Group 1 - Budweiser APAC reported revenue of $5.764 billion for the fiscal year ending December 31, 2025, a decrease of 7.7% year-on-year [1] - The profit attributable to equity holders was $489 million, down 32.6% year-on-year, with basic earnings per share at 3.70 cents [1] - Total sales volume decreased by 6.0% in fiscal year 2025, influenced by the company's operations in China, but partially offset by performance in India [1] Group 2 - Revenue for fiscal year 2025 decreased by 6.1%, or 7.7% on a reported basis, with revenue per hectoliter down by 0.2%, primarily due to performance in China, but partially offset by revenue management measures in Eastern Asia and positive regional mix in India [1] - In Q4 2025, sales volume and market share trends in China remained stable, aligning with industry performance affected by delayed Lunar New Year shipments [1] - The company is increasing investments in channel and product portfolio expansion, enhancing brand influence while facing additional profit pressure for the quarter [1] Group 3 - In South Korea, the company outperformed market levels in both ready-to-drink and non-ready-to-drink channels, with net revenue per hectoliter continuing to grow [1] - In India, the company's premiumization strategy made progress, achieving strong double-digit revenue growth and expanding total market share [1] - The CEO stated that the company has taken clear measures to enhance non-ready-to-drink channel marketing, enrich the product portfolio, and launch innovative flagship products to reignite growth [2] Group 4 - The board has proposed a dividend of 5.66 cents per share for the fiscal year 2025, consistent with the dividend for fiscal year 2024 [2] - The company aims to establish a clear strategy and strengthen execution capabilities to achieve sustainable long-term growth as it enters 2026 [2]

2月12日早间，百威亚太在港交所公告，于2025财政年度，总销量减少6.0%；收入57.64亿美元，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7.78亿美元下降至2025财政年度的6.66亿美元。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。 ...

首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠道营销途径的管理、丰富产品组合，并推出旗舰品牌的创新产品，以此重塑并点燃增长的 动力。于韩国及印度，我们持续扩大市场份额并提高除息税折旧摊销前盈利。踏入2026年，我们确立清 晰的策略，同时加强执行力，旨在发挥我们的能力及实现可持续的长期增长。就此，本人欣然宣布，董 事会已建议就2025财政年度派付每股5.66美分的股息，与2024财政年度保持一致。" 格隆汇2月12日丨百威亚太(01876.HK)发布2025财政年度业绩报告，总销量于2025年全年(2025财政年 度)减少6.0%，达到79,658十万公升啤酒，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。2025财政年度，正常化除息税折旧摊销前盈利减少9.8%，或按呈报基准计减少12.1%，达到15.88亿 美元，受公司的营收表现及补助减少以及投资增加所影响。正常化除息税折旧摊销前盈利率减少113个 基点至27.6%。 2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，达到57.64亿美元，每百升收入则减少 0.2%，主要由 ...

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 於開曼群島股東名冊總冊登記的股東將自動以美元收取其股息。 發行人董事 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Fernando Tennenbaum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、Fernando Tennenbaum先生及Ricardo Tadeu先生各自的替任 董事）。 第 2 頁 共 2 頁 v 1.1.1 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 百威亞太控股有限公司 | | 股份 ...

Financial Performance - Total sales volume for the fiscal year 2025 decreased by 6.0% to 79,658 million liters, impacted by business layout in China, partially offset by performance in India[4] - Revenue for fiscal year 2025 was $5,764 million, a decrease of 6.1%, with revenue per hectoliter down by 0.2%, primarily due to performance in China[5] - Normalized EBITDA for fiscal year 2025 decreased by 9.8% to $1,588 million, with the EBITDA margin declining by 113 basis points to 27.6%[7] - Normalized profit attributable to equity holders decreased from $778 million in fiscal year 2024 to $666 million in fiscal year 2025[8] - Normalized earnings per share decreased from 5.90 cents in fiscal year 2024 to 5.04 cents in fiscal year 2025[9] - The company reported a net profit of $520 million for the year ending December 31, 2025, down from $750 million in 2024, representing a decrease of approximately 30.7%[36] - The operating profit before non-core items was $986 million, a decline of 15% from $1,160 million in 2024[32] - The company's revenue for 2025 was $5,764 million, a decrease of 7.7% compared to $6,246 million in 2024[32] - The normalized net profit before tax for the fiscal year 2025 was $986 million, a decrease of 12.0% compared to $1,160 million in 2024[80] Market Performance - In India, the company achieved strong double-digit revenue growth, contributing to overall market share expansion[11] - In Q4 2025, total sales decreased by 0.7%, impacted by challenges in the Chinese market and a weak industry in South Korea, partially offset by strong growth in India[13] - In Q4 2025, sales in China decreased by 3.9%, with revenue and revenue per hectoliter down by 11.4% and 7.7%, respectively, leading to a 42.3% drop in normalized EBITDA[17] - In Q4 2025, sales in the Eastern Asia Pacific region decreased by 3.7%, while revenue per hectoliter increased by 3.2%[21] - The company views India as a key growth driver, focusing on premium products to capitalize on market potential[26] - The overall performance indicates a challenging market environment with multiple regions experiencing negative growth trends[81] Strategic Initiatives - The company is focusing on enhancing its product portfolio and expanding its marketing channels to drive growth in the Chinese market[4] - The company aims to strengthen execution capabilities and establish clear strategies for sustainable long-term growth in 2026[4] - The company is focusing on expanding its non-immediate consumption channels and increasing its online-to-offline (O2O) market penetration[17] - The company is investing in marketing and innovation to enhance brand influence and expand consumer engagement[20] - The company is focusing on digital marketing strategies in China and Korea to enhance execution and consumer engagement, supported by investments in digital capabilities[26] - The company is actively seeking acquisition opportunities in Southeast Asia to accelerate growth in the Asia-Pacific region[27] - The company launched Olympic-themed marketing campaigns to strengthen brand value and consumer engagement ahead of the 2026 Winter Olympics[29] Dividend and Shareholder Returns - The company plans to pay a final dividend of 5.66 cents per share for the fiscal year 2025, consistent with the previous fiscal year[4] - The company plans to pay a dividend of $750 million for FY 2025, maintaining the same level as FY 2024[15] - The board proposed a dividend of $0.0566 per share, totaling approximately $750 million, subject to shareholder approval[64] - The company paid dividends of $748 million to shareholders in 2025, an increase from $698 million in 2024, reflecting a rise of about 7.2%[36] Tax and Financial Metrics - The normalized effective tax rate improved from 35.3% in fiscal year 2024 to 33.8% in fiscal year 2025[10] - The actual tax rate for 2025 is reported at 47.2%, an increase from 36.3% in 2024, indicating a significant rise in tax burden[52] - The company reported a total income tax expense of $431 million for 2025, compared to $410 million in 2024, marking an increase of about 5.1%[52] Cash Flow and Assets - The company maintained a net cash position of $2.8 billion at the end of FY 2025, a decrease of $39 million from FY 2024[15] - Operating cash flow from operating activities was $951 million, a decline from $1,134 million in the previous year, reflecting a decrease of about 16.1%[36] - The total assets for 2025 were $14,773 million, slightly down from $14,778 million in 2024[34] - The company’s cash and cash equivalents decreased by $111 million to $2,828 million at the end of 2025, compared to $2,867 million at the end of 2024[36] Non-Core Items and Expenses - Non-core items impacted the profit by a net amount of $177 million in 2025, compared to $52 million in 2024, indicating a significant increase in non-recurring expenses[49] - The company recorded a non-recurring expense of $66 million related to a customs audit claim in South Korea, with an additional $20 million expected for the remaining audit period, totaling $86 million[65] Comprehensive Income - The company reported a total comprehensive income of $807 million for 2025, significantly up from $56 million in 2024[33]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

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: 2026年1月31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: 2026年2月5日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 13,243,397,000 0 13,243,397,000 增加 / 減少 (-) 本月底結存 13,243,397,000 0 13,243,397,000 足夠公眾持股量的確認(註4) | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Industry Overview - The beer industry in China is defined as an alcoholic beverage made primarily from malted barley and wheat, with various classifications based on brewing techniques and yeast types [1] - The industry has a significant degree of product homogeneity due to similar brewing processes among most beer products [1] Industry Chain Analysis - The beer industry has a mature supply chain in China, with upstream suppliers providing raw materials, brewing equipment, and packaging [2][4] - Major beer producers dominate the midstream market, with the top five brands (China Resources Beer, Tsingtao Brewery, Budweiser APAC, Chongqing Brewery, and Yanjing Beer) accounting for over 90% of the market share [2][5] Industry Development History - The Chinese beer industry has evolved from foreign control in the late 19th century to a more localized production model post-1949, with significant growth following the economic reforms [7] - The industry experienced a rapid expansion from 1980 to 1994, followed by a consolidation phase from 1994 to 2005, leading to the establishment of major players [7] - Since 2017, the focus has shifted towards high-end beer production as low-end market growth has plateaued [7] Current Industry Status - Beer production in China has stabilized around 35 million kiloliters, with a slight recovery noted after a decline from 2015 to 2020 [10] - The sales revenue of the beer industry saw a significant increase in 2022, reaching 175.11 billion yuan, a 10.1% year-on-year growth [11] - The demand for high-quality beer products is rising, prompting leading companies to invest in the high-end market segment [14] Pricing Trends - The average price of beer in China has been on the rise, increasing from 14.6 yuan per liter in 2019 to an expected 17.2 yuan per liter by 2024 [15] Competitive Landscape - The beer industry in China exhibits a clear oligopolistic trend, with the top five companies dominating the market [18] - The regional concentration of beer production is high, particularly in coastal areas, with Shandong and Guangdong provinces leading in production capacity [23] Future Industry Outlook - The market size of the beer industry is projected to exceed 240 billion yuan by 2031, driven by increasing consumer demand for quality and unique beer products [24] - The industry is expected to see a rise in concentration and a shift towards high-end products, with digital marketing and innovative strategies becoming key growth drivers [28]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].