Core Viewpoint - China National Tobacco Corporation International (CNTC International) is the only enterprise with the qualification to export cigarettes to the domestic duty-free market in China, as per the new regulations and policies [1] Group 1: Sales and Procurement Changes - The core change involves the procurement transactions of cigarettes sold to the domestic duty-free market, where CNTC International will act as an agent for counterparties to export cigarettes [1] - The agency arrangement will not affect the transaction terms and pricing policies under the framework agreement [1] Group 2: Supply Chain Optimization - The supply chain for cigarette exports will be significantly optimized, with CNTC International directly engaging with counterparties [2] - If any counterparty lacks export qualifications, they must delegate a qualified company to negotiate with CNTC International [1] Group 3: Profitability and Growth Expectations - The optimization of the supply chain is expected to enhance the gross profit margin of cigarette export business [2] - The agreement with counterparties is still in the negotiation phase, and the initial shipment may be delayed until the first half of 2026, with growth anticipated from 2027 onwards [2] Group 4: Company Positioning and Asset Potential - CNTC Hong Kong is the only publicly listed platform in the CNTC system, focusing on international business expansion and capital market operations [2] - The company has a unique business model with stable profitability and significant potential for both internal and external growth, including a vast reserve of overseas assets [2]
中烟香港(06055.HK)：确认公司在卷烟出口免税市场的独家地位 盈利能力或明显提升