Core Insights - Budweiser APAC reported a 5.6% decrease in revenue to $3.136 billion for the first half of 2025, with normalized EBITDA down 8% to $983 million [1] - The company experienced a 6.1% decline in sales volume, totaling 4.363 billion liters [1] Group 1: Financial Performance - In Q2 2025, sales volume in China decreased by 7.4%, and revenue fell by 6.4%, although revenue per hectoliter increased by 1.1% due to positive brand mix effects [1] - For the first half of 2025, sales volume decreased by 8.2%, with revenue and revenue per hectoliter down 9.5% and 1.4% respectively [1] - Normalized EBITDA margin increased by 86 basis points, despite a 4% decline in normalized EBITDA due to reduced revenue and other operating income, partially offset by cost management measures [1] Group 2: Market Strategy - The company made progress in its channel expansion strategy, focusing on premiumization in non-immediate consumption channels, which showed growth in both sales volume and revenue [1] - The contribution of high-end and super high-end product mix in non-immediate consumption channels has surpassed that of the corresponding contribution from the Chinese restaurant channel [1] Group 3: Digital Initiatives - The usage and coverage of the B2B distributor and customer interaction platform, BEES, have been steadily increasing, now reaching over 320 cities in China as of June 2025 [2] - The company continues to leverage technology to enhance commercial capabilities, optimize marketing channels, and strengthen customer relationships [2]

Core Viewpoint - The report from CMB International suggests a target price of HKD 10.15 for Budweiser APAC (01876) based on a 20x P/E ratio for 2026, indicating that the current stock price reflects recent sales weakness and is considered attractive for investment, maintaining a "Buy" rating [1] Financial Performance - The company has adjusted its revenue forecasts for 2025-2027 down by 6-7%, and EBITDA and net profit forecasts have been reduced by 9-13% and 11-18% respectively [1] - For the first half of 2025, the company's performance was generally in line with expectations, with a narrowing decline in the second quarter [1] - The adjusted net profit decreased by 14.1%, with second-quarter revenue, sales volume, and EBITDA dropping by 3.9%, 6.2%, and 4.5% year-on-year, respectively [1] Market Outlook - The company plans to continue focusing on expanding non-ready-to-drink channels in the mainland market, with expectations of marginal recovery in the second half of the year as the base effect diminishes [1]

Core Viewpoint - Budweiser APAC (01876) has seen a significant decline in net profit expectations for the first half of 2025, with a projected decrease of 24%, indicating a general market sentiment of lowered profitability [1] Financial Performance - Budweiser APAC's second-quarter performance was largely in line with expectations, but sales in key markets like China and South Korea have generally contracted [1] - Despite a slight increase in average selling prices due to product upgrades, this was insufficient to offset the impact of declining sales [1] Market Position - The management of Budweiser APAC has made efforts to steer the business in the right direction; however, these efforts appear inadequate to reverse the decline in market share as a premium brand during China's consumption upgrade cycle [1]

里昂发表报告指，百威亚太第二季中国业务持续改善，但预期第三季将面临挑战，因为部分官方场合禁 酒后的反奢侈规定自六月起影响餐厅渠道、渠道持续去库存，以及收入基数较高。该行对百威亚太目标 价由10.4港元下调至9.3港元，维持"跑赢大市"评级，高于5%股息率为股价下行空间提供保障；同时下 调盈利预测，目前预测2025年营收及Ebitda跌幅分别为6%和9%。 ...

Core Viewpoint - CICC has downgraded Budweiser APAC's EBITDA forecasts for 2025 and 2026 by 6% to $1.679 billion and $1.771 billion respectively, due to weak demand in the China region [1] Group 1: Financial Performance - The company's 2Q25 performance met market expectations, with revenue, sales volume, average selling price (ASP), and EBITDA showing year-on-year changes of -3.9%, -6.2%, +2.4%, and -4.5% respectively [2] - In the China market, revenue, sales volume, ASP, and EBITDA experienced year-on-year declines of -6.4%, -7.4%, +1.1%, and -4.0% respectively [2] Group 2: Regional Insights - In the China region, sales volume decreased by 6.4% year-on-year, but the decline rate narrowed, attributed to inventory reduction and channel structure adjustments [3] - ASP in the China region increased by 1.1% year-on-year, benefiting from product mix optimization, with high-end and super high-end products gaining a larger share in non-immediate consumption channels [3] - The Indian market continued to show double-digit growth in revenue, while the Korean market faced pressure due to preemptive stocking and market weakness, leading to a decline in EBITDA margin [4] Group 3: Future Outlook - For 2H25, the company expects stabilization and gradual improvement, with a focus on dealer interests in the China region and low channel inventory [5] - The company plans to expand non-immediate consumption channels and invest in high-end products in Korea and India to enhance profitability [5] - Cost-wise, raw material prices are expected to remain low, which may support profit margin recovery [5]

Core Viewpoint - CICC has downgraded Budweiser APAC's EBITDA forecasts for 2025 and 2026 by 6% to $1.679 billion and $1.771 billion respectively, due to weak demand in the China region [1] Group 1: Financial Performance - 2Q25 results met market expectations with revenue, volume, ASP, and EBITDA showing year-on-year changes of -3.9%, -6.2%, +2.4%, and -4.5% respectively [2] - In China, revenue, volume, ASP, and EBITDA saw declines of -6.4%, -7.4%, +1.1%, and -4.0% year-on-year [2] Group 2: China Market Analysis - In 2Q25, China's sales volume decreased by 6.4% year-on-year, but the decline rate narrowed compared to previous quarters, attributed to inventory reduction and channel structure adjustments [3] - The ASP in China improved by 1.1% year-on-year due to product mix optimization, with high-end and super high-end products gaining a larger share in non-immediate consumption channels [3] Group 3: Regional Performance - The Indian market continued to show double-digit growth in 2Q25, while the Korean market faced challenges due to preemptive stocking and market weakness, leading to a decline in sales volume [4] - In the Asia-Pacific East region, revenue, volume, ASP, and EBITDA experienced year-on-year declines of -8.4%, -10.4%, +2.2%, and -26.5% respectively [4] Group 4: Outlook for 2H25 - The company expects stabilization and gradual improvement in performance, with a focus on dealer interests in China and low channel inventory levels [5] - The company plans to continue investing in high-end products in Korea and leverage high-end and super high-end products in India for growth [5] - Cost expectations for barley and other raw materials remain low, which may support profit margin recovery [5]

调整进行时：品牌年轻化、非现饮发力 新掌门指挥下，百威亚太有了止跌的迹象。 7月31日早间，百威亚太披露了2025年上半年业绩：收入31.36亿美元，正常化除息税折旧摊销前盈利9.83亿美元，销量436.3万千升。 三项核心经营数据依然是全部下滑，比去年同期分别下降了5.6%、8%、6.1%（内生口径）。但21世纪经济报道记者注意到，对比一季度，二 季度百威亚太的收入、盈利有止跌趋势，每百升收入重回增长。 今年4月，在百威体系29年的程衍俊，接替在位多年的杨克，成为百威亚太新任CEO。此次半年报也成为新掌门人上任后的首份成绩单。 在核心的中国市场，二季度百威亚太加强了对百威啤酒、哈尔滨啤酒两大核心品牌的投入，继续大力转向非即饮渠道，此外结合成本管控措 施，收入、盈利跌幅出现放缓。 31日上午开盘后，百威亚太一度涨超5%，但截至收盘跌5.82%。其接下来如何尽快在中国恢复增长，将是下半年的重要KPI。 图片来源：视觉中国 在换帅前，百威亚太去年下半年"加速下行"。 连续两个季度，百威亚太销量、盈利都出现两位数下滑，第四季度在中国更是出现近19%的大幅下滑。这一跌幅，超出了中国啤酒市场的平均 水平。 而到了今年， ...

Core Viewpoint - The recent leadership changes at Zhujiang Brewery highlight the company's struggles with over-reliance on the South China market and ineffective utilization of the 2.5 billion yuan raised in funding, amidst a declining beer industry and increasing competition [1][11]. Company Overview - Zhujiang Brewery has announced a change in general manager, with Zhang Yong taking over from Huang Wensheng, who served for only about a month [6][8]. - The company has a significant dependency on the South China market, with approximately 95.81% of its revenue coming from this region, amounting to around 5.49 billion yuan in 2024 [10][12]. - The revenue from non-South China markets has decreased by 10.37% year-on-year in 2024, indicating challenges in expanding beyond its primary market [11]. Financial Performance - As of the end of 2024, Zhujiang Brewery's fixed assets reached approximately 3.216 billion yuan, up nearly 8% from the beginning of the year [13]. - The company has faced issues with project delays and adjustments in the use of raised funds, with a remaining balance of about 2.599 billion yuan as of December 31, 2024 [16]. - Interest income accounted for 23.95% of the net profit in 2024, raising concerns about the company's true profitability as this support may diminish with lower interest rates [17]. Market Challenges - The beer industry is expected to see a slight decline in overall production by 0.6% in 2024, intensifying competition among breweries [1]. - Major competitors, such as China Resources Beer, are increasing their presence in the South China market, further squeezing Zhujiang Brewery's market share [10][11]. - Analysts express concerns that frequent leadership changes may disrupt strategic continuity and affect the company's ability to execute its national expansion plans [9][11].

Core Insights - Budweiser APAC Holdings Limited reported a revenue of $3.136 billion for the first half of 2025, a year-on-year decline of 5.6% [1] - The company achieved a net profit of $409 million and a sales volume of 4.3628 million kiloliters, which represents a 6.1% decrease compared to the previous year [1] Performance Summary - In China, the company's sales volume decreased by 8.2%, with revenue and revenue per hectoliter declining by 9.5% and 1.4% respectively [1] - The second quarter saw a sales volume reduction of 7.4% and a revenue decrease of 6.4%, attributed to ongoing weaknesses in business layout and channel performance [1] - In South Korea, despite a weak industry performance, the company continued to outperform the market across various channels [1] - Growth momentum in India is accelerating, with Budweiser brand growth outpacing the industry [1]

Group 1: JD's Acquisition and Retail Developments - JD announced the acquisition of German retailer Ceconomy for approximately €2.2 billion (over 18 billion RMB), with a cash offer of €4.60 per share, resulting in a 25.35% stake in Ceconomy while maintaining its independent operations [7] - Moutai's official authorized store has launched on Meituan Flash Purchase, expanding its presence across the country with multiple stores now operational [7] Group 2: Corporate Changes and Financial Performance - Wushang Group's board secretary, Li Xuan, has retired, and Deputy General Manager Zhong Ziqin will temporarily assume the secretary's responsibilities until a new appointment is made [8] - Luckin Coffee reported a record net revenue of 12.359 billion RMB for Q2 2025, a 47.1% year-on-year increase, with a net profit of 1.251 billion RMB, up 43.6% [9] Group 3: Retail Innovations and Market Strategies - Yonghui Supermarket opened its 11th "Fat Donglai" model store in Xi'an, marking a significant expansion of its strategic layout in the region [12] - Walmart's global e-commerce has established 11 operational offices in China, expanding its presence beyond major cities [14] - Pinduoduo updated its shipping rules, requiring that gift items be shipped within the same timeframe as the main transaction items, effective August 7, 2025 [15] Group 4: New Ventures and Product Development - Xiaoxiang Supermarket has established a new company in Anhui with a registered capital of 10 million RMB, focusing on internet sales and food services [16] - Sam's Club China President Jane Ewing was seen at the Guangzhou Tianhe store, indicating active management and oversight as the company prepares for leadership transitions [17] - JD plans to create 100 "million-level new products" and 20 "ten-million-level new products" in the AI toy sector, aiming to become a hub for AI toy brands [18] Group 5: Industry Trends and Consumer Products - Haoxiangni has launched a range of craft beers, diversifying its product offerings amid ongoing financial losses, raising concerns about potential over-diversification [20] - Qiaqia Foods is committed to developing more health and nutrition products tailored for the elderly demographic [22] - Haidilao opened its first high-end "Selected Store" in Beijing, focusing on premium hot pot offerings, as part of its strategy to capture the high-end market [22] - Hermès reported a 7% increase in revenue to €8 billion for the first half of 2025, with all regions showing growth, although net profit decreased by 5% to €2.2 billion [24]