于2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少 0.2%，主要由于公司 在中国的表现，但被亚太地区东部的收入管理措施及于印度的正面地域组合所部分抵销。 智通财经APP讯，百威亚太(01876)发布截至2025年12月31日止年度业绩，收入57.64亿美元，同比减少 7.7%;百威亚太股权持有人应占溢利4.89亿美元，同比减少32.6%;每股基本盈利3.70美分。 总销量于2025年全年(2025财政年度)减少6.0%，受公司在中国的业务布局影响，但被印度的表现所部分 抵销。 在2025年第四季度，公司在中国的销量及市场份额趋势保持稳定，与行业因受到较迟的农历新年发货安 排所影响而表现放缓的情况相符。随着公司开始加大对渠道及产品组合扩张的投资，百威的品牌影响力 有所提升，同时为该季度带来额外的获利压力。在韩国，公司在即饮及非即饮渠道中的表现优于市场水 平，整体每百升净收入持续增长。在印度，公司的高端化策略取得进展，并实现强劲的双位数收入增 长，从而获得总市场份额扩张。 首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠 ...

在2025年第四季度，公司在中国的销量及市场份额趋势保持稳定，与行业因受到较迟的农历新年发货安 排所影响而表现放缓的情况相符。随着公司开始加大对渠道及产品组合扩张的投资，百威的品牌影响力 有所提升，同时为该季度带来额外的获利压力。在韩国，公司在即饮及非即饮渠道中的表现优于市场水 平，整体每百升净收入持续增长。在印度，公司的高端化策略取得进展，并实现强劲的双位数收入增 长，从而获得总市场份额扩张。 首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠道营销途径的管理、丰富产品组合，并推出旗舰品牌的创新产品，以此重塑并点燃增长的 动力。于韩国及印度，我们持续扩大市场份额并提高除息税折旧摊销前盈利。踏入2026年，我们确立清 晰的策略，同时加强执行力，旨在发挥我们的能力及实现可持续的长期增长。就此，本人欣然宣布，董 事会已建议就2025财政年度派付每股5.66美分的股息，与2024财政年度保持一致。" 于2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%，主要由于公司 在中国的表现，但被亚太地区东部的收入管理措施及于印度的 ...

2月12日早间，百威亚太在港交所公告，于2025财政年度，总销量减少6.0%；收入57.64亿美元，同比减 少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%；百威亚太股权持有人应占正常化溢利由 2024财政年度的7.78亿美元下降至2025财政年度的6.66亿美元。董事会建议本公司向股东派发截至2025 年12月31日止年度的末期股息每股5.66美分。 ...

首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠道营销途径的管理、丰富产品组合，并推出旗舰品牌的创新产品，以此重塑并点燃增长的 动力。于韩国及印度，我们持续扩大市场份额并提高除息税折旧摊销前盈利。踏入2026年，我们确立清 晰的策略，同时加强执行力，旨在发挥我们的能力及实现可持续的长期增长。就此，本人欣然宣布，董 事会已建议就2025财政年度派付每股5.66美分的股息，与2024财政年度保持一致。" 格隆汇2月12日丨百威亚太(01876.HK)发布2025财政年度业绩报告，总销量于2025年全年(2025财政年 度)减少6.0%，达到79,658十万公升啤酒，受公司在中国的业务布局影响，但被印度的表现所部分抵 销。2025财政年度，正常化除息税折旧摊销前盈利减少9.8%，或按呈报基准计减少12.1%，达到15.88亿 美元，受公司的营收表现及补助减少以及投资增加所影响。正常化除息税折旧摊销前盈利率减少113个 基点至27.6%。 2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，达到57.64亿美元，每百升收入则减少 0.2%，主要由 ...

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 於開曼群島股東名冊總冊登記的股東將自動以美元收取其股息。 發行人董事 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Fernando Tennenbaum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、Fernando Tennenbaum先生及Ricardo Tadeu先生各自的替任 董事）。 第 2 頁 共 2 頁 v 1.1.1 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 百威亞太控股有限公司 | | 股份 ...

（股份代號：1876） 截至2025年12月31日止年度的全年業績、 末期股息建議 及 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。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） 㕘倆䧧 楁㷗ġ/ 2026年2月12日 / 楁㷗㗪攻ᶲ⋰7㗪㬋 Budweiser Brewing Company APAC Limited 2025年第四季度財務資料 百威亞太控股有限公司（「百威亞太」或「本公司」，連同其附屬公司統稱「本集團」） 董事會（「董事會」）宣佈本公告隨附本集團截至2025年12月31日止年度的業績。 董事會建議本公司向股東派發截至2025年12月31日止年度的末期股息每股5.66美 分。 預期建議2025年末期股息將於2026年6月30日或之前向股東派發，惟須待股東於 應屆2026年股東週年大會批准後方可作實，且視乎有關暫停辦理股份過戶登記手 續日期、記錄 ...

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

Investment Rating - The report maintains a stable investment rating for the Chinese liquor industry, indicating that the overall credit quality of the industry is not expected to change significantly in the next 12 to 18 months [5]. Core Insights - The liquor industry is closely tied to macroeconomic conditions and per capita income levels. Recent years have seen consumption pressures due to economic slowdown, low investment, and policy restrictions, leading to negative revenue and profit growth for large-scale enterprises [6][8]. - The white liquor sector has been experiencing a continuous decline in production since 2017, with a "volume and price drop" scenario expected to persist into 2025 due to high inventory and slow market movement [6][14]. - The beer industry remains stable with high market concentration, but faces challenges from reduced consumption in dining and entertainment venues. The trend towards product premiumization and innovation continues to drive growth [5][26]. - Overall, the liquor industry is under pressure from weak economic recovery and consumption policies, with expectations of continued downward pressure on revenue and profits in the future [10][39]. Summary by Sections Key Points - The liquor industry's demand is significantly affected by macroeconomic conditions and per capita income. Recent economic factors have led to a decline in revenue and profit growth for large-scale enterprises [6][9]. - White liquor production has been decreasing since 2017, with a projected "volume and price drop" scenario continuing into 2025 due to high inventory levels and slow market activity [14][25]. - The beer industry maintains a high concentration level, with stable production capacity utilization. However, the reduction in dining and entertainment venues has negatively impacted beer consumption [26][37]. Analytical Approach - The analysis focuses on the credit fundamentals of the liquor industry, examining key indicators affecting consumption since 2025, including disposable income, consumer confidence, and policy adjustments [7]. Industry Fundamentals - The liquor industry's demand is closely linked to macroeconomic conditions and disposable income levels. Recent years have seen consumption pressures due to economic slowdown and policy restrictions [8][9]. - The white liquor sector has been facing a continuous decline in production, with a significant drop in output expected in 2025 due to high inventory and slow market movement [14][25]. Financial Performance - Since 2025, white liquor enterprises have generally experienced significant declines in operating performance, while beer companies have benefited from optimized product structures [39][40]. - The overall debt levels of liquor companies are low, and while debt service indicators have declined, they remain favorable. Group companies have access to financing channels that support their debt repayment capabilities [39][40].

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

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: 2026年1月31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: 2026年2月5日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 13,243,397,000 0 13,243,397,000 增加 / 減少 (-) 本月底結存 13,243,397,000 0 13,243,397,000 足夠公眾持股量的確認(註4) | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- ...