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].