天眼查App显示，近日，南通经济技术开发区云近雪茄红酒商行（个体工商户）成立，法定代表人为高 美，注册资本10万人民币，经营范围为许可项目：烟草制品零售；餐饮服务（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：食品销售（仅销售预包 装食品）；工艺美术品及礼仪用品销售（象牙及其制品除外）；新鲜水果零售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The Zhejiang Nanhu police successfully dismantled a cross-provincial gray tobacco industry chain, arresting 14 suspects and seizing over 6 million yuan worth of counterfeit tobacco products [1][3][4]. Summary by Sections Case Background - The investigation began on June 16, 2025, when police received a tip about the sale of suspicious foreign and counterfeit cigarettes at a bar in Jiaxing [1]. - The bar owner, identified as Wu, was found to be mixing smuggled foreign cigarettes with counterfeit ones for sale, with a profit margin of 400 yuan on a 1,000 yuan smuggled cigarette [1][3]. Criminal Network Structure - Wu was identified as part of a larger, organized crime group led by key figures Yue and Wang, who had recruited others to form a comprehensive smuggling, storage, and distribution network [3]. - The group employed sophisticated evasion tactics, including establishing storage locations thousands of kilometers away and using online communication for distribution [3]. Law Enforcement Action - After four months of investigation, a coordinated operation was executed from October 13 to 16, resulting in the dismantling of the storage sites and the arrest of core members and distributors across various regions [3]. - The operation led to the seizure of a significant quantity of counterfeit domestic and smuggled foreign tobacco products, effectively cutting off the gray market supply chain from border storage to online sales to end-user bars [3].

Industry Overview - The tobacco industry is a unique consumer goods sector with a supply chain that spans agriculture, manufacturing, commerce, and retail [1] - The supply chain begins with the cultivation of tobacco leaves, which are primarily grown by farmers in specific regions under suitable climatic conditions [1] - The midstream segment involves the production of tobacco products such as cigarettes, cigars, and e-cigarettes, requiring high craftsmanship and quality control [1] - The downstream segment includes wholesale, logistics, and retail sales, with a highly concentrated distribution network in China [1] Market Dynamics - The tobacco industry is significantly influenced by policies, including production quotas, tax adjustments, and advertising restrictions, which can have profound effects on all segments of the supply chain [2] - The global trend towards smoking cessation and public health initiatives is prompting companies to accelerate their transformation efforts, exploring harm-reduction products and diversification strategies [2] - Despite the relatively stable demand due to the inelastic nature of tobacco consumption, long-term growth potential is constrained by smoking control policies and increasing health awareness [1][2] Investment Considerations - Investors should consider the policy environment, industry barriers, changes in consumer demand, and companies' innovation capabilities when evaluating the tobacco sector [2] - A comprehensive understanding of the entire supply chain is essential for rationally assessing the long-term value and potential risks of related assets [2]

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) is a significant platform for showcasing the achievements of various countries in the service industry and creating new opportunities for cooperation between the Dominican Republic and China in tourism, trade, investment, and cultural exchange [1] - The tourism sector is a pillar industry for the Dominican Republic, with the capital Santo Domingo rich in historical and cultural resources, while Punta Cana is known for its sunny beaches and resort experiences, offering diverse tourism options for Chinese visitors [1] - Over 30,000 Chinese tourists visited the Dominican Republic last year, indicating a growing interest in varied travel experiences, including historical, ecological, and relaxation tourism [1] Group 2 - Since the establishment of diplomatic relations in 2018, China has become the Dominican Republic's second-largest trading partner, with increasing Chinese investment in local free trade zones and significant potential for exporting products like cigars and agricultural goods to China [1] - The Dominican Republic offers attractive investment policies, such as a ten-year tax exemption for hotel investments, to encourage foreign investment [1]

Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential. Core Views - The report highlights that China Tobacco Hong Kong's revenue for the first half of 2025 reached HKD 10.316 billion, representing an 18.5% year-on-year increase, while the net profit attributable to shareholders was HKD 706 million, up 9.8% year-on-year. The gross margin was 9.2%, down 1.9 percentage points year-on-year, and the net profit margin was 6.9%, down 0.5 percentage points year-on-year [1][2]. Summary by Sections Revenue Performance - The revenue from tobacco leaf imports in H1 2025 was HKD 8.399 billion, a 23.5% increase year-on-year, with sales volume and average price increasing by 2.5% and 20.5% respectively. The gross margin for this segment was 8.2%, down 1.8 percentage points year-on-year. The overall performance remained stable despite fluctuations in tariffs between China and the US [1][2]. Export Performance - The revenue from tobacco leaf exports in H1 2025 was HKD 1.156 billion, a 25.9% increase year-on-year, with a gross margin of 5.5%, up 1.4 percentage points year-on-year. This strong performance was attributed to the company's active market expansion and customer acquisition, with sales volume increasing by 12.7% and average price rising by 11.7% [2]. Cigarette Export - The revenue from cigarette exports in H1 2025 was HKD 0.552 billion, a slight increase of 0.8% year-on-year. The sales volume decreased by 7.9%, while the average price increased by 9.4%, resulting in a gross margin of 25.7%, up 8.1 percentage points year-on-year. The report anticipates a strong recovery in H2 2025 due to increased efforts in expanding self-operated channels and new product launches [2]. New Tobacco Products - The revenue from new tobacco products in H1 2025 was HKD 0.015 billion, a significant decline of 66.5% year-on-year, primarily due to geopolitical conflicts affecting supply chains and changing overseas policies. A marginal recovery is expected in H2 2025 [3]. Brazil Operations - The revenue from operations in Brazil for H1 2025 was HKD 0.195 billion, down 50.3% year-on-year, with sales volume and average price decreasing by 34.8% and 23.8% respectively. The gross margin improved to 27.4%, up 9.9 percentage points year-on-year, due to a shift in product mix towards higher-margin products. A recovery is anticipated in H2 2025 as weather conditions normalize [3]. Profit Forecast - The report forecasts steady performance in the tobacco leaf import and export sectors, with expectations for marginal recovery in cigarette and new tobacco product exports. The company is positioned as the exclusive operational entity for international business expansion and related trade for China Tobacco, which may accelerate the acquisition of quality targets in the future. Projected net profits for 2025-2027 are HKD 1.02 billion, HKD 1.16 billion, and HKD 1.29 billion, respectively, with corresponding P/E ratios of 25.9X, 22.6X, and 20.4X [3].

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 ...