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百威亚太上半年收入减少5.6%至31.36亿美元,中国市场专注在非即饮渠道内带动高端化

Core Insights - Budweiser APAC reported a 5.6% decrease in revenue to $3.136 billion for the first half of 2025, with normalized EBITDA down 8% to $983 million [1] - The company experienced a 6.1% decline in sales volume, totaling 4.363 billion liters [1] Group 1: Financial Performance - In Q2 2025, sales volume in China decreased by 7.4%, and revenue fell by 6.4%, although revenue per hectoliter increased by 1.1% due to positive brand mix effects [1] - For the first half of 2025, sales volume decreased by 8.2%, with revenue and revenue per hectoliter down 9.5% and 1.4% respectively [1] - Normalized EBITDA margin increased by 86 basis points, despite a 4% decline in normalized EBITDA due to reduced revenue and other operating income, partially offset by cost management measures [1] Group 2: Market Strategy - The company made progress in its channel expansion strategy, focusing on premiumization in non-immediate consumption channels, which showed growth in both sales volume and revenue [1] - The contribution of high-end and super high-end product mix in non-immediate consumption channels has surpassed that of the corresponding contribution from the Chinese restaurant channel [1] Group 3: Digital Initiatives - The usage and coverage of the B2B distributor and customer interaction platform, BEES, have been steadily increasing, now reaching over 320 cities in China as of June 2025 [2] - The company continues to leverage technology to enhance commercial capabilities, optimize marketing channels, and strengthen customer relationships [2]