Core Viewpoint - Budweiser APAC (01876.HK) announced that its board committee will hold a meeting on October 29, 2025, to consider and approve the unaudited performance announcement for the nine months ending September 30, 2025 [1] Group 1 - The company expects to release the unaudited performance announcement on October 30, 2025, at 7:00 AM Hong Kong time or around that time [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，概不對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。 朱隽清 （股份代號：1876） 香港，2025年10月17日 批准截至2025年9月30日止九個月未經審核業績的 董事會委員會會議日期 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 非執行董事鄧明瀟先生、非執行董事Nelson Jamel先生及Ricardo Tadeu先生，以 及獨立非執行董事郭鵬先生、楊敏德女士及曾璟璇女士（John Blood先生、David Almeida先生及Katherine Barrett女士為程衍俊先生、鄧明瀟先生、Nelson Jamel先 生及Ricardo Tadeu先生各自的替任董事）。 百威亞太控股有限公司（「本公司」）宣佈，本公司董事會（「董事會」）委員會將於 2025年10月29日（星期三）（交易時段後）舉行會議，以考慮及批准截至2025年9月 30日止九個月的未經審核業績公告。 本公司預期將於2025年10月30日（星期四）上午七 ...

Core Insights - Hema has successfully launched seasonal craft beers, including a new osmanthus-flavored fresh beer, which has gained popularity on social media platforms [1] - The craft beer sales at Hema have seen a year-on-year growth of 52% this year, indicating a strong market demand [1] - Hema's strategy of combining craft beer with seasonal fruits has attracted younger consumers, contributing to user growth [1][3] Company Strategy - Hema has introduced a series of Chinese-flavored craft beers since last year, including products like mung bean and lily-flavored fresh beer, which have generated excitement on social media [3] - The company has optimized its supply chain to reduce the prices of craft beers, making them more accessible to consumers [3] - Hema's product lineup includes seasonal limited flavors, entry-level products, and advanced IPA series, catering to diverse consumer preferences [3] Market Recognition - Hema ranked fifth in the "Beer and Pre-mixed Drinks" category in a recent brand preference survey by Yicai Magazine, being the only supermarket brand on the list [3] - The variety of self-operated craft beers offered by Hema meets the increasingly refined demands of consumers, contributing to its recognition in the market [3] Sales Performance - Hema's hazy IPA, priced at 19.9 yuan per liter, has seen a sales growth of over 200% year-on-year, making it the fastest-growing product in Hema's craft beer series [4] - The high repurchase rate of this product indicates a successful transition of consumers from entry-level to advanced craft beers [4] - Hema plans to introduce new craft beer products for the upcoming season, including a return of the popular candied hawthorn flavor and collaborations with domestic hop farms for new flavors [4]

Core Viewpoint - The leadership of China Resources Beer has been restructured with the appointment of Jin Hanquan as the new president and executive director, following the resignation of Hou Xiaohai, while the company continues to show stable performance in its financial results, surpassing Budweiser APAC in revenue for the first time in the Chinese market [2][4][10]. Leadership Changes - Jin Hanquan has been appointed as the executive director and president of China Resources Beer as of October 10 [2][5]. - Zhao Chunwu has transitioned from president to chairman of the board, following the resignation of Hou Xiaohai on June 27, who left to focus on personal matters [3][6]. - Since the beginning of 2025, the board of directors has seen three changes, excluding independent directors [4][7]. Financial Performance - For the first half of 2025, China Resources Beer reported a revenue of 23.942 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.04% [4][10]. - The company’s revenue has surpassed Budweiser APAC for the first time, which reported a revenue of approximately 22.45 billion yuan, a decline of 5.6% year-on-year [10]. - The gross profit margin increased by 2 percentage points to 48.9%, attributed to the high-end strategy and cost savings in raw material procurement [10]. Business Strategy - The company aims to continue expanding its high-end product strategy, with a focus on personalized and differentiated products to meet diverse consumer demands [11]. - New retail channels, including e-commerce and instant retail, are being leveraged to adapt to changing consumer preferences [11]. Challenges in Other Segments - The white liquor segment has faced significant challenges, with revenue dropping to 0.781 billion yuan, a decrease of 33.7% year-on-year [12][13]. - China Resources Beer plans to enhance price restructuring and cost control measures in response to market changes, focusing on mid-range and light bottle products to boost sales in the second half of the year [14].

Global Market Overview - The global market experienced significant fluctuations due to Trump's statements regarding tariffs, leading to a notable pullback in the US stock market, particularly on Friday [1][2] - The TAMAMA Technology Index's P/E ratio reached 38, while the Philadelphia Semiconductor Index's P/E ratio hit 52.9, indicating high valuation levels [1][12] - The S&P 500 Shiller P/E ratio stands at 39.09, close to the 40 high range, second only to the peak at the end of 1999 [1][12] - Major European markets are expected to face adjustments due to economic and political uncertainties, as well as high P/B ratios in several key indices [1][12] - The Nikkei 225 index showed volatility, with expectations of further adjustments due to tight monetary policy and economic pressures in Japan [1][12] US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all declined, with weekly drops of 2.43%, 2.53%, and 2.73% respectively [2][12] - The S&P 500 sectors mostly declined, with utilities showing the largest increase of 1.42%, while energy saw the largest decrease of 3.98% [12][16] - The Nasdaq Golden Dragon Index, which tracks US-listed Chinese stocks, fell by 8.37%, indicating ongoing challenges for Chinese companies in the US market [18] Hong Kong Market Performance - The Hang Seng Index and Hang Seng China Enterprises Index both fell by 3.13% and 3.11% respectively, while the Hang Seng Hong Kong Chinese Enterprises Index increased by 0.87% [2][24] - The Hang Seng Technology Index dropped by 5.48%, reflecting the impact of external market pressures [24][39] - The best-performing sectors in Hong Kong included utilities, while non-essential consumer sectors faced the largest declines [28][39] Emerging Markets - Emerging markets such as Brazil's IBOVESPA, Mexico's MXX, and India's SENSEX30 are expected to experience adjustments due to the influence of US tariff policies and local economic issues [1][12] Key Economic Data - Japan's PPI year-on-year growth rate for September 2025 was 2.67%, slightly lower than the previous value of 2.68% [3][40] - The US Michigan Consumer Sentiment Index for October 2025 was reported at 61, an increase from 60.4 [42] - The Eurozone retail sales index showed a month-on-month growth of 0.1% for August 2025, up from a previous decline of 0.4% [46]

Group 1 - Mijiu Group announced plans to acquire 53% of the fresh beer brand "Fulu Family" for 297 million yuan, making it a subsidiary of the listed company [1] - The actual controller of Fulu Family, Tian Haixia, is the wife of Mijiu Ice City's CEO, Zhang Hongfu, raising concerns about the high transaction price and valuation metrics [1][2] - The acquisition involves a two-step process: an initial capital increase of 286 million yuan for 51% ownership, followed by a purchase of 2% from a natural person shareholder for 11.2 million yuan [1] Group 2 - Fulu Family was established in 2018 and launched its "Fresh Beer Fulu Family" brand in 2021, with plans to expand to approximately 1,200 stores across 28 provinces by August 2025 [1] - The company reported a loss of 1.53 million yuan in 2023, with a projected profit of 1.07 million yuan in 2024, and its net assets were approximately 19.52 million yuan [1] - The transaction values Fulu Family at 560 million yuan, with a price-to-earnings ratio of about 523 times and a price-to-book ratio of approximately 29 times, significantly higher than industry averages [1] Group 3 - The independent valuation of Fulu Family was conducted using a revenue multiple method, resulting in a fair value range of 240 million to 280 million yuan, while the final payment was slightly above this range [2] - Prior to the transaction, Tian Haixia held over 80% of Fulu Family, and after the deal, her direct stake decreased to 29.43%, maintaining her position as the second-largest shareholder [2] - Fulu Family's headquarters is located in the same facility as Mijiu Ice City, and they utilize the same cold chain logistics system, indicating a close operational relationship [3]

Core Viewpoint - The company is expected to experience a double-digit decline in earnings year-on-year for Q3 2025, indicating a continued adjustment phase in its operations [1] Group 1: Earnings Forecast - Q3 2025 earnings are projected to decline by double digits year-on-year due to slow recovery in the Chinese market and adjustments in business strategies [1] - The Eastern China region is anticipated to see a double-digit decline in revenue, while the Indian market continues its growth trend [1] - The Western Korean market may experience a slight revenue decline due to weak on-premise channels and pricing pressures [1] Group 2: Market Performance - The overall performance in overseas markets is better than in the domestic market, with the Korean market maintaining stability supported by pricing advantages and brand strength [2] - In the Korean market, a slight year-on-year decline in sales is expected, but performance is likely to remain better than the industry average [2] - The Indian market continues to show a robust growth trend, benefiting from the structural shift towards high-end products and non-on-premise channels [2] Group 3: Profitability and Valuation - Due to slower-than-expected recovery in the Chinese market, EBITDA forecasts for 2025 and 2026 have been reduced by 3.1% to $1.627 billion and $1.715 billion, respectively [2] - The target price is maintained at HKD 9.8, corresponding to 8.6x and 8.2x EV/EBITDA for 2025 and 2026, with the current stock price reflecting 7.1x and 6.7x EV/EBITDA multiples [2] - The current stock price presents a 21.3% upside potential compared to the target price, maintaining an outperform rating [2]

Group 1: Alibaba Group (阿里巴巴) - Daiwa Securities maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 205 due to optimistic expectations for Alibaba Cloud's business prospects and long-term gross margin outlook [1] - JPMorgan upgrades Alibaba-SW to "Overweight" and raises the target price to HKD 240, citing the company's stock performance over the past three months and optimistic growth opportunities in cloud revenue and e-commerce synergy [1] Group 2: Gao Xin Retail (高鑫零售) - Macquarie Securities downgrades Gao Xin Retail to a "Neutral" rating and lowers the target price to HKD 1.7, anticipating a decline in same-store sales due to significant subsidies in instant retail and pressure on gross margins [2] Group 3: Budweiser APAC (百威亚太) - CMB International maintains a "Buy" rating for Budweiser APAC but lowers the target price to HKD 9.5, noting that the current stock price reflects short-term sales pressure and a potential marginal improvement in Q4 [3] Group 4: Galaxy Entertainment Group (金界控股) - Citigroup maintains a "Sell" rating for Galaxy Entertainment but raises the target price to HKD 5.4, as the company's Q3 gaming revenue significantly exceeded expectations, leading to a 20%-24% increase in profit forecasts [4] Group 5: Sands China Ltd. (金沙中国有限公司) - Haitong International initiates an "Outperform" rating for Sands China Ltd. with a target price of HKD 25.6, highlighting the company's strong market position in Macau and the positive impact of the Londoner project on EBITDA margins [5] Group 6: Contemporary Amperex Technology Co. (宁德时代) - JPMorgan maintains a "Neutral" rating for Contemporary Amperex Technology Co. while raising the target price to HKD 600, based on a valuation adjustment for 2026, despite a projected 20% upside in stock price [6] Group 7: Smoore International Holdings (思摩尔国际) - UBS maintains a "Sell" rating for Smoore International, setting a target price of HKD 13.11, citing rising R&D and sales expenses along with gross margin pressure leading to a projected 40% decline in net profit for 2025 [7] Group 8: Standard Chartered Group (渣打集团) - Goldman Sachs maintains a "Neutral" rating for Standard Chartered Group, raising the target price to HKD 135, expecting a 6% year-on-year growth in adjusted pre-tax profit for Q3 due to strong non-interest income and cost reductions [8] Group 9: Cheung Kong Infrastructure Holdings (长江基建集团) - Morgan Stanley maintains a "Market Perform" rating for Cheung Kong Infrastructure Holdings, increasing the target price to HKD 54 based on the latest regulatory asset value and extending the valuation timeframe to 2026 [9][10]

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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百威亞太控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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 | 本月底法定/註冊股本總額： USD 180,000 ...

Core Viewpoint - The report from CMB International indicates a downward revision of Budweiser APAC's (01876) EBITDA and net profit forecasts for 2025-2027 by 5-7% and 5-9% respectively, reflecting recent weak performance. The target price is adjusted to HKD 9.50 while maintaining a "Buy" rating based on an unchanged 20x target P/E for 2026 [1]. Group 1: Financial Performance Expectations - The company is expected to face short-term pressure on its Q3 performance, with a projected revenue decline of 6.4% year-on-year. Adjusted EBITDA is anticipated to decrease by 14.4%, and adjusted net profit is forecasted at USD 190 million, down 14.6% year-on-year. The core pressure is attributed to weak performance in the on-premise channel in mainland China, partially offset by strong growth in the Indian market and price increases in South Korea [2]. - The stock price is believed to have already factored in the short-term sales pressure, with expectations of marginal improvement in Q4 and a dividend yield exceeding 5% providing support for the stock price [2]. Group 2: Regional Performance Insights - In the Asia-Pacific West region, the company is expected to see a high single-digit year-on-year revenue decline in Q3, with a deeper sequential decline. Sales volume and average price are projected to decrease significantly. Factors such as the impact of the alcohol ban and price wars on delivery platforms are contributing to the weak recovery in the on-premise channel in mainland China [3]. - The company has actively adjusted inventory to alleviate pressure on distributors, maintaining good inventory management to support future recovery, with expectations of marginal recovery in Q4. The Indian market is expected to continue its growth momentum from the first half of the year, contributing to EBITDA margin improvement [3]. - In the Asia-Pacific East region, performance is expected to be relatively stable, with slight revenue decline due to minor negative currency impacts. Sales volume is projected to decrease slightly, while average price is expected to grow modestly, with adjusted EBITDA anticipated to see slight growth. Brand and channel optimization, along with recent price increases, are expected to support average price performance [4].