Core Viewpoint - The company has entered into a framework agreement with Leaf Trading for the sale of tobacco leaf products, which is expected to enhance its business development and meet global market demand for these products [1] Group 1: Agreement Details - The agreement with Leaf Trading is set to commence on January 27, 2026, focusing on the sale of tobacco leaf products [1] - The company anticipates that other contacts globally, such as Pyxus, will also procure tobacco leaf products for their production needs or for resale to end customers [1] Group 2: Business Development - The framework agreement is seen as a significant step towards further business development for the company [1] - The company aims to generate additional revenue by satisfying overseas demand for tobacco leaf products, aligning with its business and commercial objectives [1]

Core Viewpoint - The company has entered into a framework agreement with Leaf Trading for the sale of tobacco leaf products, which is expected to enhance its business development and meet global market demand for these products [1]. Group 1: Agreement Details - The company announced a framework agreement with Leaf Trading for the sale of tobacco leaf products, effective January 27, 2026 [1]. - This agreement is part of the company's strategy to expand its sales and export business in tobacco leaf products [1]. Group 2: Business Relationships - The company has established a long-term and stable export business relationship with Alliance One Group for tobacco leaf product sales [1]. - The company anticipates that other global contacts, such as Pyxus and Leaf Trading, will also procure tobacco leaf products for their production needs or for resale to end customers worldwide [1]. Group 3: Future Business Development - The company believes that the agreement with Leaf Trading will contribute to further business development by meeting overseas demand for tobacco leaf products, thereby generating additional revenue [1]. - This initiative aligns with the company's business and commercial objectives, marking an important step in its growth strategy [1].

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） 持續關連交易 煙葉類產品出口至新地區框架協議之年度上限修訂 茲提述內容有關煙葉類產品出口至新地區框架協議項下擬進行之持續關連交易之公告。 於2026年1月27日，本公司與作為相關賣方的中煙國際（北美）訂立煙葉類產品出口至新 地區框架協議，並擬據此上調煙葉類產品出口至新地區框架協議項下擬進行的持續關 連交易截至2026年12月31日止年度及截至2027年11月26日止期間的現有年度上限。 各賣方（包括中煙國際（北美））均為中國煙草總公司的附屬公司。於本公告日期，中國 煙草總公司繼而透過其直接全資附屬公司中煙國際集團持有本公司已發行股本總額約 72.29%，且為本公司的最終控股股東。因此，各賣方（包括中煙國 ...

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。 LEAF TRADING煙草銷售框架協議 於2026年1月27日，本公司與Leaf Trading訂立Leaf Trading煙草銷售框架協議，內容有關 本公司向Leaf Trading銷售煙葉類產品。 於本公告日期，中煙巴西為本公司的全資附屬公司，而CBT為本公司的非全資附屬公司， 並由本公司（透過中煙巴西）及Alliance One Brazil（Pyxus的間接全資附屬公司）分別擁有 51%及49%股權。於本公告日期，Leaf Trading為Pyxus的間接全資附屬公司。因此，Leaf Trading為本公司於附屬公司層面的關連人士，而Leaf Trading煙草銷售框架協議及其項 下的交易構成上市規則第14A章項下本公司的持續關連交易。 由於煙草銷售框架協議及CBT煙 草 銷 售 框 架 協 議（經2025年 延 長 協 議 修 訂）各 自 由 Alliance One集團與本集團訂立，而本集 ...

Core Viewpoint - China Tobacco Hong Kong is positioned as the exclusive operational entity within the China Tobacco system, focusing on international business expansion and capital market operations, with a long-term outlook for integrating quality overseas assets and pursuing external acquisition opportunities [1] Group 1: Business Operations - The Chinese tobacco industry operates under a governance system that generates significant revenue, with an expected total industry tax and profit of 16,008 billion yuan in 2024, accounting for 7% of fiscal revenue [1] - The company has exclusive rights to import and export tobacco leaves, with a pricing model that includes a regular import markup of 6% and export procurement price reductions of 1%-4% [2] - The company operates duty-free shops in Thailand and Singapore, covering over 200 duty-free and taxable retail points, with a pricing strategy that includes markups of 1%-5% [2] Group 2: Financial Performance - The company is projected to achieve a revenue and net profit compound annual growth rate (CAGR) of 10% and 12% respectively from 2016 to 2024, indicating a trend of operational growth [1] - The Brazilian business segment has shown significant growth, with revenue increasing from 315 million HKD in 2021 to 1.05 billion HKD in 2024, reflecting a CAGR of 49.4% [3] Group 3: Strategic Development - The company is expected to benefit from the global trend towards new tobacco products, with ongoing efforts to expand its market presence in Southeast Asia, the Russian region, the Middle East, and Europe [3] - The company has signed procurement agreements with various industrial companies in China, focusing on the sale of heated-not-burn (HNB) products to retailers outside of China [3] - The company aims to align its growth strategy with that of international tobacco giants like Philip Morris International, indicating a broad growth potential [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [13][14]. Core Insights - The company is the only publicly listed entity within the China Tobacco system, tasked with the mission of "international business expansion and capital market operations" [9][18]. - The company has a unique business model with stable operations and strong profit margins, benefiting from exclusive rights in its operations [10][31]. - The company has significant potential for both organic growth and external acquisitions, with a vast reserve of overseas assets within the China Tobacco system [9][10]. Summary by Sections Business Overview - The company operates as the core platform for overseas capital operations and international business expansion within the China Tobacco system [9][18]. - It is expected to integrate high-quality overseas assets from the China Tobacco system and actively seek external acquisition targets to enhance its growth [9][10]. Financial Performance - From 2016 to 2024, the company's revenue and net profit are projected to grow at CAGRs of 10% and 12%, respectively, indicating a stable upward trend in operations [9][10]. - The company has a light asset model with high return on equity (ROE), primarily relying on inventory and receivables, with fixed assets valued at less than 100 million HKD [10][35]. Tobacco Leaf Business - The company has exclusive rights to import and export tobacco leaves, with a projected CAGR of 11% for its import business from 2018 to 2024 [57]. - The pricing model for imported tobacco leaves is based on a fixed markup, typically around 6% [57]. Cigarette Export Business - The company operates in duty-free shops across two countries (Thailand and Singapore) and has a dual model of self-operated and wholesale sales, covering over 200 duty-free outlets [10][31]. - The long-term growth of the cigarette export business is expected to be driven by an increase in self-operated sales, product category expansion, and growth in taxable channels [10][31]. Global Development - The company is positioned to benefit from the global trend towards new tobacco products, with ongoing efforts to expand its market presence in Southeast Asia, Eastern Europe, and the Middle East [12][31]. - The company has already seen significant growth in its Brazilian operations, with revenue increasing from 315 million HKD in 2021 to 1.05 billion HKD in 2024, reflecting a CAGR of 49.4% [11][12]. New Tobacco Products - The company is actively developing its new tobacco product export business, focusing on heated non-combustible products, with plans to expand into various international markets [12][31]. - The long-term outlook for this segment is positive, contingent on the introduction of competitive new tobacco products by local industrial companies [12][31].

每经AI快讯，中烟香港(06055.HK)一度涨近10%，截至发稿涨8.93%，报39.76港元，成交额2.52亿港 元。 ...

Core Viewpoint - China Tobacco Hong Kong (06055) has seen a nearly 10% increase in stock price, currently up 8.93% at HKD 39.76, with a trading volume of HKD 252 million, following the release of new electronic cigarette industry policies by the National Tobacco Monopoly Administration [1] Group 1: Industry Policy Impact - The new policy emphasizes the separation of heated tobacco products and electronic cigarettes, indicating potential changes in the new tobacco industry [1] - Analysts from Changjiang Securities highlight the possibility of domestic heated non-combustible (HNB) products being launched, which could support the continued high-quality development of the China Tobacco system [1] Group 2: Company Strategy and Future Outlook - Huazhong Securities notes that China Tobacco Hong Kong serves as the designated platform for overseas capital market operations and international business expansion for China Tobacco, aligning with its global strategy [1] - There is potential for China Tobacco International to consolidate more import and export operations within China Tobacco Hong Kong, as well as to integrate overseas assets from local tobacco companies into the listed company for unified international expansion [1] - The company aims to enhance market share and product penetration by acquiring suppliers of tobacco leaf products, promising cigarette brands with growth potential, valuable new tobacco product brands, proprietary technologies, and quality wholesalers and sales channels [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has seen a nearly 10% increase in stock price, currently up 8.93% at HKD 39.76, with a trading volume of HKD 252 million, following the release of new electronic cigarette industry policies by the National Tobacco Monopoly Administration [1] Group 1: Industry Policy Impact - The new policy emphasizes the separation of heated tobacco products and electronic cigarettes, indicating potential changes in the new tobacco industry [1] - Analysts from Changjiang Securities suggest that if domestic heated non-combustible (HNB) products are launched, it could support the continued high-quality development of the China Tobacco system [1] Group 2: Company Strategy and Future Outlook - Huashan Securities notes that China Tobacco Hong Kong serves as the designated platform for overseas capital market operations and international business expansion for China Tobacco, aligning with its global strategy [1] - There is potential for China Tobacco International to consolidate more import and export operations within China Tobacco Hong Kong, as well as to integrate local tobacco companies' overseas assets into the listed company for unified international expansion [1] - The company aims to enhance market share and product penetration by acquiring suppliers of tobacco leaf products, promising cigarette brands, valuable new tobacco product brands, proprietary technologies, and quality wholesalers and sales channels [1]

Group 1 - Hong Kong's Hang Seng Index fell by 0.04%, down 11 points, closing at 26,552 points, while the Hang Seng Tech Index decreased by 0.66% with a trading volume of HKD 129.8 billion in the morning session [1] - Pop Mart (09992) surged over 8% as the company repurchased shares worth HKD 251 million [1] - Major airlines continued to rise, with strong expectations for industry growth; China Southern Airlines (01055) increased by 3.72%, China Eastern Airlines (00670) by 4.56%, and Air China (00753) by 2.5% [1] Group 2 - Weisheng Holdings (03393) rose nearly 9%, reaching new highs as the State Grid increased its investment scale, indicating a favorable phase for smart meter investments [2] - Health Road (02587) increased by over 4% after the controlling shareholder extended the lock-up period, and the company repurchased 327,000 shares recently [3] - Blucube (00325) rose against the trend by 3.95%, benefiting from the expansion of China's trendy toy industry and the enrichment of its IP system and product matrix [4] Group 3 - Hou Shang Ayi (02589) saw a rise of over 10% as its 25-year performance forecast exceeded expectations, with net profit expected to grow by up to 60% year-on-year [5] - Gigadevice (03986) increased by over 5%, reaching a new high as Micron reported worsening shortages of memory chips, indicating that supply tightness will persist beyond this year [6] - Damai Entertainment (01060) rose over 4% after announcing its entry into the museum sector, positioning itself to benefit from the upgrading of consumer structures [7] Group 4 - The commercial aerospace sector experienced declines, with Asia Pacific Satellite (01045) dropping by 6.9% and Goldwind Technology (02208) falling by over 3% [8] - Jiayuan Ankang-B (02617) fell over 9% as it proposed a placement to raise HKD 190 million, primarily for core product development [9]