智通财经APP获悉，摩根士丹利发布研报称，百威亚太(01876)2025年第三季度销售额下降8.4%，平均售价微增0.1%，销量同比下降8.6%，中国市场持续承压，韩国市场表现稳健。予百威亚太评级“增持”，目标价9.3港元。
第三季标准化EBITDA利润率同比有机增长46基点至28.2%。2025年前九个月毛利率有机上升42基点，EBIT利润率有机下降46基点。亚太西区2025年第三季有机销售额下跌12.0%(销量下降9.9%，平均售价下降2.4%)，标准化EBITDA同比下降11.9%。亚太东区2025年第三季有机销售额增长3.9%(销量下降0.6%，平均售价上升4.5%)，标准化EBITDA同比增长8.7%。
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