欢迎来到2024年1月1日的Budweiser Brewing Company APAC会员会员会员会员会员会员会员会员会员 Before proceeding, let me remind you that some of the information provided during this results call, including our answers to your questions on this call, may contain statements of future expectations and other forward-looking statements. These expectations are based on the management's current views and assumptions and involve known and unknown risks, uncertainties, and other factors beyond our control. It is possible that Budweiser AIPAC's act ...

2024年5月9日 公司研究 高基数下西部市场承压，结构升级仍顺利 ——百威亚太（1876.HK）2024 年一季报点评 要点 增持（维持） 当 前价：11.44港元 事件：百威亚太发布2024年一季报，24Q1实现营业收入16.43亿美元，内生 同比-0.4%；正常化EBITDA为5.72亿美元，内生同比+4.2%；归母净利润为 2.87亿美元，同比-3.4%。 作者 分析师：陈彦彤 价升量跌，西部地区拖累收入增长。拆分量价看，1）量：公司24Q1实现销量 执业证书编号：S0930518070002 211.15万千升，同比-4.8%；2）价：24Q1吨酒价同比+4.6%。公司持续推进高 021-52523689 端化发展战略，各主要市场吨酒价均有所提升，24Q1毛利率为51.5%，同比 chenyt@ebscn.com 分析师：汪航宇 +2.06pcts，主要受大麦等原材料价格下降的影响，预计全年成本保持下降趋势。 执业证书编号：S0930523070002 24Q1正常化EBITDA率同比+1.53pcts。24Q1期间费用率同比+0.80pcts至 021-52523174 28.18%，归母净利率同 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年5月9日 港元11.42 港元15.60 +36.6% 百威亚太 (1876 HK) 2024 年 1 季度：量跌价升；韩国利润率强劲增长 3.2 个百分点  2024 年1季度销售额和销量降幅逊预期，但均价增长推动利润率扩张好于预 个股评级 期：2024 年1季度收入内生增长持平（同比-0.4%，略低于一致预期 +0.5%）。 买入 总体销量的下降（由于2023 年1季度重启，基数较高）被平均售价的增长所 抵消（受高端化推动，每百升收入同比增长 4.6%）。由于均价的增长超过了 持平的每百升成本（+0.4%），毛利率扩张206个基点（内生）至51.5%，加 1年股价表现 上经营费用持平，推动 EBITDA 利润率增长 153 个基点至 34.8%。正常化 1876 HK 恒生指数 EBITDA 增长 4.2%，每股盈利持平。亚太东/西部地区的销量都有所下降（分别 10% 同比降4.0%和4.9%），但高端化销量持续增强（亚太东/西部同比分别增9.6% 0% 和 3.6%），推动亚太东/西部的EBITDA分别增长 18.7%和 2.0%，而且 ...

公司研 究 证 券研究 报 告 食品饮料 2024年05月09日 百 威亚太（01876.HK）2024年一季报点评 推 荐 （维持） 目标价：15.5港元 销量表现承压，提价成本红利兑现 当前价：11.0港元 事项： 华创证券研究所  公司发布 2024年一季报。2024年 Q1公司实现营业总收入16.43亿美元，表 证券分析师：欧阳予 观/内生同比-3.5%/-0.4%；正常化 EBITDA 5.72 亿美元，表观/内生同比- 1.4%/+4.2%；正常化归母净利润2.97亿美元，表观同比-1.0%。 邮箱：ouyangyu@hcyjs.com 评论： 执业编号：S0360520070001 证券分析师：范子盼  亚太西部：中国区高基数下销量承压、但吨价保持较快增长，印度持续高增。 Q1中国区受同期疫情管控优化导致的高基数和3月不利天气、需求回落的影 邮箱：fanzipan@hcyjs.com 响，销量同降 4.9%；但高端化持续推进、P&SP 销量占比增加 2.5%，带动吨 执业编号：S0360520090001 价内生同增 3.6%。叠加成本红利初步兑现及费投基本平稳，中国区 EBITDA 证券分 ...

浦银国际研究 公司研究 | 消费行业 百威亚太（1876.HK）：1Q24 相对较弱的利润 林闻嘉 浦 增速不改我们对 2024 全年的乐观展望 首席消费分析师 银 richard_lin@spdbi.com 国  依然看好 2024 年内生 EBITDA 实现双位数增长：百威亚太 1Q24 的 (852) 2808 6433 EBITDA 增速似乎不及市场预期，但基于以下原因，我们对公司 2024 际 桑若楠，CFA 全年实现双位数内生 EBITDA增长依然有较大的信心：（1）中国产品结 消费分析师 构提升的趋势依然保持强劲，并有望持续；（2）受生产力提升、降本 serena_sang@spdbi.com 增效及大宗价格利好的影响，单吨成本有望全年保持同比稳定；（3） (852) 2808 6439 公 假设韩国政府后续不提高消费税，韩国未来两个季度的内生 EBITDA有 2024年5月8日 司 望在更低的基数下继续录得显著增长，利润率持续扩张；（4）我们认 研 为 1Q24 的费用率同比提升是营销节奏与基数导致的。我们预计公司 究 2024 全年的费用率依然将保持同比稳定。 评级  短期费用率上升是 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 截至2024年3月31日止三個月的 未經審核業績 百威亞太控股有限公司（「百威亞太」或「本公司」，連同其附屬公司為「本集團」） 的董事會（「董事會」）宣佈本公告隨附本集團截至2024年3月31日止三個月的未經 審核業績。 董事會謹此提醒股東及潛在投資者，截至2024年3月31日止三個月的未經審核業 績乃根據本集團內部紀錄及管理賬目所編製，但未經獨立核數師審閱或審核。 股東及潛在投資者買賣本公司證券時不應過份依賴未經審核業績並須謹慎行事。 承董事會命 百威亞太控股有限公司 聯席公司秘書 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 食品饮料 | 公司研究 中国市场高端化引领增长 韩国市场承压 2024年4月24日 百威亚太 (01876:HK) 增持 事件：公司发布2023年年报，根据公司公告，2023年公司实现营业收入68.56亿美元，同比增长11.1% （内生增长口径），归母净利润8.52亿美元，同比下降7%，扣非净利润8.32亿美元，同比增长5.45%。 有业绩公布需要点评 2023Q4公司实现营业收入12.93亿美元，同比增长8.9%（内生增长口径），归母净利润-0.23亿美元， 22Q4为-0.12亿美元，扣非净利润-0.48亿美元，22Q4为-1.44亿美元。公司2023年分红每股股息5.29 美分，派息率为82%。公司业绩符合市场预期。 市场数据：2024年4月24日 投资分析意见：考虑到韩国地区业务依然存在一定压力，以及竞争激烈，下调2024~2025年盈利预测， 收盘价（港币） 10.72 新增2026年盈利预测，预测2024~2026年公司归母净利润为10.28/11.65/12.93 ...

2024 年4 月12 日 食品、饮料及烟草: 中性 授权转发报告/ 业绩点评报告 百威亚太 (1876 HK, 买入, 目标价: HK$18.90) 高销量基数或令 1H24 短期承压，但全年前景保持不变 目标价: HK$18.90 当前股价: HK$10.94 • 1Q23 中韩市场销量高基数可能会拖累百威亚太1H24 销量表现。 股价上行/下行空间 +73% • 管理层预计，1Q24 平均销售价格的高个位数增长将推动毛利率进一步扩张，并维持 52周最高/最低价 (HK$) 24.85/10.40 市值 (US$mn) 18,502 正常化息税前利润率同比持平。 当前发行数量(百万股) 13,243 • 重申“买入”评级，目标价18.90 港元不变（对应 30.1 倍 2024 年 P/E）。 三个月平均日交易額 28 (US$mn) 流通盘占比 (%) 13 此港股通报告之英文版本于2024 年4 月10 日上午6 时由华兴证券（香港）发布。中 主要股东 (%) 文版由华兴证券的姜雪烽（证券分析师登记编号：S1680519070001）审核。如果您想 百威英博 87 进一步讨论本报告所述观点，请与您在华 ...

Financial Performance - Revenue increased by 11.1% to $6,856 million, with total sales volume growing by 4.6% to 92,767 million liters[10] - Gross profit rose by 12.4% to $3,453 million, with gross margin improving by 59 basis points to 50.4%[10] - Normalized EBITDA grew by 10.8% to $2,023 million, with a slight decline in EBITDA margin by 7 basis points to 29.5%[10] - Normalized EBIT increased by 15.2% to $1,369 million, with EBIT margin improving by 72 basis points to 20.0%[10] - Total sales volume increased by 4.6% to 9,276.7 million liters in FY2023, driven by growth in China and India[11][19] - Revenue grew by 11.1% to $6,856 million in FY2023, with a 6.2% increase in revenue per hectoliter, supported by premiumization in China and India[11][20] - Normalized EBITDA increased by 10.8% to $2,023 million in FY2023, with a margin decline of 7 basis points to 29.5%[11] - Net cash position increased by $683 million to $3.1 billion at the end of FY2023, with a proposed dividend of $701 million, up 40% from FY2022[12] - Net profit attributable to equity holders of Budweiser APAC decreased from $913 million in FY2022 to $852 million in FY2023, primarily due to non-basic tariff provisions in Korea. Normalized net profit attributable to equity holders increased from $859 million in FY2022 to $917 million in FY2023[23] - Normalized EBITDA increased by 10.8% in FY2023, driven by revenue growth and premiumization in China. However, the normalized EBITDA margin decreased by 7 basis points[24] - Cash and cash equivalents increased from $2,458 million in FY2022 to $3,141 million in FY2023. Operating cash flow rose from $1,577 million in FY2022 to $1,811 million in FY2023, driven by improved EBITDA and working capital management[29] - Investment cash outflow increased slightly from $440 million in FY2022 to $447 million in FY2023, mainly due to reduced proceeds from the sale of property, plant, and equipment, offset by increased deposits in the Budweiser Group cash pool[30] - Financing cash outflow increased from $500 million in FY2022 to $621 million in FY2023, primarily due to higher dividend payments and share buybacks, partially offset by net proceeds from borrowings[31] - Total debt increased from $232 million in FY2022 to $351 million in FY2023, with $246 million due within one year, $43 million due in 1-2 years, $51 million due in 2-5 years, and $11 million due in over 5 years[33] - The company's distributable reserves as of December 31, 2023, amounted to $44,775 million, with approximately $701 million recommended for the final dividend for the year[158] - The company proposed a final dividend of 5.29 cents per share for the year ended December 31, 2023, totaling approximately $701 million, subject to shareholder approval[156] - The company's dividend policy aims to distribute a minimum of 25% of the group's consolidated profit attributable to equity holders, excluding special items[155] Premiumization and Market Growth - Premium and super-premium beer revenue in China and India achieved double-digit growth, driving overall revenue and profit growth[3] - In India, premium and super-premium beer revenue also saw double-digit growth, outperforming the industry[4] - In China, sales volume grew by 4.3% in FY2023, with market share increasing by 69 basis points, and revenue per hectoliter rising by 8.1%[14][15] - In India, the company outperformed the industry with double-digit growth in premium and super-premium product revenues in FY2023[16] - In Q4 2023, China's revenue grew by 11.1% despite a 3.1% decline in sales volume, driven by premiumization and channel recovery[14] - The company expanded its distribution network in China, increasing the number of cities for Budweiser from 201 to 220 and for super-premium products from 51 to 63 in FY2023[15] - The BEES platform contributed approximately 70% of China's December 2023 revenue, expanding to around 260 cities[15] - The company aims to accelerate growth in the super-premium category in China, which is a key profit pool and growth driver in the beer industry[41] - In Korea, the company plans to leverage its core product strengths to unlock further premiumization potential, as the market remains below benchmarks compared to other developed markets[41] - The company is expanding its premium and super-premium business in Southeast Asia while exploring suitable M&A opportunities and partnerships to accelerate growth[41] Sustainability and Environmental Initiatives - Carbon emissions intensity across the value chain decreased by 23.8% compared to the 2017 baseline, and water usage per hectoliter of beer reduced by 32.1% to 2.03 hectoliters per hectoliter[4] - The company achieved a 23.8% reduction in carbon emission intensity per hectoliter across its value chain compared to the 2017 baseline[45] - The company reduced water usage in beer production to 2.03 hectoliters per hectoliter in the Asia-Pacific region, a 32.1% decrease compared to the 2017 baseline[46] - 64.8% of total beer sales use recyclable packaging or primarily use recycled materials, with 54.4% of the main packaging containing recycled materials[47] - The barley project in India supports over 2,600 growers, with a 50% increase in local barley harvest in China, benefiting 5,000 growers and covering 8,000 hectares of farmland[48] - The company replenished nearly 20 million hectoliters of water to communities in China, with a water replenishment rate of 199% in India[48] - The company has deployed 401 green trucks in its fleet, a 9% increase compared to 2022, as part of its green logistics strategy[45] - The company supported five projects through the Sustainable 100+ Accelerator and inspired 117 enterprises through the Asia-Pacific 100+ Innovation Center[51] Corporate Governance and Leadership - The company employs approximately 25,000 staff from 25 different nationalities, and was awarded the Best Employer Award for the third consecutive year in China, South Korea, and India[4][7] - The company's corporate governance framework emphasizes transparency, accountability, and adherence to the highest standards, with a focus on long-term shareholder value[53][57] - The Board of Directors is responsible for overseeing the company's corporate governance, including compliance with governance codes and the development of governance policies[57] - The company's management committees, including the Risk Committee and Sustainability Committee, are tasked with implementing sustainability goals and monitoring compliance with environmental and social standards[59] - The Board of Directors consists of seven members, including executive and non-executive directors, with a focus on maintaining a balanced and effective governance structure[61] - Non-executive Director Deng Mingxiao was appointed as CEO of Budweiser Group in 2021, with extensive experience in leading operations in Latin America, Asia-Pacific, and North America[66] - Katherine Barrett Beimdiek serves as the Global General Counsel of Budweiser Group, overseeing legal and labor relations in the U.S. since 2000[67][68] - Nelson Jamel, with over 20 years at AB InBev Group, has held key financial roles in Brazil, the Dominican Republic, Western Europe, and North America, and currently serves as Global Chief People Officer[68][69] - John Blood, appointed as Alternate Director in 2020, is the Global Chief Legal Officer and Corporate Affairs Officer at Budweiser Group, with a background in legal and corporate affairs[70][71] - David Almeida, appointed as Alternate Director in 2020, is the Chief Strategy and Technology Officer at Budweiser Group, with a strong background in mergers, acquisitions, and sales[72][73] - Independent Non-executive Director Guo Peng has extensive experience in finance and corporate development, having served as Group Finance Director at Swire Pacific Limited and CEO of Swire Properties[74][75][76] - Independent Non-executive Director Marjorie Yang holds significant roles in various organizations, including Chairperson of Esquel Group and Independent Non-executive Director of Meituan[77][78] - Marjorie Yang has served as a director at HSBC Holdings and Swire Pacific Limited, bringing extensive corporate governance experience[79] - The Board of Directors consists of 7 members, with 3 being female, representing 42.9% of the Board[83] - 41% of the company's employees are female as of December 31, 2023[85] - The company aims to maintain female representation on the Board at no less than the current level and not below the requirements of the listing rules[83] - The Board emphasizes diversity in gender, age, cultural and educational background, race, professional experience, skills, and knowledge to enhance decision-making quality[83] - The company has a global succession planning process to ensure business continuity and stability, focusing on gender diversity and internal talent development[84] - The Board includes members with extensive experience in the food and beverage industry, sustainability, risk management, strategy, financial expertise, talent management, and Asia-Pacific regional knowledge[87] - The company has deviated from the Corporate Governance Code by having co-chairmen and a CEO role combined, believing it enhances Board efficiency[88] - The company's co-chairmen and CEO have established a close working relationship, with clear delineation of responsibilities outlined in the Corporate Governance Charter[88] - The company's succession plan aims to develop and prepare internal talent for key leadership roles, ensuring a strong pipeline of future leaders[84] - The company's Board diversity policy is reviewed annually, with the Nominating Committee monitoring its implementation and effectiveness[83] - The company held 4 board meetings, 8 board committee meetings, and 1 annual general meeting during the reporting period[92] - All directors attended at least 3 out of 4 board meetings, with some attending all 4 meetings[93] - Directors participated in professional development activities, including training, company events, and expert briefings[94] - The company conducted a detailed, confidential written questionnaire to evaluate board and committee performance[96] - At least one-third of directors must retire by rotation at each annual general meeting, with all directors eligible for re-election[97] - No director held more than 5 listed company directorships, including the company, as of December 31, 2023[98] - Directors are required to declare any conflicts of interest and abstain from voting on related resolutions[99] - The Board consists of three independent non-executive directors, accounting for 43% of the Board members, who are independent of each other and the senior management team[101] - The Audit and Risk Committee is chaired by an independent non-executive director and consists of three members, including Mr. Guo Peng (Chairman), Ms. Tsang King Shuen, and Mr. Nelson Jamel[108] - The Audit and Risk Committee held four meetings during the year, during which it met with the independent external auditor without the presence of senior management[109] - The Audit and Risk Committee closely collaborates with the independent external auditor and management group functions, inviting senior management members to attend meetings as needed[110] - The company's independent external auditor, PricewaterhouseCoopers, provided both audit and non-audit services during the year, with fees included in Note 9 of the consolidated financial statements[106] - The company held its 2023 Annual General Meeting entirely electronically, allowing directors, senior management, and shareholders to participate online and vote in real-time[107] - The Board and Nomination Committee regularly review and report on the independence of the Board, ensuring that independent opinions and inputs are provided to the Board[100] - The company has established its own Code of Conduct for Securities Transactions, which is no less stringent than the standard code, and all directors confirmed compliance during the year[104] - The Board is responsible for preparing and presenting the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS)[105] - The Nomination Committee reviews the time commitment of each director to the group's business annually[102] - The Audit and Risk Committee reviewed the company's financial statements, interim and annual reports, and key audit matters raised by the independent external auditor for the year ended December 31, 2023[111] - The company's internal control, risk management, tax, legal, compliance, data privacy, IT, cybersecurity, safety, environmental, and quality updates were reviewed by the Audit and Risk Committee[111] - The Nomination Committee reviewed and recommended the succession plans for the Board, Executive Committee, and senior management, and approved the re-election of directors at the 2023 Annual General Meeting[113] - The Remuneration Committee reviewed the 2023 remuneration report and the achievement of targets and remuneration structure for directors, the Executive Committee, and senior management for the years ended December 31, 2022, and 2023[116] - The Remuneration Committee recommended the grant of restricted share units and restricted shares to the CEO and other eligible employees under the share-based compensation plan in March 2023, considering their target achievements and other recommendations from senior management[116] - The Remuneration Committee recommended the grant of restricted share units to certain directors and eligible employees under a new restricted share unit plan in December 2023, aligning with the company's strategic goals and past achievements[116] - The company's remuneration policy for directors includes fixed fees and securities, ensuring a simple and transparent structure that is easily understood by shareholders[117] - The Board periodically sets and revises the remuneration rules and levels for directors with special authorizations or committee memberships, as well as rules for reimbursing directors' business-related expenses[118] - The current senior management team includes CEO Mr. Yang Ke, CFO Mr. Ignacio Lares, and Chief Legal and Corporate Affairs Officer Mr. Craig[119] - The Executive Committee, consisting of the CEO, CFO, and Chief Legal and Corporate Affairs Officer, collaborates with the Board to handle corporate governance and execute company strategies[120] - The Risk Committee is responsible for reviewing risks at the enterprise level, assessing risk appetite, and overseeing the risk management framework, policies, and systems[121] - The Sustainability Committee oversees internal and external sustainability measures, monitors compliance with environmental and social laws, and identifies climate-related risks and opportunities[122] - The Sustainability Committee conducts scenario analysis and workshops to identify key climate-related risks and opportunities in the Asia-Pacific region[123] - The Ethics and Compliance Committee is responsible for developing compliance policies, managing internal policy adherence, and promoting compliance awareness through training[124] - The Board and senior management are responsible for establishing and maintaining effective internal control, internal audit, and risk management systems[125] - The company has established a robust, comprehensive, and technology-driven risk management system to effectively manage and mitigate inherent business risks, protecting the company, customers, and partners while fulfilling regulatory obligations[132] - The company conducts annual risk assessments using a bottom-up and top-down approach, involving key internal and external stakeholders, to prioritize and address risks[132] - The company has implemented a three-level control framework to manage operational, financial compliance, and legal compliance risks, with each level having distinct scopes and focuses[127][128][129][130] - The company's internal control system is based on the COSO Internal Control - Integrated Framework (2019) and the COSO Enterprise Risk Management Framework (2019)[127] - The company's risk management and internal audit teams review the effectiveness of control systems annually and collaborate with business process owners to implement improvements[130][132] - The company has adopted an insider information disclosure policy to regulate the handling and dissemination of insider information, strictly prohibiting the use of confidential or insider information for securities trading[133] - The company's board of directors, with the assistance of the audit and risk committee, reviews the effectiveness of internal audit, internal control, and risk management systems, including financial, operational, and compliance controls[134] - The company identifies economic conditions and the beer industry as major risk areas, with potential impacts from adverse economic developments in the Asia-Pacific region, including fluctuations in commodity prices, logistics costs, and product sales[136] - The company closely monitors and reviews commodity prices, logistics efficiency, and product sales and distribution in key markets, and may make commercial investments and resource allocations to support its brands and marketing channels in adverse economic conditions[136] - The company faces political and regulatory risks in developing countries, including political instability, external interference, financial risks, and government policy changes[137] - The company has established three management committees (Sustainability Committee, Risk Committee, and Compliance Committee) to oversee compliance with sustainability-related policies[137] - The company's business is closely related to the natural environment, relying on high-quality agricultural products, packaging materials, water resources, and energy for beer production[138] - The company competes with global and regional beer brewers and other beverage companies, primarily in brand image, price, quality, distribution network, and customer service[139] - The company continuously evaluates consumer needs and values to determine the main characteristics of consumers in each beer category, aiming to position existing brands or introduce new brands accordingly[139] - The company is increasing investment in the Asia-Pacific Innovation Technology Center, which includes research pilot breweries, packaging laboratories, central laboratories, regional R&D offices, and training centers[139] - The company faces cybersecurity risks, such as cyberattacks and phishing, which may disrupt major business operations and manufacturing activities[139] - The company has implemented strict cybersecurity and data privacy policies and procedures, conducting regular training and workshops[139] - The company relies on the reputation of its brands, and any event that severely damages the reputation of one or more brands could adversely affect the company's revenue[140] - The company has established a minimum counterparty credit rating and only transacts with financial institutions with investment-grade credit ratings to mitigate financial risks[140] - The company operates a 24/7/365 whistleblower hotline managed by an independent third party, supporting multiple languages for confidential and anonymous reporting of policy violations[142] - The company has a zero-tolerance policy towards bribery and corruption, with a leading anti-corruption compliance program managed by the Ethics and Compliance Committee[143] - Regular training on the Code of Business Conduct and anti-corruption is provided to employees, including interactive animations and live sessions[144] - Shareholders holding at least 10% of the company's paid-up share capital can request a special general meeting, which must be held within two months of the request[145] - The company has adopted a procedure for nominating candidates for the board of directors, available on the company's website[146] - The company's Articles of Association were last amended and restated on May 6, 2022, with no

2024 年3 月4 日 食品、饮料及烟草: 中性 授权转发报告/ 业绩点评报告 百威亚太 (1876 HK, 买入, 目标价: HK$18.90) 坚守高端化战略，推动平均售价和利润率双增 目标价: HK$18.90 当前股价: HK$13.58 • 百威亚太在2023 年充满挑战的环境中仍取得稳健业绩，有机收入同比增长11.1%， 股价上行/下行空间 +39% 正常化净利润同比增长6.8%。 52周最高/最低价 (HK$) 25.30/11.04 市值 (US$mn) 22,976 • 2024 年展望：中国业务稳定发展，韩国业务持续复苏。 当前发行数量(百万股) 13,243 • 重申“买入”评级，目标价由22.30 港元下调至18.90 港元（对应30.1 倍2024 年 三个月平均日交易額 23 (US$mn) P/E）。 流通盘占比 (%) 13 主要股东 (%) 此港股通报告之英文版本于2024 年2 月29 日17 时35 分由华兴证券（香港）发布。 百威英博 87 中文版由华兴证券的姜雪烽（证券分析师登记编号: S1680519070001）审核。如果您想 按2024 年2 月28 日收市数 ...