【百威亚太（1876.HK）】受中国市场拖累，25Q1量价均承压——2025年一季度业绩点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The article discusses the financial performance of Budweiser APAC in Q1 2025, highlighting a decline in revenue and profit, with specific regional performance variations and challenges in the Chinese market [3][5]. Financial Performance Summary - Budweiser APAC reported Q1 2025 revenue of $1.461 billion, with a year-on-year decline of 7.5%. Normalized EBITDA was $485 million, down 11.2% year-on-year, and net profit attributable to shareholders was $234 million, a decrease of 18.5% [3]. - The company achieved a total sales volume of 1.9741 million kiloliters in Q1 2025, reflecting a year-on-year decline of 6.1%. Revenue per hectoliter decreased by 1.5% [4]. Regional Performance Analysis - In the Eastern region, Budweiser APAC saw revenue and normalized EBITDA increase by 11.7% and 24.4% year-on-year, respectively, with sales volume up by 11.9%. However, revenue per hectoliter remained flat [4]. - The Western region faced challenges, with revenue and normalized EBITDA declining by 11.7% and 17.6% year-on-year, respectively. Sales volume decreased by 8.6%, and revenue per hectoliter fell by 3.4% [4]. - In China, the company experienced a significant decline, with revenue and normalized EBITDA down 12.7% and 17.1% year-on-year, respectively. Sales volume decreased by 9.2%, and revenue per hectoliter fell by 3.9% [5]. Strategic Focus - The company is focusing on non-ready-to-drink channels to drive premiumization, which has shown positive results with a 70% year-on-year increase in sales of its zero-sugar Harbin Ice Pure Beer [5]. - Budweiser APAC is enhancing engagement with younger consumers as part of its strategy to improve market performance [5].