浙商证券发布研报称，华宝国际经营逐步企稳，烟用原料高增，是国内外HNB链条上游原料核心标 的。展望25年下半年，公司将继续加快国际化发展步伐、加大海外市场开拓力度，强化供应链管理，通 过收购兼并实现双轮驱动、提供增长动力等。作为参考，25年上半年公司账上现金+交易性金融资产60 亿元。 消息面上，华宝国际近日发布公告，根据2024年购股权计划提出向若干合资格参与者授出1.48亿份购股 权。考核目标为收入增长2026/2027/2028年较2025年增长不低于10%/20%/30%。据悉，华宝国际上半年 实现收入16.21亿元，同比增长2.5%；归母净利润1.18亿元，同比298%；经调整后期间盈利1.92亿元， 同比增长2.1%。 （原标题：港股异动 | 华宝国际(00336)早盘涨超4% 公司发布股权激励强化信心 后续将加大海外市场开 拓力度） 智通财经APP获悉，华宝国际(00336)早盘涨超4%，截至发稿，涨5.43%，报4.27港元，成交额1569.85万 港元。 ...

Group 1 - Hua Bao International (00336) saw a significant increase in stock price, rising over 4% in early trading and reaching a gain of 5.43%, priced at 4.27 HKD with a trading volume of 15.6985 million HKD [1] - The company announced a stock option plan for 2024, granting 148 million stock options to eligible participants, with performance targets set for revenue growth of no less than 10%/20%/30% for the years 2026/2027/2028 compared to 2025 [1] - For the first half of the year, Hua Bao International reported revenue of 1.621 billion CNY, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 118 million CNY, reflecting a substantial year-on-year growth of 298% [1] Group 2 - Zheshang Securities (601878) released a report indicating that Hua Bao International's operations are stabilizing, with significant growth in tobacco raw materials, positioning the company as a core player in the upstream raw materials of the HNB (Heat Not Burn) supply chain [1] - Looking ahead to the second half of 2025, the company plans to accelerate its international development, enhance efforts in overseas market expansion, and strengthen supply chain management through mergers and acquisitions to drive growth [1] - As a reference, the company reported cash and trading financial assets totaling 6 billion CNY as of the first half of 2025 [1]

Investment Rating - The investment rating for Huabao International is "Buy" (maintained) [5][9] Core Views - The company has launched an equity incentive plan to strengthen confidence and is looking forward to opportunities in the HNB supply chain [1] - The company reported a revenue of 1.621 billion yuan for the first half of 2025, with a year-on-year growth of 2.5%, and a significant increase in net profit attributable to shareholders by 298% [1][5] - The company aims to accelerate international development and expand overseas markets, with potential merger and acquisition opportunities [4] Summary by Sections Equity Incentive Plan and H1 2025 Performance - The equity incentive plan includes 148 million stock options, accounting for 4.6% of the current total share capital, with an exercise price of HK$3.95 per share [1] - The performance for H1 2025 shows a revenue of 1.621 billion yuan, a gross margin of 43.4%, and a net profit attributable to shareholders of 118 million yuan [1] Downstream Demand - Tobacco production in H1 2025 reached 27.51 million boxes, showing a year-on-year increase of 0.8% [2] - The food and beverage sector saw a year-on-year increase in added value of 7.5% for agricultural and sideline food processing, and 6.3% for food manufacturing [2] Business Segmentation - Revenue from flavor and food ingredients was 596 million yuan, down 8.6%, while revenue from tobacco raw materials increased by 45.3% to 238 million yuan [3] - The company has completed the construction of a new tobacco leaf production base in Indonesia, with an annual capacity of 3,000 tons [3] Outlook for H2 2025 - The company plans to continue accelerating its international development and enhance supply chain management, with cash and financial assets totaling 6 billion yuan as of H1 2025 [4] Financial Forecast - Revenue projections for 2025-2027 are 3.598 billion yuan, 4.075 billion yuan, and 4.670 billion yuan, with year-on-year growth rates of 6.66%, 13.26%, and 14.60% respectively [5][10]

Core Viewpoint - Huabao International (00336) experienced a significant stock price increase of over 15%, attributed to strong financial performance in the first half of the year, with notable growth in revenue and profit [1] Financial Performance - The company reported a revenue of 1.621 billion RMB for the first half of the year, representing a year-on-year increase of 2.5% [1] - Net profit attributable to equity holders reached 118 million RMB, showing a substantial year-on-year growth of 298.1% [1] - Basic earnings per share were reported at 3.66 cents, with an interim dividend of 1.2 HK cents and a special dividend of 3.2 HK cents proposed [1] Business Segments - The increase in revenue was primarily driven by rapid growth in the overseas business of tobacco flavoring materials, with the revenue from the tobacco raw materials segment increasing by 45.3% to 238 million RMB [1] - The flavoring materials segment also saw a revenue increase of 7.6% to 405 million RMB, supported by gradual capacity release and the acquisition of new customers [1] Industry Insights - Huabao International is recognized as a leading player in the domestic tobacco flavoring market [1] - According to Guosheng Securities, heated non-burning (HNB) tobacco requires significantly more flavoring agents compared to traditional tobacco, with the amount needed being 6-10 times greater for the same quality of tobacco [1] - Despite the shorter length of HNB tobacco sticks, the overall flavoring requirement per stick is still 3-5 times that of traditional tobacco [1]

Group 1 - The core viewpoint of the article highlights Hua Bao International's significant financial performance, with a notable increase in profit and revenue for the six months ending June 30, 2025 [1] - The company's revenue reached 1.621 billion RMB, reflecting a year-on-year growth of 2.5% [1] - The profit attributable to equity holders surged to 118 million RMB, marking a substantial year-on-year increase of 298.1% [1] Group 2 - Basic earnings per share were reported at 3.66 cents, indicating strong profitability [1] - The company proposed an interim dividend of 1.2 HK cents per share and a special dividend of 3.2 HK cents per share [1] - The increase in revenue was primarily driven by rapid growth in the overseas business of new materials for smoking, with the revenue from the smoking materials segment increasing by 45.3% to 238 million RMB [1] - The flavoring materials segment also saw revenue growth of 7.6%, reaching 405 million RMB, supported by capacity release and new customer acquisition [1]

Core Viewpoint - Huabao International (00336) reported a significant increase in profit and revenue for the six months ending June 30, 2025, driven by strong growth in its overseas business and specific product segments [1] Financial Performance - The company achieved a revenue of 1.621 billion RMB, representing a year-on-year growth of 2.5% [1] - Profit attributable to equity holders surged to 118 million RMB, marking a substantial increase of 298.1% year-on-year [1] - Basic earnings per share were reported at 3.66 cents [1] - The company proposed an interim dividend of 0.012 HKD per share and a special dividend of 0.032 HKD per share [1] Business Segments - The revenue growth was primarily attributed to a rapid increase in the overseas business of new materials for tobacco, with the tobacco raw materials segment's revenue rising by 45.3% to 238 million RMB [1] - The flavor raw materials segment also saw a revenue increase of 7.6%, reaching 405 million RMB, supported by gradual capacity release and the acquisition of new customers [1]

Core Insights - The company reported a mixed performance for the first half of 2025, with total revenue of 1.621 billion yuan, a year-on-year increase of 2.5% [1] - The flavor and food ingredients segment faced significant challenges, with revenue declining by 8.6% to approximately 596 million yuan, accounting for 36.7% of total revenue [1][3] - The tobacco raw materials segment achieved strong growth, with revenue increasing by 45.3% to 238 million yuan [1][4] - The fragrance raw materials segment saw revenue of 405 million yuan, a year-on-year increase of 7.6% [1][6] - The seasoning business remained stable, with revenue of 382 million yuan, roughly unchanged from the same period last year [1][6] Flavor and Food Ingredients Segment - The flavor and food ingredients segment experienced a significant decline in sales, with revenue down 8.6% to approximately 596 million yuan and operating profit dropping 86.4% to about 18.8 million yuan [3] - The operating profit margin fell from 21.1% to 3.2%, a decrease of 17.9 percentage points, primarily due to changes in product sales structure and a one-time expense of approximately 70.1 million yuan related to the termination of an equity incentive plan [3] - The company is actively exploring markets in Southeast Asia and the Middle East to address challenges in the tobacco flavor segment and is enhancing its technical capabilities in food flavoring [3] Tobacco Raw Materials Segment - The tobacco raw materials segment performed exceptionally well, with sales revenue of approximately 238 million yuan, a year-on-year increase of 45.3%, accounting for about 14.7% of total revenue [4] - The segment achieved an operating profit of approximately 31.3 million yuan, successfully turning a profit with an operating profit margin of 13.1% [4] - The new type of reconstituted tobacco leaf has become a key driver for business growth, with a production capacity of 3,000 tons established in Indonesia [4] Fragrance Raw Materials and Seasoning Segment - The fragrance raw materials segment reported sales revenue of approximately 405 million yuan, a year-on-year increase of 7.6%, and an operating profit of approximately 61.7 million yuan, significantly improving from a loss in the previous year [6] - The seasoning segment's revenue was approximately 382 million yuan, remaining stable compared to the previous year, with an operating profit of approximately 38.9 million yuan, a decrease of 29.8% [6] - The company is focusing on cost control and has successfully developed new domestic customers despite challenges in the overseas market due to tariff policies [6]

Core Viewpoint - Huabao International (00336) reported a revenue of 1.621 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 2.5% [1] Financial Performance - The profit attributable to equity holders reached 118 million RMB, marking a significant year-on-year increase of 298.1% [1] - Basic earnings per share were reported at 3.66 cents [1] - The company proposed an interim dividend of 0.012 HKD per share and a special dividend of 0.032 HKD per share [1] Revenue Breakdown - The increase in revenue was primarily driven by rapid growth in the overseas business of tobacco-related new materials, with the tobacco raw materials segment's revenue increasing by 45.3% to 238 million RMB [1] - The flavor raw materials segment also saw a revenue increase of 7.6% to 405 million RMB due to gradual capacity release and the acquisition of new customers [1] - However, the revenue from the flavor and food ingredients segment decreased by 8.6% to 595.7 million RMB due to changes in market demand and intense competition, partially offsetting the overall revenue growth [1]

Core Viewpoint - Huabao International (00336) reported a revenue of 1.621 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 2.5% [1] Revenue Breakdown - The increase in revenue was primarily driven by rapid growth in the overseas business of tobacco-related new materials, with the tobacco raw materials segment's revenue rising by 45.3% to 238 million RMB [1] - The flavor raw materials segment also saw a revenue increase of 7.6%, reaching 405 million RMB, due to gradual capacity release and the acquisition of new customers [1] - However, the revenue from the flavor and food ingredients segment decreased by 8.6% to 595.7 million RMB, offsetting some of the gains from other segments [1] Profitability - The profit attributable to equity holders was 118 million RMB, marking a significant year-on-year increase of 298.1% [1] - Basic earnings per share were reported at 3.66 cents [1] - The company proposed an interim dividend of 1.2 HKD cents per share and a special dividend of 3.2 HKD cents per share [1]