电子烟更新：再看 HNB 和思摩尔国际 20251221 核心成长盘业务。Glow Halo 在日本市场推出后，其市场份额迅速提升，到 2025 年 6 月已达到 1%，高端市场份额更达 2%。此外，在波兰和意大利等地 也取得了显著成绩，例如意大利仅销售一个月就占据 0.5%的市场份额。这些 成功验证了 Glow Halo 的市场潜力，并推动公司股价在 2025 年达到高点。 对于 HNB 行业及 Glow Halo 未来的发展预期如何？ HNB 行业整体增速稳定且呈现上升趋势，各大烟草巨头如英美、菲莫和日烟都 处于推新周期，预计到 2030 年整个行业渗透率将加速提升。基于这一预期， 以及 Glow Halo 在全球各大市场中的良好表现，有望实现 100 亿利润左右的 目标，从而使公司市值进一步提升。然而近期由于成长斜率存在分歧，公司股 价经历了一定幅度调整，但整体来看 HNB 行业依然具备良好的发展前景。 摘要 受益于 TA 法规调整和欧美市场规范，斯摩尔国际雾化烟业务在 2024 年底触底反弹，预计未来几年将保持稳定增长，为公司贡献约 400 亿人 民币市值。 英美烟草新型 HNB 产品 Glow Ha ...

Core Viewpoint - Smoore International (06969) experienced a significant stock price increase of 5.67%, reaching HKD 18.07, with a trading volume of HKD 144 million, following the launch of the Glo Hilo product in Poland [1] Group 1: Product Launch and Market Expansion - On September 18, Glo officially launched the Glo Hilo product in Poland, featuring improved separate and integrated devices with seven color options and an expanded selection of 13 flavors (8 tea-based and 5 tobacco flavors) [1] - British American Tobacco is enhancing the marketing efforts for Glo Hilo by offering promotional activities, such as providing four packs of cigarettes with the purchase of heating devices [1] - The next anticipated market for Glo Hilo is Italy, projected to be the third-largest global market for heated non-combustible (HNB) products in 2024, with expectations for orderly expansion into other incremental markets [1] Group 2: Market Expectations and Valuation - CICC noted that as the product matures, HNB new products are generally expanding globally by reusing trial sales experiences, which is expected to adjust market expectations based on new market development pace and user growth rates [1] - The improvement in market share, revenue growth, and profit realization are expected to anchor reasonable valuations for leading international tobacco brands leveraging innovative new products [1]