金吾财讯 | 招商证券研报指，百威亚太(01876)二季度业绩与该机构预期基本一致，但由于包括中国和韩国在内的主要地区销量普遍萎缩，整体可能低于市场共识（在业绩公布前，该机构的预测已较市场低8%以上）。尽管产品组合升级推动ASP小幅上涨，但不足以抵消销量下滑的影响。该机构认为，百威亚太管理层已努力将业务引向正确方向（如BEES平台、核心+品牌等），但在中国的消费降级周期（价格和渠道双重影响）中，这些努力未能有效挽回公司作为高端品牌的市占率损失。自2018年以来，公司上半年平均贡献了全年净利润的55%以上，但2025年上半年净利润下降24%，可能预示市场或将持续下调盈利预测，逐渐接近该机构的预测。该机构维持中性评级。该机构的预测保持不变，目标价8.7港元，基于更新后的9.5倍（之前为10.2倍）前瞻26年中期EV/EBITDA，较5年均值低1个标准差。
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