事件 8 月 22 日公司发布 2025 年半年报，25H1 营收/归母净利润分别同 比+18.52%/+9.79%至 103.16/7.06 亿港元。2025 年半年度股息为 0.19 港元/股。 经营分析 烟叶进出口及卷烟出口业务单价提升明显，整体营收表现稳健。 25H1 烟叶进口业务营收同比+23.47%至 83.99 亿港元，销量/单价 同比+2.5%/+20.50%。烟叶进口业务营收增速显著大于销量增速， 主因销售单价提升明显。25H1 烟叶出口业务营收同比+25.92%至 11.56 亿港元，销量/单价同比+12.7%/+11.66%。公司积极拓展出 口新客户且优化定价，在保证销量增长的同时单价亦有相当增长。 25H1 卷烟出口业务营收同比+0.81%至 5.52 亿港元，销量/单价同 比-7.9%/+9.51%。公司持续优化卷烟产品组合及提升自营占比，即 使销量下滑但单价提升仍拉动营收微增。25H1 新型烟草出口业务 营收同比-66.45%至 0.15 亿港元，销量/单价同比-65.4%/-4.15%。 受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草 出口业务销量/营收下滑明显。25H ...

Core Insights - 中烟香港 reported a total revenue of HKD 10.32 billion for the first half of 2025, representing a year-on-year growth of 18.5% [1] - The company achieved a net profit attributable to shareholders of HKD 706.4 million, which is a 9.8% increase compared to the previous year [1] - The board announced an interim dividend of HKD 0.19 per share, marking a 26.7% increase year-on-year [1] Revenue and Profit Performance - The revenue for the first half of 2025 reached HKD 10.32 billion, up from the previous year by 18.5% [1] - The net profit attributable to shareholders was HKD 706.4 million, reflecting a 9.8% increase year-on-year [1] Product Import and Export - The import volume of tobacco leaf products was 97,881 tons, an increase of 2,360 tons or 2.5% year-on-year [1] - The export volume of tobacco leaf products reached 38,476 tons, which is an increase of 4,347 tons or 12.7% year-on-year [1] Strategic Focus - In the second half of 2025, the company aims to focus on "capital market operations and international business expansion," emphasizing high-quality business development and enhancing corporate governance effectiveness to create sustainable long-term returns for shareholders [1]

Core Insights - The company reported a revenue of HKD 10.316 billion for the six months ending June 30, 2025, representing an increase of 18.52% year-on-year [1] - Shareholder profit attributable to the company was HKD 706 million, up 9.79% year-on-year, with basic earnings per share at HKD 1.02 [1] - The company proposed an interim dividend of HKD 0.19 per share [1] Group 1: Tobacco Leaf Products - The import volume of tobacco leaf products reached 97,881 tons, an increase of 2.5% year-on-year, with an additional 2,360 tons compared to the previous year [1] - Revenue from tobacco leaf products was HKD 8.399 billion, reflecting a year-on-year increase of HKD 1.597 billion, or 23.5% [1] - Gross profit for this segment was HKD 687 million, a decrease of HKD 57.6 million, or 7.7% year-on-year, primarily due to the cost of tobacco leaves purchased from CBT rising more than the increase in sales prices [1] Group 2: Tobacco Leaf Exports - The export volume of tobacco leaf products was 38,476 tons, an increase of 12.7% year-on-year, with an additional 4,347 tons compared to the previous year [2] - Revenue from exports was HKD 1.156 billion, up HKD 238 million, or 25.9% year-on-year [2] - Gross profit from exports was HKD 63.1 million, a significant increase of HKD 35 million, or 124.1% year-on-year, driven by improved market alignment and pricing strategies [2]

Group 1 - The core viewpoint of the articles highlights the financial performance of China Tobacco Hong Kong for the six months ending June 30, 2025, showing significant growth in revenue and profit [1][2] - The total revenue reached HKD 10.316 billion, representing an increase of 18.52% year-on-year [1] - The profit attributable to shareholders was HKD 706 million, reflecting a year-on-year increase of 9.79% [1] - The basic earnings per share were HKD 1.02, with an interim dividend proposed at HKD 0.19 per share [1] Group 2 - The import volume of tobacco leaf products was 97,881 tons, an increase of 2.5% year-on-year, with revenue from this segment amounting to HKD 8.399 billion, up 23.5% [1] - Gross profit from tobacco leaf imports decreased by HKD 57.6 million, a decline of 7.7%, primarily due to rising procurement costs outpacing sales price increases [1] - The export volume of tobacco leaf products reached 38,476 tons, a year-on-year increase of 12.7%, with revenue of HKD 1.156 billion, up 25.9% [2] - Gross profit from exports surged by 124.1%, amounting to HKD 63.1 million, driven by improved market strategies and pricing [2]

格隆汇8月22日丨中烟香港(06055.HK)发布公告，2025年上半年，集团累计实现营业收入103.2亿港元， 同比增长18.5%；实现归母净利润706.4百万港元，同比增长9.8%。为更好地回馈股东、共享发展成果， 经充分考虑集团的良好盈利能力及充裕现金流，董事会欣然宣布派发中期股息每股0.19港元，同比增长 26.7%。 ...

Summary of Smoore International's Conference Call Company Overview - **Company**: Smoore International - **Industry**: Vapor Technology and Tobacco Industry Key Financial Performance - **Revenue**: In the first half of 2025, Smoore International reported revenue of 9 billion yuan, a year-on-year increase of 19.5% [2][4] - **Regional Performance**: - European market revenue growth reached 38% due to compliance product sales following a one-time ban [2][4] - Revenue growth in the US and China was 1.5% and -6.1%, respectively [2][4] - **Profit**: The company achieved a profit of 4.92 billion yuan, a decline of 28% year-on-year, primarily due to increased stock incentive amortization, administrative expenses, and marketing costs [2][5] - **Adjusted Net Profit**: Adjusted net profit was 7.37 billion yuan, down 2.1% year-on-year, but actual growth was noted after excluding a 70 million yuan tax impact from OECD's dual pillar international tax [2][5] Future Outlook - **Second Half Expectations**: Smoore International anticipates maintaining double-digit revenue growth in the second half of 2025, with profits expected to remain flat [2][6] - **Key Focus Areas**: - Sales performance of HNB products in Japan in September [2][6] - Progress of British American Tobacco's Halo product launch in Europe, which has the largest marketing budget in its history [2][6] Emerging Business Developments - **Medical Vaporization**: The company is successfully collaborating with major pharmaceutical companies, aiming for FDA approval within the next two to three years [2][7] - **Beauty Vaporization**: The Lancome brand achieved revenue of 31 million yuan in the first half of the year, with expectations of significant profit contributions in the next two years [2][7] Industry Perspective - **Market Position**: Smoore International is viewed as a leader in vapor technology, with a positive outlook on the transformation of the tobacco industry, particularly in the HNB segment [3][8] - **Traditional Business Recovery**: The traditional business is showing signs of recovery, especially in the European market, which has exceeded expectations [2][8] - **Future Profit Contribution**: HNB business is projected to contribute over 1 billion yuan in profit increment next year, while other emerging businesses will take two to three years to reflect in financial statements [2][8]

Group 1: Industrial Growth - In July, the industrial added value of large-scale enterprises in Zhejiang Province increased by 5.3% year-on-year, with 22 out of 37 industrial categories showing positive growth [1] - Key industries contributing to this growth include automotive (17.3%), tobacco (16.7%), computer communication electronics (15.8%), instrumentation (14.0%), and chemical raw materials (7.7%), collectively driving a 4.0 percentage point increase in industrial added value [1] - The new product output rate for large-scale industrial enterprises reached 41.9%, up by 0.6 percentage points year-on-year, indicating a sustained enhancement of innovative momentum [1] Group 2: Service Sector Performance - In the first half of the year, the operating income of large-scale service enterprises (excluding wholesale, retail, accommodation, financial, and real estate sectors) was 1.75 trillion yuan, reflecting an 8.7% year-on-year growth [1] - The information transmission, software, and IT service sectors saw a 12.1% increase in operating income, while leasing and business services grew by 8.4%, contributing a combined 6.9 percentage points to the overall service sector growth [1] - Emerging service industries are rapidly developing, with the digital economy core service industry, technology services, and high-tech services experiencing revenue growth of 12.5%, 12.2%, and 10.8%, respectively [1] Group 3: Investment Trends - From January to July, fixed asset investment decreased by 1.9%, but excluding real estate development, it grew by 8.0% [2] - Investment in the livelihood sector has strengthened, with infrastructure investment increasing by 8.7%, accounting for 26.8% of total investment, up by 2.6 percentage points year-on-year [2] - Equipment and tool purchases saw a significant increase of 12.4%, contributing 1.2 percentage points to overall investment growth [2] Group 4: Retail and Consumption - In July, the total retail sales of consumer goods reached 300.8 billion yuan, marking a 4.4% year-on-year increase, with commodity retail growing by 4.9% [2] - Online consumption showed strong momentum, with retail sales through public networks increasing by 11.7% [2] - Notable growth in quality of life-related consumption was observed, with retail sales of wearable smart devices, photographic equipment, home appliances, and new energy vehicles increasing significantly [2]

Group 1 - The stock of Smoore International (06969) increased by over 6%, currently up 6.29% at HKD 21.64, with a trading volume of HKD 501 million [1] - Smoore International is holding a board meeting today to consider and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] - The company anticipates revenue of RMB 6.013 billion for the first half of 2025, representing an 18% year-on-year growth; however, it expects a pre-tax profit of approximately RMB 629 million to RMB 769 million, a decrease of 5% to 23% year-on-year [1] Group 2 - The decline in profit is primarily attributed to an increase of RMB 176 million in non-cash share-based payment expenses, as well as significant growth in distribution, sales expenses, and legal service costs [1] - UBS noted that the preliminary results indicate an 18% year-on-year revenue growth for the first half, driven by a recovery in the vape business, with increased shipments ahead of U.S. tariffs [1] - The company expects a year-on-year decline in net profit of 21% to 35% in the second half, mainly due to high expenses related to stock options granted in the fourth quarter and S&D [1] Group 3 - Zheshang Securities believes that British American Tobacco is heavily investing in resources and marketing for Glo Hilo, with positive trial feedback in Japan and early deployments in some European countries, indicating a favorable outlook for future volume growth [1] - Additionally, the growth of oral tobacco remains strong, and the regulation of illegal vaping products is expected to lead to a recovery, maintaining a positive outlook for core supplier Smoore International [1]

Core Points - The China Securities Index Hong Kong 100 Consumer Index (H100) reported a value of 2694.66 points, showing a monthly increase of 0.26%, a quarterly increase of 4.02%, and a year-to-date increase of 17.21% [1] Group 1 - The H100 index is categorized based on the China Securities Industry Classification Standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The industry composition of the H100 index includes 40.82% in food, 32.58% in soft drinks, 15.98% in alcohol, and 10.62% in tobacco [1] Group 2 - The index sample is adjusted biannually, specifically on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Adjustments to the index occur in response to changes in the parent index, special events affecting industry classification, or the delisting of sample companies [2]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].