Core Viewpoint - The company, China Tobacco Hong Kong (06055), demonstrates stable performance through optimization of product structure and business model, enhancing profitability while maintaining a steady dividend payout to shareholders. The company is expected to leverage its overseas business integration platform [1]. Group 1: Financial Performance - For the mid-2025 period, the company's revenue reached HKD 10.316 billion, representing a year-on-year growth of 18.5%. The gross profit was HKD 946 million, a decrease of 1.8%, while the net profit attributable to shareholders was HKD 706 million, an increase of 9.8%. The mid-term earnings met expectations [2]. - The company maintained a steady dividend policy, with a mid-term dividend per share of HKD 0.19, reflecting a year-on-year increase of 26.7% [2]. Group 2: Core Business Contributions - The three core business segments—import of tobacco leaf products, export of tobacco leaf products, and cigarette export—contributed 81.4%, 11.2%, and 5.3% to total revenue, respectively, totaling 98.0%. The gross profit contributions were 72.6%, 6.7%, and 15.0%, respectively, totaling 94.3% [3]. - The import business of tobacco leaf products generated revenue of HKD 8.399 billion, a year-on-year increase of 23.5%, with a gross profit of HKD 687 million, down 7.7% due to rising costs from CBT procurement outpacing sales prices [3]. - The export business of tobacco leaf products achieved revenue of HKD 1.156 billion, a year-on-year increase of 25.9%, with a gross profit of HKD 63.1 million, up 124.1%, driven by the expansion into new markets and increased export volume and prices [3]. - The cigarette export business reported revenue of HKD 552 million, a year-on-year increase of 0.8%, with a gross profit of HKD 142 million, up 16.8%, attributed to the expansion of self-operated channels and the introduction of new products [3]. Group 3: Profitability Outlook - The company's gross margin and net profit margin for mid-2025 were 9.2% and 6.8%, respectively. The company continues to optimize its product structure and business model, with improvements in gross margins across most business segments, except for the import of tobacco leaf products, which saw a decline [4].
兴证国际：予中烟香港(06055)“买入”评级 派息稳健增长