Core Viewpoint - The article highlights the emerging trend of Chinese high-end manufacturing and cultural consumer goods going global, with cigars as a significant vehicle for Chinese brands to enter international markets [1] Group 1: Strategic Dimension - The collaboration among Sichuan Tobacco, Hubei Tobacco, Shandong Tobacco, and Anhui Tobacco aims to create a unified export channel for Chinese cigars, addressing challenges such as limited brand recognition and fragmented overseas distribution [3][4] - The partnership is a strategic decision based on long-term planning for the Chinese cigar industry, aiming to optimize resource allocation and enhance export efficiency [4] Group 2: Corporate Dimension - China Tobacco Hong Kong's recent agreements expand its cigar business from specific duty-free markets to a global market (excluding mainland China), marking a new phase in its market expansion [5] - The company has been preparing for this move since 2023, gaining valuable experience in the duty-paid cigar market, which will support its broader market strategy [5] Group 3: Brand Dimension - The integration of four major brands under China Tobacco Hong Kong creates a unified global IP for Chinese cigars, allowing for a collective narrative that enhances brand visibility and cultural significance [7] - Each brand contributes unique cultural elements, transforming the narrative from mere product export to a comprehensive cultural and brand output, thereby establishing a global identity for Chinese cigars [7][8] Group 4: Future Outlook - The agreements with four tobacco companies signify the establishment of a unified distribution model for Chinese cigars in overseas markets, paving the way for increased collaboration and influence in the global cigar market [10] - As the product system for Chinese cigars continues to improve, there is potential for enhanced cooperation among Chinese tobacco companies, further elevating the global presence of Chinese cigars [10]

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11月30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12月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 ...

Key Points - On November 21, Tencent Holdings (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) ranked as the top three in net inflow of southbound funds, with net inflows of 1.735 billion, 1.270 billion, and 1.156 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033), with net outflows of -5.138 billion, -1.106 billion, and -0.424 billion respectively [1] - In terms of net inflow ratio, Shenzhen Expressway Company (00548), China Everbright Bank (06818), and Xin Ao Energy (02688) led the market with ratios of 58.43%, 57.75%, and 56.76% respectively [1] - The top three in net outflow ratio were Wisdom Hong Kong 100 (02825), China Oriental Education (00667), and China Tobacco Hong Kong (06055), with ratios of -100.00%, -67.02%, and -59.95% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.735 billion, representing an increase of 11.98% in its closing price of 610.000, down by 1.77% [2] - Xiaomi Group-W (01810) saw a net inflow of 1.270 billion, with a net inflow ratio of 8.03% and a closing price of 38.080, up by 1.01% [2] - Alibaba-W (09988) recorded a net inflow of 1.156 billion, with a net inflow ratio of 5.51% and a closing price of 147.600, down by 4.65% [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -5.138 billion, with a net outflow ratio of -27.71% and a closing price of 25.360, down by 2.46% [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.106 billion, with a net outflow ratio of -24.09% and a closing price of 91.020, down by 2.59% [2] - Southern Hang Seng Technology (03033) recorded a net outflow of -0.424 billion, with a net outflow ratio of -3.05% and a closing price of 5.270, down by 3.66% [2] Net Inflow Ratio Rankings - Shenzhen Expressway Company (00548) led with a net inflow ratio of 58.43%, with a net inflow of 4.4352 million and a closing price of 7.430, down by 1.59% [3] - China Everbright Bank (06818) followed with a net inflow ratio of 57.75%, with a net inflow of 83.2548 million and a closing price of 3.560, down by 3.52% [3] - Xin Ao Energy (02688) had a net inflow ratio of 56.76%, with a net inflow of 2.55 billion and a closing price of 69.250, down by 0.57% [4] Net Outflow Ratio Rankings - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -47,000 and a closing price of 29.380, down by 2.84% [4] - China Oriental Education (00667) recorded a net outflow ratio of -67.02%, with a net outflow of -38.7559 million and a closing price of 5.550, down by 2.80% [4] - China Tobacco Hong Kong (06055) had a net outflow ratio of -59.95%, with a net outflow of -1.27 billion and a closing price of 33.240, down by 3.60% [4]

Core Viewpoint - 中烟香港 (06055.HK) experienced a significant increase in stock price, rising over 4% in early trading and currently trading at 38.68 HKD with a transaction volume of 45.83 million HKD [2] Summary by Category - **Stock Performance** - 中烟香港's stock rose by 3.92% to 38.68 HKD [2] - The stock saw an increase of over 4% in early trading [2] - The trading volume reached 45.83 million HKD [2]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed exclusive global distribution agreements for "Crown" cigars with Anhui Tobacco Industrial Co., Ltd., marking a significant step in establishing a global sales platform for Chinese cigars [1] Group 1: Company Developments - China Tobacco Hong Kong's stock rose over 4% in early trading, currently at HKD 38.68 with a trading volume of HKD 45.83 million [1] - The company has completed exclusive distribution agreements with Sichuan Tobacco, Hubei Tobacco, and Anhui Tobacco, and an exclusive agency agreement with Shandong Tobacco, indicating a robust strategy for global market penetration [1] Group 2: Market Position and Growth Potential - China Tobacco Hong Kong is the only capital platform under China Tobacco Group, benefiting from a strong regulatory environment and deep market barriers [1] - The company is expected to have stable internal growth drivers and significant potential for external growth, supporting China Tobacco's globalization strategy [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed exclusive global distribution agreements for "Wangguan" cigars, indicating a strategic move to establish a global sales platform for Chinese cigars [1] Group 1: Company Developments - China Tobacco Hong Kong's stock rose over 4% in early trading, currently at 38.68 HKD with a trading volume of 45.83 million HKD [1] - The company has signed exclusive global distribution agreements with Anhui Tobacco, Sichuan Tobacco, and Hubei Tobacco, completing the initial phase of its global sales platform for Chinese cigars [1] Group 2: Market Position and Growth Potential - China Tobacco Hong Kong is the only capital platform under China Tobacco Group, benefiting from a strong regulatory environment and deep market barriers [1] - The company is expected to have stable internal growth driven by its core business, with significant potential for overseas expansion and a strong pipeline of quality external assets [1]

Core Viewpoint - 中烟香港 has signed an exclusive distribution agreement for the "Crown" cigar in the global market with Anhui Tobacco Industrial Co., Ltd. on November 6, 2025, based on a framework agreement for exporting cigarettes to new regions [1] Group 1 - 中烟香港 is expanding its market presence through the exclusive distribution of "Crown" cigars [1] - The agreement with Anhui Tobacco signifies a strategic partnership aimed at enhancing the global reach of the brand [1]

Core Viewpoint - The company has signed an exclusive distribution agreement for the "Crown" cigar with Anhui Tobacco Industrial Co., Ltd., expanding its market reach to a global scale, excluding mainland China [1] Group 1: Agreement Details - The exclusive distribution agreement for the "Crown" cigar was signed on November 6, 2025, with Anhui Tobacco [1] - The distribution scope has expanded from previously limited markets (Thailand, Singapore, Hong Kong, Macau, and domestic duty-free markets) to a global market [1] Group 2: Strategic Partnerships - Since July 2025, the company has signed similar exclusive distribution agreements with Sichuan Tobacco Industrial Co., Ltd., Hubei Tobacco Industrial Co., Ltd., and Shandong Tobacco Industrial Co., Ltd. [1] - These agreements are part of the company's strategy to build a global sales platform for Chinese cigars [1] Group 3: Future Plans - The company aims to deepen collaboration with the four tobacco brands to create a Chinese cigar brand with international influence and competitiveness [1]

Core Viewpoint - The company has signed an exclusive distribution agreement for the "Crown" cigar in the global market, expanding its reach beyond previous markets, which included Thailand, Singapore, Hong Kong, Macau, and domestic duty-free markets in China [1] Group 1: Agreement Details - On November 6, 2025, the company signed an exclusive distribution agreement for the "Crown" cigar with Anhui Tobacco Industrial Co., Ltd [1] - The exclusive distribution scope for the "Crown" cigar has been expanded to the global market, excluding mainland China [1] Group 2: Strategic Partnerships - Since July 2025, the company has signed exclusive distribution agreements for cigars with Sichuan Tobacco Industrial Co., Ltd, Hubei Tobacco Industrial Co., Ltd, and Anhui Tobacco, as well as an exclusive agency agreement with Shandong Tobacco Industrial Co., Ltd [1] - These agreements are part of the initial steps to establish a global sales platform for Chinese cigars [1] Group 3: Future Plans - The company aims to leverage these agreements to deepen collaboration with the four tobacco brand enterprises to create a Chinese cigar brand with international influence and competitiveness [1]

Core Viewpoint - The company has signed an exclusive distribution agreement for the "Crown" cigar in the global market, expanding its reach beyond the previously established markets in Thailand, Singapore, Hong Kong, and Macau [1] Group 1 - The exclusive distribution agreement with Anhui Tobacco Industrial Co., Ltd. was signed on November 6, 2025, marking a significant step in the company's global expansion strategy [1] - The distribution scope for the "Crown" cigar has been extended to the global market, excluding mainland China, enhancing the company's international presence [1] - Since July 2025, the company has established exclusive distribution agreements with multiple tobacco companies, including Sichuan Tobacco, Hubei Tobacco, and Shandong Tobacco, to build a global sales platform for Chinese cigars [1] Group 2 - The company aims to deepen collaboration with the four tobacco brands to create a Chinese cigar brand with international influence and competitiveness [1]