Core Insights - Budweiser APAC reported Q2 2025 revenue of $1.675 billion, with an organic year-on-year decline of 3.9% [1] - Normalized EBITDA for Q2 2025 was $498 million, reflecting an organic year-on-year decrease of 4.5% [1] - Net profit attributable to the parent company was $175 million, down 31.1% year-on-year [1] Revenue and Profitability - Q2 2025 sales volume reached 23.887 million hectoliters, showing an organic year-on-year decline of 6.2% [1] - Revenue per hectoliter increased by 2.4% year-on-year in Q2 2025 [1] - Gross margin for Q2 2025 was 51.8%, with an organic year-on-year increase of 0.71 percentage points [1] - Normalized EBITDA margin was 29.7%, reflecting an organic year-on-year decrease of 0.21 percentage points [1] Regional Performance - In the Western Asia-Pacific region, Q2 2025 revenue and normalized EBITDA saw organic year-on-year declines of 2.7% and increases of 1.4%, respectively, with sales volume down 5.6% [2] - In the Eastern Asia-Pacific region, Q2 2025 revenue and normalized EBITDA experienced organic year-on-year declines of 8.4% and 26.5%, respectively, with sales volume down 10.4% [2] - In South Korea, Q2 2025 sales volume saw a high single-digit decline, primarily due to early shipments, while revenue management measures led to low single-digit growth in revenue per hectoliter [2] China Market Insights - In China, Q2 2025 revenue and normalized EBITDA experienced organic year-on-year declines of 6.4% and 4.0%, respectively, with sales volume down 7.4% [3] - Despite the decline in sales volume, revenue per hectoliter increased by 1.1% year-on-year due to product mix optimization [3] - The company has focused on non-immediate consumption channels, which have shown year-on-year growth in both sales volume and revenue [3] Inventory Management and Future Outlook - The company has been actively managing inventory, achieving a reduction in inventory levels compared to the previous year and significantly below the industry average [3] - The weak performance in the immediate consumption channel is expected to continue into the second half of the year, with ongoing inventory control measures [3] - Profit forecasts for net profit attributable to the parent company have been revised down for 2025-2027 to $690 million, $737 million, and $782 million, reflecting decreases of 8%, 8%, and 7%, respectively [3]