BAT(US:BTI) 国泰海通证券研究·2025-08-06 13:19Core Viewpoint - The article highlights the robust growth trend in the new tobacco industry, as evidenced by British American Tobacco's performance in the first half of 2025, particularly in the heated tobacco and new oral tobacco segments [1]. Group 1: Investment Recommendations - The global HNB (Heated Not Burned) industry is entering a new product lifecycle phase, with major brands actively engaging in market cultivation, leading to accelerated industry expansion [2]. - The vaping market faced challenges in the first half of 2025, with British American Tobacco's vaping business generating £737 million in revenue, a decrease of 15% year-on-year, primarily due to illegal products in the U.S. and Canada, as well as market dynamics in Europe and other regions [2]. - The company has exited markets like Malaysia and Saudi Arabia to improve investment returns, while the U.S. has seen a clearance of illegal disposable brand inventories, which will take time to impact the market [2]. Group 2: Performance Analysis - The overall performance of HNB products remained stable, with British American Tobacco's HNB business achieving £444 million in revenue, a slight increase of 1% year-on-year, and heated stick sales reaching 10.1 billion units, up 2% [3]. - The introduction of Glo Hilo has helped expand market share in trial regions, with a 1.5 percentage point increase in Glo's market share in Sendai [3]. - The new oral tobacco segment has shown significant growth, with revenue reaching £470 million, a 38% increase year-on-year, and sales volume of 5 billion pouches, up 42% [3]. - The U.S. market for new oral tobacco has surged, with a 206% increase in sales, and the Velo brand capturing a market share of 17% by July 2025, making it the fastest-growing brand in this category [3].