Group 1 - Budweiser APAC (01876) announced that Mr. Nelson Jamel will resign as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Mr. Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - Mr. John Blood, Mr. David Almeida, and Ms. Katherine Barrett will no longer serve as Mr. Jamel's alternate directors and will be appointed as Mr. Tennenbaum's alternate directors, effective from January 1, 2026 [1]

Group 1 - Budweiser APAC announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Mr. Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - Mr. John Blood, Mr. David Almeida, and Ms. Katherine Barrett will no longer serve as Mr. Jamel's alternate directors and will be appointed as alternate directors for Mr. Tennenbaum, effective from January 1, 2026 [1]

Group 1 - Budweiser APAC (01876.HK) announced changes in its board of directors effective January 1, 2026 [1] - Nelson Jamel will resign as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - John Blood, David Almeida, and Katherine Barrett will no longer serve as alternate directors for Jamel and will be appointed as alternate directors for Tennenbaum [1]

Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 非執行董事 鄧明瀟 （董事會聯席主席） （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） Ricardo Tadeu （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） Fernando Tennenbaum （John Blood先生、David Almeida先生及Katherine Barrett 女士為其替任董事） 獨立非執行董事 （於開曼群島註冊成立的有限公司） （股份代號：1876） 董事名單及其角色與職能 自2026年1月1日起，百威亞太控股有限公司董事會（「董事會」）成員將包含下列 七名董事： 執行董事 程衍俊 （董事會聯席主席） （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） 鄧明瀟 （主席） 楊敏德 郭鵬 香港，2025年12月31日 郭鵬 楊敏德 曾璟璇 董事會設有三個委員會。各委員會的成員將如下： ...

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） 非執行董事、替任董事及 審核及風險委員會成員變更 茲提述百威亞太控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）日期 為2025年11月4日的公告，內容有關本公司內若干董事會成員變動。 本公司董事（「董事」）會（「董事會」）謹此宣佈，以下董事職務變動自2026年1月1 日起生效： Jamel先生已確認其與董事會概無意見分歧，亦無有關其辭任事宜須提請本公司股 東垂注。 1 1. Nelson Jamel先生（「Jamel先生」）為尋求其他機會將辭任本公司非執行董 事及審核及風險委員會成員； 2. Fernando Tennenbaum先生（「Tennenbaum先生」）將獲委任為本公司非執 行董事及審核及風險委員會成員；及 3. John B ...

Core Viewpoint - The consumer sector has faced significant challenges in the past year, with many sub-sectors experiencing declines despite overall market growth. The focus on domestic demand and consumption has not translated into positive performance for many consumer-related industries [1][5]. Consumer Sector Performance - In the first half of the year, 10 out of 16 declining industries were from the consumer sector, indicating a broader trend of underperformance [1]. - The white liquor sector, a key component of the consumer market, has seen a year-to-date decline of 12.44%, with major brands like Wuliangye experiencing significant drops in revenue and profit [6][9]. - The professional chain sector has been particularly hard-hit, with a year-to-date decline of 14.72%, exemplified by the struggles of companies like Renrenle [16][20]. White Liquor Sector - The white liquor industry is facing its eighth consecutive year of production decline, with both volume and price dropping simultaneously [10]. - Wuliangye reported a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters, marking its first negative growth in a decade [9]. - The industry is shifting from a growth-driven model to one focused on consumer choice, with a need for companies to adapt to changing consumer preferences [15]. Professional Chain Sector - The professional chain sector is experiencing a crisis, with many physical stores closing and traditional business models failing [16][20]. - Renrenle, once a leading private supermarket, has seen its market value plummet and is now facing delisting due to ongoing financial struggles [21][24]. - The shift towards online shopping and personalized consumer demands has further exacerbated the challenges faced by traditional retail chains [24][25]. Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also faced declines, with the beer segment seeing a notable drop in sales and profits [27][32]. - Budweiser APAC reported an 8.2% decline in domestic sales and a 24.4% drop in net profit, reflecting broader industry challenges [32][33]. - The market is witnessing a trend of cross-industry competition, with liquor companies diversifying into new beverage categories [34]. Publishing Sector - The publishing industry has shown resilience despite a 10.4% decline in the overall market for printed books, with listed companies managing to increase net profits by 14.65% [43][44]. - However, leading companies like Zhongwen Media are struggling, with significant revenue and profit declines due to changes in educational material procurement policies [45][48]. Seasoning Sector - The seasoning industry has faced a 6.04% decline, with companies like Qianhe Flavor struggling due to falling revenues and a loss of consumer trust [51][55]. - The industry is experiencing a shift in consumer preferences and increased competition, necessitating a reevaluation of business strategies [60]. Traditional Chinese Medicine Sector - The traditional Chinese medicine sector is facing challenges, with companies like Pian Zai Huang reporting significant declines in revenue and profit due to rising costs and regulatory pressures [61][66]. - The industry is undergoing a transformation as companies seek to innovate and diversify their product offerings [70]. Digital Media Sector - The digital media industry has seen a 4.95% decline, with companies like Mango TV reporting significant drops in revenue and profit due to changing consumer behaviors and market dynamics [71][74]. - The sector is grappling with the need to adapt to new content consumption trends while facing pressure from traditional advertising models [75]. Kitchen and Bathroom Appliances Sector - The kitchen and bathroom appliance sector has experienced a 4.11% decline, largely due to reduced demand from the real estate market [78][79]. - Companies like Boss Electric are facing revenue declines for the first time in years, highlighting the challenges of adapting to a changing market landscape [79][80]. White Goods Sector - The white goods sector has seen a 2.02% decline, with major players like Gree Electric facing significant revenue and profit pressures due to increased competition and market saturation [83][84]. - The industry is shifting towards a focus on product quality and brand strength as external stimuli diminish [88]. Hotel and Restaurant Sector - The hotel and restaurant sector has faced a 1.37% decline, with revenue pressures stemming from changing consumer spending habits and increased competition from online platforms [89][92]. - Companies are beginning to adopt more refined operational strategies to navigate the challenging market environment [96].

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Listing Dynamics - Banu International Holdings Limited has submitted a new listing application to the Hong Kong Stock Exchange, with CICC and China Merchants International as joint sponsors [3] - The company is recognized as China's largest quality hot pot brand, with a network of 162 stores across 46 cities, representing a 95.2% increase from the end of 2021 [3] - The new funding from the listing is expected to facilitate further expansion of store numbers and upgrades to the central kitchen, potentially increasing net profit margins [3] Investment Activities - Elliott Management has acquired over $1 billion in shares of Lululemon and is actively involved in shaping the company's management direction [7] - Elliott is collaborating closely with Jane Nielsen, a seasoned retail executive, whom they consider a potential candidate for Lululemon's CEO position [7] - This move positions Elliott as one of Lululemon's largest shareholders, aiming to drive the company out of its current downturn through strategic changes [7] Corporate Transactions - New Hope Dairy has completed the payment for the acquisition of a 55% stake in Fuzhou Aoniu, with a total transaction price of 111 million yuan [10] - The acquisition is expected to enhance New Hope Dairy's channel capabilities and brand influence in the Fujian region, thereby expanding its business scale in South China [10] Market Re-entry - Lotto, owned by WHP Global, has signed a new licensing agreement to re-enter the North American market, focusing on casual apparel [13] - The brand's first collection has been launched, featuring a new streetwear style, coinciding with the growing anticipation for the 2026 World Cup [13] Management Changes - Budweiser APAC announced the resignation of CFO Ignacio Lares, effective April 1, 2026, with Bernardo Novick appointed as the new CFO [21] - The transition is expected to be smooth, as both individuals have extensive experience within the company, minimizing potential impacts on performance [21] Leadership Transition - FrieslandCampina has appointed Roger Loo as the new global president of professional nutrition, succeeding Harvey Uong, who will leave the company on April 1, 2026 [23] - This leadership change is anticipated to bring new growth expectations for Friesland's professional nutrition business in China [23] Executive Changes - Master Kong has announced the retirement of CEO Chen Yingrang, effective January 1, 2026, with Wei Hongcheng set to take over the role [25] - This management change reflects a blend of professionalization and family succession, marking a new phase for the company [25] Creative Leadership - Pieter Mulier, the current creative director of Alaïa, is rumored to be the next creative director of Versace [28] - Mulier's experience and design language are seen as key factors in leading the brand forward [28]

Group 1: JD and Dingdong Maicai Developments - JD's first Seven Fresh store in Shijiazhuang opened on December 19, featuring 24-hour fresh produce and a "1+N" delivery model, boosting local consumption [1] - Dingdong Maicai launched a dynamic evaluation standard for fish products in collaboration with Qingyu Hall and the China Quality Certification Center, leading to a 50% increase in sales in the first month of its "True Safe Fish" initiative [3] Group 2: Logistics and Retail Innovations - JD Logistics introduced a comprehensive logistics service for duty-free products in Hainan, supporting the high-quality development of the Hainan Free Trade Port with seven operational warehouses [5] - Anta officially joined Taobao Flash Sale, enabling rapid delivery of sports equipment from over 1,000 stores across major cities [8] Group 3: Corporate Governance and Strategic Focus - Pinduoduo announced a new governance structure with Zhao Jiazhen appointed as co-chairman, focusing on the Chinese supply chain as a core business strategy [7] - 1688 signed a partnership agreement with the China Council for the Promotion of International Trade to enhance cross-border supply chain capabilities for small and medium-sized enterprises [10] Group 4: Market Trends and Performance - Domestic TV brands are increasingly utilizing AliExpress for international sales, with a 300% year-on-year increase in sales on the platform [12] - Nike reported a revenue of $12.4 billion for Q2 of fiscal year 2026, with a 20% growth in its running segment and a 3% decrease in inventory [15] Group 5: Expansion and Sustainability Initiatives - McDonald's China surpassed 7,500 stores and will begin using bio-based packaging, aiming to reduce petroleum-based plastic usage by approximately 5,800 tons annually [17] - AEON confirmed the opening of three new supermarkets in Wuhan in Q1 2026, continuing its strategy of enhancing customer experience amid declining foot traffic [18] Group 6: International Expansion of Food Brands - Yuanji Cloud Dumplings opened its first store in Thailand, marking its commitment to local market integration [18] - Baoshifu announced the upcoming opening of its first North American store in New York City, following its successful entry into Singapore earlier this year [19] Group 7: Corporate Changes and Legal Developments - Budweiser Asia appointed a new CFO, Bernardo Novick, effective April 1, 2026, following Ignacio Lares' 18-year tenure [20] - Chongqing Beer is in discussions to settle a long-standing legal dispute with Jiawei Beer, potentially resolving an 18-year conflict involving a claim of 353 million yuan [20]