招商证券国际发表研究报告，百威亚太(01876.HK) 2026年首季业绩好于此前悲观预期，惟核心市场疲弱拖累下，经营去杠杆效应加剧，利润率持续受压。期内总销售额有机按年下跌0.7%，销量仅录0.1%的轻微增长；标准化EBITDA按年跌8.1%，利润率收缩至31.0%。该行判断，短期内利润率挤压具有一定结构性，主要源于公司加大商业投入以支持经销体系，并在中国的居家及O2O渠道中强化品牌推广。考虑到...
Source Link招商证券国际发表研究报告，百威亚太(01876.HK) 2026年首季业绩好于此前悲观预期，惟核心市场疲弱拖累下，经营去杠杆效应加剧，利润率持续受压。期内总销售额有机按年下跌0.7%，销量仅录0.1%的轻微增长；标准化EBITDA按年跌8.1%，利润率收缩至31.0%。该行判断，短期内利润率挤压具有一定结构性，主要源于公司加大商业投入以支持经销体系，并在中国的居家及O2O渠道中强化品牌推广。考虑到...
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