Core Insights - The integration of "digital intelligence" and "green" initiatives is advancing corporate ESG (Environmental, Social, and Governance) practices from conceptual advocacy to systematic and intelligent implementation [1][3] - The fourth annual forum on sustainable development for listed companies, themed "Digital Intelligence and Green Movement Leading New Journey," was held in Beijing, revealing the winners of the "Ernst & Young Sustainable Development Annual Best Awards 2025" [1][3] - The awards highlighted the innovative practices of Chinese companies in the ESG and AI integration space, showcasing their contributions to building a modern industrial system and achieving high-quality development [1][3] Group 1: Event Overview - The forum featured 2 special awards, 12 outstanding companies, 2 distinguished individuals, 16 excellent cases, and 1 special contribution award for technological innovation in ESG development [1][3] - The focus of this year's awards was on the role of digitalization as an innovative driving force, emphasizing zero-carbon technology and AI's role in enhancing productivity [1][3] Group 2: Industry Trends - Ernst & Young's China Chairman noted that 2023 is a pivotal year for global sustainable development, marking the 10th anniversary of the Paris Agreement and the 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept [3] - The rapid advancement of AI technology is accelerating the digital and green transformation of Chinese enterprises, positioning them as key players in sustainable development [3][4] Group 3: AI and ESG Integration - Companies are encouraged to integrate ESG into their core strategies and leverage technology to transform sustainable development into a quantifiable and operational value system [4][5] - Ernst & Young has introduced AI-driven solutions, including the DeepSeek model and the METIS AI platform, to support enterprises in their green transformation efforts [4][5] Group 4: Award Evaluation and Criteria - The evaluation framework for the awards includes nine dimensions, focusing on technological innovation, low-carbon benefits, and social responsibility [5] - This year, an AI assessment component was introduced to enhance the evaluation process, utilizing a comprehensive ESG information database [5] Group 5: Future Outlook - Ernst & Young aims to deepen its professional service capabilities, helping companies embed sustainable development into their strategic core and operational processes [6]

Investment Rating - The report maintains a "Recommended" investment rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1][7]. Core Insights - The company reported a total revenue of USD 4.691 billion and normalized EBITDA of USD 1.421 billion for the first three quarters of 2025, reflecting a year-on-year decline of 6.6% and 7.7% respectively. The normalized net profit attributable to the parent company was USD 678 million, showing a decrease of 12.7% [1][7]. - In Q3 alone, the company achieved total revenue of USD 1.555 billion and normalized EBITDA of USD 438 million, with year-on-year declines of 8.4% and 6.9% respectively. The normalized net profit for Q3 was USD 204 million, down 9.3% year-on-year [1][7]. - The report highlights that the company is undergoing a structured adjustment phase, focusing on reducing inventory and preparing for future growth despite facing significant pressure in the Chinese market [7]. Financial Summary - **Revenue Forecasts**: - 2024A: USD 6,246 million - 2025E: USD 5,870 million - 2026E: USD 6,014 million - 2027E: USD 6,139 million - Year-on-year growth rates are projected at -8.9% for 2024, -6.0% for 2025, 2.4% for 2026, and 2.1% for 2027 [3][12]. - **Net Profit Forecasts**: - 2024A: USD 726 million - 2025E: USD 671 million - 2026E: USD 717 million - 2027E: USD 754 million - Year-on-year growth rates are projected at -14.8% for 2024, -7.5% for 2025, 6.7% for 2026, and 5.2% for 2027 [3][12]. - **Earnings Per Share (EPS)**: - 2024: USD 0.05 - 2025: USD 0.05 - 2026: USD 0.05 - 2027: USD 0.06 [3][12]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected at 19 for 2024, 20 for 2025, 19 for 2026, and 18 for 2027 [3][12]. Market Performance - The report indicates that Budweiser APAC's performance in the Asia-Pacific region is under pressure, particularly in China, where revenue declined by 15.1%. However, the company is seeing double-digit growth in high-end and super high-end products in India [7][8]. - The company is actively adjusting its operational strategies, focusing on family-oriented channels and innovative product launches to counteract the declining demand [7][8].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Views - Budweiser APAC reported Q3 2025 revenue of $1.555 billion, with a year-on-year decline of 8.4% [1] - Normalized EBITDA for the same period was $438 million, down 6.9% year-on-year, while normalized net profit attributable to shareholders was $204 million, a decrease of 9.3% [1] - The company is focusing on high-end and super high-end segments to leverage competitive advantages despite a weak beer demand in the Chinese market [4] Summary by Sections Overall Performance - Q3 2025 sales volume was 2.2512 million kiloliters, reflecting a year-on-year decline of 8.6% [1] - Revenue per hectoliter increased by 0.1% year-on-year, with a gross margin of 51.4%, showing a slight increase [1] Regional Performance - Western Asia-Pacific region saw revenue and normalized EBITDA decline by 12.0% and 11.9% year-on-year, respectively, with sales volume down 9.9% [2] - The Indian market performed well with double-digit revenue growth, positively impacting EBITDA [2] - Eastern Asia-Pacific region experienced revenue and normalized EBITDA growth of 3.9% and 8.7% year-on-year, respectively, despite a slight decline in sales volume [2] China Market Insights - In Q3 2025, revenue and normalized EBITDA in China fell by 15.1% and 17.9% year-on-year, respectively, with sales volume down 11.4% [3] - The decline was attributed to inventory management and weak on-the-go channel performance [3] - The company is focusing on optimizing channel inventory and enhancing contributions from non-on-the-go channels [3] Financial Forecasts - The report revises down the net profit forecasts for 2025-2027 to $589 million, $682 million, and $733 million, representing reductions of 15%, 7%, and 6% respectively [4] - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 19x for 2027 [4]

Core Viewpoint - UBS reports that Budweiser APAC (01876) is expected to see a decline in revenue and adjusted EBITDA for Q3 2025, with figures of $1.555 billion and $438 million respectively, representing year-on-year decreases of 8.8% and 8.6%, which are below the bank's expectations by 1-3% and generally in line with market expectations [1] Financial Performance - Revenue for Q3 2025 is projected at $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 2025 is projected at $438 million, down 8.6% year-on-year [1] Earnings Forecast Adjustment - UBS has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% to reflect ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The anticipated recovery is expected to be delayed until 2026 [1] Investment Rating and Target Price - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends in 2025 [1] - The target price has been reduced from HKD 9.07 to HKD 8.75 [1]

Core Viewpoint - UBS reports that Budweiser APAC (01876) is expected to see a decline in revenue and adjusted EBITDA for Q3 2025, with figures of $1.555 billion and $438 million respectively, representing year-on-year decreases of 8.8% and 8.6%, which are slightly below UBS's expectations by 1-3% but generally in line with market expectations [1] Financial Performance - Revenue for Q3 2025 is projected at $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 2025 is projected at $438 million, down 8.6% year-on-year [1] Earnings Forecast - UBS has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% due to ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The anticipated recovery is expected to be delayed until 2026 [1] Investment Rating - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends in 2025 [1] - The target price has been adjusted from HKD 9.07 to HKD 8.75 [1]

Core Viewpoint - UBS reported that Budweiser APAC's Q3 revenue and adjusted EBITDA were $1.555 billion and $438 million, representing year-on-year declines of 8.8% and 8.6%, respectively, which were below the bank's expectations by 1% to 3% but generally in line with market expectations [1] Financial Performance - Q3 revenue was $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 was $438 million, down 8.6% year-on-year [1] Earnings Forecast - UBS has lowered Budweiser APAC's earnings forecasts for 2025 to 2027 by 7% to 9% due to the ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The expected recovery is now anticipated to be delayed until 2026 [1] Investment Rating - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends through 2025 [1] - The target price has been reduced from HKD 9.07 to HKD 8.75 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Budweiser APAC's Q3 performance slightly exceeded expectations, primarily driven by stronger-than-expected growth in the South Korean market, while the Chinese market remains under pressure. The future outlook hinges on the potential recovery of the Chinese market in the coming year, with uncertainties surrounding consumer sentiment and market competition leading to low visibility for recovery [1] Revenue and Profit Forecasts - Credit Lyonnais has revised Budweiser's revenue forecasts for 2025 to 2027 down by 1.3%, 2%, and 3% respectively, and profit forecasts down by 0.3%, 9.8%, and 11% [1] - The target price has been adjusted from HKD 9.3 to HKD 9, while maintaining an "outperform" rating [1] Market Performance Insights - The Chinese market is expected to continue dragging down overall sales and profit margins in Q4 [1] - The South Korean market is benefiting from price increases and product mix upgrades, which are anticipated to sustain growth [1]

Core Viewpoint - The company reported weak performance in the Chinese market for Q3 2025, with a focus on addressing challenges in the on-premise channel and inventory management [1][5][17] Financial Performance - In Q3 2025, the company's sales in China decreased by 11.4%, and revenue fell by 15.1%, with revenue per hectoliter down by 4.1% due to increased investment in innovative products and brand promotion [5][17] - For the first nine months of 2025, sales in China decreased by 9.3%, while revenue and revenue per hectoliter decreased by 11.3% and 2.2%, respectively [5][17] - Overall, for the first nine months of 2025, the company's total sales decreased by 7.0%, and revenue decreased by 6.6%, with revenue per hectoliter increasing by 0.4% [17] Market Strategy - The company aims to restore growth and rebuild market share by focusing on improving market channel execution and product mix [2][5] - There is a significant shift towards home consumption, with the company increasing its investment in family consumption channels and e-commerce [9][11] - The company has introduced new packaging formats, such as larger cans, to cater to the home consumption trend [9][11] Inventory Management - The company has actively managed its inventory, reporting that inventory levels and turnover days are lower than the previous year and below industry averages [8][11] Brand Development - The company is focusing on the Harbin brand as a core product line and expanding its presence in both on-premise and home consumption markets [14][16] - The company believes that the Harbin brand has strong potential to compete regionally, especially in traditional strongholds [14][16] Future Outlook - The company anticipates continued growth in the home consumption channel, driven by rising disposable incomes and market maturity [13] - The company is optimistic about expanding its non-on-premise sales to align more closely with industry averages [13]

Core Viewpoint - Morgan Stanley reports that Budweiser APAC (01876) third-quarter sales met expectations, while EBITDA performance exceeded concerns [1] Group 1: Sales Performance - In Q3 2025, Budweiser APAC's sales decreased by 8.4%, with a slight increase in average selling price by 0.1% and a year-on-year volume decline of 8.6% [1] - The Chinese market continues to face pressure, while the South Korean market shows stable performance [1] Group 2: EBITDA and Profitability - The standardized EBITDA margin in Q3 2025 saw an organic growth of 46 basis points to 28.2% [1] - For the first nine months of 2025, the gross margin increased organically by 42 basis points, while the EBIT margin decreased organically by 46 basis points [1] Group 3: Regional Performance - In the Asia Pacific West region, Q3 2025 organic sales fell by 12.0%, with volume down 9.9% and average selling price down 2.4%, leading to a standardized EBITDA decline of 11.9% [1] - In the Asia Pacific East region, Q3 2025 organic sales grew by 3.9%, with volume down 0.6% but average selling price up by 4.5%, resulting in a standardized EBITDA increase of 8.7% [1]

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，並明確表示概不就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） 持續關連交易 關於 (1)綜合服務框架協議； 及 (2)策略、採購及行政服務 吾等提述百威亞太控股有限公司（「本公司」）日期為2019年9月18日的招股章程 （「招股章程」）中「關連交易 － 非豁免持續關連交易」一節及本公司日期為2022 年3月28日的公告，內容有關（其中包括）(i)採購服務框架協議；(ii)策略服務框 架協議；及(iii)本公司與Anheuser-Busch InBev SA/NV（「百威集團」）訂立的綜 合服務框架協議及其項下擬向本集團提供的策略服務、採購服務及行政服務。 除另有指明外，本公告所用詞彙與招股章程所界定者具有相同涵義。 綜合服務框架協議 於2025年10月29日，本公司與百威集團訂立有關綜合服務框架協議的重訂函， ...