智通财经APP获悉，里昂发布研报称，予百威亚太(01876)目标价9港元，评级"跑赢大市"。百威亚太去 年第四季度业绩大致符预期，期内有机收入同比减4%，有机常规化EBITDA同比跌25%，大致符合该行 预期与市场共识。净亏损高于预期，因税务支出高于预期。 中国市场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未 能利好，平均售价面临压力。 另一方面，集团南韩与印度市场表现稳健；股息符合预期。该行认为需 关注的重点为宏观政策、居家渠道发展及行销预算。 ...

2月12日，$百威亚太(HK1876)交出了2025年业绩答卷，这份成绩单用"全面下滑"形容毫不为过。公司全年销量同比减少6.0%至79,658十万公升，收入57.64 亿美元同比下滑6.1%，股权持有人应占溢利4.89亿美元更是大幅缩水32.6%。 业绩公告发布后，资本市场迅速反应，公司股价截至发稿下跌4.96%，昔日亚太高端啤酒市场的领军者，正面临前所未有的增长压力。 盈利四连降，增长动能持续衰减 百威亚太的业绩颓势已非一日之寒。 从财务数据来看，公司净利润已连续四年下滑，收入也陷入两年连降的困境，即便在亚太啤酒市场仍有增长空间的背景下，这家巨头依然未能重回增长轨 道。 此前，多家投行已下调其2025年盈利预期，主要原因为中国市场需求疲软，如今业绩数据印证了市场的担忧。 核心盈利指标的表现同样不容乐观，2025年公司正常化除息税折旧摊销前盈利15.88亿美元，同比减少9.8%，对应的盈利率下降113个基点至27.6%；正常化 每股基本盈利从5.90美分降至5.04美分，每股基本盈利更是从5.51美分跌至3.70美分，盈利能力的持续弱化让投资者信心承压。 | 表1.綜合業績(百萬美元) | | | | | ...

读创财经记者梳理财报发现，2024年，百威亚太啤酒销量为84.8亿公升，同比减少8.8%；实现收入 62.46亿美元，同比减少8.9%；净利润7.5亿美元，同比下滑14.77%。这意味着，公司业绩已连续两年下 滑。 值得注意的是，2025财政年度，百威亚太在中国市场的啤酒销量及收入分别减少8.6%及11.3%，每百升 收入减少3.0%。 2月12日，总销量减少6.0%；收入为57.64亿美元，同比减少6.1% ，每百升收入则减少0.2%。公司股权 持有人应占溢利由2024财政年度的7.26亿美元下降至2025财政年度的4.89亿美元，同比减少32.6%。 | 表1.綜合樂績(百萬美元) | | | | | --- | --- | --- | --- | | | 2025 | 2024 | | | | 財政年度 | 財政年度 | 内生增長1 | | 總銷量(十萬公升) | 79,658 | 84.811 | -6.0% | | 收入 | 5.764 | 6.246 | -6.1% | | 毛利 | 2.887 | 3.147 | -5.9% | | 毛利率 | 50.1% | 50.4% | 13個基點 | | ...

大行评级丨里昂：百威亚太去年第四季度业绩大致符预期，评级"跑赢大市" 百威亚太(01876.HK)：2025 财政年度收入57.64亿美元，建议派付股息每股5.66美分 相关事件 里昂发表研报指，百威亚太去年第四季度业绩大致符预期，期内有机收入按年减4%，有机常规化 EBITDA按年跌25%，大致符合该行预期与市场共识。净亏损高于预期，因税务支出高于预期。中国市 场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未能利 好，平均售价面临压力。另一方面，韩国与印度市场表现稳健。股息符合预期。里昂予百威亚太目标价 9港元，评级"跑赢大市"，需关注的重点为宏观政策、居家渠道发展及营销预算。 ...

21世纪经济报道记者肖夏 国际啤酒巨头正在陆续交底。 北京时间2月11日下午、2月12日早间，喜力集团、百威亚太先后披露了2025年的全年业绩，整体都呈现增速放缓、销量下行的趋势。 按照国际财务报告准则，喜力集团2025年实现净收入287.53亿欧元，净利润18.85亿欧元，连续两年同比下跌，销量也再次转为下滑。为此，喜力集团已经调 低2026年的增长预期，并提出要节省4至5亿欧元的成本，具体举措包括裁员5000至6000人。 而百威亚太2025年实现收入57.64亿美元，同比内生下滑6.1%，正常化除息税折旧摊销前盈利（Normalised EBITDA）15.88亿美元，同比内生下滑9.8%，其 中股权持有人应占溢利4.89亿美元，同比大幅下滑32%以上——这一净利润表现，是百威亚太上市以来的新低。 百威英博尚未披露全球业绩，但从其去年三季报和百威亚太的全年业绩来看，百威去年整体的业绩大概率仍处于下行区间。 酒卖不动，如今已不是单独一家企业的问题。面对这一局面持续，龙头正在纷纷采取换帅、裁员、降本、控预期等一系列举措。 喜力降本连环招：降速、裁员、关停 尽管在中国市场高歌猛进，喜力在全球整体依然面临着降速 ...

Financial Data and Key Metrics Changes - In the full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [6][12] - Normalized EBITDA decreased by 9.8%, with a normalized EBITDA margin contraction of 113 basis points [6] - In Q4 2025, total volumes decreased by 0.7%, with revenue and revenue per hectoliter decreasing by 4.2% and 3.5%, respectively [6] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter decreasing by 8.2% and 1.5%, respectively [7] - In China, volumes decreased by 3.9% in Q4, with revenue per hectoliter decreasing by 7.7%, resulting in an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was delivered, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] Market Data and Key Metrics Changes - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5%, respectively [10] - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] Company Strategy and Development Direction - The company is focusing on enhancing in-home go-to-market strategies, enriching its portfolio, and innovating behind mega brands to rebuild momentum and reignite growth [4] - Strategic priorities for 2026 include increasing commercial investments in China to prioritize top-line growth over profitability [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance in China was below potential, but there are signs of stabilization in the industry [4][15] - The company is optimistic about the upcoming World Cup as a potential boost for industry demand [28] Other Important Information - The company maintained a strong balance sheet with a net cash position above $2.8 billion and recommended a dividend of $750 million for 2025 [12] - The company is actively managing inventory levels, which are lower than the previous year, to ensure a healthy route to market [65] Q&A Session Questions and Answers Question: What are the latest demand trends in China? - Management indicated that the industry shows signs of stabilization, but on-trade recovery has not yet been significant [15] Question: Will the shareholder reward policy be reviewed with a new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and rebuilding volume momentum, with significant emphasis on commercial investments [25][31] Question: How is the company managing inventory levels in China? - The company has proactively adjusted inventory levels, which are now lower than the previous year, ensuring a better position going into the Chinese New Year [65] Question: What is the pricing trend in China for 2026? - The company aims to maintain pricing discipline while investing to lead and grow the category, with a favorable brand mix contributing to revenue [72]

Financial Data and Key Metrics Changes - In the full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [6][12] - Normalized EBITDA decreased by 9.8% with a margin contraction of 113 basis points [6] - In Q4 2025, total volumes decreased by 0.7%, with revenue and revenue per hectoliter decreasing by 4.2% and 3.5% respectively [6] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter decreasing by 8.2% and 1.5% respectively [7] - In China, volumes decreased by 3.9% in Q4, with revenue per hectoliter down by 7.7%, leading to an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was achieved, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] Market Data and Key Metrics Changes - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [10] - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] Company Strategy and Development Direction - The company aims to enhance its in-home go-to-market strategy, enrich its portfolio, and innovate behind its mega brands to reignite growth [4] - Focus on expanding market share in India and South Korea while addressing challenges in China [4] - The company plans to increase commercial investments in China to prioritize top-line growth over profitability in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance in China was below potential, but there are signs of stabilization and initial improvement in Q4 2025 [15][17] - The company is optimistic about leveraging the World Cup as a platform for growth in 2026 [29] - Management emphasized the importance of maintaining a strong balance sheet and disciplined financial practices [12] Other Important Information - The company maintained a net cash position above $2.8 billion and recommended a dividend of $750 million for 2025, consistent with the previous year [12] - The company is focusing on premiumization and expanding its presence in the instant retail channel [39][40] Q&A Session Questions and Answers Question: What is the latest demand trend in China and any updates on Chinese New Year preparation? - Management indicated that the industry shows signs of stabilization, but on-trade demand recovery has not been significant yet [15][17] Question: Will the shareholder reward policy be reviewed with a new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the dividend policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The priority remains to reignite growth and rebuild volume momentum, with a focus on enhancing execution in key channels [25][26] Question: How is the current level of channel inventory in China? - Management stated that inventory levels are lower than the previous year, and they expect to enter the Chinese New Year in a better position [66] Question: How will pricing trends look in China for 2026? - Management emphasized maintaining pricing discipline while continuing to invest in leading and growing the category [72]

Financial Data and Key Metrics Changes - In full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [5][6] - Normalized EBITDA decreased by 9.8% with a margin contraction of 113 basis points [5] - In Q4 2025, total volumes decreased by 0.7%, with revenue declining by 4.2% and revenue per hectoliter down by 3.5% [5][6] - Normalized EBITDA for Q4 decreased by 24.7%, with a margin contraction of 425 basis points [5] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter down by 8.2% and 1.5% respectively [6] - In China, Q4 volumes decreased by 3.9% and revenue per hectoliter decreased by 7.7%, leading to an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was achieved, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [10] Market Data and Key Metrics Changes - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] - The non-alcoholic beer and flavored beer segments are performing well in South Korea, indicating a shift in consumer preferences [58] Company Strategy and Development Direction - The company aims to enhance its in-home go-to-market strategy, enrich its portfolio, and innovate behind its mega brands to reignite growth [4] - Focus on expanding the in-home and O2O channels, with significant investments in marketing campaigns and innovations [8][9] - The company plans to prioritize top-line growth in China, potentially increasing commercial investments at the expense of short-term profitability [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that performance in China was below potential, but sees signs of stabilization and initial improvement in Q4 2025 [16][18] - The company is optimistic about the impact of the World Cup on industry demand and plans to leverage this event for brand activation [28] - Management emphasizes the importance of maintaining a strong balance sheet and disciplined financial practices, with a dividend recommendation of $750 million for 2025 [12] Other Important Information - The company continues to invest in its mega brands and has launched several innovative marketing initiatives, including collaborations with popular cultural events [11][12] - The net cash position at the end of 2025 was above $2.8 billion, reflecting a decrease of $39 million from the previous year [12] Q&A Session Summary Question: What is the latest demand trend in China and any updates on Chinese New Year preparations? - Management noted that the industry shows signs of stabilization, but on-trade demand recovery has not been significant yet [16][18] Question: Will the shareholder reward policy be reviewed with the new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and enhancing execution in key channels, with a strong emphasis on innovations and marketing campaigns [25][26] Question: How will the company manage inventory levels in China? - Management stated that inventory levels are lower than the previous year, and they will continue to manage inventories attentively [65] Question: What is the pricing trend expected in China for 2026? - The company aims to maintain pricing discipline while investing in brand growth, with a favorable brand mix contributing positively to revenue [70][71]

本文为食品内参原创 作者丨佑木 编审丨橘子 上市六年，百威亚太的啤酒高端化叙事讲不下去了？ 值得注意的是，2025年，百威在中国市场的啤酒销量下滑了8.6%，营收下滑11.3%，每百升收入减少 3.0%。 败给"性价比" 2月12日早间，百威亚太在港交所发布公告。2025财政年度公司总销量减少6.0%；收入为57.64亿美元 （约合人民币398.29亿元），同比减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%。 百威亚太股权持有人应占正常化溢利由2024财政年度的7.78亿美元（约合人民币53.76亿元）下降至2025 财政年度的6.66亿美元（约合人民币46.02亿元）。董事会建议本公司向股东派发截至2025年12月31日止 年度的末期股息每股5.66美分（约合人民币0.39元）。 百威亚太怎么了？ 要读懂百威的困境，必须回溯其母公司百威英博背后的3G资本。3G资本的核心逻辑简单粗暴，通过并 购获得统治地位，然后通过极致的成本压缩挤压出每一分钱的利润，即"零基预算"（ZBB）。 这种管理逻辑曾让百威亚太在过去十年里拥有了行业最高的EBITDA利润率（常年维持在30%以上）， 但也为今日的颓 ...

智通财经APP获悉，百威亚太(01876)跌超4%，截至发稿，跌4%，报7.93港元，成交额7081.48万港元。 消息面上，百威亚太发布截至2025年12月31日止年度业绩，收入57.64亿美元，同比减少7.7%；百威亚 太股权持有人应占溢利4.89亿美元，同比减少32.6%；每股基本盈利3.70美分。总销量于2025年全年减 少6.0%，受公司在中国的业务布局影响，但被印度的表现所部分抵销。此外，去年第四季营业额10.73 亿美元，同比跌6%。亏损扩大至1.05亿美元，上年同期亏损1600万美元。 ...