Core Viewpoint - 中烟香港's stock price dropped over 7% following the release of its interim results, despite reporting an increase in revenue and profit [1] Financial Performance - 中烟香港 reported a revenue of 10.316 billion HKD, an increase of 18.52% year-on-year [1] - The profit attributable to shareholders was 706 million HKD, reflecting a year-on-year increase of 9.79% [1] - The company proposed an interim dividend of 0.19 HKD per share [1] Business Segments - The increase in revenue was driven by a significant rise in the unit price of tobacco leaf imports and cigarette exports, although new tobacco export volumes and revenues declined due to regulatory changes and supply chain disruptions in key overseas markets [1] - The gross profit margin and net profit margin for the first half were 9.17% and 7.00%, respectively, showing a decline of 1.91 and 0.81 percentage points year-on-year [1] Cost Structure - The decline in overall gross margin was primarily due to changes in the business structure, with the revenue share of the lower-margin tobacco leaf import business increasing by 3.26 percentage points to 81.41% [1] - The cost of tobacco leaves procured from CBT increased at a rate greater than the rise in unit prices, leading to a decrease in the gross margin for tobacco leaf imports [1] Strategic Initiatives - The company is expanding its self-operated channels in cigarette exports and continuously introducing new products to enhance average transaction value, which has contributed to a faster increase in gross margin [1] - There remains a strong certainty regarding the improvement of profitability in the company's core business, with expectations for further external growth opportunities [1]
港股异动 中烟香港(06055)绩后跌超7% 上半年纯利同比增近9.8% 烟叶成本上升拖累烟叶进口毛利率