Group 1 - The overall performance of HNB remains stable, benefiting from the launch of GloHilo, with Glo's market share in Sendai increasing by 1.5 percentage points [1][2] - In H1 2025, British American Tobacco's (BAT) new oral tobacco segment generated revenue of £470 million, a year-on-year increase of 38%, with sales of 5 billion pouches, up 42%, and a remarkable 206% growth in the U.S. market [1][3] - The U.S. new oral tobacco market exceeds £2 billion, expected to double in size over the next two years [3] Group 2 - The vaping market faced pressure in H1 2025, with BAT's vaping segment revenue declining by 15% year-on-year to £737 million, primarily due to illegal products in the U.S. and Canada, as well as market dynamics in Europe [1] - The launch of GloHilo has led to a 1.5 percentage point increase in market share in Sendai, with a successful entry into the high-end market [2] - BAT's heated tobacco segment generated £444 million in revenue in H1 2025, a slight increase of 1%, with sales of 10.1 billion sticks, up 2%, although declines in certain European markets offset growth [2] Group 3 - The U.S. market for new oral tobacco products is experiencing rapid growth, with the Velo brand capturing a market share of 17% by July 2025, following its launch in May [3] - The global HNB industry is entering a new product lifecycle phase, with major brands actively cultivating the market, indicating potential for accelerated industry expansion [4] - Recommendations are made for investing in companies with competitive product technology and supply chains, specifically British American Tobacco and Smoore International [4]