致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01876 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 百威亞太控股有限公司 呈交日期: 2025年11月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,00 ...

Investment Rating - The report maintains an "Overweight" rating for the beer sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The beer sector is currently at a bottoming phase, with potential recovery driven by macro policy changes and improved fundamentals in the coming year [2][63]. - Demand resilience is expected to continue into 2024, with a focus on scene recovery in 2025 [5][46]. Summary by Sections 1. Revenue and Profit Trends - For the first three quarters of 2025, the beer sector reported revenues of 61.726 billion yuan, a year-on-year increase of 1.99%, and a net profit of 9.339 billion yuan, up 10.43% year-on-year [10]. - Quarterly revenues for 2025 were 20.043 billion yuan, 21.491 billion yuan, and 20.192 billion yuan, with year-on-year growth rates of 3.68%, 1.90%, and 0.45% respectively [10]. 2. Margins and Cost Dynamics - Despite weak sales volume and price performance, the overall gross margin has been improving due to cost elasticity, with major brands like Qingdao Beer and Yanjing Beer showing strong performance [18][19]. - Gross margins for major brands in Q3 2025 were as follows: Qingdao Beer at 43.66%, Chongqing Beer at 50.17%, Yanjing Beer at 47.19%, and Zhujiang Beer at 51.51% [19][22]. 3. Demand Resilience and Market Dynamics - The report highlights that middle-income households are experiencing faster disposable income growth, which supports beer demand at mainstream price points [46][51]. - The overall beer production is showing a recovery trend, with high-end products like Qingdao White Beer and Yanjing U8 continuing to perform well [49][54]. 4. Cash Flow and Dividend Outlook - The free cash flow of leading beer companies is expected to remain high, with steady improvements in dividend rates and payout ratios anticipated [58][59]. - The report notes that capital expenditures related to high-end beer production are expected to stabilize, further supporting cash flow sustainability [58]. 5. Investment Recommendations - The report suggests focusing on companies with strong fundamentals such as Qingdao Beer, Yanjing Beer, and China Resources Beer, which are expected to benefit from improved market conditions in 2025 [2][63].

Core Viewpoint - Chongqing Beer reported a decline in both revenue and net profit for the third quarter, indicating a potential loss of market position as it was surpassed by Yanjing Beer in terms of performance [1][6]. Financial Performance - For the first three quarters, Chongqing Beer achieved revenue of 13.059 billion yuan, a slight decrease of 0.03% year-on-year, while net profit attributable to shareholders was 1.241 billion yuan, down 6.83% year-on-year [1]. - In the third quarter alone, revenue was 4.22 billion yuan, a year-on-year increase of 0.41%, but net profit fell to 376 million yuan, a decline of 12.71% [1][2]. - The company has experienced a continuous decline in net profit for two consecutive quarters, with the second quarter net profit recorded at 392 million yuan, also down approximately 12.7% year-on-year [1][4]. Sales Volume and Product Segmentation - Chongqing Beer sold 2.6681 million kiloliters of beer in the first three quarters, reflecting a modest growth of 0.42%, which is below the overall industry growth rate [1]. - The revenue from high-end products (priced above 8 yuan) was 7.715 billion yuan, showing a year-on-year increase of approximately 1.18%, while revenue from mainstream (4 to 8 yuan) and economy (below 4 yuan) products declined by 1.66% and 1.21%, respectively [2][3]. Market Competition and Strategy - The company has increased its marketing expenses to stimulate sales, with third-quarter sales expenses reaching 704 million yuan, a year-on-year increase of 13.7% [4]. - Despite the increased spending, the financial results indicate that these efforts have not reversed the declining trend in performance [4]. - The competitive landscape has intensified, with external factors such as rising costs and market recovery challenges impacting profitability [3][4]. Industry Trends - The high-end beer segment in China is facing challenges, with foreign brands experiencing a slowdown in growth due to reduced nightlife consumption channels and increased competition from domestic brands [5]. - Yanjing Beer has outperformed Chongqing Beer, achieving revenue of 13.433 billion yuan and a net profit of 1.770 billion yuan in the first three quarters, marking increases of 4.57% and 37.45% year-on-year, respectively [6]. Future Outlook - As the fourth quarter approaches, Chongqing Beer is expected to refine its strategies, focusing on non-on-premise channels to attract new consumers, particularly younger demographics [7]. - The company is also exploring cross-category opportunities in the beverage sector to supplement its beer offerings [7].

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].

Core Viewpoint - Budweiser APAC (01876) announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also resign from his position as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Mr. Nelson Jamel's resignation as a non-executive director and member of the Audit and Risk Committee is set to take effect on January 1, 2026 [1]. - Jamel will also step down from his role as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This resignation marks the conclusion of Jamel's 30-year career with the group [1].

Core Viewpoint - Budweiser APAC (01876.HK) announced the resignation of Nelson Jamel as a non-executive director and member of the Audit and Risk Committee, effective January 1, 2026. He will also step down as Chief Talent Officer of the parent company Anheuser-Busch InBev SA/NV, marking the end of a 30-year career with the group, effective from the same date [1]. Group 1 - Nelson Jamel's resignation is set to take effect on January 1, 2026 [1]. - Jamel will also resign from his position as Chief Talent Officer at Anheuser-Busch InBev SA/NV [1]. - This marks the conclusion of Jamel's 30-year career with the group [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：1876） 董事會及董事會委員會變動 百威亞太控股有限公司（「本公司」）董事會今日謹此宣佈，Nelson Jamel先生 （「Jamel先生」）將辭任本公司非執行董事及審核及風險委員會成員，該辭任預計 於2026年1月1日生效。Jamel先生亦將辭任本公司的母公司Anheuser-Busch InBev SA/NV首席人才官一職，在30年的職業生涯節點離開集團，自2026年1月1日起生 效。 Budweiser Brewing Company APAC Limited 根據香港聯合交易所有限公司證券上市規則第13.51(2)條就上述變動所作之正式 公告將在變動生效時發佈。 百威亞太控股有限公司 承董事會命 百威亞太控股有限公司 聯席公司秘書 朱隽清 （於開曼群島註冊成立的有限公司） 香港，2025年11月4日 於本公告日期，本公司董事會包括聯席主席兼執行董事程衍俊先生、聯席主席兼 非執行董事鄧 ...

Core Viewpoint - The report from CMB International indicates that Budweiser APAC (01876) has reported third-quarter results that are generally in line with expectations, while the Chinese market continues to face challenges [1] Summary by Category Short-term Outlook - The recovery of the group in the Chinese market is expected to take time, and the current stock price has largely reflected this pessimistic outlook [1] Long-term Strategy - CMB International maintains confidence in the group's ongoing premiumization strategy in the Asia-Pacific region [1] - The target price is set at HKD 9.5 with a "Buy" rating [1]

Core Viewpoint - Budweiser APAC's Q3 performance largely met expectations, with the Chinese market under pressure as anticipated. The short-term recovery in the Chinese market will take time, but the current stock price reflects this pessimistic outlook. Long-term confidence remains in the group's premiumization strategy in the Asia-Pacific region. The target price is maintained at HKD 9.5 with a "Buy" rating [1]. Summary by Category - **Q3 Performance**: Budweiser APAC's Q3 results were in line with expectations, indicating stability despite market challenges [1]. - **Chinese Market Outlook**: The Chinese market continues to face pressure, and a recovery is expected to take time [1]. - **Stock Price Reflection**: The current stock price is believed to have already factored in the negative outlook for the Chinese market [1]. - **Long-term Strategy**: Confidence in the group's ongoing premiumization strategy in the Asia-Pacific region remains strong [1]. - **Target Price and Rating**: The target price is set at HKD 9.5, and the company maintains a "Buy" rating [1].

Core Viewpoint - The report from Jianyin International indicates a downward adjustment in Budweiser APAC's sales growth assumptions for the Chinese market due to weak performance in the first nine months of the year and cautious sales outlook, leading to a 9% reduction in target price from HKD 9.4 to HKD 8.6 while maintaining an "outperform" rating [1] Group 1: Financial Performance - Budweiser APAC's third-quarter performance was weak but generally in line with expectations, with the Chinese market continuing to underperform [1] - The company is expected to see EBITDA margin increase by 1.3 percentage points to 29.5% due to healthy channel inventory, a mild cost environment, and operating leverage effects [2] Group 2: Market Strategy - Management is prioritizing route-to-market (RTM) upgrades, enhancing penetration in online, offline, and O2O channels for household consumption, and increasing investment in core brands to gradually regain market share in China, although the timing of a turnaround remains uncertain [1] - In the Indian market, Budweiser APAC is benefiting from a strong trend towards premiumization, with expectations of a 1.5% revenue growth in the Asia-Pacific region by 2026 [1] Group 3: Regional Performance - In South Korea, Budweiser APAC continues to outperform peers, achieving market share gains in both household consumption and on-premise channels despite a weak demand environment [2] - The Southeast Asia region is projected to see a revenue growth of 6.4% in 2024, with a volume growth of 2.3% and an average selling price (ASP) increase of 4% [2]