- Improved profitability across each business segment - Future strategic direction now clearly defined FEBRUARY 13, 2026 © Kirin Holdings Company, Limited Implementation of Strategic Path (KV2027) Clearly on Track KV2027 REVIEW Blackmores and FANCL acquisitions solidified Health Science as our third growth engine Kirin Group Long-Term Vision Our Vision for 2035 and a Clear Path towards Maximizing Corporate Value ENVIRONMENTAL OUTLOOK Preparing for Structural Shifts We will operate our business based on the ...

Core Viewpoint - The coffee industry in China is experiencing a significant transformation, marked by a price war among brands like Cotti Coffee and Luckin Coffee, leading to unsustainable pricing models and a potential reckoning for both producers and consumers [1][4][5]. Group 1: Price Dynamics - Cotti Coffee has recently removed its "all drinks at 9.9 yuan" promotion, indicating a shift towards a more sustainable pricing strategy as the company aims to recover losses [1][5]. - Luckin Coffee has also begun to reduce its subsidy strategy, with most products returning to a price range of 10-15 yuan, reflecting the unsustainable nature of the previous pricing model [1][5]. - The cost of coffee beans has surged due to international supply constraints, pushing the price of raw coffee beans close to historical highs, while consumer prices have plummeted to levels comparable to bottled water [1][4]. Group 2: Market Conditions - The coffee market in Yunnan is witnessing a dramatic increase in the price of fresh coffee cherries, with prices reaching around 9-11.5 yuan per pound, compared to just 2 yuan in previous years [6][8]. - The profitability for coffee farmers in Yunnan has soared, with reported profit margins nearing 200% over the past five years, attracting significant capital into coffee cultivation [12][14]. - The current market dynamics are heavily influenced by external factors such as climate change in Brazil, which has led to a spike in global coffee prices, further complicating the pricing landscape for Yunnan coffee [11][12]. Group 3: Industry Challenges - The coffee industry is facing a critical juncture where the low-price strategy has led to a lack of brand loyalty among consumers, with many opting for the cheapest option available [5][17]. - The operational costs for coffee brands have escalated, with delivery and platform fees consuming up to 68% of operational costs, making the 9.9 yuan pricing model increasingly untenable [5][12]. - The speculative behavior among traders in Yunnan, driven by high prices, poses risks as many are left vulnerable to market fluctuations, leading to significant financial losses [9][14]. Group 4: Future Outlook - The coffee industry may be on the brink of a forced maturation, moving away from unsustainable subsidies and speculative practices towards a focus on quality and profitability [17][18]. - As new coffee plantations begin to yield fruit in the coming years, there is a risk that increased supply could coincide with a decline in global demand, potentially leading to a repeat of past market corrections [17][18].

Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026, with a slight overall increase in prices [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, reflecting a minor increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, showcasing significant price differentiation [4][10]. Specific Product Price Changes - Notable price increases include: - Guizhou Moutai (Flying Moutai) rose by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Ancient Well Tribute Wine and Crystal Jian Nan Chun both increased by 3 yuan, while Qinghua Fen 20 saw a slight rise of 1 yuan [4][10]. - Price declines were observed in: - Qinghua Lang dropped by 12 yuan, marking a significant three-day decline [4][10]. - Boutique Moutai decreased by 9 yuan, following a peak price in the previous 30 days [4][10]. - Other declines included Wuliangye and Guojiao 1573, which fell by 7 yuan and 5 yuan respectively, while Yanghe Dream Blue M6+ and Xijiu Junpin decreased by 2 yuan and 1 yuan [4][10]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors and major retail platforms, aiming to provide an objective and traceable market price reference [5][11]. - A recent report from招商证券 indicates a double-digit decline in liquor sales leading up to the Spring Festival, with Guizhou Moutai showing strong performance and a price rebound in the 1,600 to 1,700 yuan range, while other brands like Luzhou Laojiao and Shanxi Fenjiu experienced varying degrees of sales decline [6][11].

Core Viewpoint - Keurig Dr Pepper (KDP) is enhancing its Board of Directors by appointing two independent directors and restructuring its governance committees to support its transformation and upcoming separation into two independent companies, "Beverage Co." and "Global Coffee Co." [1] Group 1: Board Changes - Effective March 2, 2026, Amie Thuener and William "Bill" Newlands will join KDP's Board as independent directors [1] - The existing Remuneration & Nominating Committee will be split into two new committees: Nominating & Governance and Compensation Committees [1] Group 2: Directors' Backgrounds - Amie Thuener has 30 years of finance and accounting experience, currently serving as Vice President, Corporate Controller, and Chief Accounting Officer at Alphabet [1] - Bill Newlands brings over 40 years of experience in the beverage alcohol and consumer packaged goods industries, having served as President and CEO of Constellation Brands for over seven years [1] Group 3: Company Overview - KDP is a leading beverage company in North America with annual revenue exceeding $15 billion and a portfolio of over 125 brands [1] - The company holds leadership positions in various beverage categories, including carbonated soft drinks, coffee, tea, and water, and is known for its single-serve coffee brewing systems [1]

For years, consumers have complained about shrinkflation. That’s when less of an item comes in a package, and the price either stays the same or goes up. Sometimes, companies attempt to do this sneakily. You buy a package of your favorite chips or a box of cookies, and there’s just less there. In other cases, a brand tries to sell a smaller size as a positive. That could mean touting that it has lower calories, pushing it as a personal serving, or making it seem like paying more to get fewer benefits for ...

Core Insights - Anheuser-Busch InBev SA/NV (AB InBev) reported fourth-quarter 2025 results with earnings per share (EPS) exceeding estimates while revenues fell short, although both metrics improved year over year, driven by strong consumer demand and a diversified portfolio [1][2][3] Financial Performance - The underlying EPS for Q4 2025 was 95 cents, reflecting a 7.5% year-over-year increase and surpassing the Zacks Consensus Estimate of 92 cents [2][6] - Revenues reached $15.55 billion, missing the Zacks Consensus Estimate of $15.58 billion but showing a 4.8% year-over-year growth, with organic revenues increasing by 2.5% [3][6] - Revenue per hectoliter (hl) improved by 4% year over year, supported by premiumization and disciplined revenue management [4][6] Volume and Market Dynamics - Organic volume declined by 1.5%, with a 1.9% drop in beer volume attributed to weak demand and adverse weather conditions, partially offset by a 0.6% increase in non-beer volume [4][7] - The performance of premium and super premium beer brands contributed significantly to revenue growth, with megabrands seeing a 4.1% increase in revenues year over year [8] Strategic Initiatives - AB InBev has focused on expanding its Beyond Beer portfolio, which recorded a 23% revenue rise in 2025, driven by significant growth in the Cutwater brand [10] - The company has invested in digital platforms, with B2B digital initiatives contributing approximately 72% to its revenues in 2025, generating $1.3 billion [9] Cost and Margin Analysis - The cost of sales increased by 4.5% to $6.9 billion, while SG&A expenses rose by 4% to $4.8 billion [10] - Normalized EBITDA was $5.47 billion, reflecting a 4.3% year-over-year improvement, with a slight contraction in the EBITDA margin to 35.2% [12] Future Outlook - For 2026, AB InBev anticipates EBITDA growth of 4-8%, supported by strong execution and market momentum [14][15] - The company expects net capital expenditure to be between $3.5 billion and $4 billion in 2026, with a normalized effective tax rate projected at 26-28% [16]

Core Viewpoint - Anheuser-Busch's stock experienced a rise following the company's fourth-quarter earnings report, which exceeded market expectations, indicating strong financial performance and potential for future growth in 2026 [1]. Financial Performance - The company reported earnings of 95 cents per share, surpassing forecasts [1]. - Revenue increased by 4.8% year-over-year, reaching $15.6 billion [1].

Group 1 - Asahi Group Holdings' beer sales in Japan declined again in January due to the ongoing impact of a cyberattack that occurred in September [1][4] - Sales of "beer-type beverages" from the domestic Asahi Breweries unit fell 11% year-on-year in January, with Super Dry volumes down 9% compared to January 2025 [2] - Ready-to-drink (RTD) sales dropped 14% and wine sales decreased by 13%, while sales of whiskey and spirits grew by 16% [2] Group 2 - The Asahi Soft Drinks division reported a 16% decrease in sales, although the food business experienced a mid-single-digit sales increase [3][2] - Domestic logistics operations have normalized, allowing for the resumption of shipments for all products except certain discontinued items and new product launches [3] - The cyberattack led to a systems failure that affected production and distribution, but Asahi's factories resumed operations a week later [4]

Core Viewpoint - Greene Concepts Inc. has expanded the availability of its premium artesian spring water brand Be Water by offering it for sale at select retail locations, specifically at Switzerland Inn, a historic mountain resort near its bottling facility in Marion, North Carolina [1] Company Summary - Greene Concepts Inc. operates a 60,000-square-foot bottling facility located in Marion, North Carolina [1] - The company is focused on producing and promoting its Be Water brand, which emphasizes quality and local community support [1] Industry Summary - The initiative to place Be Water in local retail locations reflects a broader trend of companies supporting nearby businesses and fostering community-based consumption [1] - This strategy also highlights the importance of maintaining efficient operations while expanding market reach [1]

Berentzen-Gruppe has booked annual revenues lower than the German drinks business projected in October. In “preliminary” figures released yesterday (11 February), the German spirits and soft drinks group reported revenue of €162.9m ($193.5m) for 2025, down about 10.4% from 2024. The result was below the company’s October forecast of €165m to €169m. Chief executive Oliver Schwegmann said “continuing challenging market conditions” affected the company's sales. The group, which owns Berentzen and Mio Mio ...