Core Insights - Budweiser APAC reported a revenue of $5.764 billion for 2025, a decrease of 6.1% year-on-year, with net profit attributable to shareholders at $489 million, down 32.6% [1] - Total sales volume reached 7.9658 million kiloliters, reflecting a decline of 6.08% compared to the previous year [1] - The company is undergoing a "strategic shift" in response to competitive pressures, particularly in the Chinese market, where it aims to enhance channel management and product diversification [2] Regional Performance - In the Western Asia-Pacific market, sales volume and revenue decreased by 6.7% and 8.2% respectively, with revenue per hectoliter down by 1.5% [1] - Conversely, in the Eastern Asia-Pacific market, sales volume declined by 3.7%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [1] Chinese Market Focus - In Q4 2025, Budweiser APAC's sales in China fell by 3.9% due to weak performance in the ready-to-drink channel, leading to a year-on-year revenue decline of 11.4% [1] - For the entire year, sales and revenue in China decreased by 8.6% and 11.3% respectively, attributed to increased investments in expanding non-ready-to-drink business [1] - The company is focusing on three main areas: strengthening non-ready-to-drink channels, enriching product offerings, and driving innovation around key brands to reignite growth [2] Management's Strategic Outlook - The management believes that China remains a significant profit pool and growth opportunity, planning to leverage brand innovation and digital transformation to enhance execution and consumer engagement [3] - The CEO's leadership since April 2025 is seen as a pivotal moment for the company, with expectations for new strategies to address domestic competition and adapt to local consumer needs [2]