烟叶进出口营收快增，卷烟出口、新型烟草及巴西业务短期承压。1H25具体看，1）烟叶进口：收入同 增23.5%，其中进口量/均价同增2.5%/20.5%，发运节奏影响下均价较高烟叶占比提升；2）烟叶出口： 收入同增25.9%，其中出口量/均价同增12.7%/11.7%，公司积极拓展新客户，产品结构优化带动均价提 升；3）卷烟出口：收入同增0.8%，销量/均价同比-7.9%/+9.4%，发运节奏影响下销量短期承压，产品 结构优化带动均价提升；4）新型烟草：收入同降66.4%，销量/均价同降65.4%/3.1%，供应链及海外监 管波动下经营承压；5）巴西业务：收入同降50.3%，销量/均价同降34.8%/23.8%，气候制约、副产品出 货节奏影响收入增速；烟叶出口、卷烟出口及巴西业务毛利率向好，气候影响烟叶进口盈利水平。 1H25 公司毛利率实现9.2%，同降1.9ppt，其中定价策略优化下烟叶出口毛利率同增2.4ppt，自营比例提 升下卷烟出口毛利率同增3.5ppt，副产品收入占比提升带动巴西业务毛利率同增10.2ppt，但气候不利影 响下公司于巴西进口烟叶成本上升，烟叶进口毛利率同降2.8ppt。费用端，1H2 ...

事件 公司发布2025 年度中期业绩公告。25H1 公司实现收入103.16 亿港元/+18.5%，归母净利润7.06 亿港 元/+9.8%，EPS 为1.02 港元/股，同比增长9.8%。董事会建议派发中期股息每股0.19 港元，同比增长 26.7%，共计派发现金股息1.31 亿港元，现金分红比例18.6%。 机构：中信建投证券 研究员：叶乐/张舒怡 核心观点 25H1 公司实现收入103.16 亿港元/+18.5%，归母净利润7.0 6 亿港元/+9.8%，毛利率9.2%/-1.9pct，净利 率7.0%/-0 .8pct，行政及其他经营费用率0.7%/-0.2pct，财务费用率0.8 %/-0.6pct，所得税率 21.3%/-4.6pct。分业务看，25H1 公司烟叶进口业务、烟叶出口业务、卷烟出口业务、新型烟草制品出 口、巴西经营业务收入分别83.99 亿港元/+23.5%、11.56 亿港元/+25.9%、5.52 亿港元/+0 .8 %、0.15 亿 港元/-66.5%、1.95 亿港元/-50.3%，上半年公司收入利润实现稳健增长，主要系烟叶进出口业务增速靓 丽以及财务费用下降影响。展望未来， ...

中烟香港 20250826 摘要 中烟香港 2024 年收入同比增长 6.9%，五年收入复合增长率达 7.8%， 归母净利润复合增长率高达 21.8%，显示出强劲的增长势头。 烟叶进口业务是中烟香港的主要收入来源，占总收入的 63%和毛利的 60%。中国卷烟高端化趋势驱动了对优质海外烟叶的需求，成为该业务 长期增长的关键因素。 收购巴西子公司提升了中烟香港的毛利率，并使其能够向跨国企业供货， 实现部分业务的市场化经营，目前超过 30%的产品销往其他国家及地区。 卷烟出口业务主要集中在免税店，中烟香港在多个地区拥有独家经营权， 通过新老划断方式优化渠道，自营免税业务具有巨大的毛利率空间。 新型烟草制品出口业务虽收入占比不高，但通过产品创新和提升产品力， 有望恢复增长。目前主要销往东欧、中东欧、东南亚及中东等地区。 中烟香港作为中烟国际集团的国际业务拓展与资本运作平台，肩负资本 运作使命，未来并购整合方向包括母公司旗下境外资产、其他兄弟公司 境外资产以及全球范围内非央企体系的优质资产。 中烟香港 2025 年业绩预计约为 9.5 亿港元，对应市盈率约为 27 倍。现 有业务稳健性强，并购整合预期带来额外估值空间， ...

烟叶进出口营收快增，卷烟出口、新型烟草及巴西业务短期承压 1H25具体看，1)烟叶进口：收入同增23.5%，其中进口量/均价同增2.5% /20.5%，发运节奏影响下均价 较高烟叶占比提升;2)烟叶出口：收入同增25.9%，其中出口量/均价同增12.7%/11.7%，公司积极拓展新 客户，产品结构优化带动均价提升;3)卷烟出口：收入同增0.8%，销量/均价同比-7.9%/+9.4%，发运节奏 影响下销量短期承压，产品结构优化带动均价提升;4)新型烟草：收入同降66.4%，销量/均价同降 65.4%/3.1%，供应链及海外监管波动下经营承压;5)巴西业务：收入同降50.3%，销量/均价同降 34.8%/23.8%，气候制约、副产品出货节奏影响收入增速; 烟叶出口、卷烟出口及巴西业务毛利率向好，气候影响烟叶进口盈利水平 智通财经APP获悉，中金发布研报称，基于烟叶进出口业务成长势头，上调中烟香港(06055)2025/26年 归母净利润5%/8%至9.8/10.9亿港元，现价对应2025/26年27/24倍P/E。考虑公司作为中国烟草独家境外 资本运作平台的稀缺价值、内生+外延成长空间，上调公司评级至跑赢行业。基 ...

消息面上，中烟香港发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港元， 同比增加9.79%；拟派发中期股息每股0.19港元。国金证券指出，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，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。 该行指出，上半年公司毛利率与净利率为9.17%与7.00%，同比-1.91/-0.81pct。整体毛利率下滑主因业务 结构变动，毛利率有所下滑的烟叶进口业务营收占比同比提升3.26pct至81.41%。公司自CBT采购的烟叶 成本上升幅度大于单价的提升幅度，使烟叶进口毛利率有所下滑。公司在卷烟出口上持续拓展自营渠道 且不断引入新品以提升客单价，带来毛利率的较快上升。内生业务盈利能力提升依然具备确定性，继续 期待外延跨越式发展。 中烟香港(06055)绩后跌超7%，截至发稿，跌6.11%，报35.62港元，成交额2.08亿港元。 ...

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 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 中烟香港：业绩表现优异，期待外延&出海表 现 [Table_ReportDate] 2025 年 8 月 24 日 [Table_S 事件：公司发布 ummary] 2025 年半年度报告。25H1 收入实现 103.16 亿港元（同比 +18.5%），归母净利润为 7.06 亿港元（同比+9.8%）；毛利率实现 9.2%（同 比-1.9pct），归母净利率为 6.9%（同比-0.5pct）。 点评：公司收入表现稳健，盈利增长低于收入增长主要系海外供需错配导致 烟叶进口成本提升。分品类来看： 烟叶进口：25H1 收入为 83 ...

Summary of China Tobacco Hong Kong Conference Call Company Overview - **Company**: China Tobacco Hong Kong - **Industry**: Tobacco - **Role**: Overseas capital operation platform for China National Tobacco Corporation, benefiting from policy support and demonstrating stable performance Key Financial Metrics - **Revenue Growth**: Expected compound annual growth rate (CAGR) of 11% from 2018 to 2024, increasing from HKD 7 billion to HKD 13.07 billion [2][9] - **Net Profit Growth**: CAGR of 22% from HKD 260 million in 2018 to HKD 850 million in 2024 [11] - **Return on Equity (ROE)**: Increased from over 20% before 2021 to over 30% by 2024 [9] Business Segments Core Business - **Import and Export**: - Import accounts for over 50% of China's tobacco imports, with revenue expected to reach HKD 8.25 billion in 2024 [8][14] - Export primarily to Southeast Asia and regions like Hong Kong and Macau, accounting for 40-50% of China's tobacco exports [2][8] Growth Business - **New Tobacco Products**: - Heat-not-burn (HNB) products have maintained a CAGR of around 20% over the past six years, with revenue growth from HKD 0.2 million in 2018 to HKD 1.35 million in 2024 [20][21] - HNB market share in non-core markets shows potential for growth, with current penetration at less than 1% [23] Market Positioning - **Unique Position**: The only publicly listed tobacco company within the China Tobacco system, enjoying a monopoly and stable profit margins due to lack of direct competition [4] - **Capital Operation Potential**: Positioned as a platform for international business expansion, with plans for future acquisitions and asset integration [6][30] Recent Developments - **Acquisition of China Tobacco Brazil**: - Revenue growth from HKD 315 million in 2021 to HKD 1.05 billion in 2024, with a CAGR of nearly 50% [5][24] - Expansion into non-China markets and increased tobacco planting area are key growth drivers [25] Challenges and Outlook - **Impact of COVID-19**: - Cigarette export business stagnated from 2021 to 2023 due to the pandemic, but recovery is expected in 2024 [10] - **2025 Forecast**: - Anticipated revenue stability or slight increase, with net profit projected at under HKD 900 million, reflecting a growth rate of about 5% [29] Valuation and Market Sentiment - **Market Valuation**: - Current valuation range estimated between HKD 29.8 to HKD 36.2, with a market cap potential of HKD 20.6 billion to HKD 25.1 billion [30] - **Investment Rating**: Given an "outperform" rating based on growth potential from capital operations and market positioning [30] Additional Insights - **Pricing Strategy**: The company employs a pricing strategy based on procurement costs plus a markup, which has been adjusted in response to market demand [15][18] - **Future Growth Areas**: Significant growth potential in both import/export operations and new tobacco products, with expectations of doubling growth in certain segments [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market positioning, growth opportunities, and challenges ahead.

Core Viewpoint - The city of Jingxi in Guangxi has been facing severe drought conditions since November 2024, with rainfall decreasing by 70-80%, leading to significant challenges in tobacco cultivation [1] Group 1: Emergency Response - The Jingxi Tobacco Monopoly Bureau initiated a level I emergency response to the drought, establishing a command center led by key officials to address the situation promptly [2] - The local government has actively engaged in on-site investigations and secured special drought relief funding [2] - A total of 12 teams were formed to conduct thorough assessments of over 50,000 acres of tobacco fields to gather accurate drought data [2] Group 2: Interdepartmental Coordination - The Jingxi Tobacco sector has coordinated with various departments, including water resources and agriculture, to form a drought relief alliance [3] - Five medium-sized reservoirs have been managed for staggered water supply, and fire trucks have delivered water to remote tobacco fields on 126 occasions [3] Group 3: Community Support - A mutual aid mechanism among tobacco farmers has been established, facilitating equipment sharing and technical assistance [5] - Stories of community support have emerged, such as farmers responding to each other's urgent needs for irrigation equipment [5] Group 4: Technological Empowerment - The introduction of "drip irrigation + micro-spray" systems has improved water-saving efficiency by over 35% [6] - The establishment of a long-term drought management mechanism has been emphasized, transitioning from emergency response to sustainable management [6] - Continuous monitoring of weather changes and preparedness for future droughts are prioritized to safeguard farmers' harvests [6]

Core Viewpoint - The tobacco industry in Ji'an, Jiangxi Province, is transitioning from traditional coal-based drying methods to a green biomass energy approach, significantly improving both ecological and economic outcomes for local farmers [1][2][3] Group 1: Industry Challenges - Traditional coal-fired drying methods have high energy consumption, pollution, and inefficiency, with over 60% of high-quality tobacco leaves produced [2] - Thousands of coal-fired drying houses consume over tens of thousands of tons of coal annually, leading to significant emissions of sulfur dioxide and nitrogen oxides [2] Group 2: Innovative Solutions - In 2019, Ji'an Tobacco prioritized "green drying" and initiated a pilot project using biomass pellet fuel made from agricultural waste, which has a 15% higher calorific value than coal and nearly zero sulfur content [2] - The first two pilot drying houses showed a significant reduction in costs and a 90% decrease in pollutant emissions, prompting farmers to adopt the new technology [2] Group 3: Technological Advancements - The use of biomass fuel allows for stable combustion and precise temperature control within ±1°C, enhancing the quality of tobacco leaves [2] - Collaboration with research institutions has led to breakthroughs in drying technology, with plans for 100% conversion of drying houses to the new system by 2024 [2] Group 4: Ecological and Economic Benefits - The shift to green drying is expected to replace approximately 15,000 tons of coal annually, reducing carbon dioxide emissions by about 40,000 tons, equivalent to planting 2 million trees [3] - By 2024, the proportion of high-quality tobacco is projected to reach over 75%, with average farmer income exceeding 5,000 yuan per mu, marking a significant increase from traditional methods [3] - The improved quality of tobacco leaves has made them highly sought after in high-end markets, contributing to an annual output value close to 200 million yuan [3]

Group 1 - The core viewpoint of the articles emphasizes the transformation of rural asset management in Xunyang City, focusing on the informatization, dataization, and refinement of the management of collective assets, funds, and resources [1][2][3] - In 2024, all 305 village collectives in Xunyang City are expected to have annual incomes exceeding 100,000 yuan, with 33 villages surpassing 500,000 yuan and one community exceeding 3 million yuan [1] - The establishment of a dual responsibility system for asset management at the town and village levels has been implemented to enhance transparency and accountability in the management of collective resources [1][2] Group 2 - A comprehensive audit of collective assets has revealed a total of 46.841 million yuan in village-level collective assets across 12 villages, contributing to a clearer understanding of the financial status of these collectives [2] - The introduction of a big data information technology platform allows villagers to monitor the financial expenditures of their collectives in real-time, enhancing financial transparency [2] - Xunyang City is promoting the development of unique ecological industrial chains across 21 towns, which is expected to increase farmers' incomes and improve the overall economic strength of village collectives [3]