Core Insights - Budweiser APAC reported a total revenue of $4.691 billion for the first nine months of 2025, representing a year-on-year decline of 6.6% [1] - The gross profit for the same period was $2.412 billion, down 5.8% year-on-year [1] - The profit attributable to equity holders was $594 million, reflecting a significant decrease of 19.95% compared to the previous year [1] Sales Performance - Total sales volume decreased by 7.0% in the first nine months of 2025, with a more pronounced decline of 8.6% in the third quarter [1] - The decline in sales was primarily attributed to challenges faced in the Chinese market and distribution channels, although strong performance in India partially offset this impact [1]

Core Insights - Budweiser APAC reported a 7.0% year-on-year decline in total sales volume for the first nine months of 2025, reaching 661.4 million liters, primarily due to challenges in its business layout in China, partially offset by performance in India [1] - Revenue for the same period decreased by 6.6% year-on-year to $4.691 billion, while revenue per hectoliter increased by 0.4%, benefiting from positive regional mix in India and revenue management measures in Eastern Asia [1] - Normalized EBITDA for the first nine months of 2025 fell by 7.7% to $1.421 billion, influenced by revenue performance, with the normalized EBITDA margin decreasing by 37 basis points to 30.3% [1] Financial Performance - Normalized profit attributable to equity holders decreased from $777 million in the first nine months of 2024 to $678 million in the same period of 2025 [1] - Profit attributable to equity holders dropped from $742 million in the first nine months of 2024 to $594 million in the first nine months of 2025 [1] Regional Performance - The CEO highlighted ongoing challenges in China due to business layout and weak ready-to-drink channels, while noting margin expansion in South Korea with performance exceeding industry levels [2] - Strong growth momentum was maintained in India, with Budweiser brand growth leading the industry [2] - The company plans to focus on strengthening its core product portfolio, expanding non-ready-to-drink marketing, and enhancing execution capabilities to seize future growth opportunities [2]

Core Insights - Budweiser APAC reported a revenue of approximately $4.691 billion for the first nine months of 2025, representing a year-on-year decrease of 6.6% [1] - Gross profit for the same period was $2.412 billion, down 5.8% year-on-year [1] - Net profit attributable to equity holders was $594 million, a decline of 19.95% year-on-year, while normalized profit attributable to equity holders was $678 million, down 12.74% year-on-year [1] Revenue and Sales Performance - Total sales volume decreased by 7.0% in the first nine months of 2025, with a more significant decline of 8.6% in the third quarter of 2025, primarily due to the company's business layout and channel performance in China, although partially offset by strong performance in India [1] - Revenue for the first nine months of 2025 decreased by 6.6%, while revenue per hectoliter increased by 0.4% [1] - In the third quarter of 2025, revenue fell by 8.4%, with revenue per hectoliter increasing by 0.1%, driven by revenue management measures in Eastern Asia and a favorable product mix in India, but negatively impacted by performance in China [1]

Sales Performance - Total sales volume decreased by 7.0% to 66,140 million liters for the nine months ended September 30, 2025, primarily due to challenges in the Chinese market, partially offset by performance in India[5] - In Q3 2025, sales in China decreased by 11.4%, with revenue down 15.1% and revenue per hectoliter down 4.1% due to increased investment in innovative products and brand promotion[17] - The company’s total sales for Q3 2025 decreased by 8.6%, impacted by business layout and channel performance in China, partially offset by strong performance in India[24] - Total sales volume for the first nine months of 2025 decreased to 6,614 million liters, representing a decline of 7.0% compared to 2024[46] - In the third quarter of 2025, total sales volume was 2,251 million liters, down 8.6% year-over-year[46] Revenue and Profitability - Revenue for the nine months ended September 30, 2025, decreased by 6.6% to $4,691 million, with revenue per hectoliter increasing by 0.4% driven by positive regional mix in India and revenue management measures in Eastern Asia[8] - In the third quarter of 2025, total sales and revenue decreased by 8.6% and 8.4%, respectively, with continued challenges in the Chinese market, partially offset by performance in India[14] - For the first nine months of 2025, total sales decreased by 7.0% to 66,140 thousand hectoliters, while revenue fell by 6.6% to $4,691 million[22] - Normalized net profit attributable to equity holders decreased from $777 million in the first nine months of 2024 to $678 million in 2025[10] - The company reported a net profit of $622 million for the first nine months of 2025, down from $763 million in 2024[50] Earnings and Margins - Normalized EBITDA for the nine months ended September 30, 2025, decreased by 7.7% to $1,421 million, with a normalized EBITDA margin declining by 37 basis points to 30.3%[9] - The company’s normalized EBITDA for the first nine months of 2025 decreased by 8.6% to $965 million, reflecting weak revenue performance and operational deleveraging[22] - Normalized earnings per share decreased from 5.89 cents in the first nine months of 2024 to 5.13 cents in 2025[7] - Basic earnings per share for the nine months ended September 30, 2025, was 4.49 cents, down from 5.62 cents in 2024, reflecting a decline of 20.1%[34] - Diluted earnings per share for the nine months ended September 30, 2025, was 4.46 cents, compared to 5.58 cents in 2024, representing a decrease of 20.0%[34] Cost Management and Expenses - Sales and administrative expenses decreased by 4.2% in the first nine months of 2025, attributed to flexible cost management in response to weak sales[27] - Other operating income decreased by 11.0% in the first nine months of 2025, primarily due to the write-off of non-core assets[28] - The company recorded non-core expenses related to a customs audit claim amounting to $84 million, which includes $66 million recognized in 2023 and an additional $18 million expected by September 30, 2025[31] - The company is undergoing internal restructuring to enhance capital efficiency, resulting in non-core tax expenses recognized as part of income tax expenses[32] Market Strategy and Product Development - The company plans to continue focusing on strengthening its core product portfolio and expanding non-immediate consumption marketing efforts to capture future growth opportunities[5] - The company launched new products, including a one-liter can of Budweiser Black Gold and a zero-alcohol beer, Cass ALL Zero, to enhance market presence[21] - The company is committed to driving premiumization of its products in India, contributing to strong revenue growth in that market[12] - In South Korea, the company achieved margin expansion, outperforming the market across both immediate and non-immediate channels[12] Regional Performance - In India, the company achieved double-digit revenue growth in Q3 2025, benefiting from a favorable base effect due to prior year project costs related to digital integration[19] - In the Eastern Asia Pacific region, Q3 2025 sales decreased by 0.6%, while revenue increased by 3.9% and revenue per hectoliter increased by 4.5%[20] - In South Korea, sales remained stable, with mid-single-digit growth in revenue and revenue per hectoliter, supported by strong business performance and favorable commodity prices[21] Financial Outlook and Risks - Forward-looking statements reflect management's current expectations and are subject to uncertainties and risks that could lead to actual results differing materially[41] - The company anticipates that potential fines related to customs evasion allegations will not have a significant impact on overall operations[31] - Non-core items are defined as irregular income or expenses that are not part of the company's normal business activities, and their impact is significant for understanding sustainable performance[38] - The company emphasizes that normalized measures are additional metrics and should not replace IFRS-defined measures for assessing performance[39]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for companies like China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights a rise in packaging material prices and an increase in the beer spot cost index by 2.96% year-on-year, indicating upward pressure on costs in the consumer staples sector [1][35]. - The cost indices for six categories of consumer goods monitored by HTI mostly increased, with notable changes in spot and futures indices across beer, frozen food, soft drinks, instant noodles, dairy products, and condiments [35]. Summary by Category Beer - The beer spot cost index is at 116.32, down 0.06% from last week, while the futures index is at 115.68, up 1.2% [13]. - Year-to-date, the spot index has decreased by 0.86%, and the futures index has decreased by 7.13% [14]. Condiments - The condiments spot cost index is at 100.51, down 0.1%, and the futures index is at 101.3, up 1.55% [17]. - Year-to-date, the spot index has decreased by 2.66%, and the futures index has decreased by 7.47% [17]. Dairy Products - The dairy products spot cost index is at 101.25, down 0.13%, and the futures index is at 91.04, up 0.69% [20]. - Year-to-date, the spot index has decreased by 2.89%, and the futures index has decreased by 3.28% [20]. Instant Noodles - The instant noodles spot cost index is at 103.62, down 0.23%, and the futures index is at 102.53, up 0.88% [23]. - Year-to-date, the spot index has decreased by 2.29%, and the futures index has decreased by 5.47% [24]. Frozen Food - The frozen food spot cost index is at 120.39, up 1.02%, and the futures index is at 119.44, up 1.72% [28]. - Year-to-date, the spot index has decreased by 0.17%, and the futures index has decreased by 1.35% [28]. Soft Drinks - The soft drinks spot cost index is at 109.39, up 0.22%, and the futures index is at 109.26, up 0.72% [31]. - Year-to-date, the spot index has decreased by 3.04%, and the futures index has decreased by 9.54% [31].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Core Viewpoint - Budweiser APAC (01876.HK) announced that its board committee will hold a meeting on October 29, 2025, to consider and approve the unaudited performance announcement for the nine months ending September 30, 2025 [1] Group 1 - The company expects to release the unaudited performance announcement on October 30, 2025, at 7:00 AM Hong Kong time or around that time [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。 朱隽清 （股份代號：1876） 香港，2025年10月17日 批准截至2025年9月30日止九個月未經審核業績的 董事會委員會會議日期 於本公告日期，本公司董事會包括聯席主席兼執行董事程衍俊先生、聯席主席兼 非執行董事鄧明瀟先生、非執行董事Nelson Jamel先生及Ricardo Tadeu先生，以 及獨立非執行董事郭鵬先生、楊敏德女士及曾璟璇女士（John Blood先生、David Almeida先生及Katherine Barrett女士為程衍俊先生、鄧明瀟先生、Nelson Jamel先 生及Ricardo Tadeu先生各自的替任董事）。 百威亞太控股有限公司（「本公司」）宣佈，本公司董事會（「董事會」）委員會將於 2025年10月29日（星期三）（交易時段後）舉行會議，以考慮及批准截至2025年9月 30日止九個月的未經審核業績公告。 本公司預期將於2025年10月30日（星期四）上午七 ...

Core Viewpoint - The company is expected to experience a double-digit decline in earnings year-on-year for Q3 2025, indicating a continued adjustment phase in its operations [1] Group 1: Earnings Forecast - Q3 2025 earnings are projected to decline by double digits year-on-year due to slow recovery in the Chinese market and adjustments in business strategies [1] - The Eastern China region is anticipated to see a double-digit decline in revenue, while the Indian market continues its growth trend [1] - The Western Korean market may experience a slight revenue decline due to weak on-premise channels and pricing pressures [1] Group 2: Market Performance - The overall performance in overseas markets is better than in the domestic market, with the Korean market maintaining stability supported by pricing advantages and brand strength [2] - In the Korean market, a slight year-on-year decline in sales is expected, but performance is likely to remain better than the industry average [2] - The Indian market continues to show a robust growth trend, benefiting from the structural shift towards high-end products and non-on-premise channels [2] Group 3: Profitability and Valuation - Due to slower-than-expected recovery in the Chinese market, EBITDA forecasts for 2025 and 2026 have been reduced by 3.1% to $1.627 billion and $1.715 billion, respectively [2] - The target price is maintained at HKD 9.8, corresponding to 8.6x and 8.2x EV/EBITDA for 2025 and 2026, with the current stock price reflecting 7.1x and 6.7x EV/EBITDA multiples [2] - The current stock price presents a 21.3% upside potential compared to the target price, maintaining an outperform rating [2]

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9月30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10月8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/註冊股本總額： USD 180,000 ...