Accessible version Eastroc (H/A) 4Q25 energy drinks weakened but L-T outlook remains; new Buy for Eastroc-H PO: 270.00 HKD | Price: 206.80 HKD Market reaction likely overdone; still positive risk/rewards We cut our 2026/27E NPAT by 4%/5% post Eastroc's 4Q25 miss and lower PO for Eastroc‑A 14% to RMB280, to reflect earnings revisions and H‑share dilution. The slowdown in energy drink growth (+8.5% YoY in 4Q25 vs. +19.6% in 9M25) was mainly driven by channel destocking and calendar effects. We believe sales i ...