百威亚太下跌收窄 新掌门“纠偏”进行时｜酒业财报观察

Core Viewpoint - Budweiser APAC shows signs of stabilization under new leadership, with a focus on improving performance in the Chinese market despite ongoing declines in revenue and profit [2][5][15]. Financial Performance - For the first half of 2025, Budweiser APAC reported revenue of $3.136 billion, normalized EBITDA of $983 million, and sales volume of 4.363 million kiloliters, all showing declines compared to the same period last year [2]. - Revenue, profit, and sales volume all decreased by 5.6%, 8%, and 6.1% respectively on a year-over-year basis, but there are signs of recovery compared to the first quarter of 2025 [2][5][11]. - In Q2 2025, normalized EBITDA decline narrowed to single digits, with revenue decline also improving, and revenue per hectoliter showing a year-over-year growth of 2.4% [5][13]. Strategic Initiatives - The new CEO, Cheng Yanjun, has continued the strategy initiated at the beginning of the year, focusing on Budweiser and Harbin beer brands while enhancing consumer engagement [6][15]. - Budweiser has launched a new brand image "Budweiser Red" and engaged in marketing campaigns linked to major sports events to attract younger consumers [7][10]. - The company is shifting resources from the ultra-premium market to the "core++" market to align with current consumer trends [7][15]. Market Dynamics - Budweiser is increasing its focus on non-immediate consumption channels, which have shown growth in both sales and revenue contributions [11]. - The company has partnered with convenience stores and online platforms to promote its products, responding to the shift in consumer behavior towards more cost-effective non-immediate consumption options [8][9][10]. - Despite the challenges, Budweiser's performance in the Indian market remains strong, with double-digit growth in high-end and ultra-high-end products [12]. Future Outlook - Budweiser aims to regain market share in China, which has been a key area of concern, as the company reported a 9.5% year-over-year decline in revenue and an 8.2% decline in sales volume in the first half of 2025 [15][16]. - The company's ability to turn key performance indicators positive in the second half of the year will be crucial for restoring investor confidence [15].