HNB全球渗透率加速提升的背景下，我们可以看到烟草龙头转型的急迫性在持续提升，但是目前仅有PMI具备完 善的HNB研发&生产链路，#英美&日烟&韩烟均需外部供应商助力。 【信达消费】思摩尔国际：塞尔维亚新品上市倒计时！多重催化加速落地 事件：根据英美烟草塞尔维亚IG官方账号， PLUS上市在即，2月2日将揭晓更多信息。 我们预计，新版本将根据前代产品系统性升级，#之前多个使用痛点有望逐步解决，性能或将多维度提升。 HNB全球渗透率加速提升的背景下，我们可以看到烟草龙头转型的急迫性在持续提升，但是目前仅有PMI具备完 善的HNB研发&生 【信达消费】思摩尔国际：塞尔维亚新品上市倒计时！多重催化加速落地 事件：根据英美烟草塞尔维亚IG官方账号， PLUS上市在即，2月2日将揭晓更多信息。 我们预计，新版本将根据前代产品系统性升级，#之前多个使用痛点有望逐步解决，性能或将多维度提升。 此外，在PMI强势专利封锁下，HNB本身研发难度高、创新难度高，#全球可落地的成熟商业化解决方案稀缺（25 年很多新方案远未达到量产阶段）。 HILO作为近年来唯一一个可以对标IQOS的产品，一年时间即可完成创新升级，#思摩尔全球HN ...

Fiscal Fourth Quarter 2025 Financial Results October 28, 2025 ©2025 Visa. All rights reserved. Fiscal Fourth Quarter 2025 Results | YoY increase / (decrease) except for Effective Income Tax Rate | Net Revenue | Operating Expenses | Effective Income Tax Rate | Diluted Class A Common Stock Earnings Per Share | | --- | --- | --- | --- | --- | | GAAP Nominal-Dollar Basis | 12% | 40% | 18.2% | (1%) | | Non-GAAP Nominal-Dollar Basis(1) | 12% | 13% | 18.8% | 10% | | Foreign Currency Impact(2) | (~0.5%) | (~1.0%) | ...

Financial Performance - Visa's Q3 2025 net revenue reached $10.2 billion, a 14% increase year-over-year[4] - GAAP net income was $5.3 billion, up 8% year-over-year, with GAAP earnings per share at $2.69, a 12% increase[4] - Non-GAAP net income was $5.8 billion, a 19% increase year-over-year, and non-GAAP earnings per share were $2.98, a 23% increase[4] - Operating expenses increased by 35% on a GAAP basis and 13% on a non-GAAP basis[2] Business Drivers - Payments volume increased by 8% year-over-year in constant dollars[5] - Cross-border volume, excluding intra-Europe transactions, increased by 11% year-over-year[5] - Total cross-border volume increased by 12% year-over-year[5] - Processed transactions increased by 10% year-over-year[5] Capital Allocation - The company returned $6.0 billion to shareholders through share repurchases and dividends[6] - Share repurchases amounted to $4.828 billion in Q3 2025[37] - Dividends paid totaled $1.154 billion in Q3 2025[37] Financial Outlook - For Q4 2025, Visa anticipates high-single-digit to low-double-digit growth in net revenue on a non-GAAP adjusted constant-dollar basis[39] - The company projects high-single-digit to low-double-digit growth in operating expenses on the same basis for Q4 2025[39] - Diluted Class A common stock earnings per share are expected to grow by a high-single-digit percentage for Q4 2025 on a non-GAAP adjusted constant-dollar basis[39]