高端龙头啤酒公司渠道专家 20250605 摘要 2025 年 5 月，百威高端产品销量下滑 6.7%，核心价位产品下滑近 18%，哈尔滨冰纯等表现不佳，雪花下降 6.1%，Value 价格带产品总 体下滑约 10%。广东和东北地区是主要销售拖累区域，分别占比 40%。 超高端价格带（12 元以上）1-5 月降幅收窄，预计全年可能出现低个位 数增长或小幅下滑。百威品牌面临压力，尤其在广东和福建市场，预计 三季度末或四季度进入低基数增长阶段。 当前主要矛盾是市场需求急剧下降，经销商面临无法完成进货目标的困 境，低价现象压缩利润空间，导致不愿进货。嘉士伯采取控货去库存、 优化经销网络、提升品牌形象等措施应对挑战。 2024 年 5 月至 12 月，全国啤酒销量持续下滑，尤其 6 月和 9 月降幅明 显。广东市场从 2024 年二季度开始下滑，珠江 97 纯生促销及 CD 类餐 饮渠道推进是关键因素，经销模式差异也影响市场表现。 百威依赖经销商覆盖小店，雪花采用小经销商区域划分模式，珠江啤酒 深度分销。小店产品利润低，经销商更倾向于利润高的产品，导致哈啤 份额被珠江快速替换。 2025 年 5 月份中国市场整体表现 ...

Core Viewpoint - Budweiser APAC is facing significant challenges in the Chinese market, as evidenced by its recent Q1 2025 financial report, which shows declines in revenue and net profit compared to market expectations and previous year figures [1][3][4]. Financial Performance - In Q1 2025, Budweiser APAC reported revenue of $1.461 billion, below the market estimate of $1.52 billion, representing a year-on-year decline of 7.5% [1][3]. - The net profit for the same period was $234 million, slightly below the market expectation of $235 million, marking an 18.47% decrease year-on-year [1][3]. - Total sales volume in Q1 2025 was 19.741 million liters, down from 21.115 million liters in Q1 2024, reflecting a 9.2% decline [2][3]. Market Dynamics - The decline in sales volume in China is attributed to poor performance in business layout and on-the-go channels, as well as inventory management measures impacting approximately 25% of the sales drop [3][12]. - Budweiser APAC's market share and revenue per hectoliter have also decreased, with a 3.9% drop in revenue per hectoliter in the Chinese market [10][12]. Cost Management - To alleviate pressure from the Chinese market, Budweiser APAC has been actively reducing operational costs, with a 7.5% decrease in sales costs in Q1 2025 [5][6]. - The company has also reduced its workforce, cutting approximately 4,000 employees over the past year, from over 25,000 in 2023 to around 21,000 in 2024 [7][8]. Strategic Adjustments - Budweiser APAC is shifting its channel strategy to include mid-range dining channels and promoting sub-premium products to adapt to changing consumer preferences [15][16]. - The company has expanded its distribution network, increasing the number of cities where its products are available from 220 in 2023 to 235 in 2024 [18][19]. Competitive Landscape - Budweiser APAC's leading position is being challenged by domestic competitors like Tsingtao Brewery and China Resources Beer, which are also enhancing their high-end product offerings [23][24]. - The overall beer production in China has been declining, with a reported decrease of 0.6% in 2024, leading to a concentration of market share among national brands [22][23].