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].

但业绩承压之下，通过裁撤降低成本已经成为百威亚太默默在"操刀"的事情——财报就可 窥见端倪：早在 2019 年末，百威亚太拥有超 2.8 万名员工，而到了 2021 年末，这个数 字降至 2.6 万。截至 2024 年末，百威亚太员工的数量变成了约 2.1 万人。 也就是说，在这 5 年间，百威亚太已经裁掉了 25% 的员工。 文 | 酒业内参 张奥 CEO 下课，被传连续大规模裁撤，营收净利润"双降"——在中国市场，被誉为全球啤酒巨 头的百威进入了前所未有的"寒冬"。 近期财报显示，百威亚太 2024 年实现营业收入 62.46 亿美元，同比下降 7% ；净利润同 比下降 14.8% ，总销量则减少了 8.8% 。 同时，外媒报道称，百威亚太正计划于 2025 年裁撤数千人，以此来进一步缓解中国市场 疲软的消费需求和持续下滑的业绩压力。同时，有知情人士透露，此次裁撤是公司拟将运营 成本削减 15% 的动作之一。 尽管消息传出不久后，百威亚太便紧急转述总部的回应称，" 2025 年将裁撤数千岗位的报 道不实。" 值得一提的是， 2 月底，百威亚太正式换帅，带领其冲击港股的 23 年的"老将"杨克突然 离开，取 ...

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