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  • Rising Costs Hurt Smoore’s Profits Despite Strong Revenue Growth

    Rising Costs Hurt Smoore’s Profits Despite Strong Revenue Growth

    Yesterday (March 17), Smoore International reported 2025 revenue of RMB 14.3 billion ($2.1 billion), up 20.8% year-on-year, driven primarily by strong growth in its enterprise (B2B) segment, which accounted for nearly 80% of total sales. Gross profit rose to RMB 4.9 billion ($729 million), but rising expenses dragged down its profitability, with its net profit for the year falling 18.5% to RMB 1.1 billion ($159 million). Its gross margin declined to 34.1% from 37.4% in 2024.

    Regionally, Europe and other international markets remained the company’s largest revenue drivers, followed by the U.S., with China contributing a relatively small share. The company ended the year with RMB 7.3 billion ($1.1 billion) in cash and proposed a final dividend of HK 0.20 ($0.026) per share.

    Today (March 18), Smoore’s shares on the Stock Exchange of Hong Kong dropped 18% in early trading before rebounding, opening at HK 12.08 ($1.57) before falling to HK 9.94 ($1.29) and closing at HK 11.90 ($1.55). The stock is down 45% over the past six months, according to Bamboo Works.

  • PMI Reports $40B in Revenue, Including 42% from Smoke-Free Products

    PMI Reports $40B in Revenue, Including 42% from Smoke-Free Products

    Philip Morris International reported strong 2025 fourth-quarter and full-year results, driven largely by the continued expansion of its smoke-free product portfolio. The company recorded more than $40 billion in annual net revenues, including nearly $17 billion from smoke-free products, which accounted for 41.5% of total net revenues. Smoke-free shipment volumes rose 12.8% for the year, with PMI’s products now available in 106 markets and used by an estimated 43 million adult consumers. IQOS maintained a dominant position in heat-not-burn, holding about 76% global category share, while nicotine pouch brand Zyn continued rapid growth, particularly in the U.S., where shipment volumes reached 794 million cans for the year.

    PMI’s combustible business remained stable despite expected volume declines, supported by pricing strength and productivity improvements. Marlboro reached a record 11% global category share, while total company shipment volumes remained flat as growth in smoke-free products offset cigarette declines. The company also reported strong performance across multiple regions, including double-digit heated tobacco growth in Europe and sustained category leadership in Japan, where heat-not-burn products now exceed 50% of total nicotine offtake in several major markets.

    Looking ahead, PMI expects continued momentum, forecasting 2026 adjusted diluted EPS growth of 7.5% to 9.5% excluding currency effects. The company also introduced 2026–2028 targets calling for 6% to 8% organic net revenue growth and 9% to 11% adjusted EPS growth, driven primarily by high single-digit to low-teens expansion in smoke-free product volumes.

    In response to the financials, Morgan Stanley said it expects a modest negative market reaction to PMI’s fourth-quarter results and forward guidance, which were largely in line with expectations following the stock’s strong rally since December.

    “On balance, 4Q results were broadly in line, and guidance looks reasonable, but is unlikely to settle the debate around the stock,” Morgan Stanley wrote. “Bears continue to point to a 2H-weighted year with headwinds from IQOS competition and excise tax increases in Japan, the flavor ban in Poland, and continued competition in U.S. nicotine pouches. Bulls point to PM delivering the best mid-term growth in large-cap CPG despite these known headwinds. We are [rating the stock] Overweight, and continue to expect growth to reaccelerate in 2H as these headwinds dissipate, and for US Zyn trends to improve with the likely FDA authorization of Zyn Ultra.”

  • KT&G Shares Surge as BlackRock Becomes Major Shareholder

    KT&G Shares Surge as BlackRock Becomes Major Shareholder

    BlackRock purchased 68,646 shares of South Korea’s KT&G today, according to The Korea Herlad, making it one of KT&G’s largest shareholders, behind IBK Industrial Bank of Korea and the National Pension Service. According to regulatory filings, BlackRock, the world’s largest asset manager, now has total holdings in KT&G that top 5.91 million shares, or 5.01% of the tobacco and consumer goods company. Korean rules require investors crossing the 5% ownership threshold to disclose their positions to financial authorities and the Korea Exchange.

    KT&G shares rose after the disclosure, reaching an intraday record of 153,900 won ($106.19) and closing at an all-time high of 152,900 won ($105.50). The company is scheduled to report earnings on February 5, with market forecasts projecting annual sales of 6.53 trillion won ($4.5 billion), up 10.6% year over year, and operating profit of 1.37 trillion won ($945 million), an expected increase of 13.3%.

  • Cabbacis Hosting Webinar Outlining its $7.5M Offering

    Cabbacis Hosting Webinar Outlining its $7.5M Offering

    Cabbacis announced it will host an investor webinar on January 22 at 11:30 EST as part of its ongoing $7.5 million Regulation A offering. During the session, CEO and chairman Joseph Pandolfino will outline the company’s commercialization strategy for its patented iBlend cigarettes and vaporizer pods, which combine very-low-nicotine tobacco with non-intoxicating hemp and are positioned as harm-reduction products aimed at reducing nicotine dependence and supporting quit attempts.

    The company will also update investors on its regulatory pathway with the U.S. Food and Drug Administration, leadership team, and plans for an international rollout later in 2026 to generate early revenue and brand validation ahead of U.S. market entry. Cabbacis said proceeds from the offering are intended to support product development and commercialization, positioning the company ahead of a potential FDA rule to cap nicotine levels in cigarettes, while expanding into reduced-nicotine and alternative tobacco formats.

    Register for the webinar here.

  • Indian Tobacco Stocks Slide After New Tax Announced

    Indian Tobacco Stocks Slide After New Tax Announced

    Shares of Indian tobacco companies fell sharply after the government imposed a new excise duty on cigarettes, raising costs for an estimated 100 million smokers. Market leader ITC dropped more than 9%, hitting its lowest level since April 2023, while Godfrey Phillips India, distributor of Marlboro, sank over 14% in its steepest fall in nearly a decade. The sell-off made ITC the biggest decliner on the Nifty 50 and dragged down the FMCG index.
    India’s finance ministry said the new excise duty, effective February 1, will range from 2,050 to 8,500 rupees per 1,000 cigarette sticks, depending on length, on top of the existing 40% Goods and Services Tax. Analysts said the move could raise overall costs for some cigarette categories by 22% to 28%, likely prompting price hikes of 2–3 rupees per stick for longer cigarettes.
    Brokerages warned the tax increase could pressure volumes and revive concerns about a shift toward illicit cigarettes.

  • China Boton Suspends Stock Trading

    China Boton Suspends Stock Trading

    Shares of China Boton Group Company Limited were temporarily suspended from trading on the Hong Kong Stock Exchange today (December 2025), pending the release of an announcement concerning a “very substantial disposal” under listing rules. The company said the halt is required to comply with disclosure obligations and will remain in place until further notice. Details of the proposed transaction have not yet been disclosed.

    The announcement came from board chairman Wang Mingfan, who said further information will be published once the transaction announcement is ready. Boton is one of China’s largest extract and fragrance companies, and supplies flavorings for the global tobacco and nicotine sector.

  • BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT Launches Tender Offer for €1 Billion Hybrid Securities

    BAT announced a cash tender offer for its €1 billion Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities, carrying a 3% coupon and a first optional redemption date in late 2026. The company is offering to purchase all of the securities at 100.375% of face value, plus accrued interest. The move is part of BAT’s plan to proactively manage its hybrid capital portfolio, alongside the planned issuance of new euro-denominated hybrid capital securities. The tender offer runs until October 28 at 4 p.m. BST, with settlement expected on October 31.

    If BAT purchases 75% or more of the outstanding securities, it may exercise its option to redeem the remaining notes at par. Securities acquired in the offer will be cancelled. The transaction is not open to U.S. investors and remains subject to a New Financing Condition linked to the success of the new bond issuance.

  • Defiance ETFs Launches 2X Philip Morris Fund

    Defiance ETFs Launches 2X Philip Morris Fund

    Defiance ETFs introduced the “Defiance Daily Target 2X Long PM ETF,” an exchange-traded fund (ETF) under the NYSE symbol ZYN. The company clarified that the investment was not a purchase of Philip Morris International (PMI) stock, but an investment in a fund that offers investors twice the daily exposure to PMI. The leveraged product uses swaps and options to achieve its objectives, giving retail investors access to amplified PMI performance without the need for margin accounts.

    PMI, Defiance said, is positioning itself for a future beyond combustible cigarettes, and that the launch reflects investor appetite for targeted exposure to global tobacco majors as they expand their portfolios into smoke-free categories. Defiance said ZYN is designed for sophisticated investors who understand the risks of daily leveraged funds.

  • SEC Approves Cabbacis to Sell Stock

    SEC Approves Cabbacis to Sell Stock

    Cabbacis, a U.S.-licensed tobacco-product manufacturer focused on harm-reduction products that produces the iBlend brand, announced that the U.S. Securities and Exchange Commission (SEC) qualified the company’s offering statement on Form 1-A for a Regulation A (Tier 2) offering. The company seeks to raise $7 million through the public sale of its common stock at $2 per share.

    The company said it will use the proceeds for product development and commercialization expenses, including FDA costs related to filing premarket tobacco product applications (PMTAs) for the U.S. market, tobacco and hemp plantings, general corporate purposes, and potential acquisitions.

    “Cabbacis is committed to commercializing reduced-nicotine cigarettes and vaporizer pods,” the company said in a press release. “Both types of products in development are predominantly tobacco and include hemp. The company also plans to move forward with reduced-nicotine tobacco cigarettes (and little cigars) without hemp.”

    Cabbacis holds 35 issued patents in more than 15 countries, including seven in the United States. Access to the offering is available at www.cabbacis.com, where the offering circular and subscription agreement are publicly accessible.

  • BAT’s Block Listing Application and Cancellation

    BAT’s Block Listing Application and Cancellation

    Today (Feb. 27), British American Tobacco announced it made an application to the Financial Conduct Authority and the London Stock Exchange for a block listing totaling 1.5 million ordinary shares of 25p each to be admitted to the equity shares category of the Official List and to trade on the main market of the London Stock Exchange.

    The shares will be issued pursuant to the BAT Sharesave Scheme. Upon issuance, the shares shall rank equally with the existing issued shares of the company. The admission of the shares is expected on March 3, 2025.

    BAT further announced that it currently has 31,189 ordinary shares of 25p each block listed under the British American Tobacco Executive Share Option Scheme. No allotments have been made under the Scheme since the last block listing return was released Jan. 1, 2025. All outstanding options under the Scheme have now been exercised and the Scheme has closed. As a result, the block listing associated with the Scheme has been cancelled.