大行评级丨里昂：百威亚太去年第四季度业绩大致符预期，评级"跑赢大市" 百威亚太(01876.HK)：2025 财政年度收入57.64亿美元，建议派付股息每股5.66美分 相关事件 里昂发表研报指，百威亚太去年第四季度业绩大致符预期，期内有机收入按年减4%，有机常规化 EBITDA按年跌25%，大致符合该行预期与市场共识。净亏损高于预期，因税务支出高于预期。中国市 场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未能利 好，平均售价面临压力。另一方面，韩国与印度市场表现稳健。股息符合预期。里昂予百威亚太目标价 9港元，评级"跑赢大市"，需关注的重点为宏观政策、居家渠道发展及营销预算。 ...

Group 1 - Core viewpoint: Cinda Securities issued a report on August 21, giving Wanfu Biology (300482.SZ, latest price: 23.01 yuan) a buy rating [2] - Reason for rating: The toxicology testing business is recovering growth, while testing for infectious and chronic diseases is under pressure [2] - Short-term profitability is under pressure, but innovation is expected to drive long-term growth [2]

Core Viewpoint - Open Source Securities issued a report on August 21, giving Wanfu Biology (300482.SZ, latest price: 23.14 yuan) a "buy" rating based on several key factors [2] Group 1: Business Performance - The conventional business is under short-term pressure, while drug testing is experiencing growth against the trend [2] - The international market continues to expand, with a constantly enriching product matrix and ongoing localization efforts [2]

Group 1 - The core viewpoint of the report is that Debon Holdings (603056.SH) is rated as "Buy" due to its focus on the large parcel market and continued revenue growth trend [2] - The report highlights that while gross profit margin is under short-term pressure, there is potential for efficiency improvements [2] - It notes that cost-cutting measures are ongoing, with a slight increase in sales expenses due to resource investment [2] Group 2 - Risks identified include potential macroeconomic fluctuations leading to lower-than-expected volume growth [2] - Rising fuel prices could impact cost control negatively [2] - Increased market competition may result in loss of market share [2]