2月12日，$百威亚太(HK1876)交出了2025年业绩答卷，这份成绩单用"全面下滑"形容毫不为过。公司全年销量同比减少6.0%至79,658十万公升，收入57.64 亿美元同比下滑6.1%，股权持有人应占溢利4.89亿美元更是大幅缩水32.6%。 业绩公告发布后，资本市场迅速反应，公司股价截至发稿下跌4.96%，昔日亚太高端啤酒市场的领军者，正面临前所未有的增长压力。 盈利四连降，增长动能持续衰减 百威亚太的业绩颓势已非一日之寒。 从财务数据来看，公司净利润已连续四年下滑，收入也陷入两年连降的困境，即便在亚太啤酒市场仍有增长空间的背景下，这家巨头依然未能重回增长轨 道。 此前，多家投行已下调其2025年盈利预期，主要原因为中国市场需求疲软，如今业绩数据印证了市场的担忧。 核心盈利指标的表现同样不容乐观，2025年公司正常化除息税折旧摊销前盈利15.88亿美元，同比减少9.8%，对应的盈利率下降113个基点至27.6%；正常化 每股基本盈利从5.90美分降至5.04美分，每股基本盈利更是从5.51美分跌至3.70美分，盈利能力的持续弱化让投资者信心承压。 | 表1.綜合業績(百萬美元) | | | | | ...

Financial Data and Key Metrics Changes - In Q1 2025, total volumes and revenue decreased by 6.1% and 7.5% respectively, with revenue per hectoliter declining by 1.5% due to negative geographic and channel mix [7][8] - Normalized EBITDA decreased by 11.2%, and the normalized EBITDA margin contracted by 140 basis points [7] - In APAC West, volumes and revenue decreased by 8.6% and 11.7% respectively, with normalized EBITDA decreasing by 17.6% [7][8] Business Line Data and Key Metrics Changes - In China, volumes declined by 9.2%, with revenue declining by 12.7% and revenue per hectoliter down by 3.9% [8] - The in-home channel saw increased volume and revenue contributions, indicating a shift towards premiumization in this segment [9] - In APAC East, volumes and revenues increased by 11.9% and 11.7% respectively, with normalized EBITDA increasing by 24.4% [11] Market Data and Key Metrics Changes - In South Korea, volume increased by double digits, supported by shipment phasing ahead of a price increase announced in April [12] - The company reported strong performance in the in-home channel, with a focus on expanding distribution and market share [30] Company Strategy and Development Direction - The company aims to adapt to evolving market conditions and execute with discipline to capture growth, focusing on market share, in-home channels, and mega brands like Budweiser and Harbin [5][20] - The strategy emphasizes premiumization and a digitalized ecosystem, with a commitment to optimizing business operations [20][76] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence in China remains low, impacting sales, particularly in Guangdong, but sees potential for improvement during holiday periods [17][56] - The company is focused on executing its strategy effectively, with an emphasis on enhancing distribution and expanding the in-home channel [49] Other Important Information - The company has increased marketing investments for Budweiser and Harbin to connect with consumers and drive market share [10] - The usage and reach of the BEES platform for B2B wholesaler and customer engagement continued to expand, indicating a focus on technology and commercial capabilities [11] Q&A Session Summary Question: Update on Q2 performance in China - Management indicated that consumer confidence remains low, particularly in key regions, but sees potential for improvement during holiday periods [17] Question: Competition in Guangdong province - Management acknowledged the competitive landscape in Guangdong and emphasized the importance of expanding in-home coverage and distribution to maintain market share [30] Question: Core plus plus strategy and trade-up volume - Management explained that the core plus plus segment serves as an accessible upgrade for consumers, with a focus on superior product offerings to drive growth [39] Question: Impact of tariffs in Guangdong - Management stated it is too early to quantify the impact of tariffs on consumer behavior but emphasized focusing on execution and adapting strategies as needed [46] Question: On-trade recovery in China - Management remains conservative about on-trade recovery, noting that consumer confidence is a key factor and that in-home consumption continues to grow [56] Question: Cooperation with Swire - Management highlighted successful trials in Hubei and Anhui provinces and expressed optimism about future collaboration opportunities [86] Question: Future of Harbin Beer - Management emphasized Harbin's unique position as a national brand with a strong heritage and commitment to premiumization, aiming to leverage its brand power for growth [92]