华安证券:Glo Hilo上线新市场 积极推进全球扩张
Zhi Tong Cai Jing·2025-10-20 05:57

Core Viewpoint - British American Tobacco (BAT) has launched a new high-end heated product line, glo Hilo, in Japan, with strong sales momentum observed since its pilot launch in June 2025, indicating potential for accelerated revenue growth in heated tobacco products [1][2] Group 1: Product Launch and Market Strategy - The glo Hilo product line, including glo Hilo, glo Hilo Plus, and compatible consumables, was initially tested in Miyagi Prefecture and has been successfully rolled out nationwide in Japan as of September 1, 2025 [1] - The company aims to position glo Hilo as a "top-tier platform for heated tobacco," targeting to replace some IQOS users and expand its market share in Europe, particularly in Poland, Italy, and Eastern Europe [1][3] - A flagship store for glo products will open in Ginza, Tokyo, on October 18, 2025, further promoting the product line across Japan [2] Group 2: Market Expansion and Financial Projections - Japan is identified as the largest single market for heated non-combustible (HNB) products, and the positive sales outlook for glo Hilo is expected to influence global market dynamics [2] - BAT has set a long-term goal to reach 50 million adult consumers of smoke-free products by 2030 and to transition to a smoke-free business model by 2035, with Poland being a critical market for this expansion [2] - The company anticipates that the global promotion of Hilo will contribute to a 3%-5% increase in group revenue by 2026 [3]