此外，7月30日中央政治局召开会议，方正证券指出，本次政治局会议着力强调扩大内需，以民生为抓 手。此前啤酒行业受外部消费环境+禁酒令等影响，销量&销量预期承压。此次消费刺激政策有望修复 对啤酒板块旺季表现的预期。 消息面上，2025年6月，我国规模以上企业啤酒产量412.0万千升，同比下降0.2%。1-6月，中国规模以 上企业累计啤酒产量1904.4万千升，同比下降0.3%。东莞证券指出，禁酒令发布后，短期市场情绪放 大，啤酒亦受到一定扰动。纠偏后，近期市场情绪有所回暖。目前，属于啤酒消费旺季，叠加我国消费 政策定调积极，预计啤酒需求或边际改善。 啤酒股午后跌幅扩大，截至发稿，百威亚太(01876)跌5.47%，报8.29港元；青岛啤酒（600600）股份 (00168)跌5.06%，报49.7港元；华润啤酒(00291)跌4.04%，报26.15港元。 ...

Core Viewpoint - The Chinese market remains weak for Budweiser APAC, with declining sales and profits, while Heineken is experiencing strong growth in the same market, particularly in high-end products [2][5][6]. Group 1: Budweiser APAC Performance - Budweiser APAC reported a total sales volume of 4.363 billion liters for the first half of 2025, a year-on-year decrease of 6.1% [3]. - Revenue for the same period was $3.136 billion, down 5.6% year-on-year, with a net profit attributable to shareholders of $409 million, reflecting a 24.4% decline [3]. - In the second quarter, revenue was $1.675 billion, a decrease of 4.6% year-on-year, and net profit fell 31.1% to $175 million [3]. - The company faced challenges in the Chinese market due to weak channel performance and regional layout, with sales volume down 8.2% and revenue down 9.5% in the first half of 2025 [3][4]. Group 2: Heineken's Growth - Heineken reported a revenue of €16.9 billion for the first half of 2025, with a net profit of €744 million, marking a turnaround from previous losses [6]. - In China, Heineken's high-end products saw sales growth exceeding 30%, driven by strong performances of Heineken Classic and Heineken Silver [6][7]. - The partnership with China Resources Beer has significantly enhanced Heineken's market presence and distribution, allowing it to gain market share in the high-end beer segment [6][7]. Group 3: Market Dynamics - Budweiser APAC is undergoing organizational restructuring and channel strategy adjustments, facing three core challenges: channel transformation pressure, management efficiency improvement, and external environment risks [4]. - Heineken's rapid growth in China is attributed to effective localization strategies and collaboration with local partners, which have allowed it to adapt to changing consumer preferences [7].

Group 1 - Budweiser APAC's stock price decreased by 2.28% on July 31, reaching HKD 8.57 per share with a trading volume of HKD 3.61 billion [1] - Budweiser APAC Holdings Limited is the largest beer company in the Asia-Pacific region, employing over 31,000 full-time staff, operating 62 breweries, and managing 74 distribution centers [1] - In 2018, the company was one of the highest profit-making beer companies based in Asia, with a unique and diversified business model, leading in high-margin markets and showing stable growth in high-growth and profit-expanding markets [1] Group 2 - As of the first quarter of 2025, Budweiser APAC reported total revenue of HKD 10.487 billion and a net profit of HKD 1.68 billion [2] - On July 31, Budweiser APAC disclosed its mid-year report for the fiscal year 2025 [3]

Core Viewpoint - Budweiser APAC shows signs of recovery under new leadership, with a focus on brand revitalization and channel expansion in the Chinese market [1][3][4]. Financial Performance - For the first half of 2025, Budweiser APAC reported revenue of $3.136 billion, normalized EBITDA of $983 million, and sales volume of 4.363 million kiloliters, all showing declines compared to the previous year [2]. - Despite year-on-year declines of 5.6%, 8%, and 6.1% in revenue, EBITDA, and sales volume respectively, there is a noticeable improvement in the second quarter compared to the first quarter, indicating a potential stabilization [2][7]. Leadership Changes - In April, Cheng Yanjun took over as CEO, marking a strategic shift aimed at revitalizing Budweiser APAC's performance, particularly in the core Chinese market [3][8]. Market Strategy - The company is focusing on enhancing its core brands, Budweiser and Harbin Beer, and shifting towards non-immediate consumption channels to adapt to changing consumer preferences [3][11]. - Budweiser has introduced a new brand image and marketing strategies targeting younger consumers, including collaborations with sports events and social media campaigns [9][11]. Channel Expansion - Budweiser is increasing its investment in non-immediate consumption channels, such as supermarkets and e-commerce platforms, to counteract the decline in immediate consumption sales [12]. - The company has reported growth in sales and revenue from non-immediate channels, indicating a successful adjustment to market trends [12]. Competitive Landscape - Budweiser faces stiff competition in the Chinese market, where rivals are capturing market share with more localized strategies and appealing pricing [17]. - The company aims to regain market share in China, which is critical for its overall performance, as it continues to experience declines that exceed industry averages [17][18]. Future Outlook - The company’s ability to achieve positive year-on-year growth in key performance indicators in the second half of the year will be crucial for restoring investor confidence [18]. - Budweiser's headquarters remains optimistic about the Chinese market's recovery, with expectations for improved market conditions in the summer [18].

Core Viewpoint - Budweiser APAC shows signs of stabilization under new leadership, with a focus on improving performance in the Chinese market despite ongoing declines in revenue and profit [2][5][15]. Financial Performance - For the first half of 2025, Budweiser APAC reported revenue of $3.136 billion, normalized EBITDA of $983 million, and sales volume of 4.363 million kiloliters, all showing declines compared to the same period last year [2]. - Revenue, profit, and sales volume all decreased by 5.6%, 8%, and 6.1% respectively on a year-over-year basis, but there are signs of recovery compared to the first quarter of 2025 [2][5][11]. - In Q2 2025, normalized EBITDA decline narrowed to single digits, with revenue decline also improving, and revenue per hectoliter showing a year-over-year growth of 2.4% [5][13]. Strategic Initiatives - The new CEO, Cheng Yanjun, has continued the strategy initiated at the beginning of the year, focusing on Budweiser and Harbin beer brands while enhancing consumer engagement [6][15]. - Budweiser has launched a new brand image "Budweiser Red" and engaged in marketing campaigns linked to major sports events to attract younger consumers [7][10]. - The company is shifting resources from the ultra-premium market to the "core++" market to align with current consumer trends [7][15]. Market Dynamics - Budweiser is increasing its focus on non-immediate consumption channels, which have shown growth in both sales and revenue contributions [11]. - The company has partnered with convenience stores and online platforms to promote its products, responding to the shift in consumer behavior towards more cost-effective non-immediate consumption options [8][9][10]. - Despite the challenges, Budweiser's performance in the Indian market remains strong, with double-digit growth in high-end and ultra-high-end products [12]. Future Outlook - Budweiser aims to regain market share in China, which has been a key area of concern, as the company reported a 9.5% year-over-year decline in revenue and an 8.2% decline in sales volume in the first half of 2025 [15][16]. - The company's ability to turn key performance indicators positive in the second half of the year will be crucial for restoring investor confidence [15].

Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [10] - In South Korea, volumes were impacted by shipment phasing, but the company continued to gain market share in both on-premise and in-home channels [6][13] - In India, the Budweiser brand grew ahead of the industry, delivering double-digit revenue growth and significant EBITDA margin improvement [13][74] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [9] - The contribution of the in-home channel to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the Chinese restaurant channel [11] - The Indian market showed strong growth momentum, with the premium and super premium portfolio growing by double digits [74] Company Strategy and Development Direction - The company continues to invest in mega brands and focus on expanding the in-home channel while enhancing trade execution [5][20] - A channel expansion strategy is in place, focusing on premiumization in the in-home channel [11] - The company is committed to maintaining a sound balance sheet and disciplined financial practices [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, and expects volume headwinds to continue into the third quarter [20][57] - The company remains focused on enhancing execution of mega brands and expanding distribution in the in-home channel [58] - Management expressed confidence in the long-term growth potential of the Indian market, driven by premiumization and favorable regulatory changes [74] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [15] - An internal restructuring led to a non-underlying income tax of $53 million, which is expected to have no further impact on financials [83] Q&A Session Summary Question: Impact of anti-extravagance campaign on China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter [20] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, and management is committed to defending the matter [25] - The impact of anti-dumping duties in Taiwan is still uncertain, and management is monitoring the situation closely [27] Question: Progress on inventory destocking in China - Management reported that inventory levels are lower than the previous year and expect a more normalized base by the end of the year [32] Question: In-home channel penetration and expansion plans - The in-home channel is expected to continue growing, with plans to enhance distribution and execution [39] Question: Market share strategy in Guangdong - Management emphasized the importance of expanding coverage in the in-home channel and improving execution to regain market share [49] Question: Core plus segment performance and competition - Management acknowledged competition pressures in the core plus segment and outlined plans to enhance brand power and distribution [61] Question: Margin outlook in South Korea - Management expressed confidence in future margin recovery driven by pricing, operational efficiencies, and premiumization [71] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with favorable regulatory changes expected to further boost growth [74]

Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [11] - In South Korea, volumes were impacted by shipment phasing, but market share continued to grow in both on-premise and in-home channels [6][14] - In India, the Budweiser brand grew ahead of the industry, contributing to double-digit revenue growth and significant EBITDA margin improvement [14][78] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [10] - The in-home channel's contribution to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the restaurant channel [12][42] - The Indian market continues to show strong growth momentum, with premiumization driving performance [78] Company Strategy and Development Direction - The company is focusing on investing in mega brands and expanding the in-home channel to navigate current challenges and pursue long-term growth [5][6] - A channel expansion strategy is being implemented to enhance premiumization in the in-home channel [12] - The company is committed to maintaining a sound balance sheet while pursuing disciplined financial practices and capital allocation priorities [16] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, but remains focused on enhancing execution and expanding distribution [21][60] - The company expects volume headwinds to continue into the third quarter, with potential for improvement in the fourth quarter due to easier comparisons [60] - Management emphasized the importance of premiumization and innovation in driving future growth [78][81] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [16] - An internal restructuring led to a $53 million non-underlying income tax charge, which is not expected to impact future financials significantly [87][88] Q&A Session Summary Question: Impact of anti-extravagance on the catering business in China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter, focusing on mega brand investments and in-home channel expansion [20][21] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, with no new updates, while the impact of anti-dumping duties in Taiwan is still being assessed [26][28] Question: Progress on inventory destocking in China - Management reported proactive inventory management, with current levels lower than the previous year, and expects a more normalized base by the end of the year [35][36] Question: In-home channel penetration and expansion plans - The company sees significant opportunities in the in-home channel, with plans to enhance distribution and execution to capture market share [38][42] Question: Market share strategy following pricing hikes in Korea - Management indicated that the pricing strategy is aligned with brand strength and innovation, with a focus on maintaining commercial momentum [72][101] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with ongoing efforts to improve productivity and capitalize on regulatory changes [78][81]

于2025年第二季度，由于集团的主要运营地区及渠道疲弱，集团在中国的销量表现低于行业水平。尽管 表现疲弱，集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国，集团的销量受到提前发货安排所 影响，但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度，由于集团持续引领该市场的高 端化发展，集团加速了增长动能。 消息面上，7月31日，百威亚太发布截至2025年6月30日止6个月业绩，该集团期内取得总销量43.63亿公 升，同比减少6.1%；收入31.36亿美元，同比减少5.6%；百威亚太股权持有人应占溢利4.09亿美元，同 比减少24.4%；正常化每股盈利3.59美分。 智通财经APP获悉，百威亚太(01876)涨超3%，截至发稿，涨2.74%，报9.01港元，成交额2.4亿港元。 ...

于2025年第二季度，由于集团的主要运营地区及渠道疲弱，集团在中国的销量表现低于行业水平。尽管 表现疲弱，集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国，集团的销量受到提前发货安排所 影响，但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度，由于集团持续引领该市场的高 端化发展，集团加速了增长动能。 消息面上，7月31日，百威亚太发布截至2025年6月30日止6个月业绩，该集团期内取得总销量43.63亿公 升，同比减少6.1%；收入31.36亿美元，同比减少5.6%；百威亚太股权持有人应占溢利4.09亿美元，同 比减少24.4%；正常化每股盈利3.59美分。 百威亚太(01876)涨超3%，截至发稿，涨2.74%，报9.01港元，成交额2.4亿港元。 ...

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]