智通财经APP获悉，百威亚太(01876)午后跌超4%，截至发稿，跌3.75%，报7.69港元，成交额2.26亿港元。
小摩发表研究报告指，百威亚太一季度销售额及盈利分别同比下跌11%及19%，与市场预期大致相符，撇除汇兑因素后销售额及EBITDA同比下跌7.5%及11.2%，中国市场受到渠道去库存压力以及餐饮渠道表现疲软影响，而韩国市场表现较佳。展望未来，小摩预测百威中国区销量在2025年第二季度仍将继续下跌，要到第三季度才会转正。
招商证券国际发布研报称，百威亚太集团第一季度表现疲软，但符合预期，销售额同比下降7.5%，主要受到内地市场持续逆风的影响，该地区销售额下滑12.7%。集团经常性EBITDA下降11.2%，主要由于运营杠杆效应减弱。但亚太东区表现依然强劲，销售额和EBITDA分别增长11.7%和24.4%，毛利率亦保持稳定，为51%。该行认为，百威亚太的复苏轨迹可能比同行更复杂。
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