整个产业链始于上游的烟叶种植。烟叶作为核心原材料，主要由特定地区的农户在适宜气候条件下种 植，经采摘后进行晾晒、发酵等初加工处理。这一环节受自然条件、政策调控及种植技术影响较大，价 格波动可能对后续环节产生传导效应。 中游为烟草制品的生产制造，主要包括卷烟、雪茄、电子烟等产品的加工。生产企业需具备较高的工艺 水平和质量控制能力，同时受到国家严格的生产许可和税收监管。由于烟草行业具有高利润率特征，规 模化生产和品牌效应成为企业竞争力的重要体现。此外，近年来新型烟草制品如加热不燃烧产品和电子 雾化设备发展迅速，推动产业链向多元化延伸。 下游则涵盖批发、物流配送及终端销售。我国实行烟草专卖制度，销售渠道高度集中，主要通过专营网 络进行分销。零售端包括便利店、超市、烟酒专卖店等，消费场景广泛分布于城市与乡村。由于烟草消 费具有一定刚性，整体需求相对稳定，但受控烟政策、健康意识提升等因素影响，长期增长空间受限。 值得注意的是，烟草行业受政策影响显著，从生产配额、税收调整到广告限制，均可能对产业链各环节 产生深远影响。同时，全球控烟趋势和公共卫生导向也促使企业加快转型步伐，探索减害产品或多元化 布局。 烟草作为一种特殊消 ...

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 ...