preferences [78]. - Budweiser's digital flagship brand, BEES, is addressing consumer pain points and creating new revenue streams through digital transformation [41]. Capital Management - The company is committed to prudent capital allocation, aiming to reduce leverage and enhance shareholder returns while driving organic growth [41]. - Budweiser's capital expenditure as a percentage of revenue decreased by over 200 basis points over the past three years, indicating improved resource allocation [108]. - Budweiser's free cash flow ratio reached 11.2% of revenue, reflecting strong cash generation capabilities and efficient capital management [108].

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].

Core Viewpoint - Budweiser APAC reported a decline in revenue, profit, and sales for 2025, with continued pressure in the Chinese market [1] Financial Performance - Budweiser APAC's revenue for 2025 was $5.764 billion, approximately RMB 39.778 billion, a year-on-year decrease of 6.1% [3] - The profit attributable to equity holders fell from $726 million in 2024 to $489 million in 2025, about RMB 10.959 billion, representing a significant decline of 32.6%, marking a historical low since the company's listing [3] - Total sales volume decreased by 6.0% to 7.9658 million kiloliters [3][4] Market Performance in China - In the Chinese market, Budweiser's sales and revenue decreased by 8.6% and 11.3% respectively in 2025 [4] - In Q4, sales volume in China dropped by 3.9%, with revenue and revenue per hectoliter declining by 11.4% and 7.7% respectively [4] - Budweiser APAC aims to "rekindle growth trends and rebuild market share growth momentum" in China for 2026, indicating a challenging outlook [5] Competitive Position - In the first half of 2025, Budweiser APAC's revenue fell by 7.74% to RMB 22.45 billion, losing its industry leadership to China Resources Beer, which achieved a 0.83% growth with revenue of RMB 23.94 billion [5] Dividend Plan - The board of Budweiser APAC proposed a final dividend of $0.0566 per share for the fiscal year 2025, expecting to distribute $750 million in dividends [6] - The CEO, Cheng Yanjun, holds 5.229 million shares, which could yield approximately $296,000 in dividends, around RMB 2.04 million [6] Strategic Focus - The strategic focus for Budweiser China includes enhancing execution capabilities, expanding non-immediate consumption channels, and establishing influence in emerging channels [6]

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]