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]

智通财经APP获悉，海通国际发布研报称，百威亚太(01876)在中国市场经历深度调整期，短期业绩承压 于改革阵痛与外部冲击，但渠道转型已现积极信号，Q4份额也出现初步改善。该行预计公司2026-2028 年EPS分别为0.04/0.05/0.05美元(前值为2026/2027年0.05/0.06美元)，考虑到近期市场对消费复苏预期提 升，且公司作为亚太地区高端啤酒龙头享有一定的估值溢价，将2026年估值倍数由20x PE上调至25x PE，目标价7.9港元(不变)，维持"中性"评级。 上行风险1)中国消费复苏快于预期2)家庭渠道转型成效加速显现3)美元持续贬值带来报表增厚4)M&A或 战略合作落地; 海通国际主要观点如下： 25Q4及全年业绩：营收与利润双端承压，中国市场表现显著弱于行业 公司全年营收/EBITDA分别为57.6/15.9亿美元，同比下滑6.1%/9.8%;Q4营收/EBITDA分别为10.7/1.7亿美 元，同比分别下滑4.2%/24.7%。中国市场为核心拖累，Q4营收/EBITDA同比降11.4%/42.3%，销量/ASP 分别下滑3.9%/7.7%，全年营收/EBITDA同比下滑11.3 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院啤酒研究小组发布的《中国啤酒行业品牌竞争与消费需求投资预 测分析报告》 行业主要上市公司：华润啤酒(00291.HK);青岛啤酒(600600);百威亚太(01876.HK);重庆啤酒(600132);燕 京啤酒(000729)等 本文核心数据：产业链上下游企业;产业链企业分布;代表性企业产能;代表性企业投资动向等 啤酒产业链全景梳理：中游受龙头企业垄断 啤酒行业目前在我国已经拥有较为成熟的产业链。上游企业以原材料、酿造设备以及啤酒包装等部分构 成，其中原材料以麦芽、啤酒花、酵母等产品为主。中游为啤酒生产商，目前我国中游啤酒生产商已形 成垄断趋势，市场份额主要由华润啤酒、青岛啤酒、百威亚太、重庆啤酒以及燕京啤酒垄断，五大品牌 市场份额合计约占80%左右。下游主要为实体商超以及线上零售渠道。 从中游啤酒制造商的区域分布来看，企业主要集中在粤港大湾区、山东和重庆等地区。 目前，我国啤酒行业上游原材料供应商主要为安琪酵母，永顺泰等;上游啤酒设备供应商主要为中集安 瑞科、乐惠国际等;上游啤酒包装主要有中粮 ...

格隆汇2月16日丨百威亚太(01876.HK)宣布，于2026年2月16日，公司根据其于2019年9月9日采纳并于 2023年5月8日修订的基于股份的报酬计划(「基于股份的报酬计划」)的条款，以自选股份(定义见下文) 形式向集团若干合资格雇员(「承授人」)授出最多1160.4万股公司禁售股份，并向若干承授人授出最多 1056万个公司受限制股份单位(「受限制股份单位」)。 ...

Group 1 - The company Budweiser APAC (01876) announced the grant of up to approximately 11.6043 million shares of company restricted stock to several eligible employees under its share-based remuneration plan adopted on September 9, 2019, and revised on May 8, 2023 [1] - Additionally, the company will grant up to approximately 10.5613 million restricted stock units to several grantees [1]

智通财经APP讯，百威亚太(01876)公布，于2026年2月16日，公司根据其于2019年9月9日采纳并于2023 年5月8日修订的基于股份的报酬计划的条款，以自选股份形式向集团若干合资格僱员授出最多约 1160.43万股公司禁售股份，并向若干承授人授出最多约1056.13万个公司受限制股份单位。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （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 百威亞太控股有限公司（「本公司」）董事會（「董事會」）宣佈，於2026年2月16日， 本公司根據其於2019年9月9日採納並於2023年5月8日修訂的基於股份的報酬計 劃（「基於股份的報酬計劃」）的條款，以自選股份（定義見下文）形式向本集團若干 合資格僱員（「承授人」）授出最多11,604,324股本公司禁售股份，並向若干承授人 授出最多10,561,282個本公司受限制股份單位（「受限制股份單位」）。 本公司謹此提述(i)日期為2023年4月13日的公告、(ii)日期為2023年4月13日的通 函（「通函」）及(iii)日期為2023年5月8日的本公司股東週年大會的表決結果公告， 當中載有本公司股東批准（其中包括）就 ...