BUD APAC(HK:01876) Sou Hu Cai Jing·2026-02-24 13:00Core Viewpoint - Budweiser APAC reported a decline in revenue, profit, and sales for 2025, with continued pressure in the Chinese market [1] Financial Performance - Budweiser APAC's revenue for 2025 was $5.764 billion, approximately RMB 39.778 billion, a year-on-year decrease of 6.1% [3] - The profit attributable to equity holders fell from $726 million in 2024 to $489 million in 2025, about RMB 10.959 billion, representing a significant decline of 32.6%, marking a historical low since the company's listing [3] - Total sales volume decreased by 6.0% to 7.9658 million kiloliters [3][4] Market Performance in China - In the Chinese market, Budweiser's sales and revenue decreased by 8.6% and 11.3% respectively in 2025 [4] - In Q4, sales volume in China dropped by 3.9%, with revenue and revenue per hectoliter declining by 11.4% and 7.7% respectively [4] - Budweiser APAC aims to "rekindle growth trends and rebuild market share growth momentum" in China for 2026, indicating a challenging outlook [5] Competitive Position - In the first half of 2025, Budweiser APAC's revenue fell by 7.74% to RMB 22.45 billion, losing its industry leadership to China Resources Beer, which achieved a 0.83% growth with revenue of RMB 23.94 billion [5] Dividend Plan - The board of Budweiser APAC proposed a final dividend of $0.0566 per share for the fiscal year 2025, expecting to distribute $750 million in dividends [6] - The CEO, Cheng Yanjun, holds 5.229 million shares, which could yield approximately $296,000 in dividends, around RMB 2.04 million [6] Strategic Focus - The strategic focus for Budweiser China includes enhancing execution capabilities, expanding non-immediate consumption channels, and establishing influence in emerging channels [6]