Group 1 - Heineken reported a mid-single-digit decline in both sales volume and revenue in the Brazilian market for Q1 FY2025, attributed to last year's high base effect [1] - The management indicated a market share growth from a "sold" perspective, with the mainstream product line, particularly the Amstel brand, showing a slight increase in sales volume [1] - Goldman Sachs views the flat year-on-year pricing as a negative surprise, reinforcing concerns about an increasingly competitive environment and some consumers shifting to lower-priced brands [1] Group 2 - Ambev is the largest beer brewer in Latin America and the Caribbean, and a subsidiary of Anheuser-Busch InBev, producing and distributing beer and PepsiCo products in Brazil and other Latin American countries [2] - Key upside risks for Ambev's stock price include higher dividend payout rates, faster-than-expected recovery of the Skol brand in Brazil, currency appreciation, and cost reductions [2] - Maintaining market share, achieving sales growth, and actual price increases in the Brazilian market, along with improvements in Argentina's macroeconomic conditions and the continuation of certain tax incentives in Brazil, are also considered potential positive factors [2]