BRIEF: Bud APAC’s revenue falls 7.5% in first quarter, dragged down by China

Budweiser Brewing Co. APAC Ltd. (1876.HK) on Thursday said its revenue fell 7.5% year-on-year to $1.46 billion in the first quarter, as solid growth in most markets failed to offset a large decline in China, the company’s largest market.

Bud APAC’s profit for the quarter fell 18% to $234 million from $287 million a year earlier.

The company’s China revenue fell 12.7% during the quarter year-on-year, resulting in an 11.7% decline for its APAC West region. Revenue from its APAC East region grew 11.7%, lifted by double-digit growth in South Korea.

“In the first quarter of 2025, our geographic footprint across APAC helped partially offset ongoing challenges in China, where our business faced headwinds from continued weakness in our key regions and on-premise channels, in addition to our inventory management initiatives which accounted for approximately one quarter of our volume decline in China,” the company said.

Bud APAC shares fell 1.8% on Thursday after the announcement to close at HK$8.31. The stock now trades in the middle of its 52-week range.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here