Core Viewpoint - 中烟香港 (06055) demonstrates stable performance through optimization of product structure and business model, enhancing profitability while maintaining steady dividend growth for shareholders. The company is expected to continue leveraging its overseas business integration platform [1] Financial Performance - For the mid-2025 results, the company reported revenue of 10.316 billion HKD, an 18.5% year-on-year increase; gross profit of 946 million HKD, a 1.8% decrease; and net profit attributable to shareholders of 706 million HKD, a 9.8% year-on-year increase. The mid-term dividend per share is 0.19 HKD, reflecting a 26.7% increase [2] Revenue and Profit Contribution - The three core business segments contribute significantly to revenue and profit: - Tobacco leaf import business: 81.4% of revenue and 72.6% of gross profit - Tobacco leaf export business: 11.2% of revenue and 6.7% of gross profit - Cigarette export business: 5.3% of revenue and 15.0% of gross profit [3] - Tobacco leaf import business revenue reached 8.399 billion HKD, a 23.5% increase, with gross profit of 687 million HKD, a 7.7% decrease due to rising costs outpacing sales prices. - Tobacco leaf export business revenue was 1.156 billion HKD, a 25.9% increase, with gross profit of 63.1 million HKD, a 124.1% increase, driven by market expansion and increased sales volume and prices. - Cigarette export business revenue was 552 million HKD, a 0.8% increase, with gross profit of 142 million HKD, a 16.8% increase, attributed to expanded self-operated channels and new product introductions [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 for most business segments, except for the tobacco leaf import business [4]
兴证国际：予中烟香港“买入”评级 派息稳健增长