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， ...

Core Insights - Goldman Sachs reports that Budweiser APAC (01876) showed strong revenue performance in the Asia-Pacific East region for Q3, with organic revenue growth of 3.9% and organic EBITDA growth of 8.7%, surpassing the bank's expectations of 1.1% and 7.0% respectively [1] - The company maintains a "Buy" rating with a target price of HKD 8.9 [1] Group 1: Financial Performance - For Q3 2025, Budweiser APAC's organic sales decreased by 8.4%, better than Goldman Sachs' forecast of a 12.6% decline; standardized EBITDA was USD 438 million, with an organic decline of 6.9%, outperforming the expected USD 401 million (15.8% decline) [1] - The standardized EBITDA margin was reported at 28%, compared to the expected 26.9% [1] - Group-level organic EBIT fell by 6.1%, while standardized net profit was USD 204 million, a 9.3% year-on-year decline, better than the expected USD 182 million (19.1% decline) [1] - Q3 net profit was USD 185 million, down 8% year-on-year, primarily due to weak revenue [1] Group 2: Regional Performance - The Asia-Pacific West region's revenue declined by 12%, with organic EBITDA down 11.9%, outperforming Goldman Sachs' expectations of a 16.5% and 23% decline respectively [2] - In the Chinese market, organic revenue fell by 15.1% and organic EBITDA by 17.4%, better than the expected declines of 17.9% and 26% [2] - Average selling price decreased by 4.1%, with sales volume down 11.4%, although there was an expansion in household consumption, negatively impacted by brand mix due to destocking [2] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion from a low base [2]

高盛指出，百威亚太亚太西区受印度市场强劲表现带动，中国市场表现优于忧虑。亚太西区收入同比跌 12%，EBITDA有机计算同比跌11.9%，优于该行预期的销售额同比跌16.5%及EBITDA同比跌23%。中 国市场收入有机计算同比跌15.1%，EBITDA有机计算同比跌17.4%，表现领先该行预期的同比跌17.9% 及26%;平均售价同比跌4.1%，销量同比跌11.4%，其中家庭内消费有所扩张，但不利的品牌组合因去库 存化所致。印度市场实现双位数收入增长，并在低基数上实现显著的EBITDA利润率扩张。 高盛表示，百威亚太2025年第三季度有机销售额同比下跌8.4%，优于高盛预期的同比跌12.6%;标准化 EBITDA为4.38亿美元，有机计算同比跌6.9%，优于该行预期的4.01亿美元(有机计算同比跌15.8%)，并 高于市场共识预期的4.07亿美元。报告的标准化EBITDA利润率为28%，对比该行预期为26.9%。集团层 面EBIT有机计算同比下跌6.1%，而标准化净利润为2.04亿美元，同比跌9.3%(计入外汇影响后)，优于该 行预期的1.82亿美元(同比跌19.1%)及市场共识预期的1.746亿美元。第三 ...

百威亚太(01876)公布2025年前9个月业绩，收入约46.91亿美元，同比减少6.6%;毛利24.12亿美元，同比 减少5.8%;百威亚太股权持有人应占溢利5.94亿美元，同比减少19.95%;百威亚太股权持有人应占正常化 溢利6.78亿美元，同比减少12.74%。 2025年前九个月的收入下降6.6%，而每百升收入增加0.4%。于2025年第三季度，收入下降8.4%，而每 百升收入增加0.1%，主要受亚太地区东部的收入管理措施和印度有利的产品组合所推动，但被中国的 表现所部分抵销。 总销量于2025年前九个月减少7.0%，于2025年第三季度减少8.6%，乃受到集团在中国的业务布局及渠 道的影响，但被印度的表现所部分抵销。 ...

Core Insights - Goldman Sachs reported that Budweiser APAC's organic sales in Q3 declined by 8.4% year-on-year, which was better than the expected decline of 12.6% [1] - Standardized EBITDA was $438 million, with organic calculations showing a year-on-year decline of 6.9%, outperforming the expected $401 million (organic year-on-year decline of 15.8%) and market consensus of $407 million [1] Market Performance - In the Chinese market, organic revenue declined by 15.1%, and EBITDA on an organic basis fell by 17.4%, which was better than the expected declines of 17.9% and 26% respectively [1] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion on a low base [1] - The South Korean market performed better than the overall market, with sales remaining stable and average selling prices increasing by mid-single digits year-on-year due to revenue management measures and continuous new product launches [1] Investment Rating - The company is rated as "Buy" by Goldman Sachs, with a target price set at HKD 8.9 [1]

每经AI快讯，百威亚太(01876.HK)午后跌超5%，截至发稿，跌4.88%，报7.99港元，成交额2.09亿港 元。 ...