Group 1 - The core viewpoint of the article highlights that Budweiser APAC experienced the largest decline in revenue and net profit among the top six beer companies in China, with decreases of 8.06% and 24.4% respectively [2] - The Chinese beer market is dominated by a few major players, with the top six companies holding over 90% market share for the past three years [2] - Budweiser APAC lost its position as the top revenue earner in the industry to China Resources Beer, with revenues of 22.275 billion and 23.942 billion respectively [2] Group 2 - The Chinese market is crucial for Budweiser APAC, contributing over 70% of its revenue in 2024, but sales volume and net income in the first half of 2025 saw declines of 8.2% and 10.2% year-on-year [2] - The CEO of Budweiser APAC noted that the company's sales in China did not meet industry averages due to weak performance in key markets and channels [2][3] - Budweiser APAC plans to accelerate the expansion of non-drinking channels, which currently account for about 50% of its business in China, compared to the industry average of 60% [4] Group 3 - China Resources Beer has been proactive in adapting to the rise of new retail channels, including e-commerce and instant retail, which are growing rapidly at rates of 30% or higher [5] - The company has established strategic partnerships with major platforms such as Alibaba and Meituan, resulting in significant growth in online and instant retail business, with GMV increasing by nearly 40% and 50% respectively in the first half of 2025 [5]

股东应占溢利下跌24.4%、销量下滑6.1%、收入下降5.6%，百威亚太控股有限公司（以下简称"百威亚 太"）为今年上半年画下句点。8月19日，北京商报记者走访发现，在KA卖场、便利店等终端内，百威 啤酒主要售价在8—10元/瓶。值得注意的是，百威啤酒的产品生产日期多集中于今年5月，这也意味着 其产品动销情况较为良性。 但与终端市场的良好反馈不同的是，今年上半年百威亚太的业绩却呈下降趋势。财报显示，今年上半年 百威亚太销量同比减少6.1%、营收同比减少5.6%、净利润同比减少24.4%。作为国内高端啤酒市场曾经 的"霸主"，百威亚太如今在中国市场遭遇双重夹击，一面是传统优势的餐饮、夜场渠道承压，另一面则 是华润啤酒、青岛啤酒及燕京啤酒等本土品牌在高端市场的强势崛起。今年下半年，百威亚太将如何破 局中国市场？ 业绩持续"滑坡" 今年上半年，百威亚太似乎并未从连续亏损的业绩中走出。从百威亚太发布的半年报中不难发现，今年 上半年，百威亚太净利润、收入以及销量均呈不同程度的下降。财报数据显示，今年上半年，百威亚太 收入31.36亿美元，同比下降5.6%；净利润为4.09亿美元，同比下降24.4%；总销量为43.63亿 ...

Core Insights - Budweiser APAC's performance in the first half of the year shows a significant decline, with net profit down 24.4%, sales down 6.1%, and revenue down 5.6% [1][2] - The company faces intense competition in the high-end beer market from local brands like China Resources Beer, Tsingtao Beer, and Yanjing Beer, which have gained market share [1][2][5] Financial Performance - In the first half of the year, Budweiser APAC reported revenue of $3.136 billion, a decrease of 5.6% year-on-year, and a net profit of $409 million, down 24.4% [1][2] - Total sales volume reached 4.363 billion liters, reflecting a 6.1% decline compared to the previous year [1][2] - The company's net profit has been declining for three consecutive years, with figures of $913 million, $852 million, and $726 million projected for 2022-2024, representing year-on-year declines of 3.89%, 6.7%, and 14.8% respectively [2] Market Challenges - Budweiser APAC's reliance on on-premise channels like restaurants and nightclubs has been detrimental, as these channels face increasing competition [3][4] - The company's market share in the high-end beer segment has dropped from approximately 50% to 42% [4] - The shift in consumer preferences towards non-on-premise channels has further complicated Budweiser's market position [7] Strategic Adjustments - The newly appointed CEO, Cheng Yanjun, is focusing on strategic transformation, emphasizing channel transformation, product adjustment, and marketing innovation [6] - Budweiser APAC is shifting its product strategy to target the mid-range market, particularly the 8-10 yuan price segment, which has seen increased competition from other major brands [6][7] - The company aims to enhance its non-on-premise channel presence, which currently accounts for about 50% of its business in China, compared to the industry average of 60% [7] Future Outlook - The beer industry is entering a phase of moderate growth, and Budweiser APAC must adapt to maintain its competitive edge [3][4] - Analysts suggest that while Budweiser's strategy to penetrate the mid-range market is late, there are still opportunities for growth if the company can effectively build brand recognition and channel presence [6][7]

Core Insights - Budweiser APAC reported a decline in revenue, net profit, and beer sales for the first half of the year, with net profit at $409 million (approximately 2.941 billion RMB), a year-on-year decrease of 24.4% [2] - The company's beer sales reached 4.363 million kiloliters, down 6.1% year-on-year [2] - Following the earnings report, Budweiser APAC's stock initially rose over 6.9% but closed down 5.82% at 8.26 HKD per share [2] Financial Performance - Budweiser APAC's net profit for the first half of the year was significantly lower than the previous year's figure of $541 million, marking a continued downward trend [2] - The decline in net profit has accelerated, with a drop of 24.4% compared to a smaller decrease of 5.91% in the previous year [2] Market Challenges - The company's performance in China has been adversely affected by regional layout and weak on-the-go consumption channels [3] - Increased competition from domestic brands like China Resources Beer and Tsingtao, as well as international competitors like Carlsberg, has posed significant challenges [4] - Consumer preferences have shifted towards lower-priced products, impacting Budweiser APAC's market share in the high-end segment [4] Channel Dynamics - Traditional distribution channels, particularly in dining and nightlife, have struggled, contributing to the overall decline in performance [4][5] - The company is facing pressure to adapt its channel strategy, with a focus on integrating traditional and emerging distribution methods [5] Competitive Landscape - In contrast to Budweiser APAC, Heineken has reported strong growth in the Chinese market, particularly in high-end products, with a 30% increase in sales [6][7] - Heineken's partnership with China Resources Beer has enhanced its market presence and competitiveness against Budweiser in China [7] Strategic Adjustments - Budweiser APAC is adjusting its product positioning and channel strategies, focusing on high-end brands and expanding into non-on-the-go consumption channels [8] - The company is investing in online retail and partnerships with platforms like Meituan and Ele.me to boost sales [8] - Despite these adjustments, analysts suggest that the brand's influence and the establishment of a non-on-the-go channel will take time [9] Industry Overview - The overall beer industry in China is facing challenges, with a reported 0.3% decline in production among major breweries in the first half of the year [10] - The market is currently in a contraction phase, raising questions about the performance of other leading companies in the sector [10]