Financial Data and Key Metrics Changes - In the first nine months of 2025, total volumes decreased by 7%, revenue decreased by 6.6%, while revenue per hectoliter increased by 0.4% [7] - Normalized EBITDA decreased by 7.7%, and the normalized EBITDA margin contracted by 37 basis points [7] - In the third quarter, total volumes and revenue decreased by 8.6% and 8.4%, respectively, with normalized EBITDA decreasing by 6.9% but the normalized EBITDA margin expanding by 46 basis points [7] Business Line Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 7.9% and 8.7%, respectively, with normalized EBITDA decreasing by 9.7% [8] - In China, volumes in the third quarter decreased by 11.4%, revenue decreased by 15.1%, and revenue per hectoliter decreased by 4.1% [8] - In APAC East, volumes decreased by 0.5%, while revenue and revenue per hectoliter increased by 1.8% and 2.3%, respectively [12] Market Data and Key Metrics Changes - In India, the company delivered double-digit revenue growth in the third quarter, translating into strong EBITDA performance [11] - In South Korea, volumes were flattish, with revenue and revenue per hectoliter both growing by mid-single digits [12] Company Strategy and Development Direction - The company is focused on improving top-line performance by enhancing route-to-market strategies, increasing investment in mega brands, and leading innovation within the industry [9] - The strategy includes expanding the in-home channel and premiumizing the product offerings to capture growth opportunities [9][10] - The company aims to restore excellence in execution and improve market share momentum [4][5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in China due to a soft economic cycle but emphasized a clear view of improvement opportunities [4] - The company remains committed to operational excellence and is optimistic about long-term growth despite current market conditions [5][11] Other Important Information - The company continues to leverage technology to enhance commercial capabilities and optimize route-to-market strategies [11] - The performance in South Korea and India has been solid, with ongoing investments in marketing and product innovation [11][12] Q&A Session Summary Question: Insights on brand performance in China - Management highlighted the importance of aligning brand performance with channel strategies, particularly focusing on in-home consumption and innovations [18][20] Question: Demand trends in Korea - Management noted that while the overall industry remains soft, there are pockets of growth in non-alcoholic and flavored beers, and the company is well-positioned to capture these opportunities [25][27] Question: Outlook for the China market - Management confirmed proactive inventory management and a focus on maintaining healthy route-to-market strategies, with expectations for gradual improvements [30][31] Question: In-home channel penetration - Management indicated that the in-home channel currently accounts for over 50% of their mix, with plans to increase this closer to the industry average [32][34] Question: Branding strategy for Harbin - Management expressed confidence in the Harbin brand's ability to compete nationally, particularly in Guangdong, and emphasized the need for a diverse portfolio to meet local consumer needs [39][42] Question: Commercial investment allocation - Management stated that investments are being sustained in both on-trade and off-trade channels, with a shift towards in-home channels as consumer preferences evolve [66][68] Question: Updates on Korean customs tax dispute - Management confirmed that the dispute is ongoing, with non-underlying charges recorded, but emphasized that the potential penalty exposure is not expected to be material [72][74]