投资要点事件:4.23菲莫国际发布2025Q1业绩,IQOS作为HNB市场份额70%+的领军产品,从其经营表现感知行业成长,对思摩尔的HNB业务潜力具备指导意义。25Q1菲莫国际SFP(Smoke-Free Products)收入同比+20.4%,毛利同比+33.1%,毛利率超过70%、同比提高6.7pct,且比传统烟高出5pct;出货量同比+14.4%,其中HNB/口含烟/电子烟分别+12%/+...
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