瑞银发表研究报告指，参与了百威亚太(01876.HK) 的福建实地考察，包括工厂及市场参访，与百威亚太财务总监对话，了解到中国啤酒市场前景仍具挑战性，由于线下渠道(包括餐厅及夜生活)持续下滑；考虑到2025年下半年中国销量下滑，将2025至2027年盈利预测下调3%至2%。不过，瑞银仍预期中国市场在2025年第四季度出现转机，因基数低及平均售价可能已稳定，故维持“买入”评级，基于家用渠道高端化进展...
Source Link瑞银发表研究报告指，参与了百威亚太(01876.HK) 的福建实地考察，包括工厂及市场参访，与百威亚太财务总监对话，了解到中国啤酒市场前景仍具挑战性，由于线下渠道(包括餐厅及夜生活)持续下滑；考虑到2025年下半年中国销量下滑，将2025至2027年盈利预测下调3%至2%。不过，瑞银仍预期中国市场在2025年第四季度出现转机，因基数低及平均售价可能已稳定，故维持“买入”评级，基于家用渠道高端化进展...
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