大和：百威亚太(01876)第四季中国业务仍审慎 评级“买入”

Core Viewpoint - Despite challenges in the third quarter of 2025 for Budweiser APAC's (01876) China operations, the management remains cautiously optimistic about sales performance in the fourth quarter [1] Group 1: Financial Performance - Budweiser APAC's revenue in China declined by 15.1% year-on-year in the third quarter, primarily due to a 11.4% drop in sales volume and a 4.1% decrease in average selling price [1] - The decline in performance is attributed to weak restaurant channels, a deteriorating product mix, and discounts offered to certain distributors to accelerate penetration into Chinese household channels [1] Group 2: Inventory and Sales Outlook - The management believes that channel inventory levels are even below the industry average, but they do not expect a rapid replenishment of inventory [1] - The management's cautious stance on fourth-quarter sales performance reflects ongoing challenges in the market [1]