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，概不就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。 中煙國際（香港）有限公司 China Tobacco International (HK) Company Limited （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：6055） 截至2025年6月30日止六個月中期業績公告 中煙國際（香港）有限公司公佈本集團截至2025年6月30日止六個月的未經審核綜合中期業 績，連同截至2024年6月30日止六個月之比較數字如下。 | 財務摘要 | | | | | --- | --- | --- | --- | | | | | 單位：千港元 | | | 截至2025年 | 截至2024年 | | | | 6月30日 | 6月30日 | | | 項目 | 止六個月 | 止六個月 | | | | （未經審核） | （未經審核） | 同比變化(%) | | 收入 | 10,316,249 | 8,704,047 | 18.5% | | 銷售成本 | ...

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]

Group 1: Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35% [1] - The early trading volume in the Hong Kong stock market reached HKD 143.8 billion [1] Group 2: Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, driven by a collective rise in pharmaceutical stocks following the debut of the "dual directory" for drug applications [1] - Zhonghui Biotech-B (02627) saw a significant increase of 24%, while Jiuyuan Gene (02566) rose by 8.99%, and Kintor Pharmaceutical (09939) increased by 5.7% [1] - Innovent Biologics (01801) experienced a rise of 7.27%, and He Yu-B (02256) reached a new high with a 7.38% increase, reporting a 59% year-on-year growth in net profit for the first half of the year [1] Group 3: Pharmaceutical Developments - Daqi Pharmaceutical-B (06996) rose over 15% as Claudin 18.2 ADC was proposed for inclusion as a breakthrough therapy [2] Group 4: Technology Sector - Tencent's subsidiaries reported generally better-than-expected earnings, with Tencent Music-SW (01698) rising by 15%, and Reading Group (00772) also increasing by over 15% [2] - Weimeng Group (02013) saw an increase of over 7% [2] Group 5: Industrial and Manufacturing Sector - Chongqing Machinery (02722) rose by 8.9%, with an expected 50% year-on-year growth in net profit due to rapid growth in AIDC engine demand [3] - Zhongyan Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export tax-free business, with earnings to be announced next Friday [3] Group 6: Technology and Electronics - Qiu Tai Technology (01478) rose by over 8%, reporting a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [4] - Hong Teng Precision (06088) increased by over 9% post-earnings, with a cumulative rise of over 60% in the month, reporting an 11% revenue growth but a 3% decline in net profit [5] - Minmetals Resources (01208) rose by over 9% after reporting a 15-fold increase in net profit for the first half of the year and lowering cost guidance for its mines [6] Group 7: Performance Review - 361 Degrees (01361) fell by over 10% post-earnings, with institutions stating that the first half performance met expectations, but net profit growth was slightly lower than revenue growth [7]

国泰海通证券指出，中烟香港卷烟出口独家经营区域为泰国、新加坡、中国港澳、中国境内免税，其 中，境内免税卷烟业务占比80%+、贡献2024年公司整体收入的约10%，为近年公司成长性较强的业务 板块，属于本次征求意见稿影响范畴。文件发布后中烟香港积极沟通，目前已就保持公司自中国烟草总 公司集团采购卷烟并独家销售至中国境内免税市场的经营地位达成共识。从7月27日公告内容来看，该 行认为本次事件对公司业务的实质性冲击有限，公司"资本市场运作和国际业务拓展平台"的定位不变， 长期仍具潜力，关注后续进展。 消息面上，7月25日，国家烟草专卖局发布《境内免税市场烟草制品管理办法（征求意见稿）》，中烟 香港公告回应上级部门相关管理办法，经积极沟通境内卷烟出口免税业务有望仍由中烟香港经营，暂无 实质变化。此外，中烟香港拟于8月22日(下周五)举行董事会会议批准中期业绩。 智通财经APP获悉，中烟香港(06055)早盘涨超7%，截至发稿，涨6.89%，报35.68港元，成交额1.42亿港 元。 ...

国泰海通证券指出，中烟香港卷烟出口独家经营区域为泰国、新加坡、中国港澳、中国境内免税，其 中，境内免税卷烟业务占比80%+、贡献2024年公司整体收入的约10%，为近年公司成长性较强的业务 板块，属于本次征求意见稿影响范畴。文件发布后中烟香港积极沟通，目前已就保持公司自中国烟草总 公司集团采购卷烟并独家销售至中国境内免税市场的经营地位达成共识。从7月27日公告内容来看，该 行认为本次事件对公司业务的实质性冲击有限，公司"资本市场运作和国际业务拓展平台"的定位不变， 长期仍具潜力，关注后续进展。 中烟香港(06055)早盘涨超7%，截至发稿，涨6.89%，报35.68港元，成交额1.42亿港元。 消息面上，7月25日，国家烟草专卖局发布《境内免税市场烟草制品管理办法（征求意见稿）》，中烟 香港公告回应上级部门相关管理办法，经积极沟通境内卷烟出口免税业务有望仍由中烟香港经营，暂无 实质变化。此外，中烟香港拟于8月22日(下周五)举行董事会会议批准中期业绩。 ...

格隆汇8月12日丨中烟香港(06055.HK)宣布，本公司将于2025年8月22日（星期五）举行董事会会议，以 （其中包括）(i)考虑及批准刊发本公司及其附属公司截至2025年6月30日止六个月的中期业绩，并将其 刊登于香港联合交易所有限公司和本公司网站；(ii)考虑宣布及派发中期股息（如有）；(iii)考虑暂停办 理本公司股份过户登记手续（如有需要）；及(iv)处理其他事务（如有）。 ...

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，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中煙國際（香港）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二五 年八月二十二日（星期五）舉行董事會會議，以（其中包括）(i)考慮及批准刊發本公司及其 附屬公司截至二零二五年六月三十日止六個月之中期業績，並將其刊登於香港聯合交易 所有限公司和本公司網站；(ii)考慮宣佈及派發中期股息（如有）；(iii)考慮暫停辦理本公司 股份過戶登記手續（如有需要）；及(iv)處理其他事務（如有）。 承董事會命 中煙國際（香港）有限公司 主席 邵岩 中煙國際（香港）有限公司 China Tobacco International (HK) Company Limited （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：6055） 董事會會議日期 香港，二零二五年八月十二日 於本公告日期，董事會由主席兼非執行董事邵岩先生、執行董事代佳輝先生、王成瑞先生、 徐增云先生及茅紫璐女士， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中煙國際（香港）有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06055 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 691,680,000 | | 0 | | 691,680,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 691, ...

Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

Core Viewpoint - The State Tobacco Monopoly Administration has issued a new management regulation for tobacco products in the domestic duty-free market, which aims to strengthen supervision and maintain market order due to existing issues such as unregulated business practices and smuggling [1][2]. Group 1: Policy Background - The new regulation addresses problems in the domestic duty-free tobacco market, including unregulated operations, unclear sources of imported tobacco products, and lack of logistics traceability, which harm national tax revenue and consumer rights [1]. - The regulation specifically targets the wholesale and retail of duty-free tobacco products in the domestic market, covering various tobacco products including cigarettes, cigars, and tobacco leaves, while prohibiting the sale of heated tobacco and e-cigarettes [2]. Group 2: Business Impact - The regulation will unify the management of duty-free tobacco product imports and exports under state-owned trade, requiring retail enterprises to submit procurement requests and wholesale enterprises to source from suppliers [2]. - The implementation of this regulation could lead to further development of the company's cigarette import and export business, contingent on the effectiveness of the new laws and regulations [2]. Group 3: Financial Forecast and Investment Rating - The company, as the only publicly listed entity under China Tobacco's international operations, is expected to see stable growth in its tobacco leaf export business, with potential for increased elasticity in cigarette and new tobacco product exports [3]. - The profit forecast for the company has been adjusted downward due to tariffs and geopolitical factors, with expected net profits for 2025-2027 being HKD 870 million, 1.01 billion, and 1.13 billion respectively, maintaining a "buy" rating [3].