A performance report to suppress the stock price!The revenue of Budweiser Asia Pacific China declined in the first half of the year, and high -end beer could not escape the "bitterness"

Huaxia Times (chinatimes.net.cn) reporter Jiang Yanxin Huang Xingli Beijing report

In the first half of the year, the epidemic repeatedly impacted the catering channel, and the Asia -Pacific China China made a not -looking transcript. On July 28, the first half of the performance report released by Budweiser Asia -Pacific showed that the Chinese market was not affected by the epidemic in the Chinese market, and sales fell 5.5%, and revenue fell 3.2%. On the second day after the performance was released, Budweiser Asia Pacific opened low and low. As of July 29, the stock price of HK $ 21.75/share was reported, down 8.23%, a recent single -day decline in a single day.

China's performance decline

Data show that in the first half of this year, Budweiser's operating income achieved operating income 3.453 billion US dollars, an increase of 2.7%year -on -year; net profit attributable to mothers was 625 million US dollars, a year -on -year increase of 24.25%; total sales were 4.523 billion liters, a year -on -year decrease of 1.4%. It should be mentioned that the revenue growth rate of Budweiseria in the same period last year was 35%, but in the first half of this year, it fell to 2.7%(0.7%was fell at the Period Period).

On September 30, 2019, the Budweiser's parent company Baiwei British Bo Group will be listed on the Hong Kong Stock Exchange in China, Australia, South Korea, India, Vietnam and other places. Judging from the performance of the regions released by Budweiser Asia -Pacific, its total market share and income in South Korea in the first half of this year have increased compared with the same period, mainly due to the continuous improvement of the operating environment and restrictions on catering channels. In the first half of the year, the sales volume of the high -end and ultra -high -end products of Baili Asia Pacific doubled compared with last year; sales in western Asia -Pacific fell 2.5%, and revenue increased by 0.3%.

Under the growth of sales and revenue in most regions, the main market of Budweiser Asia -Pacific -the Chinese market has declined, of which sales fell 5.5%and revenue fell 3.2%. 6.5%and 4.9%.

Budweiser Asia Pacific admits that its performance in South Korea and India only offsets the impact of the severe operating environment in China, which makes the total sales flat. Faced with the weak performance of the Chinese market, Budweiser Asia -Pacific said that because of the COVID control measures implemented from mid -March to May in 2022, the overall industry showed a decline in medium single digits. At the same time Business, performance is inferior to industry levels.

However, Budweiser Asia Pacific said that despite the disadvantages of channels and regions, their own income management measures and high -end work still support the increase of 1.7%per 100 liters of income.

Faced with this transcript of Budweiser Asia Pacific, Cai Xuefei, an analyst of the wine industry, said in an interview with the China Times reporter that the revenue of the Chinese region of Budweiseria was expected, because in the first half of this year, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China, China. The repeated epidemic has caused the entire Chinese alcohol to be directly blocked in both high -end consumption scenarios and Volkswagen beer consumption scenarios.

High -end route life -saving performance

It should be mentioned that from January to June this year, Budweiser's beer sales decreased by 1.4 % year-on-year to 4.523 billion liters. In the case of decline in the overall sales volume, Budweiser Asia Pacific can still stabilize their performance and cannot be separated from its high-endization. route.

As the world's largest beer company's subsidiary, Budweiser Asia Pacific is also the largest beer company in the Asia -Pacific region according to income. Thanks to the expansion and development of the British British Blog Group, the product matrix of Budweiser Asia Pacific is also very rich. At present, Budweiser Asia Pacific has more than 50 beer brands in the Asia -Pacific region. Beer is divided into three categories based on quality and price: high -end and ultra -high -end brands, core and core+brands and affordable brands.

The high -end and ultra -high -end brands of Budweiser Asia Pacific in China are mainly foreign brands, including Budweiser, Colono, Fan Jiale, and its acquisition of Harbin Beer 1990 Zhenzang; core and core+brands including other series of Harbin Beer and Xuejin Beer. ; The affordable brand includes the Golden Shibai, Shuanglu, and Yandang Mountain, which they have acquired in China.

In the performance report, Budweiser Asia Pacific stated that in the first half of 2022, in the case of a total sales decrease of 1.4%, the income per 100 liters of income rose by 4.2%, mainly due to its continuous implementation of high -end and income management strategies.

In addition to the high -end brand, in order to more accurately locate consumers, Pacific Asia -Pacific has launched upgrade transactions with insight into the needs of customers, and the price of beer that is already high -end is called an upgrade transaction.

Taking the sales price of Budweiser Beer in the official flagship store of Tmall as an example, the unit price of Budweiser Beroin Bottle sold in Tmall flagship store is 7.4 yuan/600ml, aluminum bottle -loading unit price is 12 yuan/355ml It was 13.5 yuan/500ml, and the master Zhenzang was 218 yuan/798ml.

In addition, when it was listed in 2019, Budweiser Asia -Pacific mentioned in the prospectus that Korona, which has positioned ultra -high -end, has increased by about 25 times in the past four years in China. As of the end of 2018, China is the largest Korona export export of Budweiser and Britain Group. market.

In addition to the high -end beer, in May last year, the Asia -Pacific also publicly confirmed that many brands such as Budwie have increased prices.

Judging from the sales data of Budweiser Asia Pacific from 2017 to 2021, its beer sales were 9.3966 million liters, 9.6245 million liters, 9.3168 million liters, 811,500 liters, and 8.7878 million liters, and the overall decline trend was obvious. However, in this case, from 2019 to 2021, Budweiser's Asia-Pacific beer increasing income per 100 liters of income increased by 4.9 %, -0.3 %, and 6.1 %, respectively. The escort of price lifting and high -end routes has given Budweiser's Asia -Pacific performance a one more guarantee. Cai Xuefei believes: "Budweiser's price increase is actually a general trend. The Chinese wine consumer market is facing the problem of insufficient incremental increase. Everyone is doing stock competition. In the stock market, if you want to get a new growth pole, it is bound to be inevitable To make a high product structure. "

"Budweiser has an advantage in high -end beer, and it will inevitably use its own high -end brand endorsement and strong market position to improve performance through price increase. Budweiser Asia Pacific's price increase is a normal strategic choice, which is also in line with the current entire China. The general trend of alcohol consumption structure upgrades. "Cai Xuefei added.

Domestic beer chase

Budweiser's parent company Baiwei British Bo Group is a listed company listed in Belgium and one of the world's five major beer companies. In the Chinese market, after holding hands with Harbin Beer Group, the market share has further expanded, and then the local local brands have been successively acquired, including domestic beer brands such as Xuejin, Zhejiang Shuanglu, Jiangsu Jinling, and Jiangsu Santai.

As a domestic beer brother, China Resources Beer and Tsingtao Beer have also maintained high speed in recent years. At the same time, it is also deploying high -end tracks, and the effect is obvious. Last year, the overall sales of China Resources Beer and Tsingtao Beer were 11.06 million liters and 7.93 million liters. The former high -end and above beer sales reached 1.87 million liters, and the latter high -end or higher was 520,000 liters, which accounted for the total sales ratio. 16.9%, 6.56%.

It should be mentioned that from the perspective of the overall sales last year, China Resources Beer's 11.06 million liters of beer sales have exceeded the Asia Pacific, but there is still a distance from Budweiser Asia Pacific in terms of revenue.

In addition, domestic beer is also catching up with Budweiseria in other aspects. In 2019, the net interest rates of Budweiser Asia Pacific, China Resources Beer, and Qingdao Beer were 13.72%, 3.95%, and 6.62%. By 2021, the net interest rates of the three were 14%, 13.73%, and 10.46%. The gap between the net profit margin between Tsingtao Beer and Budwa Asia Pacific has been narrowed.

In Cai Xuefei's view, Budweiser itself has a strong appeal and influence in the high -end beer market by relying on the high -end brand image. Although Budweiser is continuing to be high -end, the era of a unique family has ended. The rise of the group, the high -end and personalization of the entire Chinese wine is an inevitable trend.

Chinese wine industry analyst Xiao Zhuqing believes that the major beer plants are now betting on the development of new high -end beer products, but if the market input model does not change, it is still difficult to shake Budweiser's unique situation in the high -end beer market in China.

In response to the problems such as the revenue and sales decline in the first half of the Chinese region of the Asia -Pacific China, the reporter of the Huaxia Times contacted Budweiser Asia Pacific through the form of email, but did not get a reply before the release.

Editor -in -chief: Editor -in -chief Huang Xingli: Han Feng

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