Core Viewpoint - Budweiser APAC reported a decline in total sales volume and revenue for the first half of 2025, primarily due to challenges in its operations in China, although performance in India partially offset these declines [1] Sales Performance - Total sales volume decreased by 6.1% to 4,362.8 million liters in the first half of 2025 [1] - Revenue fell by 5.6% to $3.136 billion in the same period [1] - Revenue per hectoliter increased by 0.5%, driven by positive impacts from the brand portfolio in the Asia-Pacific region and revenue management measures in Eastern Asia [1] Profitability - Normalized profit attributable to equity holders decreased from $552 million in the first half of 2024 to $474 million in the first half of 2025 [1] - Profit attributable to equity holders decreased from $541 million in the first half of 2024 to $409 million in the first half of 2025, impacted by non-core income tax effects from internal restructuring [1] Management Commentary - The CEO emphasized a focused approach and disciplined execution in investing in flagship brands to address current challenges and drive long-term growth [1] - The business in China was affected by regional layout and weak ready-to-drink channels, while performance in South Korea exceeded industry levels despite overall industry weakness [1] - Growth momentum in India continued to accelerate, with Budweiser brand growth outpacing the industry [1]

Group 1 - The core revenue for Budweiser APAC in Q2 was $1.68 billion, slightly below the expected $1.69 billion [1] - Adjusted EBITDA for Q2 was $498 million, exceeding the expected $495.2 million [2] - The net profit for Q2 was $175 million, which fell short of the expected $237.1 million [2]

智通财经7月31日电，百威亚太第二季度净利润1.75亿美元，预估2.371亿美元。 ...

Sales Performance - Total sales volume decreased by 6.1% to 43,628 million liters in the first half of 2025, primarily impacted by the business layout in China, partially offset by performance in India[5] - In the second quarter of 2025, total sales and revenue decreased by 6.2% and 3.9%, respectively, affected by ongoing challenges in China and early shipment arrangements in Korea[15] - In Q2 2025, sales in China decreased by 7.4%, and revenue decreased by 6.4%, with revenue per hundred liters increasing by 1.1% due to positive brand mix effects[17] - In Q2 2025, sales and revenue in the Asia-Pacific East region decreased by 10.4% and 8.4%, respectively, while revenue per hundred liters increased by 2.2%[21] - In Q2 2025, sales in South Korea experienced a high single-digit decline, while revenue also saw a high single-digit decline, but revenue per hundred liters showed low single-digit growth due to ongoing revenue management measures[22] - In H1 2025, sales decreased by 8.2%, while revenue and revenue per hundred liters decreased by 9.5% and 1.4%, respectively[18] - For the second quarter of 2025, total sales volume decreased by 6.2% to 23,887 thousand liters compared to 25,458 thousand liters in the same period of 2024[66] Financial Performance - Revenue for the first half of 2025 was $3,136 million, a decrease of 5.6%, while revenue per hectoliter increased by 0.5% due to positive impacts from the brand portfolio in the Asia-Pacific region[6] - Revenue for the first half of 2025 was $3,136 million, down from $3,399 million in the first half of 2024[35] - The company reported a net profit of $427 million for H1 2025, down from $553 million in H1 2024, with basic earnings per share of 3.10 cents[27] - The total comprehensive income for H1 2025 was $852 million, significantly higher than $179 million in H1 2024, driven by foreign exchange gains[27] - The company reported a net profit of $427 million for the first half of 2025, compared to $553 million in the same period of 2024[35] - The company reported a net cash decrease of $517 million for the first half of 2025, compared to a decrease of $672 million in the same period of 2024[64] - The net profit attributable to equity holders for Q2 2025 was $175 million, down from $254 million in Q2 2024[66] Cost and Expenses - Cost of sales decreased by 6.4% to $1,523 million, with cost per hectoliter down by 0.2%, driven by favorable commodity prices and cost management measures[7] - Normalized EBITDA for the first half of 2025 was $983 million, down 8.0%, with the EBITDA margin decreasing by 82 basis points to 31.3%[8] - Normalized EBITDA for the same period was $983 million, compared to $1,100 million in 2024, reflecting a decline of 10.7%[37] - The total income tax expense increased to $263 million in 2025 from $242 million in 2024, with an effective tax rate of 39.3% compared to 31.0% in the previous year[40] - The normalized effective tax rate remained stable at 30.9% for the first half of 2025[9] - The company recognized impairment losses on trade receivables of $4 million for both 2025 and 2024, indicating consistent credit risk management[47] Assets and Equity - Total assets as of June 30, 2025, were $14,784 million, slightly up from $14,778 million as of December 31, 2024[28] - Non-current assets increased to $11,217 million from $10,946 million, driven by goodwill rising to $6,265 million from $5,945 million[28] - Current assets decreased to $3,567 million from $3,832 million, with cash and cash equivalents dropping to $2,402 million from $2,867 million[28] - Total equity increased to $10,373 million from $10,240 million, with retained earnings decreasing to $4,360 million from $4,698 million[29] Strategic Focus - The company continues to invest in brand strength and sales momentum for Budweiser and Harbin, focusing on deepening consumer connections and enhancing product portfolio[20] - The company plans to focus on expanding its premium and super-premium beer segments in key markets such as China and India[64] - The company is exploring potential acquisitions to enhance its market presence and product offerings in the Asia-Pacific region[64] Corporate Governance and Compliance - The company emphasizes adherence to high standards of corporate governance, except for the separation of roles between the chairman and CEO[55] - The company anticipates that potential fines related to customs evasion will not have a significant impact on overall operations[53] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2025[56] - The company’s financial data for the first half of 2025 is unaudited and based on internal records and management accounts[61]

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

Core Insights - The Chinese beer industry is undergoing a significant leadership transition, with major companies experiencing management changes over the past nine months, reflecting challenges in performance growth and strategic transformation [1][2][4] Group 1: Leadership Changes - Zhang Yong has been appointed as the new general manager of Zhujiang Beer, marking a shift in leadership as part of a broader trend affecting major beer companies in China [1] - In 2024, Qingdao Beer and Lanzhou Yellow River also saw significant management changes, with new leadership taking over after the retirement of long-standing executives [2] - International beer companies are also adjusting their leadership in China, with Budweiser China appointing Fabio Sala as the new China president, ending a three-year vacancy in the position [2] Group 2: Industry Challenges - The beer industry is facing a transition from volume growth to a new phase where both volume and profit are stagnating or only slightly increasing, prompting companies to seek new growth avenues [3] - A significant number of beer companies are reporting declining revenues, with four out of seven major listed companies experiencing revenue drops, including Budweiser Asia Pacific and China Resources Beer, with declines of -8.9% and -0.76% respectively [4][5] - The overall beer production in China decreased by 0.6% in 2024, with major companies like China Resources Beer and Budweiser Asia Pacific also reporting declines in sales volume [5] Group 3: Market Dynamics - The beer market is witnessing a shift in consumer demand, with challenges in high-end product growth and a decline in immediate consumption channels, leading to a need for strategic adjustments [6][7] - The competition in the beer sector is evolving from channel acquisition to exploring consumer scenarios, particularly in the high-end beer segment [6] - The online penetration rate in the alcohol industry has reached 35%, with the beer instant retail market experiencing significant growth, indicating a shift towards more diverse and health-oriented products [7]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Group 1 - The Hang Seng Index fell over 1% during the day, indicating a negative market sentiment [1] - The Hang Seng Tech Index decreased by 1.78%, reflecting a downturn in technology stocks [1] - Xpeng Motors (09868.HK) experienced a nearly 6% drop, suggesting challenges for the company [1] - Kuaishou (01024.HK) and Budweiser APAC (01876.HK) both saw declines exceeding 5%, indicating broader issues in the market [1]

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising 1.63% to close at 24,181.43 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw significant gains of 1.74% and 2.78% respectively, marking a technical bull market as they rose over 20% from April lows [1] - The trading volume for the day reached 245.83 billion HKD, indicating strong market activity [1] Blue Chip Performance - Kuaishou-W (01024) led the blue-chip stocks with a 5.58% increase, closing at 62.4 HKD, contributing 16.34 points to the Hang Seng Index [2] - Other notable performers included WuXi Biologics (02269) up 5.48%, SMIC (00981) up 5.1%, while Budweiser APAC (01876) and Zijin Mining (02899) experienced declines of 2.06% and 1.64% respectively [2] Sector Highlights - Major technology stocks collectively rose, with Kuaishou increasing over 5% and Meituan and JD.com both rising over 4% [3] - The innovative drug sector showed strong performance, with stocks like Eucure Biopharma-B (01477) up 19.45% and King’s Ray Biotech (01548) up 16.14% [3][4] - The Chinese securities sector saw a broad increase, with firms like Everbright Securities (06178) rising 5.27% and GF Securities (01776) up 4.66% [4] Regulatory Developments - The China Securities Regulatory Commission approved the transfer of control for eight companies to Central Huijin, which may lead to a new wave of mergers and acquisitions in the securities industry [5] Consumer and Technology Trends - The upcoming Apple Worldwide Developers Conference (WWDC 2025) is expected to drive interest in consumer electronics and related stocks, with companies like AAC Technologies (01415) and Sunny Optical (02382) showing gains [6] - New consumption stocks also performed well, with companies like Bruker (00325) rising 22.34% [6][7] Commodity Movements - Gold stocks faced declines, with Shandong Gold (01787) down 3.99%, influenced by stable U.S. employment data which suggests the Federal Reserve may maintain its current interest rate stance [7] Notable Stock Movements - China Rare Earth (00769) surged 60% following news of eased export controls on rare earths, reflecting strong market interest [8] - Huicai Holdings (01180) experienced a dramatic drop of 47.54% before being suspended, indicating volatility in the entertainment equipment sector [9]

金十数据6月9日讯，港股今日高开高走，震荡上升。恒指早盘高开185点报23977点，买盘随即涌入，一 度站上两万四关口最多涨超373点报24166点。午后涨幅一度收窄200点报23995点，但随后买盘回归；恒 指再度拉升。截至收盘，恒指收涨1.63%；科指收涨2.78%，恒指大市成交额放大至2458.3亿元。盘面 上，影视娱乐、医药外包、超市便利店股走强，新消费股表现亮眼，军工、芯片股表现亮眼；贵金属、 国内零售股走低，有色金属、啤酒股下跌。个股方面，中国稀土(00769.HK)大涨60%，布鲁可 (00325.HK)涨超22%，金蝶国际(00268.HK)涨近12%，快手(01024.HK)、腾讯音乐(01698.HK)、中芯国 际(00981.HK)均涨超5%；吉利汽车(00175.HK)、百威亚太(01876.HK)均跌超2%，紫金矿业 (02899.HK)、比亚迪股份(01211.HK)均跌超1.5%。 港股收评：恒指收涨1.63% 生物医药股走势强势 ...