Despite challenging performance in China during Q3 2025 and a significant slowdown compared to the base period, BUD APAC (01876) management maintains a cautious outlook for Q4 China sales. Looking ahead to Q4 2025, BUD APAC's management noted that its channel inventory levels are even below the industry average but do not anticipate rapid restocking. Daiwa has reiterated a "Buy" rating on the stock.

The report highlighted that BUD APAC's China revenue declined 15.1% YoY in Q3, primarily due to an 11.4% drop in sales volume and a 4.1% decrease in average selling price. This was attributed to persistent weakness in the foodservice channel, an unfavorable product mix, and discounts offered to certain distributors to accelerate penetration into China's household consumption market.