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 ...

Core Insights - The event "Cigar Culture and Craftsmanship Inheritance" held on July 17 showcased innovative marketing strategies in the cigar industry, emphasizing the blend of cultural heritage and modern consumer engagement [1] Group 1: Event Overview - The event was organized by Huangzhou Tobacco Monopoly Bureau and Anhui China Tobacco, focusing on collaborative marketing and cultural empowerment [2] - Activities included brand storytelling, non-heritage skill demonstrations, hands-on rolling experiences, and professional tasting sessions, providing participants with a comprehensive understanding of cigar culture [2][4] Group 2: Cultural Empowerment - The event aimed to reshape consumer logic by emphasizing the cultural significance of cigars, transitioning consumer perception from mere consumption to an appreciation of quality lifestyle [4] - The integration of cultural narratives in the cigar experience encouraged consumers to recognize the craftsmanship behind each handmade cigar, fostering a deeper connection to the product [4] Group 3: Collaborative Marketing Strategy - Anhui China Tobacco provided quality product resources and expertise, while Huangzhou Tobacco Bureau leveraged its channel advantages to connect with retail customers and consumers effectively [6] - This collaboration created a synergistic effect, transforming cigar marketing from a product-centric approach to a culture-centric one, thereby nurturing the retail market ecosystem for cigars in Huangzhou [6]

Group 1 - The EU plans to introduce a new tax proposal on tobacco products, which could lead to a price increase of over 139% for cigarettes, 258% for rolling tobacco, and 1090% for cigars [2] - The Italian Tobacco Merchants Association (UIT) criticizes the proposal as "irresponsible," warning that it will stimulate the growth of the cigarette smuggling market and severely reduce national tax revenue [2] - The proposed tax reform is part of the "Next Generation EU" recovery plan and is expected to raise retail prices by more than 20%, potentially impacting overall inflation by 0.5% [2] Group 2 - UIT President Pasquale Genovese emphasizes that rapid tax increases historically lead to an expansion of the smuggling market, resulting in a net loss of tax revenue for the state [2] - The UIT argues that the proposal ignores the operational difficulties faced by Italian tobacco retailers and the precarious situation of the tobacco retail industry in economically vulnerable regions [2] - Genovese calls for immediate intervention from the Italian government to stop the EU from pushing this legislation and urges other industry associations to join in nationwide protests [3]

Core Insights - The article highlights the significant transformation of Beihuangjiazhuang village under the leadership of Xu Wenfeng, focusing on rural revitalization and economic development [1][3][5] Group 1: Economic Development - The village's per capita disposable income in 2023 was only 11,000 yuan, indicating a need for economic improvement [1] - The establishment of Yishui Fengming Qiang Village Industrial Development Co., Ltd. introduced high-value-added cigar cultivation, leading to a "cigar + fresh corn" rotation model [1] - The new industries are expected to create approximately 5,000 job opportunities in 2024, with direct income increases for villagers exceeding 800,000 yuan [1] Group 2: Infrastructure Improvement - The village has made significant investments in infrastructure, including road repairs, electricity, and water supply, enhancing the living conditions for residents [3] - Transformations include converting a small dirt slope into "Yanyue Alley" and a foul-smelling ditch into a "Koi Pond," showcasing the village's improved environment [3] Group 3: Community Engagement and Employment - The establishment of a 660-square-meter "Golden Leaf Common Prosperity Space" has created small workshop projects, providing jobs for over 30 elderly residents with an average daily income of 80 yuan [3] - The village has renovated 12 old houses to develop homestays, generating over 100,000 yuan in collective income and creating 10 new jobs [5] Group 4: Attracting Visitors and Retaining Residents - The village's improved amenities and scenic environment have made it more attractive to visitors, leading to the growth of convenience stores and local dining options [5] - The return of young residents and collaboration with agricultural experts are part of the strategy to enhance the village's development and sustainability [5]

Core Insights - The event organized by the Wuhan Tobacco Jianghan District Marketing Department focused on enhancing the understanding of cigar culture and brand cultivation capabilities [1] - A three-dimensional teaching model was employed, combining live explanations, practical operations, and immersive tasting experiences to educate attendees about the history, construction, and care of cigars [1][2] - The marketing team conducted thorough market research to identify local cigar market dynamics and consumer profiles, aiming to create tailored and actionable brand cultivation and market expansion strategies [1] Strategy and Implementation - The combination of cultural promotion, market research, and exemplary leadership is designed to inject cultural vitality into the local cigar market and establish a new model for brand cultivation [2] - The initiative emphasizes the importance of identifying consumer needs, scientifically formulating plans, and effectively replicating successful experiences [2] - The marketing department aims to continue deepening the dual tracks of cigar culture dissemination and terminal capability building, fostering the growth of cigar culture and brand development in a broader consumer landscape [2]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 New Amante Group Limited 新愛德集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8412） (1)截至 2024 年 5 月 31 日止年度的年報中 所載不發表意見之更新；及 (2)業務最新狀況 本公司董事會擬提供有關其截至 2024 年 5 月 31 日止年度的年報（「年報」）中所載不發表 意見（「不發表意見」）的更新資料，以及業務最新狀況。除另有指明外，本公告所用詞彙 與年報所界定者具有相同涵義。 自年報刊發日至本公告日，本集團已採取以下步驟及措施以減輕流動資金壓力及改善財務狀 況： 除上述內容外，BU 公告中提及的所有其他業務更新均保持不變。 1 (1) 本集團繼續執行嚴格的成本控制措施，密切監控、控制及降低營運及行政成本及開支， 以盡量減少現金流出；及 (2) 參照本公司日期為 2025 年 3 月 26 日的公告（「BU 公告」），本集團已執行以 ...