Group 1: Japan Market Focus - The expected policy interest rate in Japan is projected to rise to 1% by 2026, driven by inflation concerns and the need for fiscal sustainability [11][15][13] - Key stocks to focus on include Bandai Namco and Oracle Japan, with Bandai Namco showing resilience despite a 23% year-on-year decline in operating profit, and Oracle Japan benefiting from partnerships with major firms like SoftBank [19][18] - The iShares JPX-Nikkei 400 ETF is highlighted as a vehicle for investment, emphasizing quality management and financial stability in its constituent companies [22] Group 2: UK Market Focus - The UK economy faces downward risks, with GDP growth slowing and unemployment rising, leading to expectations of potential interest rate cuts by the Bank of England [30][31] - Key stocks to monitor include Rolls-Royce Holdings and Imperial Brands, with Rolls-Royce benefiting from increased defense spending and Imperial Brands offering stable returns as a defensive stock [36][35] - The iShares MSCI UK ETF is recommended for exposure to large and mid-cap UK companies, reflecting the overall market performance [38] Group 3: South Korea Market Focus - The Bank of Korea is expected to maintain its interest rate at 2.5% until at least April 2026, influenced by inflation and economic recovery [45][43] - Factors supporting further upward movement in the KOSPI index include improving economic conditions and specific stocks like Samyang Foods and SK Hynix [46][41] - The iShares MSCI Korea ETF is suggested for investment, reflecting the broader market trends [42]

Core Viewpoint - The company demonstrates strong confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD per share, totaling 99.77 million HKD [1] Business Analysis - The Hilo product's capabilities are being validated, with British American Tobacco (BAT) increasing promotional efforts. In the Japanese market, BAT is actively promoting online and offline marketing activities, achieving a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers, which supports the strong product performance of Hilo [1] - Hilo has significantly increased promotional offers in the Polish market, with Hilo devices bundled with two packs of cartridges priced at only 1 Zloty, and Hilo Plus devices with two packs at 79 Zloty. This strategy, supported by BAT's extensive sales network and marketing resources, is expected to drive continued sales growth of Hilo cartridges, contributing to core profit increments for the company [1] - The core vaping business is recovering and is expected to benefit from the expansion of the European and American markets. In 2024, U.S. regulatory authorities are intensifying efforts against illegal e-cigarettes, which is severely squeezing the market for illegal products. The FDA has cautiously supported the expansion of flavored tobacco, indicating a potential for continued market growth [2] - The European market is transitioning from disposable to refillable and open-system products, with BAT's U.S. market revenue expected to rebound in the second half of 2025. The global core market share is projected to increase by 0.1 percentage points by the end of 2024, with the U.S. market alone expected to grow by 0.7 percentage points [2] - BAT plans to accelerate the global promotion of Hilo by 2026 to capture market share across various segments of heated tobacco, amidst increasing competition from products like IQOS and heated tobacco from Japan. The long-term trend of increasing penetration of new tobacco products overseas is confirmed, with the company leveraging its technological strength and production capacity to maintain a prominent position in the industry [2] - The upward trend in the company's vaping and heated non-burn (HNB) businesses remains unchanged, with positive signals emerging across various operations, suggesting a need for active attention [2] Profit Forecast, Valuation, and Rating - The company forecasts EPS for 2025, 2026, and 2027 to be 0.22, 0.37, and 0.59 CNY respectively, with current stock prices corresponding to PE ratios of 53, 31, and 20 times, maintaining a "buy" rating [3]

Group 1 - The core viewpoint of the report is that Smoore International (06969) is positioned to benefit from the expansion of the compliant vaping market in Europe and the US, supported by its strong technological capabilities and production capacity [1] - The company has announced a share buyback of 8.14 million shares at an average price of HKD 12.26, totaling HKD 99.77 million, reflecting confidence in its future development [1] Group 2 - Hilo's product strength is being validated, with British American Tobacco (BAT) increasing promotional efforts, leading to a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers [2] - Hilo's sales are expected to increase significantly due to BAT's extensive sales network and marketing resources, contributing to Smoore's core profit growth [2] Group 3 - The core vaping business is recovering and is expected to benefit from the expansion of the compliant market in Europe and the US, with the FDA cautiously supporting the expansion of flavored tobacco products [3] - BAT anticipates that the US market will not hinder the overall growth of new tobacco business revenue, with a projected market share increase of 0.7 percentage points in the US by the end of 2024 [3] Group 4 - The company is projected to have earnings per share (EPS) of 0.22, 0.37, and 0.59 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 53, 31, and 20 times [4]

Group 1 - The core viewpoint of the report is that Smoore International (06969) is positioned to benefit from the expansion of the compliant vaping market in Europe and the US, leveraging its technological strength and production capacity to deepen ties with major tobacco groups [1] - The company’s vapor and HNB (Heat-Not-Burn) business trends remain positive, with continuous positive signals emerging across various business segments, suggesting a strong investment opportunity [1] - The company has executed a significant share buyback of 8.14 million shares at an average price of HKD 12.26, totaling HKD 99.77 million, reflecting confidence in its future development [2] Group 2 - Hilo's product strength is being validated, with British American Tobacco (BAT) increasing promotional efforts, leading to a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers, which supports future sales growth of Hilo cartridges [3] - The core vaping business is recovering and is expected to benefit from the expansion of the compliant market in Europe and the US, with regulatory actions against illegal e-cigarettes creating a more favorable environment for compliant products [4] - BAT anticipates that the US market will not hinder overall revenue growth for new tobacco products in 2026, with plans to accelerate the global promotion of Hilo to capture market share across different segments [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company demonstrates confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD, totaling 99.77 million HKD [2]. - The Hilo product line is gaining traction, with strong promotional efforts from British American Tobacco (BAT) leading to a 50% retention rate among traditional and heated tobacco consumers, which supports future sales growth [3]. - The core vaping business is recovering, benefiting from regulatory crackdowns on illegal e-cigarettes in the U.S. and a shift in European markets towards compliant products. BAT expects revenue recovery in the U.S. market by the second half of 2025, with a projected market share increase [4]. - The company is well-positioned to capitalize on the expanding compliant vaping market in Europe and the U.S., with a focus on accelerating the global promotion of Hilo products by 2026 [4]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 0.22, 0.37, and 0.59 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 53, 31, and 20 [5]. - Revenue is expected to grow from 11,168 million CNY in 2023 to 20,462 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.48% [10]. - The net profit is projected to recover from 1,303 million CNY in 2024 to 3,656 million CNY by 2027, indicating a significant growth trajectory [10].

Group 1 - The core viewpoint is that British American Tobacco (BTI.US) is expected to see accelerated growth in its new tobacco business in the second half of 2025, benefiting from a favorable industry environment and product lifecycle expansion [1] - The HNB (Heated Not Burned) segment is showing positive feedback for new products, with a goal for global expansion in 2026, despite a slight decline in market share for the Glo brand in 2025 due to competition [1] - The Glo Hilo product has achieved a 1% market share in Japan and is gaining traction in Poland and Italy, with expectations for stabilization and recovery in market share by 2026 [1] Group 2 - The vaping segment continues to benefit from an improved market environment, with a projected revenue increase in the second half of 2025, following a 13% year-on-year decline in the first half [2] - The Vuse brand has seen a 0.1 percentage point increase in market share, particularly in the U.S. where it rose by 0.7 percentage points, despite some growth being impacted by illegal vaping products in Canada [2] - The new oral tobacco product Velo Plus is expected to drive significant growth in the U.S. market, with a projected increase in market share by 9.2 percentage points to 15.6% and a global market share increase of 5.9 percentage points to 31.8% [2] Group 3 - Traditional cigarette operations remain stable, with a slight decline in market share of 0.1 percentage points, but a positive outlook for the second half of 2025 driven by improved conditions in the U.S. market [3] - The company anticipates a revenue and adjusted operating profit growth of approximately 2% for the fiscal year 2025, with accelerated growth in new tobacco revenue expected to achieve double-digit growth in the second half [3] - The company plans to increase its share buyback program to £1.3 billion in 2026, up from £1.1 billion in 2025 [3]

Group 1 - The core viewpoint of the article discusses the taxation framework for the tobacco industry in China, specifically focusing on the calculation of tobacco leaf tax and the applicable consumption tax rates for various tobacco products [2][3][4]. Group 2 - Tobacco leaf tax is calculated based on the total price paid by the taxpayer for the purchase of tobacco leaves, which includes a 20% tax rate and an additional 10% for price subsidies [3]. - The consumption tax rates for different tobacco products are as follows: - Class A cigarettes: 56% plus 0.003 yuan per stick for prices above 70 yuan per carton - Class B cigarettes: 36% plus 0.003 yuan per stick for prices below 70 yuan per carton - Cigars: 36% - Tobacco slices: 30% - E-cigarettes: 36% with an additional 11% at the wholesale stage [6]. Group 3 - The general VAT rate applicable to tobacco sales is 13%, with small-scale taxpayers exempt from VAT for monthly sales below 100,000 yuan from January 1, 2023, to December 31, 2027 [6]. - Small-scale taxpayers with taxable sales income are subject to a reduced VAT rate of 1% instead of the standard 3% [6]. Group 4 - Tobacco advertising and promotional expenses are not deductible when calculating taxable income for tobacco enterprises [8].

本文源自：智通财经网 消息面上，国金证券近日研报指出，英美烟草宣布日本hilo/hilo Plus器具+5包烟弹免费试用14天，波兰1 兹罗提即可购买hilo器具+2包烟弹，79兹罗提即可购买hilo plus和2包烟弹，促销力度显著加大。HNB行 业竞争日益激烈，Hilo凭借优秀的产品力与完备的营销渠道建设，有望持续放量。思摩尔作为BAT在雾 化及加热烟草领域的核心供应商，双方合作力度不断加深，思摩尔有望在BAT加速推进无烟战略中充分 受益。 智通财经获悉，思摩尔国际(06969)反弹近7%，该股昨日一度跌超8%。截至发稿，涨6.84%，报12.18港 元，成交额3.15亿港元。 ...

Group 1 - Smoore International (06969) rebounded nearly 7% after previously dropping over 8%, currently trading at 12.18 HKD with a transaction volume of 315 million HKD [1] - Guotai Junan Securities reported that British American Tobacco (BAT) has increased promotional efforts for its Glo Hilo products, offering free trials and discounted prices in Japan and Poland [1] - The heated tobacco (HNB) industry is becoming increasingly competitive, with Hilo expected to continue gaining market share due to its strong product capabilities and comprehensive marketing channels [1] Group 2 - Smoore is positioned as a core supplier for BAT in the vaping and heated tobacco sectors, benefiting from the deepening collaboration as BAT accelerates its smoke-free strategy [1]

Group 1 - The stock of Smoore International (06969) rebounded nearly 7% after experiencing a drop of over 8% previously, currently trading at HKD 12.18 with a transaction volume of HKD 315 million [1] - Guotai Junan Securities recently reported that British American Tobacco (BAT) has announced a promotional campaign for its Hilo/Hilo Plus devices, offering a 14-day free trial with significant discounts in Poland, indicating an increase in promotional efforts [1] - The heated tobacco (HNB) industry is becoming increasingly competitive, with Hilo expected to continue gaining market share due to its strong product capabilities and comprehensive marketing channel development [1] Group 2 - Smoore, as a core supplier for BAT in the vaping and heated tobacco sector, is likely to benefit significantly from the deepening collaboration as BAT accelerates its smoke-free strategy [1]