欢迎扫描下方二维码关注： 初级产品。具体征税范围为: (一) 限食 粮食是指各种主食食科植物果实的总称。 小麦、稻谷、玉米、高梁、谷子和其他 杂粮(如:大麦、燕麦等); 经碾磨、脱壳等工艺加工后的粮食(如: 面粉,米,玉米面、渣等); 切面、饺子皮、馄饨皮、面皮、米粉等 粮食复制品。 不包括:以粮食为原料加工的速冻食品、 方便面、副食品和各种熟食品。 (二) 蔬菜 蔬菜是指可作副食的草本、木本植物的总称。 各种蔬菜、菌类植物和少数可作副食的 木本植物。 经晾晒、冷藏、冷冻、包装、脱水等工 序加工的蔬菜,腌菜、咸菜、酱菜和盐 溃蔬菜等。 (三) 烟叶 烟叶是指各种烟草的叶片和经过简单加工的叶片。 晒烟叶 是指利用太阳能露天晒制的烟叶; 晾烟叶 是指在晾房内自然干燥的烟叶; 初烤烟叶 是指烟草种植者直接烤制的烟叶。 不包括:专业复烤厂烤制的复烤烟叶。 仍日小ポイボ 六十〇 (年司) 显示：11 可供食用的果实,如水果、果干(如荔枝 干、桂圆干、葡萄干等）、干果、果仁、 果用瓜(如甜瓜、西瓜、哈密瓜等),以 及胡椒、花椒、大料、咖啡豆等。 经冷冻、冷藏、包装等工序加工的园艺 植物。 不包括:各种水果罐头,果脯,蜜饯 ...

Core Viewpoint - The "Henan Province Tobacco Monopoly Management Regulations" has been approved and will take effect on May 1, 2026, aiming to strengthen tobacco management, improve product quality, and protect consumer interests while ensuring fiscal revenue for the state and local governments [2][34]. Group 1: General Principles - The regulations are established based on the "Tobacco Monopoly Law of the People's Republic of China" and related laws, tailored to the province's specific conditions [4]. - The regulations apply to all activities related to the production, sale, transportation, and storage of tobacco monopoly products within the province [4][5]. Group 2: Responsibilities of Authorities - The provincial tobacco monopoly administrative department is responsible for overseeing tobacco monopoly work, supported by municipal and county-level departments [6]. - County-level tobacco monopoly administrative departments are required to utilize new technologies like big data and AI to enhance service quality and management efficiency [7]. Group 3: Tobacco Leaf Management - The regulations mandate the provincial department to manage tobacco leaf planting and provide support in terms of funding and technology to improve quality and efficiency [10]. - Tobacco companies are required to unify the purchase of tobacco leaves according to national standards and must sign contracts with growers regarding planting areas and prices [10][12]. Group 4: Production and Sales of Tobacco Products - Tobacco product manufacturers must comply with national quality standards and are required to strengthen technical research to reduce harmful components [18]. - Retailers must obtain the necessary licenses and are prohibited from selling tobacco products to minors, with clear signage required in retail locations [20][21]. Group 5: Supervision and Enforcement - The tobacco monopoly administrative department has the authority to investigate violations of tobacco laws, including inspecting production and storage sites [25][30]. - There are specific penalties outlined for various violations, including fines for disrupting tobacco leaf purchasing order and for unauthorized sales of tobacco products [31][36]. Group 6: New Tobacco Products - New tobacco products, such as e-cigarettes, will be regulated similarly to traditional cigarettes under the new regulations [34].

Core Insights - Hunan Xiangxi Tujia and Miao Autonomous Prefecture has achieved significant economic growth, with GDP increasing from 72.51 billion to 85.59 billion from 2020 to 2024, alongside rising urban and rural resident incomes [1][2] Economic Development - The region has established an industrial path focusing on ecological cultural tourism, new industrialization, and characteristic agriculture, with tourism becoming the main driver of development [2] - Tourist numbers rose from 42.06 million to 62.04 million, and total tourism revenue increased from 38.88 billion to 69.13 billion, with annual growth rates of 10.2% and 15.5% respectively [2] - Key manufacturing sectors maintained double-digit growth, and agricultural specialty areas exceeded 4 million acres, establishing bases for high-quality agricultural products [2] Infrastructure and Connectivity - A comprehensive transportation network has been developed, enhancing external connectivity, with over 70 high-speed train services and significant growth in air travel [4] - The region's foreign trade and investment have seen substantial growth, with an average annual increase of over 15% in investment funds and leading export growth rates in Hunan [4] Social Development and Welfare - The region has leveraged its unique ethnic and historical advantages to build a robust industrial system, improving per capita disposable income from 27,900 to 34,300 for urban residents and from 11,200 to 14,900 for rural residents from 2020 to 2024 [5] - Significant investments in public welfare have been made, with over 72% of fiscal spending directed towards social services, and improvements in education and healthcare outcomes [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a robust revenue growth of HK$ 10.316 billion in 2025H1, representing an 18.5% year-on-year increase, with a net profit of HK$ 706 million, up 9.8% [1] - The company continues to focus on capital market operations and international business expansion, aiming to enhance profitability through supply chain resilience and optimized pricing strategies [5] - The company is expected to benefit from its unique position as a platform and industry integrator in the tobacco export market, with projected revenues of HK$ 14.7 billion, HK$ 15.9 billion, and HK$ 17.1 billion for 2025-2027, reflecting growth rates of 12%, 8%, and 8% respectively [6] Revenue Breakdown - The tobacco leaf import business generated HK$ 8.399 billion in revenue, a 23.5% increase, with a volume of 97,900 tons, up 2.5%. However, gross profit declined by 7.7% due to rising costs [2] - Tobacco leaf export revenue reached HK$ 1.156 billion, a 25.9% increase, with a volume of 38,500 tons, up 12.7%, and gross profit surged by 124.1% due to market expansion and pricing strategy optimization [2] - Cigarette export revenue was HK$ 552 million, a slight increase of 0.8%, with a volume of 1.019 billion sticks, down 7.9%. Gross profit increased by 16.8% due to enhanced self-operated channel development [3] Regional Performance - The company's Brazilian operations saw a significant decline, with tobacco leaf export revenue dropping to HK$ 195 million, down 50.3%, and volume decreasing by 34.8% due to adverse weather conditions affecting production [4] - New tobacco product exports also faced challenges, with revenue falling to HK$ 15 million, down 66.5%, and volume down 65.4%, primarily due to geopolitical conflicts and regulatory changes in target markets [4] Financial Forecast - The company is projected to achieve net profits of HK$ 944 million, HK$ 1.090 billion, and HK$ 1.224 billion for 2025-2027, with growth rates of 11%, 15%, and 12% respectively [6] - The expected P/E ratios for the same period are 31.11X, 26.95X, and 24.00X, reflecting the company's growth potential and market position [6]

Core Insights - The emergence of a new profession called "Yantou" in rural areas, responsible for organizing laborers involved in tobacco leaf cultivation, highlights the evolving labor dynamics in agriculture [1][3] - The tobacco farming industry in rural areas has a long history, characterized by labor-intensive practices and a reliance on manual labor due to the lack of mechanization [2][5] - The formation of stable labor organizations, such as those led by "Yantou," improves efficiency and coordination in agricultural work, making them more attractive to employers [3][4] Group 1: Labor Organization - "Yantou" serves as a coordinator for laborers, ensuring that work is completed efficiently and fairly, with members sharing earnings based on their contributions [1][3] - The organization of laborers into groups enhances productivity, as collective efforts lead to faster completion of tasks compared to individual work [3][5] - The demand for "Yantou" has increased, as farmers need reliable labor sources to meet the time-sensitive requirements of tobacco harvesting [3][4] Group 2: Agricultural Practices - Tobacco farming is recognized as one of the most labor-intensive agricultural practices, requiring significant manpower and careful management of resources [2][5] - The transition from self-sufficient farming to hiring labor reflects a broader trend in rural areas towards professionalization and efficiency in agricultural practices [4][5] - The reliance on manual labor for tobacco harvesting is underscored by the absence of mechanized solutions, necessitating organized labor groups to fulfill the demand [2][3]

Core Viewpoint - The company reported strong 1H25 performance with revenue increasing by 18.5% to HKD 10.32 billion and net profit rising by 9.8% to HKD 710 million, exceeding expectations due to favorable import/export dynamics and product structure optimization [1] Revenue Breakdown - Leaf import revenue grew by 23.5%, with import volume and average price increasing by 2.5% and 20.5% respectively, benefiting from a higher proportion of premium leaf [1] - Leaf export revenue increased by 25.9%, with export volume and average price rising by 12.7% and 11.7% respectively, driven by new customer acquisition and product structure optimization [1] - Cigarette export revenue grew by 0.8%, with sales volume declining by 7.9% and average price increasing by 9.4%, impacted by shipment timing [1] - New tobacco revenue decreased by 66.4%, with sales volume and average price dropping by 65.4% and 3.1% respectively, due to supply chain and regulatory challenges [1] - Brazilian business revenue fell by 50.3%, with sales volume and average price decreasing by 34.8% and 23.8% respectively, affected by climate conditions and shipment timing [1] Profitability Metrics - The company's gross margin for 1H25 was 9.2%, a decline of 1.9 percentage points, with leaf export gross margin increasing by 2.4 percentage points due to pricing strategy optimization [1] - The gross margin for cigarette exports improved by 3.5 percentage points due to a higher self-operated ratio, while Brazilian business gross margin increased by 10.2 percentage points from a higher proportion of by-product revenue [1] - The gross margin for leaf imports decreased by 2.8 percentage points due to rising costs from unfavorable climate conditions [1] - The net profit margin for 1H25 was 6.8%, down by 0.5 percentage points [1] Growth Potential - The company is expected to strengthen its international allocation capabilities in leaf imports, maintaining stable growth [1] - The company aims to enhance its tax channel development and introduce self-operated product lines in cigarette exports, with potential growth from a global exclusive distribution agreement for Long Wall cigars with Sichuan Tobacco [1] - The company is likely to seek high-quality acquisition targets aligned with group strategic goals to enhance global competitiveness [1][2] Earnings Forecast and Valuation - Based on the growth momentum in leaf import/export business, the net profit forecasts for 2025 and 2026 have been raised by 5% and 8% to HKD 980 million and HKD 1.09 billion respectively [2] - The target price has been increased by 37% to HKD 43, corresponding to 30/27 times P/E for 2025/26, indicating a 13% upside potential from the current stock price [2]

Core Viewpoint - The company reported a revenue of HKD 10.316 billion for the first half of 2025, representing an increase of 18.5%, and a net profit attributable to shareholders of HKD 706 million, up by 9.8% [1][2] - The company aims to leverage its strategic positioning as an international business expansion and capital operation platform for China National Tobacco Corporation, anticipating synergistic growth through both organic and external means [5][6] Financial Performance - The company achieved a gross margin of 9.2%, down by 1.9 percentage points, and a net profit margin of 7.0%, down by 0.8 percentage points [1][2] - Administrative and other operating expense ratio was 0.7%, down by 0.2 percentage points, while financial expense ratio was 0.8%, down by 0.6 percentage points, indicating a significant improvement in financing costs [2] Business Segments - **Tobacco Leaf Import Business**: Revenue reached HKD 8.399 billion, up 23.5%, with a gross margin of 8.2%, down by 2.8 percentage points. The import volume was 98,000 tons, an increase of 2.5%, with an average import price of HKD 85,800 per ton, up 20.5% [3] - **Cigarette Export Business**: Revenue was HKD 552 million, up 0.8%, with a gross margin of 25.7%, up 3.5 percentage points. Export volume was 1.019 billion sticks, down 7.9%, with an average selling price of HKD 0.54 per stick, up 9.4% [4] - **Tobacco Leaf Export Business**: Revenue reached HKD 1.156 billion, up 25.9%, with a gross margin of 5.5%, up 2.4 percentage points. Export volume was 38,000 tons, up 12.7%, with an average export price of HKD 30,000 per ton, up 11.7% [4] - **Brazil Operations**: Revenue was HKD 195 million, down 50.3%, with a gross margin of 27.4%, up 10.2 percentage points. Sales volume was 8,000 tons, down 34.8%, with an average selling price of HKD 24,600 per ton, down 23.8% [4] - **New Tobacco Products Export Business**: Revenue was HKD 15 million, down 66.5%, with a gross margin of 5.3%, up 0.6 percentage points. Export volume was 81 million sticks, down 65.4%, with an average selling price of HKD 0.18 per stick, down 3.1% [5] Future Outlook - The company plans to enhance its tobacco leaf resource supply and demand matching capabilities and improve its quality tobacco raw material guarantee system [3] - The company will continue to focus on building its capital operation platform and actively seek investment and acquisition opportunities that align with its strategic development [5][6] Earnings Forecast - Projected revenues for 2025-2027 are HKD 15.35 billion, HKD 16.41 billion, and HKD 17.46 billion, representing year-on-year growth of 17.4%, 6.9%, and 6.5% respectively. Net profits are expected to be HKD 954 million, HKD 1.034 billion, and HKD 1.11 billion, with growth rates of 11.8%, 8.4%, and 7.3% respectively [6]

Summary of China Tobacco Hong Kong Conference Call Company Overview - **Company**: China Tobacco Hong Kong - **Industry**: Tobacco Key Financial Performance - **2024 Revenue**: HKD 131 billion, a year-on-year increase of 10.5% [4] - **Net Profit**: HKD 8.54 billion, a year-on-year increase of 42.6% [4] - **Gross Margin**: 10.5%, an increase of 1.3 percentage points year-on-year [4] - **Net Margin**: 6.9%, an increase of 1.1 percentage points year-on-year [4] - **Five-Year CAGR**: Revenue growth at 7.8% and net profit growth at 21.8% from 2019 to 2024 [2][4] Revenue Sources - **Main Revenue Source**: Leaf import business accounts for 63% of total revenue and 60% of gross profit [2][6] - **Other Revenue Contributions**: - Cigarette export: 12% of revenue, 20% of gross profit [6] - Brazilian operations: 8% of revenue, 13% of gross profit [6] - Leaf export: 16% of revenue, 6% of gross profit [6] - New tobacco products export: 1% of revenue, 0.5% of gross profit [6][7] Business Segments - **Raw Material Business**: Includes leaf imports, exports, and Brazilian operations [5] - **Finished Products Business**: Includes cigarette exports and new tobacco products exports [5] Growth Drivers - **High-End Leaf Demand**: The trend towards high-end cigarettes in China drives demand for quality overseas tobacco leaves, which is a key growth factor for the leaf import business [2][8] - **Acquisition Impact**: The acquisition of a Brazilian subsidiary has improved gross margins and allowed for market-driven operations, with over 30% of products sold internationally [2][9] Export Strategies - **Cigarette Exports**: Focused on duty-free shops with exclusive rights in several regions, optimizing channels through a new-old segmentation strategy [13] - **New Tobacco Products**: Despite low revenue contribution, there is potential for recovery through product innovation and enhanced product strength [14] Future Outlook - **2025 Earnings Projection**: Expected to be approximately HKD 950 million, with a price-to-earnings ratio of about 27 times [3][15] - **M&A Strategy**: Future acquisitions will focus on overseas assets from the parent company, other subsidiaries, and high-quality assets globally [16][17] Challenges and Risks - **Regulatory Changes**: New market regulations and geopolitical conflicts have impacted the revenue from new tobacco products [14] Conclusion - **Strategic Position**: China Tobacco Hong Kong maintains a strong strategic position with significant growth potential through existing operations and future acquisitions [3][15][17]

Core Viewpoint - CICC has raised the profit forecast for China Tobacco Hong Kong (06055) for the fiscal year 2025/26 by 5% and 8% to HKD 9.8 billion and HKD 10.9 billion respectively, reflecting the growth momentum in the tobacco leaf import and export business [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 18.5% to HKD 10.32 billion, and net profit attributable to shareholders rose by 9.8% to HKD 710 million, both exceeding CICC's expectations due to favorable tobacco leaf import shipping schedules and optimized export product structure [2] - The revenue from tobacco leaf imports grew by 23.5%, with import volume and average price increasing by 2.5% and 20.5% respectively, leading to a higher proportion of high-priced tobacco leaves [3] - Tobacco leaf exports saw a revenue increase of 25.9%, with export volume and average price rising by 12.7% and 11.7% respectively, driven by the expansion of new customers and product structure optimization [3] Group 2: Margin Analysis - The company's gross margin for the first half of 2025 was 9.2%, a decrease of 1.9 percentage points, with improved gross margins in tobacco leaf exports and self-operated cigarette exports due to pricing strategy optimization [3] - The gross margin for tobacco leaf exports increased by 2.4 percentage points, while the gross margin for self-operated cigarette exports rose by 3.5 percentage points [3] - However, the gross margin for tobacco leaf imports decreased by 2.8 percentage points due to rising costs from unfavorable climate conditions [3] Group 3: Growth Drivers - The company is expected to strengthen its international allocation capabilities in tobacco leaf imports, leading to stable operational growth [4] - The expansion of duty-free channel development and the introduction of self-operated product lines in cigarette exports, along with a global exclusive distribution agreement for Long Wall cigars with Sichuan Tobacco, are anticipated to open up growth opportunities [4] - The company aims to actively seek potential high-quality targets that align with the group's strategic goals to enhance global competitiveness through external mergers and acquisitions [4]

Core Viewpoint - CICC has raised the profit forecast for China Tobacco Hong Kong (06055) for 2025/26 by 5%/8% to HKD 9.8/10.9 billion, reflecting the growth momentum in the tobacco leaf import and export business [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 18.5% to HKD 10.32 billion, and net profit attributable to shareholders rose by 9.8% to HKD 710 million, both exceeding CICC's expectations due to favorable tobacco leaf import shipment schedules and optimized export product structure [2] - The gross profit margin for 1H25 was 9.2%, a decrease of 1.9 percentage points, with improvements in gross margins for tobacco leaf exports and cigarette exports, while the gross margin for tobacco leaf imports declined due to adverse climate impacts [3] Group 2: Business Segments - Tobacco leaf imports saw a revenue increase of 23.5%, with import volume and average price rising by 2.5% and 20.5%, respectively [3] - Tobacco leaf exports experienced a revenue growth of 25.9%, with export volume and average price increasing by 12.7% and 11.7%, respectively, driven by new customer acquisition and product structure optimization [3] - Cigarette exports had a modest revenue increase of 0.8%, but volume decreased by 7.9%, while average price rose by 9.4% [3] - New tobacco revenue declined by 66.4%, with both volume and average price dropping significantly due to supply chain and regulatory challenges [3] - Brazilian operations faced a revenue decline of 50.3%, with volume and average price also decreasing due to climate constraints and shipment timing [3] Group 3: Growth Potential - The company is expected to strengthen its international allocation capabilities in tobacco leaf imports, ensuring stable growth [4] - The company has signed an exclusive global distribution agreement for Great Wall cigars with Sichuan Tobacco, which is anticipated to open new growth avenues [4] - There is potential for external acquisitions that align with the group's strategic goals to enhance global competitiveness [4]