Core Viewpoint - The company reported a revenue of HKD 10.316 billion for the first half of 2025, representing an increase of 18.5%, and a net profit attributable to shareholders of HKD 706 million, up by 9.8% [1][2] - The company aims to leverage its strategic positioning as an international business expansion and capital operation platform for China National Tobacco Corporation, anticipating synergistic growth through both organic and external means [5][6] Financial Performance - The company achieved a gross margin of 9.2%, down by 1.9 percentage points, and a net profit margin of 7.0%, down by 0.8 percentage points [1][2] - Administrative and other operating expense ratio was 0.7%, down by 0.2 percentage points, while financial expense ratio was 0.8%, down by 0.6 percentage points, indicating a significant improvement in financing costs [2] Business Segments - Tobacco Leaf Import Business: Revenue reached HKD 8.399 billion, up 23.5%, with a gross margin of 8.2%, down by 2.8 percentage points. The import volume was 98,000 tons, an increase of 2.5%, with an average import price of HKD 85,800 per ton, up 20.5% [3] - Cigarette Export Business: Revenue was HKD 552 million, up 0.8%, with a gross margin of 25.7%, up 3.5 percentage points. Export volume was 1.019 billion sticks, down 7.9%, with an average selling price of HKD 0.54 per stick, up 9.4% [4] - Tobacco Leaf Export Business: Revenue reached HKD 1.156 billion, up 25.9%, with a gross margin of 5.5%, up 2.4 percentage points. Export volume was 38,000 tons, up 12.7%, with an average export price of HKD 30,000 per ton, up 11.7% [4] - Brazil Operations: Revenue was HKD 195 million, down 50.3%, with a gross margin of 27.4%, up 10.2 percentage points. Sales volume was 8,000 tons, down 34.8%, with an average selling price of HKD 24,600 per ton, down 23.8% [4] - New Tobacco Products Export Business: Revenue was HKD 15 million, down 66.5%, with a gross margin of 5.3%, up 0.6 percentage points. Export volume was 81 million sticks, down 65.4%, with an average selling price of HKD 0.18 per stick, down 3.1% [5] Future Outlook - The company plans to enhance its tobacco leaf resource supply and demand matching capabilities and improve its quality tobacco raw material guarantee system [3] - The company will continue to focus on building its capital operation platform and actively seek investment and acquisition opportunities that align with its strategic development [5][6] Earnings Forecast - Projected revenues for 2025-2027 are HKD 15.35 billion, HKD 16.41 billion, and HKD 17.46 billion, representing year-on-year growth of 17.4%, 6.9%, and 6.5% respectively. Net profits are expected to be HKD 954 million, HKD 1.034 billion, and HKD 1.11 billion, with growth rates of 11.8%, 8.4%, and 7.3% respectively [6]
中烟香港(6055.HK):烟叶进出口收入增速靓丽 内生外延跨越发展可期