警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压电子烟混战与监管成双重重负

智通财经网2025-12-09

智通财经APP获悉，英美烟草(BTI.US)周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。受此消息影响，英美烟草股价在盘前交易一度下跌约4%。不过，这家旗下拥有好彩、登喜路等知名香烟品牌的烟草巨头同时表示，仍有望实现2025年业绩目标，并将股票回购计划规模从7月设定的11亿英镑扩大至13亿英镑(约...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590345620?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20251209/20251209200513_32447.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2025-12-09 20:12","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2590345620","market":"sg","top_or_hot":-1,"title":"警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压 电子烟混战与监管成双重重负","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，英美烟草(BTI.US)周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。受此消息影响，英美烟草股价在盘前交易一度下跌约4%。不过，这家旗下拥有好彩、登喜路等知名香烟品牌的烟草巨头同时表示，仍有望实现2025年业绩目标，并将股票回购计划规模从7月设定的11亿英镑扩大至13亿英镑(约...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1379540.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压 电子烟混战与监管成双重重负</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压 电子烟混战与监管成双重重负\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 20:12 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1379540.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，英美烟草(BTI.US)周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。受此消息影响，英美烟草股价在盘前交易一度下跌约4%。不过，这家旗下拥有好彩、登喜路等知名香烟品牌的烟草巨头同时表示，仍有望实现2025年业绩目标，并将股票回购计划规模从7月设定的11亿英镑扩大至13亿英镑(约...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1379540.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1242","symbol_name":"烟草","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1379540.html","article_id":"2590345620","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20251209/20251209200513_32447.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590345620","pubTimestamp":1765282356,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"英美烟草周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1242":"烟草","06969":"思摩尔国际","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD","BK4588":"碎股","BK4075":"烟草","BK1580":"烟草概念","BK1589":"北水核心资产","BTI":"英美烟草","BK4585":"ETF&股票定投概念"},"translate_title":"Warning of slowing growth! British American Tobacco (BTI.US) predicts 2026 performance under pressure, e-cigarette melee and regulation become a double burden","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTI":1.5,"06969":1.5},"content_text":"智通财经APP获悉，英美烟草(BTI.US)周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。受此消息影响，英美烟草股价在盘前交易一度下跌约4%。不过，这家旗下拥有好彩、登喜路等知名香烟品牌的烟草巨头同时表示，仍有望实现2025年业绩目标，并将股票回购计划规模从7月设定的11亿英镑扩大至13亿英镑(约17亿美元)。近年来，英美烟草面临的核心挑战来自美国电子烟市场的无序竞争——大量非合规电子烟产品涌入市场，严重冲击了这个规模达220亿美元的新型烟草市场，导致企业盈利受损。公司首席执行官Tadeu  Marroco指出，随着美国监管机构加大对非合规电子烟的整治力度，相关政策红利初步显现。他预计，明年美国电子烟业务将不再拖累包括快速增长的口服尼古丁袋品牌Velo在内的新型烟草整体业务组合。但Marroco也坦言，美国电子烟市场约70%仍由未受监管产品构成，目前尚不清楚该市场何时能成为增长引擎。“对于2026年的业绩预期，我们必须保持审慎态度，”他表示。多重挑战拖累中期增长目标Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为4%-6%。该公司预计，2025年全年营收与经调整营业利润增速均在2%左右。值得注意的是，受益于尼古丁袋产品需求攀升及美国电子烟业务逐步改善，下半年新兴产品板块营收增速将加快至两位数水平。Panmure Liberum分析师Rae  Maile在一份研报中指出：“英美烟草今年以来股价表现强劲，但此次业绩指引或许并非市场与投资者所期待的利好信号。”截至周一收盘，该股今年以来累计上涨50%。Maile补充道，这意味着2026年“将是公司连续第四年给出相对保守的增长指引”，并认为竞争对手帝国烟草(IMBBY.US)的股票在估值和增长潜力方面更具吸引力。据英美烟草汇总的分析师调查数据显示，市场对公司2025年总营收增速的平均预期值为2.1%。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590345620","isCrawlerRequest":true}

警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压 电子烟混战与监管成双重重负

精彩评论

警示增长放缓！英美烟草(BTI.US)预告2026年业绩承压电子烟混战与监管成双重重负