百威亚太2025年四季度基本符合预期

中信证券02-13

中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在2026年2月12日发布的题为《4Q25largely inline》的报告，2025年四季度有机收入同比下降4%，有机标准化EBITDA同比下降25%，基本符合市场一致预期。因税项支出高于预估，净亏损大于预测。中国市场仍拖累整体表现，收入下降11%，销量降幅环比收窄，但受家庭渠道支持投入及不利产品组合变化影响，平均售价承压。韩国及...

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inline》的报告，2025年四季度有机收入同比下降4%，有机标准化EBITDA同比下降25%，基本符合市场一致预期。因税项支出高于预估，净亏损大于预测。中国市场仍拖累整体表现，收入下降11%，销量降幅环比收窄，但受家庭渠道支持投入及不利产品组合变化影响，平均售价承压。韩国及印度...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213163046a6f6e0f3&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1604","symbol_name":"节假日概念","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213163046a6f6e0f3&s=b","article_id":"2611416393","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213163046a6f6e0f3&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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