招商证券国际研报指出，尽管华润啤酒(00291.HK) 的即饮渠道仍承压(收入贡献降至约35%)，但受益于非即饮渠道中个位数的销量增长，公司去年整体销量展现出韧性。具体来看，产品表现分化，其中Heineken势头依然强劲(增速约20%)，SuperX实现个位数增长，而低端产品则凭借非即饮渠道的优势，录得小幅正增长，表现超出预期。核心在于，公司的盈利逻辑依然稳固。该行又指，在全年原材料成本下行红利的...
Source Link招商证券国际研报指出，尽管华润啤酒(00291.HK) 的即饮渠道仍承压(收入贡献降至约35%)，但受益于非即饮渠道中个位数的销量增长，公司去年整体销量展现出韧性。具体来看，产品表现分化，其中Heineken势头依然强劲(增速约20%)，SuperX实现个位数增长，而低端产品则凭借非即饮渠道的优势，录得小幅正增长，表现超出预期。核心在于，公司的盈利逻辑依然稳固。该行又指，在全年原材料成本下行红利的...
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