证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中烟香港(6055.HK) 投资评级 上次评级 卷烟出口：25H2 收入 11.1 亿港元（同比+8.6%），量/价同比分别 -1.1%/+9.8%，毛利率 21.4%（同比+6.2pct）。自营渠道扩张&产品结构优 化共助盈利能力提升。公司目前已初步构建中国雪茄国际业务统一经销平 台，有税市场雪茄业务大幅增长；且 26 年境内关外营业模式改革，有望推 动盈利能力持续创新高。 新烟出口：25H2 收入 0.5 亿港元（同比-45.8%），量/价同比分别 -44.8%/-1.8%，毛利率为 5.3%（同比-0.2pct）。承压主要系海外政策变化叠 加供应端新品迭代、设备升级，公司 H2 销量同比降幅逐步收窄（H1 同比 -65.4%）、环比表现靓丽（环比+257.6%）。我们预计未来供应端产品优化有 望推动终端市场份额回暖，26 年有望重返高增通道。 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindas ...

Group 1 - The core viewpoint of the article highlights that China Tobacco Hong Kong (06055) has seen a stock increase of over 3%, currently trading at HKD 39.84 with a transaction volume of HKD 20.525 million [1] - Recently, China Tobacco Hong Kong signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at HKD 670 million, HKD 840 million, and HKD 980 million for the years 2026-2028 [1] - The company also entered into a framework agreement with China Tobacco International (North America) to export leaf products to new regions, increasing the annual transaction limit [1] Group 2 - According to Cinda Securities, it is expected that due to seasonal factors, leaf imports will remain stable in the second half of 2025, while exports are likely to continue the growth trend seen in the first half [1] - The growth of cigarette exports and Brazilian operations is anticipated to accelerate, with new cigarette products showing signs of recovery [1] - Cinda Securities believes that the significant adjustment of transaction limits by China Tobacco Hong Kong reflects the company's confidence in future business growth [1] Group 3 - The procurement agreements are expected to provide constructive support for the export of leaf products to Southeast Asia, aiding in the diversification of customer structures and attracting more potential buyers from broader regions [1] - The company aims to gradually expand beyond exclusive sales regions by securing high-quality raw material supplies, thereby enhancing its growth potential [1]