Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][13]. Core Viewpoints - The company reported a revenue of HKD 10.316 billion for the first half of 2025, representing a year-on-year increase of 18.5%, and a net profit of HKD 706 million, up 9.8% year-on-year. The interim dividend per share was HKD 0.19, an increase of 26.7% year-on-year [1][3]. - The tobacco leaf import and export business benefited from rising tobacco leaf prices, while the self-operated proportion of the cigarette business continued to increase. The company is positioned as the exclusive operator for international business expansion and related trade for China National Tobacco Corporation, which is expected to continue driving high-quality growth [1][2]. - The company has a unique operating model with strong cash flow and bargaining power, backed by China National Tobacco Group. It is anticipated to benefit from overseas expansion and potential acquisitions in the future [2][3]. Summary by Relevant Sections Financial Performance - For the first half of 2025, the tobacco leaf export business generated revenue of HKD 1.156 billion, up 25.9% year-on-year, accounting for 11.2% of total revenue. The gross margin was 5.5%, an increase of 2.4 percentage points [8]. - The tobacco leaf import business achieved revenue of HKD 8.399 billion, a 23.5% increase year-on-year, making up 81.4% of total revenue, with a gross margin of 8.2%, down 2.8 percentage points [8]. - The cigarette export business reported revenue of HKD 552 million, a slight increase of 0.8% year-on-year, with a gross margin of 25.7%, up 3.5 percentage points [8]. - The new tobacco products export business saw a significant decline in revenue, down 66.5% year-on-year to HKD 15 million, accounting for 0.1% of total revenue [8]. - The Brazilian operations generated revenue of HKD 195 million, down 50.3% year-on-year, with a gross margin of 27.4%, up 10.2 percentage points [8]. Business Model and Competitive Advantage - The company holds a rare exclusive operating right for international tobacco business, which is expected to provide continued benefits from overseas expansion and mergers and acquisitions [2][3]. - The business model is characterized by strong cash flow and high bargaining power, supported by a stable revenue growth trend due to existing pricing policies [2][3].

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

Core Viewpoint - CICC has raised the profit forecast for China Tobacco Hong Kong (06055) for the fiscal year 2025/26 by 5% and 8% to HKD 9.8 billion and HKD 10.9 billion respectively, reflecting the growth momentum in the tobacco leaf import and export business [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 18.5% to HKD 10.32 billion, and net profit attributable to shareholders rose by 9.8% to HKD 710 million, both exceeding CICC's expectations due to favorable tobacco leaf import shipping schedules and optimized export product structure [2] - The revenue from tobacco leaf imports grew by 23.5%, with import volume and average price increasing by 2.5% and 20.5% respectively, leading to a higher proportion of high-priced tobacco leaves [3] - Tobacco leaf exports saw a revenue increase of 25.9%, with export volume and average price rising by 12.7% and 11.7% respectively, driven by the expansion of new customers and product structure optimization [3] Group 2: Margin Analysis - The company's gross margin for the first half of 2025 was 9.2%, a decrease of 1.9 percentage points, with improved gross margins in tobacco leaf exports and self-operated cigarette exports due to pricing strategy optimization [3] - The gross margin for tobacco leaf exports increased by 2.4 percentage points, while the gross margin for self-operated cigarette exports rose by 3.5 percentage points [3] - However, the gross margin for tobacco leaf imports decreased by 2.8 percentage points due to rising costs from unfavorable climate conditions [3] Group 3: Growth Drivers - The company is expected to strengthen its international allocation capabilities in tobacco leaf imports, leading to stable operational growth [4] - The expansion of duty-free channel development and the introduction of self-operated product lines in cigarette exports, along with a global exclusive distribution agreement for Long Wall cigars with Sichuan Tobacco, are anticipated to open up growth opportunities [4] - The company aims to actively seek potential high-quality targets that align with the group's strategic goals to enhance global competitiveness through external mergers and acquisitions [4]

烟叶进出口营收快增，卷烟出口、新型烟草及巴西业务短期承压 1H25具体看，1)烟叶进口：收入同增23.5%，其中进口量/均价同增2.5% /20.5%，发运节奏影响下均价 较高烟叶占比提升;2)烟叶出口：收入同增25.9%，其中出口量/均价同增12.7%/11.7%，公司积极拓展新 客户，产品结构优化带动均价提升;3)卷烟出口：收入同增0.8%，销量/均价同比-7.9%/+9.4%，发运节奏 影响下销量短期承压，产品结构优化带动均价提升;4)新型烟草：收入同降66.4%，销量/均价同降 65.4%/3.1%，供应链及海外监管波动下经营承压;5)巴西业务：收入同降50.3%，销量/均价同降 34.8%/23.8%，气候制约、副产品出货节奏影响收入增速; 烟叶出口、卷烟出口及巴西业务毛利率向好，气候影响烟叶进口盈利水平 智通财经APP获悉，中金发布研报称，基于烟叶进出口业务成长势头，上调中烟香港(06055)2025/26年 归母净利润5%/8%至9.8/10.9亿港元，现价对应2025/26年27/24倍P/E。考虑公司作为中国烟草独家境外 资本运作平台的稀缺价值、内生+外延成长空间，上调公司评级至跑赢行业。基 ...

智通财经APP获悉，中烟香港(06055)涨超9%，高见40.8港元刷新上市新高。截至发稿，涨9.07%，报 40.64港元，成交额1.81亿港元。 消息面上，中烟香港近日发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港 元，同比增加9.79%；拟派发中期股息每股0.19港元。华泰证券指，公司上半年收入表现亮眼，该行判 断主要得益于公司烟叶进出口业务表现优异，上半年实现量价齐升。展望未来，该行认为公司独家经营 地位壁垒深厚，享有较强的议价能力，烟叶进出口主业有望继续保持稳健成长，卷烟等新兴业务有望贡 献业绩增量。此外，作为中烟国际在资本市场运作和国际业务拓展的指定境外平台，外延拓展空间可 期。"内生增长+外延拓展"并举，看好成长潜力，维持"买入"。 ...

消息面上，中烟香港近日发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港 元，同比增加9.79%；拟派发中期股息每股0.19港元。华泰证券指，公司上半年收入表现亮眼，该行判 断主要得益于公司烟叶进出口业务表现优异，上半年实现量价齐升。展望未来，该行认为公司独家经营 地位壁垒深厚，享有较强的议价能力，烟叶进出口主业有望继续保持稳健成长，卷烟等新兴业务有望贡 献业绩增量。此外，作为中烟国际在资本市场运作和国际业务拓展的指定境外平台，外延拓展空间可 期。"内生增长+外延拓展"并举，看好成长潜力，维持"买入"。 中烟香港(06055)涨超9%，高见40.8港元刷新上市新高。截至发稿，涨9.07%，报40.64港元，成交额1.81 亿港元。 ...

Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].

华泰证券报告指出，中烟香港上半年收入同比增长18.5%；归母净利润同比增长9.8%。该行认为业绩增 长得益于烟叶进出口业务的量价齐升。展望未来，华泰证券看好公司凭借独家经营地位和较强议价能 力，在烟叶进出口主业上继续稳健成长，新兴业务亦有望贡献增量，同时作为境外平台的外延拓展空间 可期。因此，该行维持"买入"评级，并将目标价上调至41.4港元。 ...

消息面上，中烟香港发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港元， 同比增加9.79%；拟派发中期股息每股0.19港元。国金证券指出，烟叶进出口及卷烟出口业务单价提升 明显，整体营收表现稳健，受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草出口业务销 量/营收下滑明显。 智通财经获悉，中烟香港(06055)绩后跌超7%，截至发稿，跌6.11%，报35.62港元，成交额2.08亿港 元。 本文源自：智通财经网 该行指出，上半年公司毛利率与净利率为9.17%与7.00%，同比-1.91/-0.81pct。整体毛利率下滑主因业务 结构变动，毛利率有所下滑的烟叶进口业务营收占比同比提升3.26pct至81.41%。公司自CBT采购的烟叶 成本上升幅度大于单价的提升幅度，使烟叶进口毛利率有所下滑。公司在卷烟出口上持续拓展自营渠道 且不断引入新品以提升客单价，带来毛利率的较快上升。内生业务盈利能力提升依然具备确定性，继续 期待外延跨越式发展。 ...

机构：国金证券 研究员：赵中平/张杨桓/尹新悦 8 月22 日公司发布2025 年半年报，25H1 营收/归母净利润分别同比+18.52%/+9.79%至103.16/7.06 亿港 元。2025 年半年度股息为0.19 港元/股。 经营分析 烟叶进出口及卷烟出口业务单价提升明显，整体营收表现稳健。 25H1 烟叶进口业务营收同比+23.47%至83.99 亿港元，销量/单价同比+2.5%/+20.50%。烟叶进口业务营 收增速显著大于销量增速，主因销售单价提升明显。25H1 烟叶出口业务营收同比+25.92%至11.56 亿港 元，销量/单价同比+12.7%/+11.66%。公司积极拓展出口新客户且优化定价，在保证销量增长的同时单 价亦有相当增长。 受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草出口业务销量/营收下滑明显。25H1 巴 西经营业务营收同比-50.32%至1.95 亿港元，销量/单价同比-34.8%/-23.78%。受烟叶种植期间极端天气 影响，巴西经营业务销量/营收表现均欠佳。 H1 结构性因素致整体利润率下降，多数业务盈利能力仍处提升趋势。25H1 公司毛利率与净利率为 9.17 ...