PMI(US:PM) 国泰海通证券研究·2025-07-10 09:50Core Viewpoint - The article analyzes the successful path of IQOS by Philip Morris International, emphasizing the importance of product strength, marketing, and channel strategies in establishing a brand value proposition that resonates with consumers [3]. Market Overview - The global HNB (Heated Not Burned) industry is entering a new product lifecycle phase, with major brands actively participating in market cultivation, leading to accelerated industry scale expansion [3]. - In Japan, HNB products have a high penetration rate, with projections indicating that by 2024, the penetration rate will exceed 40%, and in key cities like Tokyo, it may surpass 50% [3]. Strategic Review - Product Strategy: Philip Morris has focused on the IQOS product line, investing heavily in R&D and patent protection to maintain a technological edge in heating technology, ensuring stable taste and ease of cleaning as core advantages [4]. - Marketing Approach: The company leverages its strong brand management capabilities, creating a brand identity centered around user experience and lifestyle, enhancing consumer engagement throughout the product lifecycle [4]. - Flavor Development: Initially targeting traditional tobacco products, the company has continuously iterated its product offerings to enhance consumer loyalty and repeat purchases, aligning with the brand's message of "beyond tobacco" [4]. - Channel Strategy: Emphasis is placed on immersive in-store experiences to strengthen brand visibility and consumer engagement, supported by a robust online and offline distribution network [4]. Regional Insights - The regulatory environment in Japan is favorable for HNB products, contrasting with the more fragmented and competitive landscape in Europe, where e-cigarettes face less stringent regulations [4].