智通财经APP获悉，中信证券发布研报称，中烟香港(06055)发布有关独家卷烟出口业务最新进展公告， 该行预计受益于供应链整合，公司卷烟出口业务毛利率将显著提升，并在2027年充分体现。近两年公司 已多次发布公告拓宽业务范围，作为中烟集团旗下唯一上市公司平台，其将充分受益于中烟集团国际化 进程。维持"买入"评级。 ...

机构：长江证券 研究员：蔡方羿/米雁翔 事件描述 根据法规、国家烟草专卖局发布的《境内免税市场烟草制品管理办法》政策解读及中国现行法律法规， 中烟国际是唯一具备向中国境内免税市场出口卷烟国营贸易资格的企业。 公司预期：就销售至中国境内免税市场的卷烟采购交易——根据60 号文及框架协议，为继续通过本公 司向中国境内免税市场出口卷烟，交易对手方将与中烟国际订立代理协议。 事件评论 核心变化在销售至中国境内免税市场的卷烟采购交易。根据该等代理协议，中烟国际（其根据法规取得 出口资格）将作为相关交易对手方的代理人，并根据框架协议与本公司及交易对手方订立个别协议，将 交易对手方制造的卷烟出口至中国境内免税市场。此项代理安排的任何成本将由中烟国际与交易对手方 协商确定，并由交易对手方承担。尽管中烟国际与交易对手方存在代理安排，框架协议项下交易条款及 定价政策均无影响。 1）上游链条：中烟国际直接与交易对手方接洽。若任何交易对手方不具备出口资格，则该实体须委托 具备相关出口资格的公司与本公司磋商，并根据框架协议就卷烟出口订立相关个别协议； 2）下游链条：中烟国际作为地方工业公司的代理方直接销售卷烟至境内免税市场，明确为唯一 ...

香港交易及結算所有限公司及香港聯合交易所有限公司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部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中煙國際（香港）有限公司 China Tobacco International (HK) Company Limited （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：6055） 持續關連交易 有關獨家捲煙出口業務的最新進展 茲提述本公司日期為2025年7月27日的公告。 於2025年9月12日，國家煙草專賣局公告法規將於2026年1月1日生效，並設有六個月實施 過渡期，自2026年7月1日起須遵守該法規。根據法規、國家煙草專賣局發佈的《境內免稅 市場煙草製品管理辦法》政策解讀及中國現行法律法規，中煙國際是唯一具備向中國境內 免稅市場出口捲煙國營貿易資格的企業。 在法規實施前，根據招股章程所披露，本公司已與相關交易對手方訂立框架協議，據此， 本公司向交易對手方採購捲煙，並將該等捲煙出口至捲煙獨家經營區域（包括海外免稅市 場及中國境內免稅市場）。聯交所授予本公司現有豁免，據此，根據框架 ...

Group 1 - The core point of the article is that China Tobacco Hong Kong (06055.HK) experienced a significant increase in stock price, rising over 4% in the afternoon trading session on February 10, reaching a price of 42.36 HKD [1] - The trading volume for China Tobacco Hong Kong was reported at 47.4351 million HKD [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed significant tobacco sales framework agreements, indicating strong future business growth confidence and potential expansion into new markets [1] Group 1: Stock Performance - China Tobacco Hong Kong's stock rose over 4%, specifically 4.23%, reaching HKD 42.36, with a trading volume of HKD 47.4351 million [1] Group 2: Agreements and Financial Projections - The company signed a framework agreement with Leaf Trading, setting annual transaction limits for 2026, 2027, and 2028 at HKD 6.7 million, HKD 8.4 million, and HKD 9.8 million respectively [1] - A framework agreement with China Tobacco International (North America) was established for the export of tobacco leaf products to new regions, with increased annual transaction limits for 2026 and 2027 set at HKD 466 million and HKD 490 million, reflecting increases of 538.4% and 456.8% respectively [1] Group 3: Strategic Implications - The significant adjustment in transaction limits demonstrates the company's confidence in future business growth [1] - The procurement agreements are expected to enhance the export of tobacco leaf products to Southeast Asia, diversify customer structures, and attract more potential buyers from broader regions [1] - The company aims to secure high-quality raw material supplies, gradually expanding beyond exclusive sales regions, thereby increasing its growth potential [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed significant sales framework agreements, indicating strong confidence in future business growth and expansion into new markets [1] Group 1: Sales Agreements - China Tobacco Hong Kong has signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at 6.7 million, 8.4 million, and 9.8 million Hong Kong dollars for the years 2026-2028 [1] - The company has also signed a framework agreement with China Tobacco International (North America) for the export of tobacco leaf products to new regions, raising the annual transaction limits to 466 million and 490 million Hong Kong dollars for the years 2026 and 2027, representing increases of 538.4% and 456.8% respectively [1] Group 2: Market Expansion and Strategy - The significant adjustment in transaction limits reflects the company's confidence in high growth for related businesses [1] - The procurement agreements are expected to provide constructive support for the export of tobacco leaf products to Southeast Asia, aiding in the diversification of customer structure and attracting a broader range of potential buyers [1] - The company aims to bind high-quality raw material supplies and gradually expand beyond exclusive sales regions, thereby continuously raising its growth ceiling [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中煙國際（香港）有限公司 | | | 呈交日期: | 2026年2月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06055 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 691,680,000 0 691,680,000 增加 / 減少 (-) 0 0 本月底結存 691,680,000 0 691,680,000 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我 ...

Group 1 - The core viewpoint of the article highlights that China Tobacco Hong Kong (06055) has seen a stock increase of over 3%, currently trading at HKD 39.84 with a transaction volume of HKD 20.525 million [1] - Recently, China Tobacco Hong Kong signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at HKD 670 million, HKD 840 million, and HKD 980 million for the years 2026-2028 [1] - The company also entered into a framework agreement with China Tobacco International (North America) to export leaf products to new regions, increasing the annual transaction limit [1] Group 2 - According to Cinda Securities, it is expected that due to seasonal factors, leaf imports will remain stable in the second half of 2025, while exports are likely to continue the growth trend seen in the first half [1] - The growth of cigarette exports and Brazilian operations is anticipated to accelerate, with new cigarette products showing signs of recovery [1] - Cinda Securities believes that the significant adjustment of transaction limits by China Tobacco Hong Kong reflects the company's confidence in future business growth [1] Group 3 - The procurement agreements are expected to provide constructive support for the export of leaf products to Southeast Asia, aiding in the diversification of customer structures and attracting more potential buyers from broader regions [1] - The company aims to gradually expand beyond exclusive sales regions by securing high-quality raw material supplies, thereby enhancing its growth potential [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has seen a stock increase of over 3%, currently at HKD 39.84, with a trading volume of HKD 20.525 million, following the signing of significant sales framework agreements [1] Group 1: Sales Agreements - China Tobacco Hong Kong has signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at HKD 670 million, HKD 840 million, and HKD 980 million for the years 2026 to 2028 [1] - The company has also signed a framework agreement with China Tobacco International (North America) for the export of leaf products to new regions, increasing the annual transaction limit [1] Group 2: Market Outlook - According to Cinda Securities, the import of leaf tobacco is expected to remain stable in the second half of 2025 due to seasonal effects, while exports are likely to continue the growth trend observed in the first half [1] - The growth of cigarette exports and Brazilian operations is anticipated to accelerate, with new product performance showing signs of recovery [1] Group 3: Business Confidence - Cinda Securities believes that the significant adjustment of transaction limits by China Tobacco Hong Kong reflects the company's strong confidence in future business growth [1] - The procurement agreements are expected to provide constructive support for the export of leaf products to Southeast Asia, aiding in the diversification of customer structure and attracting a broader range of potential buyers [1] - The company aims to bind high-quality raw material supplies, gradually expanding beyond exclusive sales regions, thereby enhancing its growth potential [1]

Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on recent developments and financial projections [1]. Core Insights - The company has signed a framework agreement with Leaf Trading, increasing the annual trading limit for tobacco sales to HKD 6.7 million, HKD 8.4 million, and HKD 9.8 million for the years 2026 to 2028 respectively [1]. - A framework agreement has also been established with China Tobacco International (North America) for the export of tobacco leaves to new regions, with the annual trading limits raised significantly for 2026 and 2027, reflecting increases of 538.4% and 456.8% respectively [1][2]. - The adjustments in trading limits are based on past orders, current orders, expected demand, and the company's business expansion, indicating strong confidence in future business growth [2]. - The company aims to diversify its customer base and attract potential buyers from broader regions, particularly in Southeast Asia [2]. Financial Summary - The company’s total revenue is projected to grow from HKD 13,074 million in 2024 to HKD 18,823 million in 2027, with year-on-year growth rates of 10%, 16%, 12%, and 11% respectively [4]. - The net profit attributable to the parent company is expected to increase from HKD 854 million in 2024 to HKD 1,310 million in 2027, with growth rates of 43%, 19%, 16%, and 11% respectively [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.23 in 2024 to HKD 1.89 in 2027 [4]. - The company is positioned as the exclusive operational entity for international business expansion and related trade for China Tobacco International, with a strong potential for mergers and acquisitions to accelerate growth [3]. Operational Performance - In the first half of 2025, the company reported tobacco leaf import/export revenues of HKD 839.9 million and HKD 115.6 million, representing year-on-year increases of 23.5% and 25.9% respectively [2]. - The company’s cigarette export revenue was HKD 115.6 million, showing a slight increase of 0.8%, while new tobacco products experienced a significant decline of 66.5% [2]. - The Brazilian operations reported a revenue of HKD 19.5 million, down 50.3% year-on-year, indicating some operational challenges [2].