<p>日本烟草最近的财报电话会议强调了其强劲的财务表现，特别是在烟草业务方面，这得益于有机增长和对 Vector Group 的战略收购。公司上调了预测并宣布了股息增加，显示出积极的势头。然而，外汇负面影响、加工食品业务的下滑以及在俄罗斯和土耳其等关键市场的潜在风险仍然是关注点。</p>
<h2>关键财务指标显著增长</h2>
<p>日本烟草在财务指标上报告了令人印象深刻的增长，按固定汇率计算的调整后营业利润（AOP）同比增长 27.2%。营业利润增长 20.8%，持续经营利润同比增长 16.6%，展示了公司的强大财务健康状况。</p>
<h2>烟草业务表现强劲</h2>
<p>烟草业务表现出强劲增长，包括可燃烟草和减害产品（RRP）在内的总烟草销量同比增长 2.2%。值得注意的是，RRP 销量同比激增 27%，这主要得益于日本市场的强劲表现。</p>
<h2>成功收购 Vector Group</h2>
<p>在美国收购 Vector Group 对日本烟草的增长产生了积极贡献，符合预期并增强了公司的市场地位。</p>
<h2>上调预测和股息增加</h2>
<p>日本烟草将按固定汇率计算的核心收入预测上调了 1090 亿日元，AOP 上调了 710 亿日元。此外，年度股息指导从 208 日元提高至 234 日元，反映了公司对其财务轨迹的信心。</p>
<h2>Ploom AURA 和 EVO 的成功</h2>
<p>在日本推出的 Ploom AURA 和 EVO 高端烟弹获得了市场认可，推动了 Ploom 用户的增加和加热烟草棒（HTS）销量的增长。</p>
<h2>外汇负面影响</h2>
<p>公司面临外汇负面影响，主要是由于新兴市场货币相对于日元贬值，影响了 AOP。</p>
<h2>西欧面临挑战</h2>
<p>西欧的总销量同比下降 4.2%，这归因于可燃烟草行业销量下降和不利的库存变动。</p>
<h2>加工食品业务下滑</h2>
<p>尽管收入增加了 18 亿日元，加工食品业务的 AOP 因原材料成本上升而出现下滑，显示出该领域的挑战。</p>
<h2>俄罗斯和土耳其的潜在风险</h2>
<p>日本烟草对俄罗斯可能出现的降级交易和可能的税收增加表示担忧，同时也关注土耳其在高通胀背景下的增长可持续性。</p>
<h2>前瞻性指导</h2>
<p>展望未来，日本烟草预计将继续增长，核心收入按固定汇率计算将增长 13.2%，AOP 将增长 24.3%。公司还提高了年度股息指导，反映出 74.9% 的派息比率，强调了其对股东价值的承诺。</p>
<p>总之，日本烟草的财报电话会议描绘了强劲的财务表现和战略增长，特别是在烟草业务方面。尽管挑战依然存在，但公司对预测的上调和股息的增加突显了其积极的前景和在市场不确定性面前的韧性。</p>

日本烟草

<p>日本烟草的财报电话会议显示出强劲的财务表现，特别是在烟草部门，调整后的营业利润同比增长了 27.2%。公司上调了预测并增加了股息，反映出积极的势头。然而，挑战包括负面的外汇影响、加工食品的下降，以及在俄罗斯和土耳其等市场的风险。Vector Group 的收购增强了增长，而 Ploom AURA 和 EVO 的推出则提升了用户数量。尽管面临挑战，日本烟草预计将继续增长，并致力于股东价值</p>

<p>Japan Tobacco’s recent earnings call highlighted a robust financial performance, particularly in the tobacco segment, fueled by organic growth and the strategic acquisition of the Vector Group. The company has revised its forecasts upward and announced dividend increases, signaling positive momentum. However, challenges such as negative foreign exchange impacts, a decline in the processed food business, and potential risks in key markets like Russia and Turkey remain concerns.</p>
<div class="lb-trans"><p>日本烟草最近的财报电话会议强调了其强劲的财务表现，特别是在烟草业务方面，这得益于有机增长和对 Vector Group 的战略收购。公司上调了预测并宣布了股息增加，显示出积极的势头。然而，外汇负面影响、加工食品业务的下滑以及在俄罗斯和土耳其等关键市场的潜在风险仍然是关注点。</p>
</div><h2>Significant Growth in Key Financial Metrics</h2>
<div class="lb-trans"><h2>关键财务指标显著增长</h2>
</div><p>Japan Tobacco reported impressive growth in its financial metrics, with Adjusted Operating Profit (AOP) at constant FX increasing by 27.2% year-on-year. Operating profit rose by 20.8%, and profit from continuing operations grew by 16.6% year-on-year, showcasing the company’s strong financial health.</p>
<div class="lb-trans"><p>日本烟草在财务指标上报告了令人印象深刻的增长，按固定汇率计算的调整后营业利润（AOP）同比增长 27.2%。营业利润增长 20.8%，持续经营利润同比增长 16.6%，展示了公司的强大财务健康状况。</p>
</div><h2>Strong Performance in Tobacco Business</h2>
<div class="lb-trans"><h2>烟草业务表现强劲</h2>
</div><p>The tobacco business demonstrated robust growth, with total tobacco volume, including combustibles and Reduced-Risk Products (RRP), increasing by 2.2% year-on-year. Notably, RRP volume surged by 27% year-on-year, driven by strong performance in Japan.</p>
<div class="lb-trans"><p>烟草业务表现出强劲增长，包括可燃烟草和减害产品（RRP）在内的总烟草销量同比增长 2.2%。值得注意的是，RRP 销量同比激增 27%，这主要得益于日本市场的强劲表现。</p>
</div><h2>Successful Vector Group Acquisition</h2>
<div class="lb-trans"><h2>成功收购 Vector Group</h2>
</div><p>The acquisition of the Vector Group in the U.S.A. has positively contributed to Japan Tobacco’s growth, aligning with expectations and enhancing the company’s market position.</p>
<div class="lb-trans"><p>在美国收购 Vector Group 对日本烟草的增长产生了积极贡献，符合预期并增强了公司的市场地位。</p>
</div><h2>Revised Upward Forecasts and Dividend Increase</h2>
<div class="lb-trans"><h2>上调预测和股息增加</h2>
</div><p>Japan Tobacco has revised its core revenue forecast at constant FX upward by JPY 109 billion and AOP by JPY 71 billion. Additionally, the annual dividend guidance has been increased from JPY 208 to JPY 234, reflecting the company’s confidence in its financial trajectory.</p>
<div class="lb-trans"><p>日本烟草将按固定汇率计算的核心收入预测上调了 1090 亿日元，AOP 上调了 710 亿日元。此外，年度股息指导从 208 日元提高至 234 日元，反映了公司对其财务轨迹的信心。</p>
</div><h2>Ploom AURA and EVO Success</h2>
<div class="lb-trans"><h2>Ploom AURA 和 EVO 的成功</h2>
</div><p>The introduction of Ploom AURA and EVO premium sticks in Japan has gained traction, contributing to an increase in Ploom users and growth in Heated Tobacco Sticks (HTS) volume.</p>
<div class="lb-trans"><p>在日本推出的 Ploom AURA 和 EVO 高端烟弹获得了市场认可，推动了 Ploom 用户的增加和加热烟草棒（HTS）销量的增长。</p>
</div><h2>Negative FX Impact</h2>
<div class="lb-trans"><h2>外汇负面影响</h2>
</div><p>The company faced negative foreign exchange impacts, primarily due to the depreciation of emerging market currencies against the Japanese yen, affecting the AOP.</p>
<div class="lb-trans"><p>公司面临外汇负面影响，主要是由于新兴市场货币相对于日元贬值，影响了 AOP。</p>
</div><h2>Challenges in Western Europe</h2>
<div class="lb-trans"><h2>西欧面临挑战</h2>
</div><p>Western Europe experienced a 4.2% year-on-year decrease in total volume, attributed to lower combustible industry volume and unfavorable inventory movements.</p>
<div class="lb-trans"><p>西欧的总销量同比下降 4.2%，这归因于可燃烟草行业销量下降和不利的库存变动。</p>
</div><h2>Processed Food Business Decline</h2>
<div class="lb-trans"><h2>加工食品业务下滑</h2>
</div><p>Despite a revenue increase of JPY 1.8 billion, the processed food business saw a decline in AOP due to higher raw material costs, indicating challenges in this segment.</p>
<div class="lb-trans"><p>尽管收入增加了 18 亿日元，加工食品业务的 AOP 因原材料成本上升而出现下滑，显示出该领域的挑战。</p>
</div><h2>Potential Risks in Russia and Turkey</h2>
<div class="lb-trans"><h2>俄罗斯和土耳其的潜在风险</h2>
</div><p>Japan Tobacco expressed concerns about potential down trading in Russia and possible tax increases, as well as the sustainability of growth in Turkey amidst hyperinflation.</p>
<div class="lb-trans"><p>日本烟草对俄罗斯可能出现的降级交易和可能的税收增加表示担忧，同时也关注土耳其在高通胀背景下的增长可持续性。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Japan Tobacco anticipates continued growth, with a 13.2% increase in core revenue at constant FX and a 24.3% rise in AOP. The company has also raised its annual dividend guidance, reflecting a payout ratio of 74.9%, underscoring its commitment to delivering shareholder value.</p>
<div class="lb-trans"><p>展望未来，日本烟草预计将继续增长，核心收入按固定汇率计算将增长 13.2%，AOP 将增长 24.3%。公司还提高了年度股息指导，反映出 74.9% 的派息比率，强调了其对股东价值的承诺。</p>
</div><p>In summary, Japan Tobacco’s earnings call painted a picture of strong financial performance and strategic growth, particularly in the tobacco segment. While challenges persist, the company’s upward revisions in forecasts and dividend increases highlight its positive outlook and resilience in the face of market uncertainties.</p>
<div class="lb-trans"><p>总之，日本烟草的财报电话会议描绘了强劲的财务表现和战略增长，特别是在烟草业务方面。尽管挑战依然存在，但公司对预测的上调和股息的增加突显了其积极的前景和在市场不确定性面前的韧性。</p>
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日本烟草的财报电话会议：在挑战中实现增长