“啤酒之王”百威亚太：三重冰VS三把火，新帅面临破局大考

Core Viewpoint - The article discusses the challenges faced by Budweiser APAC in the Chinese beer market, highlighting the need for strategic reforms under the new CEO, Cheng Yanjun, to address declining sales and market share [1][18]. Group 1: Performance Overview - Budweiser APAC has experienced a continuous decline in beer sales for eight consecutive quarters, with a 3.1% drop in the Chinese market during Q4 2023 [3][4]. - In 2024, the company reported an 8.8% decline in beer sales and a 7% decline in revenue, with the Chinese market seeing an 11.8% drop in sales and a 13% drop in revenue [3][4]. - For the first nine months of 2025, Budweiser APAC's beer sales were 6.614 billion liters, down 7% year-on-year, and revenue was $4.691 billion, down 6.6% [4][5]. Group 2: Market Challenges - The company faces significant challenges in the Chinese market due to a shift in consumer preferences towards non-drinking channels, which now account for over 60% of beer sales, surpassing traditional drinking channels [11][12]. - Budweiser APAC's market share in China decreased by 149 basis points in 2024, and it lost its position as the revenue leader in the Chinese beer industry to China Resources Beer [12][13]. - The company has struggled to adapt to the fast-growing 8-10 yuan price segment, where local brands have gained a strong foothold [12][13]. Group 3: Strategic Changes - Cheng Yanjun, the new CEO, has initiated a comprehensive reform strategy focusing on regaining market share and enhancing the company's presence in non-drinking channels [15][18]. - The company aims to leverage its Budweiser and Harbin brands, with Budweiser maintaining a premium positioning and Harbin targeting the core price segment [15][18]. - Despite some initial improvements in Q2 2025, the company reported a further decline in revenue and sales in Q3 2025, indicating the complexity of the market environment [16][18]. Group 4: Future Outlook - The effectiveness of the new strategies implemented by Cheng Yanjun will be critical in determining Budweiser APAC's performance in 2026, as the company navigates the challenges of adapting to local market dynamics [18][19].