Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 8,704,047, representing a 12% increase compared to HKD 7,743,999 for the same period in 2023[2] - Gross profit increased by 29% to HKD 964,215 from HKD 745,345 year-on-year[2] - Net profit attributable to equity holders for the period was HKD 643,341, a 41% increase from HKD 456,952 in the previous year[2] - Total comprehensive income for the period was HKD 669,530, up from HKD 517,235 in the previous year[5] - The pre-tax profit for the period was HKD 842,316 thousand, with a net profit of HKD 679,702 thousand after tax[17] - The net profit for the period was HKD 510,540,000, reflecting an increase from HKD 341,819,000 in the previous year, which is a rise of approximately 49%[21] - Net profit for the six months rose by 33% to HKD 679.7 million, compared to HKD 510.5 million in 2023[46] Dividends - The company announced an interim dividend of HKD 0.15 per share for 2024, reflecting its strong profitability and cash flow[2] - The company declared a final dividend of HKD 0.32 per share for 2023, totaling HKD 221,338,000, up from HKD 0.20 per share in 2022, which was HKD 138,336,000[27] - The board declared an interim dividend of HKD 0.15 per share for the six months ending June 30, 2024[55] Revenue Breakdown - Revenue from tobacco leaf products sales reached HKD 8,112,880 thousand, up from HKD 7,469,818 thousand, reflecting a growth of 8.7%[13] - The revenue from cigarette sales increased significantly to HKD 547,323 thousand, compared to HKD 240,131 thousand, marking a growth of 128.5%[13] - The revenue from new tobacco products was HKD 43,517 thousand, up from HKD 33,895 thousand, representing a growth of 28.4%[13] - The group's revenue from mainland China was HKD 7,256,648 thousand, an increase of 9.8% from HKD 6,607,111 thousand in the previous year[14] Costs and Expenses - Financing costs rose by 60% to HKD 115,463 from HKD 72,365 year-on-year[2] - The financing costs for the period were HKD 115,463,000, up from HKD 72,365,000 in the previous year, representing an increase of approximately 60%[24] Assets and Liabilities - Current assets increased to HKD 9,211,367 from HKD 6,213,612 as of December 31, 2023[6] - The company's net asset value as of June 30, 2024, was HKD 3,143,484, compared to HKD 2,695,292 at the end of 2023[7] - The total assets of the reportable segments amounted to HKD 9,665,203 thousand as of June 30, 2024[17] - The total liabilities of the reportable segments were HKD 6,521,719 thousand as of June 30, 2024[17] Market Expansion and Strategy - The company continues to focus on expanding its tobacco product exports to Southeast Asia, Hong Kong, Macau, Taiwan, and Europe[8] - The company is exploring potential acquisitions to strengthen its competitive position in the market[66] - Strategic initiatives are being implemented to improve operational efficiency, aiming for a 15% reduction in costs over the next year[66] - The company is expanding its market presence in the exclusive operating regions, targeting a 25% increase in market share by 2025[66] Research and Development - Research and development investments have increased by 30%, focusing on innovative technologies to enhance product offerings[66] Corporate Governance - The group has complied with all applicable code provisions of the Corporate Governance Code during the six months ending June 30, 2024[60] - The company remains committed to adhering to corporate governance standards as outlined in the Corporate Governance Code[65] Employee Costs - As of June 30, 2024, the group employed 47 staff in Hong Kong and 254 in Brazil, with total employee costs amounting to HKD 63.1 million, up from HKD 54.9 million in 2023[54]

Company and Industry Overview * **Company**: Zhongyuan Hong Kong, a publicly listed company under China Tobacco, focusing on tobacco products and international expansion. * **Industry**: Tobacco industry, with a significant global market share held by China Tobacco. * **Key Points**: * Zhongyuan Hong Kong was listed on the Hong Kong Stock Exchange in June 2019 and is the only publicly listed tobacco company under China Tobacco. * The company operates in three main segments: raw tobacco, cigarettes, and new tobacco products, with a focus on international markets. * Zhongyuan Hong Kong aims to expand its international market presence and establish a strong position in the global tobacco industry. Business Segments and Performance * **Raw Tobacco**: * Imports: Exclusively operates in non-sanctioned regions globally, with a focus on countries like Brazil, Argentina, and the United States. * Exports: Mainly operates in Southeast Asia, Hong Kong, Macau, and Taiwan, as well as Europe. * Performance: Imports increased by 27% in 2023, with revenue growing by 49% and gross profit increasing by 18%. * Challenges: Global supply shortages and fluctuating prices due to weather conditions and climate change. * **Cigarettes**: * Exports: Initially focused on two countries and three regions (Thailand, Singapore, Hong Kong, Macau, and China's domestic duty-free stores). * Performance: Revenue and gross profit increased significantly in 2023, driven by strong sales in the first half of the year and improved product pricing and increased自营比例. * Future Outlook: Continued growth expected due to the recovery of passenger traffic and increased product pricing and自营比例. * **New Tobacco Products**: * Exports: Exclusively operates in regions outside of China, with a focus on heat-not-burn products. * Performance: Revenue and gross profit increased in 2023, driven by strong demand and improved product pricing. * Future Outlook: Expected to continue growing due to increased investment and market expansion. Financial Performance and Dividends * **Revenue**: Increased by 42% in 2023, reaching over 10 billion yuan. * **Gross Profit**: Increased by 42% in 2023, reaching over 3.6 billion yuan. * **Dividends**: Increased the dividend per share by 60% to 0.32 yuan, with an additional interim dividend to be paid in 2024. Future Outlook and Strategy * **Business Growth**: Expected to continue growing in the coming years, driven by the recovery of passenger traffic, increased product pricing, and expanded market presence. * **International Expansion**: Continues to focus on expanding its international market presence and establishing a strong position in the global tobacco industry. * **Investment**: Continues to look for opportunities to acquire assets in the tobacco industry, both within and outside of China Tobacco. * **Dividends**: Expected to continue increasing dividends to provide investors with a stable and growing income stream.

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 20.2, compared to the current price of HKD 16.9 as of June 18, 2024 [1]. Core Insights - The company, China Tobacco Hong Kong (6055.HK), has shown strong growth in recent years, with a record revenue of HKD 11.8 billion in 2023, representing a 42% year-on-year increase, and a net profit of HKD 690 million, up 49% year-on-year [5][14]. - The growth drivers include the recovery of cigarette export business, an increase in both volume and price in tobacco leaf imports, and growth in tobacco leaf exports [20]. - The company's unique competitive advantage lies in its exclusive operating rights for tobacco imports into China and exports to Southeast Asia and regions like Hong Kong and Macau [5][23]. Company Overview - China Tobacco Hong Kong was established in 2004 and serves as the designated overseas platform for China Tobacco International, focusing on capital market operations and international business expansion [9]. - The company is primarily engaged in the import and export of tobacco leaves, cigarette exports, and new tobacco products [9]. Financial Performance - The company reported a significant increase in revenue and net profit in 2023, with revenue contributing 68.26% from tobacco leaf imports and cigarette exports being the second-largest source of profit [14][18]. - The forecast for 2024 indicates a revenue growth of at least 10% and a net profit increase of no less than 30% in the first half of the year [20]. Market Dynamics - The global tobacco production has been declining, but prices are currently in an upward cycle, influenced by factors such as climate conditions affecting supply [44]. - The company benefits from a stable demand for high-end tobacco leaves in China, with a notable increase in imports and prices over recent years [39][48]. Business Segments - The tobacco leaf import business has shown robust growth, with revenue increasing from HKD 4.63 billion in 2019 to HKD 8.08 billion in 2023, reflecting a compound annual growth rate of 14.9% [25]. - The cigarette export business is recovering post-pandemic, with potential for further growth as international travel resumes [29]. Future Outlook - The company anticipates continued growth in its new tobacco product exports, particularly in the heated not burned (HNB) market, which reached a market size of USD 34.1 billion in 2023, growing by 11.6% [5][20]. - The expected revenue for the company is projected to reach HKD 13.1 billion in 2024, HKD 14.4 billion in 2025, and HKD 15.8 billion in 2026 [5].

2024 年 06 月 06 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 业绩盈喜，看好公司出口业务发展 2024H1 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 ——中烟香港（ ）事件点评报告 06055 liaoxh@ghzq.com.cn 最近一年走势 事件 : 中烟香港（06055）于 2024 年6月3日发布正面盈利公告：集团预计 2024上半年收入同比增速不低于10%，公司所有者应占利润同比增速不 低于30%。 投资要点 :  背靠中烟集团，2023年营收首次破百亿港元。中烟国际(香港)有限 公司成立于2004年2月26日，公司为中烟国际负责资本运作及国 相对恒生指数表现 2024/06/05 际业务拓展的指定境外平台。中烟国际为中国烟草总公司的全资附 表现 1M 3M 12M 属子公司，主营产品包括烟叶、卷烟和新型烟草制品（如电子烟）。 中烟香港 38.4% 79.7% 83.4% 按业务划分来看，公司业务主要分为进口与出口，进口业务：从全 恒生指数 -0.3% 14 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.1 HKD, indicating a potential upside of over 20% within the next six months [1]. Core Views - The company is expected to see significant growth in its performance, with a projected increase in profit attributable to owners of no less than 10% year-on-year for the first half of 2024, and revenue growth of at least 30% [1]. - The report highlights the positive outlook for the company's leaf import and export business, as well as its cigarette export business, which are both experiencing upward trends [1]. - The company benefits from a unique operational position as the exclusive international business platform for China National Tobacco Corporation, which is expected to continue to provide advantages in overseas expansion and mergers and acquisitions [1]. Summary by Relevant Sections Business Performance - The company is actively organizing suitable product sources and optimizing pricing strategies, leading to growth in revenue and gross profit from leaf product exports [1]. - The leaf import business has seen an increase in both volume and sales price due to seasonal fluctuations, contributing to revenue and gross profit growth [1]. - The cigarette export business has significantly increased revenue and gross profit, aided by the recovery of consumer traffic in duty-free shops post-pandemic [1]. Competitive Advantages - The company has a significant operational barrier due to its exclusive status under the tobacco monopoly system in China, which is rare and positions it well for future benefits from overseas expansion and integration [1]. - The company enjoys strong cash flow and pricing power, backed by the China Tobacco Group, with stable revenue growth and relatively low fluctuations in gross margins [1]. Financial Projections - Revenue projections for the company are estimated at 136.36 billion HKD, 152.77 billion HKD, and 171.97 billion HKD for the years 2024, 2025, and 2026 respectively, with net profits expected to be 6.95 billion HKD, 7.78 billion HKD, and 9.13 billion HKD [1].

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2023, representing a 15% increase compared to the previous year[1]. - The company achieved a revenue of HKD 11,836,221 thousand for the year 2023, representing a 42% year-on-year increase compared to HKD 8,324,205 thousand in 2022[12]. - Total revenue for the year ended December 31, 2023, was HKD 11,836,221 thousand, an increase of 9.9% from HKD 10,747,897 thousand in 2022[188]. - Operating profit for 2023 reached HKD 1,026,455 thousand, up 46.5% compared to HKD 700,672 thousand in 2022[188]. - Net profit for the year was HKD 692,373 thousand, representing a 49.2% increase from HKD 464,160 thousand in the previous year[188]. - The net profit attributable to equity holders of the company was HKD 598,773 thousand, a 60% increase from HKD 374,905 thousand in the previous year[12]. - Basic and diluted earnings per share increased to HKD 0.87 from HKD 0.54, reflecting a growth of 61.1%[188]. - The gross profit margin improved to 40%, up from 35% in the previous year[1]. - The company reported a gross profit of HKD 1,088,324 thousand, which is a 35.0% increase from HKD 806,389 thousand in 2022[188]. Market Expansion and Strategy - The company expects a revenue growth of 10% for the next fiscal year, projecting a target of HKD 1.32 billion[1]. - New product launches are anticipated to contribute an additional HKD 200 million in revenue in 2024[1]. - The company is expanding its market presence in Southeast Asia, aiming for a 25% market share by 2025[1]. - A strategic acquisition of a local competitor is expected to enhance operational efficiency and increase market penetration[1]. - The company is committed to expanding its market presence in non-China markets and enhancing the competitiveness of its products[13]. - The company plans to enhance its operational capabilities and focus on sustainable development to ensure stable cash flow and long-term returns for shareholders[15]. - The company aims to explore investment and acquisition opportunities that create synergies with its strategic and business goals[15]. Supply Chain and Procurement - The company has established a long-term supply agreement with key suppliers to ensure product availability and cost stability[1]. - The company is focusing on improving the efficiency of its supply chain and optimizing pricing strategies to enhance profitability in the tobacco leaf business[15]. - The procurement transaction amount for tobacco leaf products during the reporting period was HKD 249.1 million, accounting for approximately 3.2% of the total procurement amount for tobacco leaf products[64]. - The total procurement amount from related party transactions at the issuer level was HKD 3,088.5 million, which is approximately 27.6% of total procurement during the reporting period[37]. Related Party Transactions - The total revenue from related party transactions at the issuer level was HKD 8,079.0 million, accounting for approximately 68.3% of total revenue during the reporting period[37]. - The total revenue from related party transactions at the subsidiary level was HKD 965.5 million, representing about 8.2% of total revenue during the reporting period[37]. - The company has established exclusive and long-term supply framework agreements for both imported and exported tobacco leaf products, which are indefinite unless terminated by the company[39][42]. - The company has been authorized by the Stock Exchange to be exempt from strict compliance with annual caps for sales transactions under the imported tobacco leaf products framework agreement[41]. Financial Position and Assets - Current assets net value increased to HKD 2,216.0 million as of December 31, 2023, from HKD 1,824.1 million as of December 31, 2022[29]. - Total assets amounted to HKD 6,740.4 million as of December 31, 2023, compared to HKD 6,370.5 million as of December 31, 2022[33]. - Total liabilities decreased to HKD 4,045.1 million as of December 31, 2023, from HKD 4,132.9 million as of December 31, 2022[33]. - The debt-to-equity ratio was 0.92 as of December 31, 2023, compared to 0.94 as of December 31, 2022[34]. - The current ratio improved to 1.55 as of December 31, 2023, from 1.45 as of December 31, 2022[34]. Governance and Compliance - The company emphasizes compliance and governance, with independent non-executive directors bringing diverse experience from various industries[102]. - The independent non-executive directors confirmed that the continuing connected transactions were established under fair and reasonable terms and in accordance with regulatory agreements[93]. - The company has established an ESG task force to collect and report annual ESG data and monitor compliance with relevant laws and regulations[113]. - The company has maintained compliance with corporate governance standards and has adopted applicable principles from the Corporate Governance Code[138]. Employee and Management - The company will continue to invest in talent development and employee welfare to enhance workforce productivity and creativity[14]. - The company has a strong management team with extensive experience in finance and tobacco industry, including Qian Yi, who has 14 years of experience in the tobacco sector[105]. - The workforce comprises 281 full-time junior employees, 30 full-time middle management, and 12 full-time senior management, with a gender distribution of 84.10% male and 15.90% female among junior staff[161]. Risks and Challenges - The group faces risks from global anti-smoking movements and increasing consumer health concerns, which may lead to a decline in overall demand for tobacco products[112]. - Seasonal fluctuations may impact the group's performance, making it misleading to rely solely on revenue comparisons across different periods within the fiscal year[112]. - The export business of new tobacco products may encounter challenges due to evolving regulatory interpretations and implementations, potentially hindering growth[112]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.32 per share, which is a 60% increase compared to HKD 0.20 per share in the previous year[12]. - The company paid dividends of HKD 138,336,000 to equity holders, an increase from HKD 117,586,000 in the previous year, reflecting a commitment to returning value to shareholders[193].

港股公司报告 | 公司深度研究 中烟香港（06055） 证券研究报告 2024年04月 16日 投资评级 国内外需求回暖，践行走出去战略，中烟独家国际业务平台有望实 现高质量增长！ 行业 必需性消费/食物饮品 6个月评级 买入（维持评级） 一、中烟香港：中国烟草旗下独家国际业务平台，内生外延双轮驱动 当前价格 10港元 目标价格 17.2港元 中烟香港是中国烟草总公司（CNTC）指定的从事国际业务拓展平台及相关贸易业 务的独家营运实体，控股股东为中国烟草总公司及中烟国际集团有限公司。公司 独家运营烟叶制品进出口、卷烟出口至两国两地免税店及中国内地境内关外免税 基本数据 店、新型烟草制品出口等业务，并通过收购中烟巴西，开启巴西经营业务，进一 港股总股本(百万股) 691.68 步拓展深化产业链布局，提升盈利能力。2023年，公司实现营业收入118.36亿港 港股总市值(百万港元) 6,916.80 元，同比增加 42%，实现归属于公司权益持有人的净利润 5.99亿港元，同比大幅 每股净资产(港元) 3.61 增加 60%，此外，公司拟派发截至 2023年 12月 31日年度末期股息每股 0.32港 资产负债率( ...

公司动态 2024 年 3 月 15 日 中烟香港（6055.HK） 证券研究报告 食品饮料 业绩大幅增长 中烟香港（6055.HK）是中烟集团旗下唯一上市平台，主营烟叶进出口、卷烟出口、 投资评级： Xx 未评级 新型烟草出口业务。公司23年业绩突破历史新高，收入118亿港元，同比增长42%， 目标价格： 未评级 净利润6.9亿港元，同比增长49%，增长强劲。我们认为在全球烟叶供小于求的背 景下，公司仍将保持量价齐增的趋势，预期未来仍有稳健的增长。此外公司也计划 现价(2024-3-14)： 10.68港元 逐步提高派息比率，增加股东回报。当前PE-TTM仅为11x，推荐关注。 报告摘要 进口业务增速较高，量价齐升。23年烟叶进口业务为80.8亿港元，同比增长49%， 总市值(百万港元) 7,387.14 进口数量11.7万吨，同比增长27%，进口均价6.89万港元/吨，同比增长16.8%，实 流通市值(百万港元) 7,387.14 现了量价齐升。销量增长一方面受到国内烟叶需求增长的推动，另一方面22年发送 总股本(百万股) 691.68 的货物延迟到23年才到岸确认收入，带来收入的短期波动。并且，由于全球 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 21.3 HKD, compared to the current price of 10.94 HKD, indicating a potential upside of over 20% [1]. Core Views - The report highlights that the company has experienced significant growth in cigarette and new tobacco exports, with expectations for accelerated expansion in 2024. The company reported a revenue of 11.836 billion HKD in 2023, a year-on-year increase of 42.19%, and a net profit of 599 million HKD, up 59.72% year-on-year, exceeding previous profit forecasts [1]. Summary by Sections Revenue Breakdown - The company’s revenue sources include: - Tobacco leaf product exports generated 1.652 billion HKD in 2023, a decrease of 22% year-on-year, accounting for 14.0% of total revenue [1]. - Tobacco leaf imports saw revenue of 8.079 billion HKD, a 49% increase year-on-year, making up 68.3% of total revenue [1]. - Cigarette exports reached 1.209 billion HKD, a substantial increase of 876% year-on-year, contributing 10.2% to total revenue [1]. - New tobacco product exports generated 130 million HKD, an 18% increase year-on-year, accounting for 1.1% of total revenue [1]. - Operations in Brazil yielded 766 million HKD, a 41% increase year-on-year, representing 6.5% of total revenue [1]. Profitability Metrics - The gross profit margins for various segments were reported as follows: - Tobacco leaf exports had a gross margin of 2.7%, up 0.1 percentage points year-on-year [1]. - Tobacco leaf imports had a gross margin of 9.1%, down 2.4 percentage points year-on-year [1]. - Cigarette exports achieved a gross margin of 13.6%, an increase of 3.1 percentage points year-on-year [1]. - New tobacco products had a gross margin of 4.4%, up 1.5 percentage points year-on-year [1]. - Brazilian operations reported a gross margin of 18.4%, down 2.5 percentage points year-on-year [1]. Future Outlook - The company is positioned as the exclusive international business platform for China National Tobacco Corporation, which is expected to benefit from ongoing overseas expansion and potential acquisitions. The report anticipates revenue growth for 2024, 2025, and 2026 to be 13.636 billion HKD, 15.277 billion HKD, and 17.197 billion HKD respectively, with net profits projected at 695 million HKD, 778 million HKD, and 913 million HKD [1].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 11,836,221, representing a 42% increase compared to HKD 8,324,205 in 2022[2] - Gross profit increased by 35% to HKD 1,088,324 from HKD 806,389 year-on-year[2] - Net profit for the year was HKD 692,373, a 49% increase from HKD 464,160 in the previous year[2] - Operating profit rose to HKD 1,026,455, up 46% from HKD 700,672 in 2022[4] - The company reported a basic and diluted earnings per share of HKD 0.87, up from HKD 0.54 in the previous year[2] - The company's pre-tax profit for the year was HKD 615,629, with a net profit of HKD 464,160 after tax expenses of HKD 151,469[20] - The company's profit before tax for 2023 was HKD 859,059,000, an increase from HKD 615,629,000 in 2022, representing a growth of approximately 39.5%[30] - Net profit attributable to equity holders grew by 60% to HKD 598.8 million, supported by growth in tobacco products and interest income[56] Dividends - The company proposed a final dividend of HKD 0.32 per share, a 60% increase compared to HKD 0.20 per share in 2022[2] - The proposed final dividend is HKD 0.32 per share for the year ended December 31, 2023, compared to HKD 0.20 per share for 2022, totaling approximately HKD 221.34 million based on 691,680,000 shares issued[68] - The annual general meeting will be held on May 17, 2024, to approve the proposed final dividend[69] Revenue Sources - Revenue from leaf products sales reached HKD 10,496,971,000, up from HKD 8,089,659,000 in the previous year, marking a growth of about 29.8%[13] - The company generated approximately HKD 8,079,031,000 from a single customer, which accounted for over 10% of total revenue, compared to HKD 6,338,681,000 from two customers in 2022[14] - Revenue from external customers in China (excluding special administrative regions) increased to HKD 9,015,260 in 2023, up from HKD 5,517,101 in 2022, representing a growth of 63.5%[21] Costs and Expenses - Financing costs increased significantly by 97% to HKD 167,396 from HKD 85,043[2] - The cost of goods sold amounted to HKD 10,694,104 in 2023, compared to HKD 7,480,270 in 2022, indicating an increase of 42.5%[26] - Employee costs, including director remuneration, totaled HKD 102,807 in 2023, slightly down from HKD 103,105 in 2022[25] - The depreciation expense for owned properties and equipment was HKD 19,989 in 2023, compared to HKD 19,320 in 2022[26] Assets and Liabilities - Total assets less current liabilities amounted to HKD 2,742,782, an increase from HKD 2,294,526 in 2022[6] - Non-current assets totaled HKD 2,695,292, compared to HKD 2,237,590 in 2022[8] - The total assets for the reporting segments amounted to HKD 6,740,395,000, while total liabilities were HKD 4,045,103,000[19] - The total liabilities reported were HKD 4,132,931, with total assets amounting to HKD 6,370,521 as of December 31, 2022[20] - The group's current assets increased to HKD 2,216.0 million from HKD 1,824.1 million in 2022[58] Market and Business Strategy - The company continues to focus on expanding its export business for leaf products to Southeast Asia, Hong Kong, Macau, Taiwan, and Europe[15] - The company plans to focus on "internal growth and external expansion" in 2024, emphasizing the construction of a capital operation platform and innovative business development[50] - The company aims to optimize the procurement model for cigar tobacco leaves to enhance sales and gross profit, capitalizing on the growing domestic demand[50] - The company will strengthen pricing capabilities and stabilize the supply of imported tobacco leaves while enhancing profitability from exported tobacco leaves[50] - The company is committed to expanding its market presence and innovating business models to increase development space across various business lines[50] Compliance and Governance - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the current accounting period[11] - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2023[71] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ended December 31, 2023, confirming that the financial statements are prepared in accordance with applicable accounting standards[73] Other Financial Metrics - Interest income rose significantly to HKD 99,181 in 2023, compared to HKD 31,757 in 2022, marking an increase of 212.5%[23] - The effective tax rate for Hong Kong profits tax was maintained at 16.5% for both 2023 and 2022[28] - The nominal tax calculated based on the applicable tax rate for the profit before tax was HKD 188,912,000 in 2023, compared to HKD 147,932,000 in 2022, reflecting a rise of about 27.6%[30] - The total current tax liabilities for 2023 were HKD 67,002,000, compared to a liability of HKD 38,819,000 in 2022, representing an increase of about 72.5%[31] Segment Performance - The import volume of tobacco leaf products reached 117,216 tons in 2023, an increase of 25,252 tons or 27% year-on-year, with revenue of HKD 8,079.0 million, up by HKD 2,654.3 million or 49%[45] - The export volume of tobacco leaf products decreased to 70,509 tons, down by 25,022 tons or 26%, with revenue of HKD 1,652.2 million, a decline of HKD 470.1 million or 22%[46] - The export volume of cigarettes surged to 2,803,867 thousand sticks, an increase of 2,420,560 thousand sticks or 631%, with revenue of HKD 1,208.7 million, up by HKD 1,084.9 million or 876%[47] - The export volume of new tobacco products reached 677,310 thousand sticks, an increase of 174,920 thousand sticks or 35%, with revenue of HKD 130.0 million, up by HKD 19.8 million or 18%[48] - CBT's exports of tobacco leaf products outside China amounted to 32,396 tons, an increase of 3,149 tons or 11%, with revenue of HKD 766.3 million, up by HKD 223.1 million or 41%[49]