智通财经APP获悉，里昂发布研报称，下调百威亚太(01876)2026-2027财年盈利预测，但同时将估值前移一年，故目标价维持9港元。该行指，仍在等待明确催化剂，餐饮业或O2O渠道若传出好消息，可能构成上行风险，惟需时等待。维持“跑赢大市”评级。
该行称，百威亚太公布2025年第四季业绩后股价反应疲弱，可能由于中国业务疲软、管理层对2026年餐饮渠道复苏持保守态度，以及股息计划存在不确定性。 该行认为餐饮业复苏前景不明朗，尽管认同管理层聚焦家用及O2O渠道的策略，但预期复苏将是渐进过程，且销量回升可能被额外投资及平均售价下调所抵销。
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