（作者｜周琦 编辑｜张广凯） 2月中旬，全球啤酒龙头百威英博发布了2025年业绩。 值得注意的是，这份财报呈现出一种"分裂感"。 从全球看，这是一份相当漂亮的成绩单。尽管其总营收593.20亿美元（约合4237亿元人民币）因汇率波 动同比微降0.8%，但归母净利润却逆势大增16.8%，达到68.37亿美元（约合488亿元人民币）。 在啤酒消费整体疲软、全球销量下滑2.3%的年份，百威通过"高端化+数字化"的组合拳，EBITDA利润 率同比提升101个基点至35.8%。 然而，将镜头拉近到亚太，尤其是中国市场，画面却瞬间切换。 同日发布的百威亚太年报显示，公司2025年收入57.64亿美元，同比减少6.1%；股权持有人应占溢利 4.89亿美元，同比骤降32.6%。 作为核心引擎的中国市场，全年收入大跌11.3%，销量下滑8.6%，每百升收入也减少3.0%。 更聪明地卖酒 2025年，百威英博的全球总销量实际上同比下降了2.3%，但就是在少卖酒的情况下，净利润却增长了 近17%。 钱从哪里来？ 这已是百威亚太连续第四年净利润下滑，且中国市场已是连续第二年双位数下滑。 曾经在中国高端啤酒市场呼风唤雨、毛利率一度稳压 ...

Core Insights - Budweiser APAC achieved a total revenue of $5.764 billion in 2025, with an organic year-on-year decline of 6.1% [1] - The normalized EBITDA for 2025 was $1.588 billion, reflecting a year-on-year decrease of 9.8% [1] - In Q4 2025, revenue reached $1.073 billion, with an organic year-on-year decline of 4.2% [1] Revenue and EBITDA Analysis - For the full year 2025, the company reported a sales volume of 7.9658 million kiloliters, down 6.0% year-on-year, while Q4 sales volume was 1.3518 million kiloliters, down 0.7% [1] - The revenue per hectoliter for the full year 2025 decreased by 0.2%, and for Q4, it decreased by 3.5% [1] - The gross margin for 2025 was 50.1%, an increase of 0.13 percentage points year-on-year, while the normalized EBITDA margin was 27.6%, a decrease of 1.13 percentage points year-on-year [1] Regional Performance - In the Western Asia-Pacific region, Q4 2025 sales volume showed a slight organic growth of 0.1%, but revenue and revenue per hectoliter declined by 5.6% and 5.7% respectively, with normalized EBITDA down 40.0% [2] - India emerged as a growth highlight, with high-end and super high-end products accounting for over two-thirds of total revenue and contributing over 20% to revenue growth [2] - In the Eastern Asia-Pacific region, Q4 2025 revenue showed a slight organic decline of 0.6%, with sales volume down 3.7% but revenue per hectoliter up 3.2% [2] China Market Focus - The Chinese market faced continued pressure, with Q4 2025 sales volume down 3.9% due to weak on-premise channels and delayed Lunar New Year shipments [3] - The company plans to increase investment in channel and product mix expansion, with Q4 2025 revenue down 11.4% year-on-year [3] - The company aims to revitalize its market share in China as a core focus for 2026, with strategies including enhancing high-end and digital channel penetration [4] Future Strategies and Forecasts - For 2026, the company will increase commercial investment as a percentage of net revenue, focusing on core and emerging channels [4] - The profit forecasts for 2026 and 2027 have been revised down to $621 million and $680 million respectively, reflecting a decrease of 9% and 7% [4] - The current stock price corresponds to a PE ratio of 21x for 2026, 20x for 2027, and 18x for 2028, with a maintained "buy" rating based on competitive advantages in high-end and super high-end segments [4]

Core Viewpoint - Budweiser is facing unprecedented growth pressure in the Chinese market, with declining sales and profits reported in its latest earnings report [1][2]. Financial Performance - Budweiser APAC reported a revenue of $5.764 billion (approximately 39.787 billion RMB) for 2025, a year-on-year decrease of 6.1% [1]. - Beer sales reached 7.966 billion liters, down 6.0% year-on-year [1]. - The profit attributable to equity holders was $489 million (approximately 3.375 billion RMB), a significant decline of 32.6%, marking a low point in net profit over recent years [1]. Market Challenges - The company has experienced a continuous decline in key metrics, with beer sales and revenue in China dropping by 8.6% and 11.3% respectively in 2025 [2]. - The decline is attributed to a slowdown in high-end dining and entertainment channels, which have traditionally been strong for Budweiser [2]. - The company has been slow to adapt to new retail and e-commerce channels, with a lower proportion of non-on-premise sales compared to competitors [2]. Strategic Initiatives - Budweiser is increasing investments in non-on-premise channels and enhancing its sales team capabilities, particularly in Guangdong [2]. - The company is also focusing on marketing its core sub-brands, including new endorsements for Harbin Beer to strengthen connections with younger consumers [2]. Cost Pressures - Increased investments to support distributors and brand promotion in emerging channels have created additional profit pressures for Budweiser [3]. - The company plans to maintain high-intensity marketing and channel investments in 2026, coinciding with the World Cup events [3]. Industry Context - The domestic beer industry is entering a contraction phase, with local brands accelerating their premiumization and channel transformation, increasing pressure on international giants like Budweiser [3][4]. - Competitors such as Yanjing Beer and Chongqing Beer are forecasting significant profit growth, with Yanjing expected to achieve a net profit of 1.584 billion to 1.742 billion RMB, a year-on-year increase of 50%-65% [3][4]. Leadership Focus - CEO Cheng Yanjun has emphasized the need to reignite growth and rebuild market share in China as a primary task [4].

Group 1: Financial Performance - 2025 Q4 organic revenue decreased by 4% year-on-year, with total revenue down 6% to $1.1 billion, 2% lower than market consensus[5] - Standardized EBITDA fell by 26.8% to $167 million, with an organic decline of 24.7%[6] - Net loss attributable to shareholders was $105 million, worse than the expected loss of $30 million due to higher tax expenses[12] Group 2: Regional Insights - Revenue in China declined by 11.4%, with sales down 3.9% and revenue per hectoliter decreasing by 7.7%[12] - South Korea's revenue remained flat, with low single-digit sales decline, benefiting from a strong brand mix[12] - India experienced double-digit revenue growth driven by premium product offerings, enhancing overall market share[12] Group 3: Market Trends and Risks - Economic recovery, product upgrades, and favorable summer weather are expected to boost beer sales[7] - Risks include slower-than-expected premiumization, loss of market share in the high-end segment, and unexpected cost inflation[8] - The company maintains a dividend payout of $750 million, with a payout ratio of 153% and a dividend yield of 5.3%[12]

Investment Rating - The report maintains an "Accumulate" rating for Budweiser APAC (1876.HK) with a current price of HKD 7.83 [1] Core Insights - Budweiser APAC reported a revenue of USD 5.764 billion for 2025, reflecting a year-on-year decline of 6.1%. The normalized EBITDA was USD 1.588 billion, down 9.8% year-on-year. In Q4 2025, revenue was USD 1.073 billion, with a year-on-year decline of 4.2% [5] - The company plans to distribute dividends of USD 750 million for 2025, unchanged from 2024 [5] Summary by Sections Revenue Performance - For 2025, Budweiser APAC achieved a total sales volume of 796.58 million hectoliters, down 6.0% year-on-year. The revenue per hectoliter for the year decreased by 0.2% [5] - In Q4 2025, the sales volume was 135.18 million hectoliters, with a slight decline of 0.7% year-on-year. Revenue per hectoliter fell by 3.5% [5] Regional Performance - In the Western Asia-Pacific region, Q4 2025 sales volume grew by 0.1% year-on-year, but revenue and revenue per hectoliter declined by 5.6% and 5.7%, respectively. Normalized EBITDA in this region fell by 40.0% year-on-year [6] - The Indian market showed strong growth, with high-end and super high-end products accounting for over two-thirds of total revenue, contributing more than 20% to revenue growth [6] - In the Eastern Asia-Pacific region, Q4 2025 revenue declined by 0.6% year-on-year, with sales volume down 3.7%. Revenue per hectoliter increased by 3.2% [6] China Market Focus - The Chinese market remains under pressure, with Q4 2025 sales volume down 3.9% year-on-year, primarily due to weak on-the-go channels and delayed shipments related to the Lunar New Year [7] - The company is increasing investments in channel and product mix expansion, focusing on high-end and digital channel strategies for 2026 [8] Profitability Forecast - The report lowers the net profit forecast for 2026 and 2027 to USD 621 million and USD 680 million, respectively, reflecting a decrease of 9% and 7% [8] - The current stock price corresponds to a P/E ratio of 21x for 2026, 20x for 2027, and 18x for 2028, indicating a favorable outlook for the company's competitive advantage in high-end and super high-end segments [8]

21世纪经济报道记者肖夏 国际啤酒巨头正在陆续交底。 北京时间2月11日下午、2月12日早间，喜力集团、百威亚太先后披露了2025年的全年业绩，整体都呈现增速放缓、销量下行的趋势。 按照国际财务报告准则，喜力集团2025年实现净收入287.53亿欧元，净利润18.85亿欧元，连续两年同比下跌，销量也再次转为下滑。为此，喜力集团已经调 低2026年的增长预期，并提出要节省4至5亿欧元的成本，具体举措包括裁员5000至6000人。 而百威亚太2025年实现收入57.64亿美元，同比内生下滑6.1%，正常化除息税折旧摊销前盈利（Normalised EBITDA）15.88亿美元，同比内生下滑9.8%，其 中股权持有人应占溢利4.89亿美元，同比大幅下滑32%以上——这一净利润表现，是百威亚太上市以来的新低。 百威英博尚未披露全球业绩，但从其去年三季报和百威亚太的全年业绩来看，百威去年整体的业绩大概率仍处于下行区间。 酒卖不动，如今已不是单独一家企业的问题。面对这一局面持续，龙头正在纷纷采取换帅、裁员、降本、控预期等一系列举措。 喜力降本连环招：降速、裁员、关停 尽管在中国市场高歌猛进，喜力在全球整体依然面临着降速 ...

记者丨肖夏 百威英博尚未披露全球业绩，但从其去年三季报和百威亚太的全年业绩来看，百威去年整体的业绩大概率仍处于下行区间。 酒卖不动，如今已不是单独一家企业的问题。面对这一局面持续，龙头正在纷纷采取换帅、裁员、降本、控预期等一系列举措。 喜力降本连环招：降速、裁员、关停 尽管在中国市场高歌猛进，喜力在全球整体依然面临着降速现实。 2月11日，喜力集团（Heineken）发布2025年全年业绩报告，按照IFRS口径全年业绩呈现"销售收入、运营利润、销量齐降"的局面——去年收 入同比下滑4.7%、其中净收入同比下滑3.6%，运营利润同比下滑3.2%，销量同比下滑1.2%。 编辑丨高梦阳 国际啤酒巨头正在陆续交底。 北京时间2月11日下午、2月12日早间，喜力集团、百威亚太先后披露了2025年的全年业绩，整体都呈现增速放缓、销量下行的趋势。 按照国际财务报告准则，喜力集团2025年实现净收入287.53亿欧元，净利润18.85亿欧元，连续两年同比下跌，销量也再次转为下滑。 为此， 喜力集团已经调低2026年的增长预期，并提出要节省4至5亿欧元的成本，具体举措包括裁员5000至6000人。 而百威亚太2025年实现收入 ...

本文为食品内参原创 作者丨佑木 编审丨橘子 上市六年，百威亚太的啤酒高端化叙事讲不下去了？ 值得注意的是，2025年，百威在中国市场的啤酒销量下滑了8.6%，营收下滑11.3%，每百升收入减少 3.0%。 败给"性价比" 2月12日早间，百威亚太在港交所发布公告。2025财政年度公司总销量减少6.0%；收入为57.64亿美元 （约合人民币398.29亿元），同比减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%。 百威亚太股权持有人应占正常化溢利由2024财政年度的7.78亿美元（约合人民币53.76亿元）下降至2025 财政年度的6.66亿美元（约合人民币46.02亿元）。董事会建议本公司向股东派发截至2025年12月31日止 年度的末期股息每股5.66美分（约合人民币0.39元）。 百威亚太怎么了？ 要读懂百威的困境，必须回溯其母公司百威英博背后的3G资本。3G资本的核心逻辑简单粗暴，通过并 购获得统治地位，然后通过极致的成本压缩挤压出每一分钱的利润，即"零基预算"（ZBB）。 这种管理逻辑曾让百威亚太在过去十年里拥有了行业最高的EBITDA利润率（常年维持在30%以上）， 但也为今日的颓 ...

Core Viewpoint - Major banks, including Citigroup and JPMorgan, have released reports predicting that Budweiser APAC's (01876.HK) 2025 full-year performance will fall short of expectations, primarily due to weak demand in the Chinese market [1] Group 1: Financial Forecasts - Citigroup forecasts a 3% and 10% downward adjustment in Budweiser APAC's sales and core net profit for 2025, respectively, with sales impacted by the later timing of the Lunar New Year [1] - JPMorgan has lowered Budweiser APAC's target price from HKD 8.5 to HKD 7.9, predicting a 6.4% decline in natural sales in 2025 [1] Group 2: Market Performance - In the first half of 2025, Budweiser APAC's beer sales in China decreased by 8.2%, with net income dropping by 9.5% and revenue per hectoliter declining by 1.4%, indicating a "volume and price drop" situation [3] - Budweiser APAC's market share in China's premium beer segment has shrunk from nearly 50% in 2015 to around 40% [3] Group 3: Management Changes and Strategic Initiatives - Budweiser APAC appointed its first Chinese CEO, Cheng Yanjun, in February 2025, with a focus on reversing the downturn in the Chinese market [3] - Under the new leadership, the company is increasing investment in its core brands, Budweiser and Harbin Beer, while abandoning some non-core niche brands and accelerating penetration into offline channels like supermarkets and convenience stores [3]

运营商财经网讯 百威是世界知名的啤酒品牌，1876年诞生于美国，并在1984年就已经进入中国市场，成为当时珠江啤酒 第二大股东。2019年，百威英博拆分出百威亚太，并成功在港交所上市。 程衍俊在2025年4月获任为公司首席执行官，且是百威亚太近年来首位中国籍首席执行官。在他上任 后，对公司的战略、渠道与组织进行了系统性改革。而在2025年前三季度，百威亚太实现营业收入 46.91亿美元，净利润为5.94亿美元，实现了稳健发展。 运营商财经网食品快消部主任刘慧敏表示，百威亚太近年来加大非即饮渠道的拓展，重点发力百威与哈 尔滨啤酒这两大品牌，优化产品结构，通过产品创新来满足不同渠道的消费者需求。 近日，由运营商财经网独家编制的"2025年度啤酒企业五大杰出总裁"名单正式揭晓，百威亚太首席执行 官程衍俊成功入选！ （责任编辑：周颖） ...