<p>日本煙草最近的財報電話會議強調了其強勁的財務表現，特別是在煙草業務方面，這得益於有機增長和對 Vector Group 的戰略收購。公司上調了預測並宣佈了股息增加，顯示出積極的勢頭。然而，外匯負面影響、加工食品業務的下滑以及在俄羅斯和土耳其等關鍵市場的潛在風險仍然是關注點。</p>
<h2>關鍵財務指標顯著增長</h2>
<p>日本煙草在財務指標上報告了令人印象深刻的增長，按固定匯率計算的調整後營業利潤（AOP）同比增長 27.2%。營業利潤增長 20.8%，持續經營利潤同比增長 16.6%，展示了公司的強大財務健康狀況。</p>
<h2>煙草業務表現強勁</h2>
<p>煙草業務表現出強勁增長，包括可燃煙草和減害產品（RRP）在內的總煙草銷量同比增長 2.2%。值得注意的是，RRP 銷量同比激增 27%，這主要得益於日本市場的強勁表現。</p>
<h2>成功收購 Vector Group</h2>
<p>在美國收購 Vector Group 對日本煙草的增長產生了積極貢獻，符合預期並增強了公司的市場地位。</p>
<h2>上調預測和股息增加</h2>
<p>日本煙草將按固定匯率計算的核心收入預測上調了 1090 億日元，AOP 上調了 710 億日元。此外，年度股息指導從 208 日元提高至 234 日元，反映了公司對其財務軌跡的信心。</p>
<h2>Ploom AURA 和 EVO 的成功</h2>
<p>在日本推出的 Ploom AURA 和 EVO 高端煙彈獲得了市場認可，推動了 Ploom 用户的增加和加熱煙草棒（HTS）銷量的增長。</p>
<h2>外匯負面影響</h2>
<p>公司面臨外匯負面影響，主要是由於新興市場貨幣相對於日元貶值，影響了 AOP。</p>
<h2>西歐面臨挑戰</h2>
<p>西歐的總銷量同比下降 4.2%，這歸因於可燃煙草行業銷量下降和不利的庫存變動。</p>
<h2>加工食品業務下滑</h2>
<p>儘管收入增加了 18 億日元，加工食品業務的 AOP 因原材料成本上升而出現下滑，顯示出該領域的挑戰。</p>
<h2>俄羅斯和土耳其的潛在風險</h2>
<p>日本煙草對俄羅斯可能出現的降級交易和可能的税收增加表示擔憂，同時也關注土耳其在高通脹背景下的增長可持續性。</p>
<h2>前瞻性指導</h2>
<p>展望未來，日本煙草預計將繼續增長，核心收入按固定匯率計算將增長 13.2%，AOP 將增長 24.3%。公司還提高了年度股息指導，反映出 74.9% 的派息比率，強調了其對股東價值的承諾。</p>
<p>總之，日本煙草的財報電話會議描繪了強勁的財務表現和戰略增長，特別是在煙草業務方面。儘管挑戰依然存在，但公司對預測的上調和股息的增加突顯了其積極的前景和在市場不確定性面前的韌性。</p>

日本煙草

<p>日本煙草的財報電話會議顯示出強勁的財務表現，特別是在煙草部門，調整後的營業利潤同比增長了 27.2%。公司上調了預測並增加了股息，反映出積極的勢頭。然而，挑戰包括負面的外匯影響、加工食品的下降，以及在俄羅斯和土耳其等市場的風險。Vector Group 的收購增強了增長，而 Ploom AURA 和 EVO 的推出則提升了用户數量。儘管面臨挑戰，日本煙草預計將繼續增長，並致力於股東價值</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>日本煙草最近的財報電話會議強調了其強勁的財務表現，特別是在煙草業務方面，這得益於有機增長和對 Vector Group 的戰略收購。公司上調了預測並宣佈了股息增加，顯示出積極的勢頭。然而，外匯負面影響、加工食品業務的下滑以及在俄羅斯和土耳其等關鍵市場的潛在風險仍然是關注點。</p>
</div><h2>Significant Growth in Key Financial Metrics</h2>
<div class="lb-trans"><h2>關鍵財務指標顯著增長</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>日本煙草在財務指標上報告了令人印象深刻的增長，按固定匯率計算的調整後營業利潤（AOP）同比增長 27.2%。營業利潤增長 20.8%，持續經營利潤同比增長 16.6%，展示了公司的強大財務健康狀況。</p>
</div><h2>Strong Performance in Tobacco Business</h2>
<div class="lb-trans"><h2>煙草業務表現強勁</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>煙草業務表現出強勁增長，包括可燃煙草和減害產品（RRP）在內的總煙草銷量同比增長 2.2%。值得注意的是，RRP 銷量同比激增 27%，這主要得益於日本市場的強勁表現。</p>
</div><h2>Successful Vector Group Acquisition</h2>
<div class="lb-trans"><h2>成功收購 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>在美國收購 Vector Group 對日本煙草的增長產生了積極貢獻，符合預期並增強了公司的市場地位。</p>
</div><h2>Revised Upward Forecasts and Dividend Increase</h2>
<div class="lb-trans"><h2>上調預測和股息增加</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>日本煙草將按固定匯率計算的核心收入預測上調了 1090 億日元，AOP 上調了 710 億日元。此外，年度股息指導從 208 日元提高至 234 日元，反映了公司對其財務軌跡的信心。</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 高端煙彈獲得了市場認可，推動了 Ploom 用户的增加和加熱煙草棒（HTS）銷量的增長。</p>
</div><h2>Negative FX Impact</h2>
<div class="lb-trans"><h2>外匯負面影響</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>公司面臨外匯負面影響，主要是由於新興市場貨幣相對於日元貶值，影響了 AOP。</p>
</div><h2>Challenges in Western Europe</h2>
<div class="lb-trans"><h2>西歐面臨挑戰</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>西歐的總銷量同比下降 4.2%，這歸因於可燃煙草行業銷量下降和不利的庫存變動。</p>
</div><h2>Processed Food Business Decline</h2>
<div class="lb-trans"><h2>加工食品業務下滑</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>儘管收入增加了 18 億日元，加工食品業務的 AOP 因原材料成本上升而出現下滑，顯示出該領域的挑戰。</p>
</div><h2>Potential Risks in Russia and Turkey</h2>
<div class="lb-trans"><h2>俄羅斯和土耳其的潛在風險</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>日本煙草對俄羅斯可能出現的降級交易和可能的税收增加表示擔憂，同時也關注土耳其在高通脹背景下的增長可持續性。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，日本煙草預計將繼續增長，核心收入按固定匯率計算將增長 13.2%，AOP 將增長 24.3%。公司還提高了年度股息指導，反映出 74.9% 的派息比率，強調了其對股東價值的承諾。</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>總之，日本煙草的財報電話會議描繪了強勁的財務表現和戰略增長，特別是在煙草業務方面。儘管挑戰依然存在，但公司對預測的上調和股息的增加突顯了其積極的前景和在市場不確定性面前的韌性。</p>
</div>

日本煙草的財報電話會議：在挑戰中實現增長