Core Viewpoint - The article reviews the development history of leading international tobacco companies in the context of intensifying global competition in heated not burned (HNB) products, summarizing successful experiences and projecting future trends [1][5]. Group 1: International Tobacco HNB Development Review - Philip Morris International (PMI) launched IQOS ILUMA in 2021, utilizing electromagnetic induction technology, achieving a compound annual growth rate (CAGR) of 41.4% in revenue from 2018 to 2024, with a projected shipment volume of 139.7 billion sticks in 2024 [3]. - Japan Tobacco introduced Ploom X in 2021, employing four-way airflow heating technology, with a projected shipment volume of 10.9 billion sticks in 2024 [3]. - British American Tobacco (BAT) anticipates a shipment volume of 20.9 billion sticks for its Glo series in 2024, with the Glo Hilo high-end heating platform set to launch in Japan in June 2025 after trials in Serbia [3]. Group 2: Insights from Stock Price Review of International Tobacco Leaders - Regulatory clarity significantly impacts business expansion and stock performance, with U.S. FDA approval timelines and European flavor bans affecting market dynamics [3]. - The pathway for HNB promotion is characterized by strong single products, trial feedback, global expansion, and profit enhancement, with market expectations, revenue growth, and performance realization driving capital market performance [3]. - Strong technology-driven single products are crucial for HNB market penetration, with specific market trial feedback shaping expectations and driving valuation increases [3]. Group 3: Financial Performance of Philip Morris International - PMI's revenue has shown consistent growth, with a CAGR of 4.5% from 2016 to 2024, leading among international tobacco companies, while net profit has fluctuated due to product mix and exchange rate impacts [7]. - The revenue from HNB products has grown at a CAGR of 45% from 2016 to 2024, with its share of total revenue increasing from 2.7% in 2016 to 37.8% in 2024, and HNB gross margins surpassing traditional cigarettes for the first time in 2024 [7][10]. Group 4: Financial Performance of Japan Tobacco - Japan Tobacco's traditional cigarette sales have remained stable, with HNB products driving rapid growth since 2022, particularly in the Japanese market where HNB sales are projected to reach approximately 9 billion sticks in 2024 [20][22]. - The Ploom X product has significantly contributed to revenue growth, with a projected 24.2% increase in sales volume and a 21.1% increase in revenue in 2024 [22]. Group 5: Financial Performance of British American Tobacco - BAT's traditional cigarette revenue is under pressure, with a projected decline in revenue and volume from 2019 to 2024 [33]. - New tobacco products, including HNB and oral nicotine products, are expected to take over growth from the declining e-cigarette segment, with a CAGR of 22% from 2019 to 2024 for new tobacco products [35].