数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年8月中国卷烟产量为2167亿支，同比下降2.2%；2025年1-8月中国卷烟 累计产量为18191.2亿支，累计增长0.1%。 2020-2025年1-8月中国卷烟产量统计图 相关报告：智研咨询发布的《2025-2031年中国卷烟行业发展前景分析及市场需求预测报告》 ...

中金此前指出，随产品打磨成熟，HNB新品普遍以试销经验复用进行全球扩张，新市场开拓节奏、用 户成长斜率等阶段性成果推动资本市场预期修正，市占率提升节奏、收入增速、盈利兑现共同锚定合理 估值。看好头部国际烟草品牌依托创新性新品实现份额提升趋势。 消息面上，长江证券指出，9月18日，波兰Glo官网正式发布Glo Hilo新品，除改良的分体式设备和一体 式设备外(新增颜色选择至7种)，本次波兰市场发布了更丰富的烟支口味选择，初期已发布13款口味烟 支(8种茶基调味+5种烟草味)。在营销投入方面，英美烟草提供了购买加热器具赠送4包烟支的活动，继 续加大对Glo Hilo新品的推广力度。在其他市场方面，该行预计Glo Hilo下一站将进入意大利市场(2024 年全球HNB出货量第三大市场)，此外期待其他增量市场的有序拓展。 思摩尔国际(06969)盘中涨超5%，截至发稿，涨5.67%，报18.07港元，成交额1.44亿港元。 ...

智通财经APP获悉，思摩尔国际(06969)盘中涨超5%，截至发稿，涨5.67%，报18.07港元，成交额1.44亿 港元。 消息面上，长江证券指出，9月18日，波兰Glo官网正式发布Glo Hilo新品，除改良的分体式设备和一体 式设备外(新增颜色选择至7种)，本次波兰市场发布了更丰富的烟支口味选择，初期已发布13款口味烟 支(8种茶基调味+5种烟草味)。在营销投入方面，英美烟草提供了购买加热器具赠送4包烟支的活动，继 续加大对Glo Hilo新品的推广力度。在其他市场方面，该行预计Glo Hilo下一站将进入意大利市场(2024 年全球HNB出货量第三大市场)，此外期待其他增量市场的有序拓展。 中金此前指出，随产品打磨成熟，HNB新品普遍以试销经验复用进行全球扩张，新市场开拓节奏、用 户成长斜率等阶段性成果推动资本市场预期修正，市占率提升节奏、收入增速、盈利兑现共同锚定合理 估值。看好头部国际烟草品牌依托创新性新品实现份额提升趋势。 ...

Economic Performance Overview - Yunnan Province's industrial added value increased by 4% year-on-year from January to August, with significant contributions from various sectors [1][2] - The equipment manufacturing sector saw a notable growth of 15.4%, accelerating by 2 percentage points compared to the previous month [1] - High-tech manufacturing added value grew by 12.5%, contributing 23.6% to the overall industrial growth [1] Sector-Specific Growth - The coal industry reported a 12.4% increase in added value, maintaining a growth rate above 10% throughout the year [2] - The electronic industry experienced an 18.9% growth, marking a 3.4 percentage point acceleration from the previous month [1] - The non-tobacco and non-energy industrial sectors grew by 7.4%, indicating a diversification in industrial growth [1] Consumer and Investment Trends - Social retail sales in Yunnan reached 838.08 billion yuan, reflecting a 4% year-on-year increase [2] - Fixed asset investment saw a slight increase of 0.3%, with the first industry growing by 2.5% and the third industry declining by 0.5% [2] - The production of new energy vehicles and solar batteries surged by 83% and 64.9% respectively, highlighting a shift towards greener industrial practices [2] Economic Outlook - The overall economic performance is stable, with high-quality development being actively pursued [3] - Challenges such as weak expectations and insufficient effective demand remain, necessitating further efforts to solidify economic recovery [3] - Future policies will focus on stabilizing employment, businesses, markets, and expectations to promote healthy economic development [3]

Core Viewpoint - China Tobacco Hong Kong (06055) saw a significant increase in stock price, rising over 6% to HKD 46.7, with a trading volume of HKD 223 million, indicating positive market sentiment towards the company [1] Group 1: Business Performance - The three core business segments of China Tobacco Hong Kong contribute significantly to its revenue, with the import of tobacco leaf products accounting for 81.4%, export of tobacco leaf products for 11.2%, and cigarette exports for 5.3%, totaling 98.0% of revenue [1] - The gross profit contributions from these segments are 72.6% from tobacco leaf imports, 6.7% from tobacco leaf exports, and 15.0% from cigarette exports, aggregating to 94.3% of gross profit [1] Group 2: Market Developments - Guotai Junan Securities highlighted that British American Tobacco recently announced the launch of its glo series in Italy and Poland, including new products glo Hilo, glo HiloPlus, and virto heated tobacco sticks, following a positive market response in Japan [1] - The performance of Hilo in key European markets will be closely monitored for its sales impact [1] Group 3: Future Outlook - CITIC Securities anticipates steady growth in revenue and profit for China Tobacco Hong Kong in the first half of 2025, driven by robust growth in tobacco leaf import and export businesses, along with a decrease in financial expenses [1] - The company aims to maintain its strategic positioning as a platform for overseas capital market operations and international business expansion, suggesting potential for leapfrog development [1]

Core Viewpoint - 中烟香港's stock rose over 6% following the announcement of the glo series launching in Italy and Poland, indicating positive market sentiment towards the company's overseas strategy [1] Group 1: Stock Performance - 中烟香港's stock increased by 6.62%, reaching 46.7 HKD, with a trading volume of 223 million HKD [1] Group 2: Market Developments - 英美烟草 announced the upcoming launch of the glo series in Italy and Poland, which includes new products such as glo Hilo, glo HiloPlus, and virto heated tobacco capsules [1] - The glo Hilo product received positive market feedback after its nationwide launch in Japan on September 1, raising expectations for its performance in key European markets [1] Group 3: Business Contributions - 中烟香港's core business segments contribute to its revenue as follows: 81.4% from tobacco leaf import, 11.2% from tobacco leaf export, and 5.3% from cigarette export, totaling 98.0% of revenue [1] - The gross profit contributions are 72.6% from tobacco leaf import, 6.7% from tobacco leaf export, and 15.0% from cigarette export, totaling 94.3% of gross profit [1] Group 4: Future Outlook - 中信建投 forecasts steady revenue and profit growth for 中烟香港 in the first half of 2025, driven by strong growth in tobacco import and export businesses and a decrease in financial expenses [1] - The company aims to maintain its strategic positioning as a platform for overseas capital market operations and international business expansion, with expectations for significant growth through both organic and external collaboration [1]

Financial Data and Key Metrics Changes - Total revenue for fiscal year 2025 declined from $151.9 million to $127.5 million, a decrease of $24.4 million compared to fiscal year 2024 [12] - Gross profit decreased to $22.7 million from $29.8 million year-over-year [13] - Gross margins were 17.8% for fiscal year 2025, down from 19.6% in fiscal 2024 [14] - Net loss was $39.2 million compared to $40.8 million in fiscal 2024 [15] - Cash held at June 30, 2025, was $24.4 million, a reduction of $10.7 million versus the previous year [15] Business Line Data and Key Metrics Changes - The company shifted focus from the cannabis sector to the higher-value nicotine sector, resulting in a decline in cannabis revenue [4][11] - The company reduced net accounts receivable by over 21% year-over-year, marking the first decline in history [6] - General and administrative expenses decreased from $7.6 million in Q3 2025 to $6.7 million in Q4 2025 [7] Market Data and Key Metrics Changes - European revenue increased to approximately $74.1 million, up 13.6% from $65.3 million in the previous year [13] - North American revenue dropped to approximately $32.6 million from $63.1 million, primarily due to the strategic pivot away from cannabis [13] - Revenue from Asia Pacific totaled approximately $12.3 million, down from $17.6 million in the previous year [13] - Revenue from other countries increased to $8.5 million, up from $6 million in fiscal 2024 [13] Company Strategy and Development Direction - The company is investing in manufacturing capabilities in Malaysia, planning to scale production from six lines to up to 80 lines [5] - Focus on building sustainable long-term partnerships in the cannabis sector rather than pursuing short-term volume gains [6] - The company is advancing regulatory initiatives, including PMPA activities for its devices, which could transform the regulatory landscape for nicotine delivery systems [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges in the cannabis industry due to cash flow issues and the lack of federal legalization [30] - The company is optimistic about its pivot to the nicotine sector, expecting it to lead to stronger and more sustainable growth [11] - Management highlighted the potential of breakthrough technologies like ICE-TECH and GMASH to reshape industry standards [18] Other Important Information - The company undertook significant cost optimization measures, achieving estimated annual savings of $10.2 million [8] - The appointment of Jay Yu as the new Chief Financial Officer reflects the company's commitment to strong financial stewardship [10] Q&A Session Summary Question: Key milestones for age gating technology approval - Management indicated that the FDA accepted the component PMPA application within four weeks, which is unprecedented [22] - The next step is the issuance of a deficiency letter, which could take anywhere from three months to over a year [23] Question: Approval timelines in other markets - Management expressed optimism about potential approvals in two unnamed countries that are moving quickly with the technology [25] Question: Intellectual property protections for age verification technology - The company has filed patents in multiple regions, emphasizing the strength of its IP defensibility [27] Question: Details on the $22 million provision for receivables - The provision was a cumulative effect from all customers rather than being tied to a single client [33] Question: Future of cannabis revenue - Management stated that Q4 2025 cannabis revenue is expected to be the bottom, with new customer acquisition and product development underway [45]

Group 1 - The core viewpoint of the news is the recognition of 14 enterprises in Yunnan Province as advanced intelligent factories for 2025, showcasing the province's progress in digitalization and intelligent transformation across various key industries [1][2] - The recognized enterprises span multiple sectors including chemicals, non-ferrous metals, pharmaceuticals, tobacco, light industry, new energy, and building materials, indicating a diversified exploration in the transformation and upgrading of traditional industries in Yunnan [1][2] - This recognition marks a new phase of large-scale promotion and systematic breakthroughs in the intelligent transformation of Yunnan's manufacturing industry, injecting strong momentum into the province's high-quality industrial development [1] Group 2 - The 14 recognized enterprises include notable companies such as Yunnan Yuntianhua Petrochemical Co., Ltd., Yunnan Wenshan Aluminum Co., Ltd., and Kunming Pharmaceutical Factory Co., Ltd., each implementing advanced technologies like digital twins and AI-driven management [2] - The implementation plan for the "Yunnan Province Intelligent Factory Gradient Cultivation Work (2025-2027)" aims to focus on key areas such as tobacco, deep processing of non-ferrous metals, and new energy batteries, promoting the establishment of benchmark intelligent factories [3] - By 2027, Yunnan Province aims to achieve the recognition of over 80 advanced intelligent factories and develop more than 10 domestically leading excellent intelligent factories, fostering replicable and promotable experiences and models [3]

（文章来源：第一财经） 国家烟草专卖局制定了《境内免税市场烟草制品管理办法》。批发企业、零售企业不得采购、销售未在 产品目录内的免税烟草制品。国务院烟草专卖行政主管部门建立统一的免税烟草制品交易管理平台，各 类相关企业应当通过交易管理平台进行交易。供货企业、批发企业、零售企业经营的免税烟草制品价格 要严格遵守有关法律法规和规章制度，共同维护境内免税市场烟草制品价格秩序。严禁价格串通、哄抬 价格、价格欺诈、恶意倾销、不按规定明码标价等价格违法行为。鼓励消费者和经营者共同参与价格监 督。本办法自2026年1月1日起施行。 ...

Core Viewpoint - The company, China Tobacco Hong Kong (06055), demonstrates stable performance through optimization of product structure and business model, enhancing profitability while maintaining a steady dividend payout to shareholders. The company is expected to leverage its overseas business integration platform [1]. Group 1: Financial Performance - For the mid-2025 period, the company's revenue reached HKD 10.316 billion, representing a year-on-year growth of 18.5%. The gross profit was HKD 946 million, a decrease of 1.8%, while the net profit attributable to shareholders was HKD 706 million, an increase of 9.8%. The mid-term earnings met expectations [2]. - The company maintained a steady dividend policy, with a mid-term dividend per share of HKD 0.19, reflecting a year-on-year increase of 26.7% [2]. Group 2: Core Business Contributions - The three core business segments—import of tobacco leaf products, export of tobacco leaf products, and cigarette export—contributed 81.4%, 11.2%, and 5.3% to total revenue, respectively, totaling 98.0%. The gross profit contributions were 72.6%, 6.7%, and 15.0%, respectively, totaling 94.3% [3]. - The import business of tobacco leaf products generated revenue of HKD 8.399 billion, a year-on-year increase of 23.5%, with a gross profit of HKD 687 million, down 7.7% due to rising costs from CBT procurement outpacing sales prices [3]. - The export business of tobacco leaf products achieved revenue of HKD 1.156 billion, a year-on-year increase of 25.9%, with a gross profit of HKD 63.1 million, up 124.1%, driven by the expansion into new markets and increased export volume and prices [3]. - The cigarette export business reported revenue of HKD 552 million, a year-on-year increase of 0.8%, with a gross profit of HKD 142 million, up 16.8%, attributed to the expansion of self-operated channels and the introduction of new products [3]. Group 3: Profitability Outlook - The company's gross margin and net profit margin for mid-2025 were 9.2% and 6.8%, respectively. The company continues to optimize its product structure and business model, with improvements in gross margins across most business segments, except for the import of tobacco leaf products, which saw a decline [4].