失速与换挡：百威亚太中国市场待破局

Core Insights - Budweiser APAC's performance in the first half of the year shows a significant decline, with net profit down 24.4%, sales down 6.1%, and revenue down 5.6% [1][3][4] - The company faces intense competition in the high-end beer market from local brands such as China Resources Beer, Tsingtao Beer, and Yanjing Beer, which have gained market share [1][5][7] - Budweiser APAC's reliance on on-premise channels like restaurants and nightlife venues has been a major factor in its declining performance, as these channels are increasingly competitive [6][8] Financial Performance - In the first half of the year, Budweiser APAC reported revenue of $3.136 billion, a decrease of 5.6% year-on-year, and a net profit of $409 million, down 24.4% [3][4] - Total sales volume reached 4.363 billion liters, reflecting a 6.1% decline compared to the previous year [3][4] - The company's net profit has been on a downward trend for three consecutive years, with figures of $913 million, $852 million, and $726 million from 2022 to 2024, representing declines of 3.89%, 6.7%, and 14.8% respectively [3][4] Market Dynamics - Budweiser APAC's market share in China's high-end beer segment has dropped from approximately 50% to 42% [7] - The company has struggled to adapt to changing consumer preferences and increased competition in the high-end market, leading to a significant decline in sales of high-end and super high-end products [7][8] - The shift in consumer behavior towards home consumption and instant retail has resulted in non-on-premise channels becoming more significant, now accounting for about 60% of beer sales in China [10] Strategic Adjustments - Budweiser APAC is undergoing a strategic transformation under its new CEO, focusing on channel transformation, product adjustments, and marketing innovation [8][9] - The company aims to target the mid-range market by reallocating resources from the super high-end segment to the 8-10 yuan price range [8][9] - Non-on-premise channels are becoming a key focus, with the company recognizing the need to catch up in this area, as it currently lags behind industry standards [9][10]