Core Insights - Goldman Sachs reports that Budweiser APAC (01876) showed strong revenue performance in the Asia-Pacific East region for Q3, with organic revenue growth of 3.9% and organic EBITDA growth of 8.7%, surpassing the bank's expectations of 1.1% and 7.0% respectively [1] - The company maintains a "Buy" rating with a target price of HKD 8.9 [1] Group 1: Financial Performance - For Q3 2025, Budweiser APAC's organic sales decreased by 8.4%, better than Goldman Sachs' forecast of a 12.6% decline; standardized EBITDA was USD 438 million, with an organic decline of 6.9%, outperforming the expected USD 401 million (15.8% decline) [1] - The standardized EBITDA margin was reported at 28%, compared to the expected 26.9% [1] - Group-level organic EBIT fell by 6.1%, while standardized net profit was USD 204 million, a 9.3% year-on-year decline, better than the expected USD 182 million (19.1% decline) [1] - Q3 net profit was USD 185 million, down 8% year-on-year, primarily due to weak revenue [1] Group 2: Regional Performance - The Asia-Pacific West region's revenue declined by 12%, with organic EBITDA down 11.9%, outperforming Goldman Sachs' expectations of a 16.5% and 23% decline respectively [2] - In the Chinese market, organic revenue fell by 15.1% and organic EBITDA by 17.4%, better than the expected declines of 17.9% and 26% [2] - Average selling price decreased by 4.1%, with sales volume down 11.4%, although there was an expansion in household consumption, negatively impacted by brand mix due to destocking [2] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion from a low base [2]

高盛指出，百威亚太亚太西区受印度市场强劲表现带动，中国市场表现优于忧虑。亚太西区收入同比跌 12%，EBITDA有机计算同比跌11.9%，优于该行预期的销售额同比跌16.5%及EBITDA同比跌23%。中 国市场收入有机计算同比跌15.1%，EBITDA有机计算同比跌17.4%，表现领先该行预期的同比跌17.9% 及26%;平均售价同比跌4.1%，销量同比跌11.4%，其中家庭内消费有所扩张，但不利的品牌组合因去库 存化所致。印度市场实现双位数收入增长，并在低基数上实现显著的EBITDA利润率扩张。 高盛表示，百威亚太2025年第三季度有机销售额同比下跌8.4%，优于高盛预期的同比跌12.6%;标准化 EBITDA为4.38亿美元，有机计算同比跌6.9%，优于该行预期的4.01亿美元(有机计算同比跌15.8%)，并 高于市场共识预期的4.07亿美元。报告的标准化EBITDA利润率为28%，对比该行预期为26.9%。集团层 面EBIT有机计算同比下跌6.1%，而标准化净利润为2.04亿美元，同比跌9.3%(计入外汇影响后)，优于该 行预期的1.82亿美元(同比跌19.1%)及市场共识预期的1.746亿美元。第三 ...

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百威亚太(01876)公布2025年前9个月业绩，收入约46.91亿美元，同比减少6.6%;毛利24.12亿美元，同比 减少5.8%;百威亚太股权持有人应占溢利5.94亿美元，同比减少19.95%;百威亚太股权持有人应占正常化 溢利6.78亿美元，同比减少12.74%。 2025年前九个月的收入下降6.6%，而每百升收入增加0.4%。于2025年第三季度，收入下降8.4%，而每 百升收入增加0.1%，主要受亚太地区东部的收入管理措施和印度有利的产品组合所推动，但被中国的 表现所部分抵销。 总销量于2025年前九个月减少7.0%，于2025年第三季度减少8.6%，乃受到集团在中国的业务布局及渠 道的影响，但被印度的表现所部分抵销。 ...

Core Insights - Goldman Sachs reported that Budweiser APAC's organic sales in Q3 declined by 8.4% year-on-year, which was better than the expected decline of 12.6% [1] - Standardized EBITDA was $438 million, with organic calculations showing a year-on-year decline of 6.9%, outperforming the expected $401 million (organic year-on-year decline of 15.8%) and market consensus of $407 million [1] Market Performance - In the Chinese market, organic revenue declined by 15.1%, and EBITDA on an organic basis fell by 17.4%, which was better than the expected declines of 17.9% and 26% respectively [1] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion on a low base [1] - The South Korean market performed better than the overall market, with sales remaining stable and average selling prices increasing by mid-single digits year-on-year due to revenue management measures and continuous new product launches [1] Investment Rating - The company is rated as "Buy" by Goldman Sachs, with a target price set at HKD 8.9 [1]

每经AI快讯，百威亚太(01876.HK)午后跌超5%，截至发稿，跌4.88%，报7.99港元，成交额2.09亿港 元。 ...

Core Viewpoint - Budweiser APAC reported a decline in total revenue and profit for the first three quarters, indicating challenges in the Chinese market while showing strength in the Indian market [1] Financial Performance - Total revenue for the first three quarters was $4.691 billion, a year-on-year decrease of 6.6% [1] - Profit attributable to equity holders was $594 million, down 19.95% year-on-year [1] - Total sales volume decreased by 7.0% in the first nine months of 2025, with a decline of 8.6% in the third quarter [1] Regional Performance - The Asia Pacific West region benefited from strong performance in the Indian market, while the Chinese market showed better-than-expected results [1] - The Asia Pacific East region's third-quarter revenue performance was stronger than anticipated [1] Management Insights - The CEO and Co-Chairman noted that the Chinese business continues to face challenges due to weak business layout and ready-to-drink channel performance [1] - In South Korea, gross margin expansion was observed, with all channels outperforming industry levels [1] - The company aims to focus on strengthening its core product portfolio, expanding non-ready-to-drink marketing, and enhancing execution capabilities to seize future growth opportunities [1]

Core Viewpoint - Budweiser APAC reported a decline in total revenue and profit for the first three quarters, indicating challenges in the market, particularly in China, despite strong performance in India and some regions in Asia [1]. Financial Performance - Total revenue for the first three quarters was $4.691 billion, a year-on-year decrease of 6.6% [1]. - Profit attributable to equity holders was $594 million, down 19.95% year-on-year [1]. - Total sales volume decreased by 7.0% in the first nine months of 2025, with a decline of 8.6% in the third quarter [1]. Regional Performance - The Asia Pacific West region benefited from strong performance in the Indian market, while the Chinese market showed better-than-expected results [1]. - The Asia Pacific East region's third-quarter revenue performance was stronger than anticipated [1]. Management Insights - The CEO and Co-Chairman noted that the business in China continues to face challenges due to weak performance in ready-to-drink channels and overall business layout [1]. - In South Korea, gross margin expansion was observed, with performance across various channels exceeding industry levels [1]. - The company aims to focus on strengthening its core product portfolio, expanding non-ready-to-drink marketing, and enhancing execution capabilities to seize future growth opportunities [1].

Financial Data and Key Metrics Changes - In the first nine months of 2025, total volumes decreased by 7%, revenue decreased by 6.6%, while revenue per hectoliter increased by 0.4% [6] - Normalized EBITDA decreased by 7.7%, and the normalized EBITDA margin contracted by 37 basis points [6] - In the third quarter, total volumes and revenue decreased by 8.6% and 8.4%, respectively, with normalized EBITDA decreasing by 6.9% but the normalized EBITDA margin expanding by 46 basis points [6][10] Business Line Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 7.9% and 8.7%, respectively, while normalized EBITDA decreased by 9.7% [7] - In China, volumes in the third quarter decreased by 11.4%, and revenue decreased by 15.1%, with a normalized EBITDA decrease of 17.4% [7] - In APAC East, volumes decreased by 0.5%, while revenue and revenue per hectoliter increased by 1.8% and 2.3%, respectively [11] Market Data and Key Metrics Changes - In India, the company delivered double-digit revenue growth in the third quarter, with the Budweiser brand growing ahead of the industry [10] - In South Korea, volumes were flattish, with revenue and revenue per hectoliter growing by mid-single digits [11] - The contribution of the in-home channel to total volumes and revenue has continued to increase, with premium and super premium segments outpacing traditional channels [35] Company Strategy and Development Direction - The company is focused on improving top-line performance by enhancing route-to-market strategies, increasing investments in mega brands, and leading innovation in packaging and product offerings [8][10] - There is a clear priority to reignite growth and rebuild market share momentum, particularly in China [4][5] - The company aims to expand its footprint through targeted geographic expansion and restore excellence in execution [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in China due to a soft economic cycle but emphasized opportunities for improvement in inventory management and resource allocation [4][29] - The company remains optimistic about growth in India and South Korea, with a focus on premiumization and innovation to capture market share [10][12] - Management highlighted the importance of maintaining investments in both on-trade and off-trade channels to support brand building and consumer engagement [46][68] Other Important Information - The company is actively managing inventory levels, with current inventories lower than the previous year, and is focused on optimizing its route-to-market [29] - The company is committed to upholding compliance standards amid ongoing customs disputes in South Korea and Taiwan [72][74] Q&A Session Summary Question: Brand performance in China and mega brands' trends - Management discussed the impact of in-home consumption trends and innovations in product offerings, particularly for Budweiser and Corona [16][17] Question: Demand trends in South Korea - Management noted that while the industry remains soft, there are pockets of growth in non-alcoholic and flavored beers, with a strong performance from the core portfolio [21][24] Question: Outlook for the China market - Management confirmed proactive inventory management and expressed cautious optimism for a rebound in selling performance [28][30] Question: In-home channel penetration and expansion plans - Management indicated that the in-home channel currently accounts for about 60% of the industry, with plans to increase penetration closer to industry averages [31][32] Question: Strategies for low alcohol beer market - Management highlighted ongoing innovations in non-alcoholic and low-alcohol products, particularly in South Korea, where consumer interest is growing [52][55] Question: Update on Korean customs tax dispute and Taiwan anti-dumping duties - Management provided updates on ongoing customs disputes and adjustments in tariff rates in Taiwan, emphasizing the importance of market access [72][74]

Financial Data and Key Metrics Changes - In the first nine months of 2025, total volumes decreased by 7%, revenue decreased by 6.6%, while revenue per hectoliter increased by 0.4% [7] - Normalized EBITDA decreased by 7.7%, and the normalized EBITDA margin contracted by 37 basis points [7] - In the third quarter, total volumes and revenue decreased by 8.6% and 8.4%, respectively, with normalized EBITDA decreasing by 6.9% but the normalized EBITDA margin expanding by 46 basis points [7] Business Line Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 7.9% and 8.7%, respectively, with normalized EBITDA decreasing by 9.7% [8] - In China, volumes in the third quarter decreased by 11.4%, revenue decreased by 15.1%, and revenue per hectoliter decreased by 4.1% [8] - In APAC East, volumes decreased by 0.5%, while revenue and revenue per hectoliter increased by 1.8% and 2.3%, respectively [12] Market Data and Key Metrics Changes - In India, the company delivered double-digit revenue growth in the third quarter, translating into strong EBITDA performance [11] - In South Korea, volumes were flattish, with revenue and revenue per hectoliter both growing by mid-single digits [12] Company Strategy and Development Direction - The company is focused on improving top-line performance by enhancing route-to-market strategies, increasing investment in mega brands, and leading innovation within the industry [9] - The strategy includes expanding the in-home channel and premiumizing the product offerings to capture growth opportunities [9][10] - The company aims to restore excellence in execution and improve market share momentum [4][5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in China due to a soft economic cycle but emphasized a clear view of improvement opportunities [4] - The company remains committed to operational excellence and is optimistic about long-term growth despite current market conditions [5][11] Other Important Information - The company continues to leverage technology to enhance commercial capabilities and optimize route-to-market strategies [11] - The performance in South Korea and India has been solid, with ongoing investments in marketing and product innovation [11][12] Q&A Session Summary Question: Insights on brand performance in China - Management highlighted the importance of aligning brand performance with channel strategies, particularly focusing on in-home consumption and innovations [18][20] Question: Demand trends in Korea - Management noted that while the overall industry remains soft, there are pockets of growth in non-alcoholic and flavored beers, and the company is well-positioned to capture these opportunities [25][27] Question: Outlook for the China market - Management confirmed proactive inventory management and a focus on maintaining healthy route-to-market strategies, with expectations for gradual improvements [30][31] Question: In-home channel penetration - Management indicated that the in-home channel currently accounts for over 50% of their mix, with plans to increase this closer to the industry average [32][34] Question: Branding strategy for Harbin - Management expressed confidence in the Harbin brand's ability to compete nationally, particularly in Guangdong, and emphasized the need for a diverse portfolio to meet local consumer needs [39][42] Question: Commercial investment allocation - Management stated that investments are being sustained in both on-trade and off-trade channels, with a shift towards in-home channels as consumer preferences evolve [66][68] Question: Updates on Korean customs tax dispute - Management confirmed that the dispute is ongoing, with non-underlying charges recorded, but emphasized that the potential penalty exposure is not expected to be material [72][74]