Core Viewpoint - Budweiser China is expanding its strategic focus in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the integration of beer with the night economy to stimulate consumption and social engagement [1][5][9]. Group 1: Strategic Expansion - Budweiser China plans to increase its commercial investment in Guangdong, marking a new phase of development in the Greater Bay Area after over 40 years of presence [5][6]. - The company aims to leverage its historical ties to the region, where it began its journey in China, to foster a new wave of integrated growth [5][6]. Group 2: Night Economy Focus - Budweiser China is preparing a "Beer +" strategy to enhance the night economy by introducing international sports and music events, including the FIFA World Cup in 2026 [8][9]. - The company recognizes that most consumer spending in Chinese cities occurs after 6 PM, particularly in the Greater Bay Area, which is seen as a natural environment for developing the night economy [9][11]. Group 3: Evolving Consumption Patterns - The night economy in China has grown significantly, with its market size increasing from 22.54 trillion yuan in 2018 to 50.25 trillion yuan in 2023, indicating robust consumer potential [11]. - Budweiser China is adapting to changing consumer preferences, where beer is increasingly viewed as a social catalyst rather than just a beverage associated with food [12][15]. Group 4: New Narrative and Brand Strategy - Budweiser China is shifting from traditional marketing narratives to a "fireworks narrative" that emphasizes emotional connections and social experiences [18][20]. - The "Flagship Brand × Super Platform" strategy aims to create a multi-dimensional brand ecosystem that resonates with consumers through immersive experiences and high-frequency interactions [19][20].

Core Viewpoint - Daiwa's report indicates that Budweiser APAC (01876) is facing challenges in its China business for Q3 2025, with management maintaining a cautious outlook for Q4 sales despite lower channel inventory levels compared to industry averages [1] Group 1: Financial Performance - Budweiser APAC's revenue in China for Q3 decreased by 15.1% year-on-year, primarily due to a 11.4% drop in sales volume and a 4.1% decline in average selling price [1] - The decline in performance is attributed to weak dining channel sales, a deteriorating product mix, and discounts offered to certain distributors to enhance penetration in Chinese household channels [1] Group 2: Management Outlook - Management expects that inventory levels will not be quickly replenished, despite being lower than the industry average [1] - The cautious stance for Q4 sales performance reflects ongoing challenges in the market [1]

Core Viewpoint - Despite challenges in the third quarter of 2025 for Budweiser APAC's (01876) China operations, the management remains cautiously optimistic about sales performance in the fourth quarter [1] Group 1: Financial Performance - Budweiser APAC's revenue in China declined by 15.1% year-on-year in the third quarter, primarily due to a 11.4% drop in sales volume and a 4.1% decrease in average selling price [1] - The decline in performance is attributed to weak restaurant channels, a deteriorating product mix, and discounts offered to certain distributors to accelerate penetration into Chinese household channels [1] Group 2: Inventory and Sales Outlook - The management believes that channel inventory levels are even below the industry average, but they do not expect a rapid replenishment of inventory [1] - The management's cautious stance on fourth-quarter sales performance reflects ongoing challenges in the market [1]

Core Viewpoint - Morgan Stanley's report predicts that China Resources Beer (00291) will achieve low single-digit sales growth and double-digit adjusted EBITDA growth by Q3 2025, outperforming Qingdao Beer (600600) and Budweiser APAC (01876) [1] Company Summary - The beer industry is currently experiencing a polarization trend, characterized by both premiumization and downgrading [1] - Despite ongoing pressure in the liquor business, there has been improvement compared to the summer, which may lead to goodwill impairment, but this will not affect dividends [1] - The dividend payout ratio for China Resources Beer is expected to increase from 52% in 2024 to 60% in 2025, and further rise to 70-80% by 2027-2028 [1] - Following changes in the management team, the company's business remains resilient and its development pace is steady [1] - The management has reiterated its targets for 2025, expecting adjusted profit (excluding special income related to the relocation agreement with joint ventures in the first half of 2025) to grow by low single-digit to double-digit year-on-year, with sales growth projected at low single-digit [1]

致：香港交易及結算所有限公司 | 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 | 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 百威亞太控股有限公司 呈交日期: 2025年11月6日 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 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,00 ...

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation as a non-executive director and member of the Audit and Risk Committee is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].

Core Viewpoint - Budweiser APAC (01876.HK) announced the resignation of Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also step down as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Nelson Jamel's resignation is set to take effect on January 1, 2026 [1]. - Jamel will also resign from his position as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This marks the conclusion of Jamel's 30-year career with the group [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。 （股份代號：1876） 董事會及董事會委員會變動 百威亞太控股有限公司（「本公司」）董事會今日謹此宣佈，Nelson Jamel先生 （「Jamel先生」）將辭任本公司非執行董事及審核及風險委員會成員，該辭任預計 於2026年1月1日生效。Jamel先生亦將辭任本公司的母公司Anheuser-Busch InBev SA/NV首席人才官一職，在30年的職業生涯節點離開集團，自2026年1月1日起生 效。 Budweiser Brewing Company APAC Limited 根據香港聯合交易所有限公司證券上市規則第13.51(2)條就上述變動所作之正式 公告將在變動生效時發佈。 百威亞太控股有限公司 承董事會命 百威亞太控股有限公司 聯席公司秘書 朱隽清 （於開曼群島註冊成立的有限公司） 香港，2025年11月4日 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 ...

Core Viewpoint - The report from CMB International indicates that Budweiser APAC (01876) has reported third-quarter results that are generally in line with expectations, while the Chinese market continues to face challenges [1] Summary by Category Short-term Outlook - The recovery of the group in the Chinese market is expected to take time, and the current stock price has largely reflected this pessimistic outlook [1] Long-term Strategy - CMB International maintains confidence in the group's ongoing premiumization strategy in the Asia-Pacific region [1] - The target price is set at HKD 9.5 with a "Buy" rating [1]