大和发表研报指，华润啤酒预告2025年净利润29.2亿至33.5亿元，按年下跌30%至39%。若剔除白酒业务27.9亿至29.7亿元的减值，该行估计公司年内净利润为58.9亿至61.4亿元，中值较该行预期的57.4亿元高5%。该行表示，2月以餐饮为主的服务性消费表现好过市场预期，可能带动啤酒现饮渠道消费的复苏可能比预期好。此外，该行认为行业自5月起将受惠于“反浪费”的低基数效应，为夏季啤酒消费旺季的潜在超预期表现铺路。 该行维持华润啤酒为其行业首选，因其产品组合及平均售价升级的能见度较高，主要受惠于高端品牌喜力的强劲增长势头，以及高于行业的居家渠道销售占比；重申“买入”评级，目标价为36港元。
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