奧馳亞 (MO) 2025 Q2 法說會逐字稿

(Operator Instructions) Good day, and welcome to the Altria Group 2025 second quarter and first half earnings conference call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session. (Operator Instructions)

(操作員指示) 大家好，歡迎參加奧馳亞集團 2025 年第二季和上半年收益電話會議。今天的電話會議預計持續約 1 小時，包括奧馳亞管理層的演講和問答環節。（操作員指示）

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations for Altria Client Services. Please go ahead, sir.

現在我想將電話轉給奧馳亞客戶服務部投資者關係副總裁麥克·利文斯頓 (Mac Livingston)。先生，請繼續。

Thanks, Leo. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's second quarter and first half business results. Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com.

謝謝，Leo。早安，感謝您加入我們。今天上午，奧馳亞執行長 Billy Gifford 和財務長 Sal Mancuso 將討論奧馳亞第二季和上半年的表現。今天早些時候，我們發布了一份新聞稿，介紹了我們的研究結果。新聞稿、簡報、季度指標和我們最新的企業責任報告均可在 altria.com 上查閱。

During our call today, unless otherwise stated, we're comparing results to the same period in 2024. Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections.

在今天的電話會議中，除非另有說明，我們都將結果與 2024 年同期進行比較。我們的評論包含前瞻性陳述，包括對未來結果的預測。請查看今天收益報告末尾的前瞻性和警示性聲明部分，以了解可能導致實際結果與預測有重大差異的各種因素。

Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors. We report our financial results in accordance with US generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted results exclude special items that affect comparisons with reported results.

未來的股利支付和股票回購仍由董事會決定。我們根據美國公認會計原則報告我們的財務結果。今天的電話會議將包含報告和調整後結果的各種營運結果，不包括影響與報告結果比較的特殊項目。

Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's earnings release and on our website at altria.com. Finally, all references in today's remarks to tobacco consumers or consumers within a specific tobacco category or segment refer to existing adult tobacco consumers 21 years of age or older.

非公認會計準則 (Non-GAAP) 財務指標以及與最可比較公認會計準則 (GAAP) 財務指標的對帳表已包含在今天的收益報告中以及我們的網站 altria.com 上。最後，今天評論中所有提及菸草消費者或特定菸草類別或細分市場的消費者均指現有 21 歲及以上的成年菸草消費者。

With that, I'll turn the call over to Billy.

說完這些，我就把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. In the second quarter, we continued the pursuit of our vision while maintaining our strong and profitable core businesses. In oral tobacco, on! delivered strong performance and was the substantial driver of the segment's growth in the quarter.

謝謝，麥克。早安，感謝您加入我們。在第二季度，我們繼續追求我們的願景，同時保持強勁且有利可圖的核心業務。在口菸中，上！表現強勁，成為本季該部門成長的重要推動力。

We continue to press for actions that will shape a fully regulated industry and provide expanded product choices for adult nicotine consumers. And we returned significant value to our loyal shareholders during the first half of the year with more than $4 billion delivered through dividends and share repurchases.

我們將繼續敦促採取行動，塑造一個完全受監管的行業，並為成年尼古丁消費者提供更多的產品選擇。今年上半年，我們透過股利和股票回購向忠實的股東返還了超過 40 億美元的巨額價值。

Our operating companies delivered strong financial results in a dynamic marketplace, allowing us to raise the lower end of our 2025 guidance range. My remarks this morning will focus on second quarter and first half results from on!, next steps for NJOY and the state of the regulatory environment. I'll then turn it over to Sal, who will provide further detail on our business results and 2025 outlook.

我們的營運公司在充滿活力的市場中取得了強勁的財務業績，這使我們能夠提高 2025 年指導範圍的下限。我今天早上的演講將重點放在第二季和上半年的業績、NJOY 的下一步措施以及監管環境的狀況。然後我將把麥克風交給 Sal，他將進一步詳細介紹我們的業務成果和 2025 年展望。

Let's begin with on! and the nicotine pouch category. On! nicotine pouches continued to be the primary growth driver of the estimated 11% increase in oral tobacco industry volume over the past six months. In the second quarter, on! nicotine pouches grew 10 share points year-over-year and now represent more than half of the category.

讓我們從開始吧！以及尼古丁袋類別。在！尼古丁袋繼續成為過去六個月口服菸草行業銷量預計增長 11% 的主要驅動力。第二季，上！尼古丁袋裝煙的市佔率年增了 10 個百分點，目前佔據該類別的一半以上。

Within this increasingly competitive environment, Helix continued to grow volume and share with on! reported shipment volume increasing by 26.5% to 52.1 million cans versus the year ago period. on!'s retail share of the total oral tobacco category was 8.7%, an increase of 0.7 share points versus the prior year. Last year, Helix launched the its On! campaign to differentiate the on! brand from competitive products, build emotional connections with its target audience and drive greater brand awareness.

在競爭日益激烈的環境中，Helix 繼續擴大銷量並分享！報告稱，與去年同期相比，出貨量成長了 26.5%，達到 5,210 萬罐。口用菸草類別的零售份額為8.7%，比前一年增加了0.7個百分點。去年，Helix 推出了 its On！活動來區分！品牌與競爭產品區分開來，與目標受眾建立情感聯繫，提高品牌知名度。

As part of the campaign rollout, the team used in-person activations to engage directly with adult consumers at action-packed events such as music festivals, NASCAR races and premier golf tournaments. These one-to-one interactions allow consumers to connect with brand representatives, gain deeper insights into the product and experience the brand in a tangible, memorable way.

作為活動推廣的一部分，團隊利用現場活動在音樂節、納斯卡賽車和頂級高爾夫錦標賽等令人興奮的活動中直接與成年消費者互動。這些一對一的互動讓消費者能夠與品牌代表建立聯繫，更深入地了解產品，並以實際、難忘的方式體驗品牌。

In the first half of 2025, Helix reached over 170,000 adult tobacco consumers through these in-person activations. Helix's digital marketing channels amplified these experiences, reinforcing on!'s unique brand positioning across multiple touch points.

2025 年上半年，Helix 透過這些面對面活動接觸了超過 17 萬名成年菸草消費者。Helix 的數位行銷管道擴大了這些體驗，強化了！跨多個接觸點的獨特品牌定位。

In the second quarter, digital Impression approximately 190 million. As a result of these combined efforts and continued strong presence at retail, on! brand awareness among adult tobacco consumers increased 7% points in the first half of 2025 versus a year ago. Helix will continue to focus on driving trial, building long-term equity and increasing profitability.

第二季度，數位印象營收約1.9億美元。由於這些共同的努力和在零售業的持續強勁表現，！2025 年上半年成年菸草消費者的品牌知名度比去年同期提高了 7%。Helix 將繼續專注於推動試驗、建立長期股權和提高獲利能力。

In fact, on!'s improving financial performance drove the majority of the oral segment's substantial profit growth for the quarter. Moving to our e-vapor business and NJOY. In June, the Patent Trial and Appeal Board did not agree with our argument to invalidate JUUL's patent. While

事實上，在！的財務表現的改善是本季口服業務利潤大幅成長的主要動力。轉向我們的電子蒸氣業務和 NJOY。6 月，專利審判和上訴委員會不同意我們關於宣告 JUUL 專利無效的論點。儘管

this is not the outcome we hope for, we are actively exploring all potential next steps. Meanwhile, we completed the product design of a modified NJOY ACE solution that we believe addresses all four disputed patents.

這不是我們所希望的結果，我們正在積極探索所有可能的後續步驟。同時，我們完成了修改後的 NJOY ACE 解決方案的產品設計，我們相信該解決方案解決了所有四個有爭議的專利。

Additionally, our product development teams are actively building a broader vapor portfolio of products that align with evolving expectations of today's consumers. Let's now turn to the state of regulation in the US nicotine market, where we continue to believe significant progress needs to be made to fulfill the promise of tobacco harm reduction.

此外，我們的產品開發團隊正在積極建立更廣泛的蒸汽產品組合，以滿足當今消費者不斷變化的期望。現在讓我們來談談美國尼古丁市場的監管狀況，我們仍然認為需要取得重大進展才能兌現減少菸草危害的承諾。

For some time, we've been advocating for enforcement against products that have completely evaded the regulatory process and for an acceleration in FDA market authorizations to create a responsible marketplace of smoke-free products for all adult consumers. As it relates to enforcement, the flavored disposable market continues to drive e-vapor category growth.

一段時間以來，我們一直倡導對完全逃避監管程序的產品進行執法，並加速 FDA 的市場授權，為所有成年消費者創造一個負責任的無菸產品市場。就執法而言，調味型一次性產品市場持續推動電子蒸氣類別的成長。

At the end of the quarter, we estimate the e-vapor category included more than 20.5 million vapors, up over 1.9 million versus a year ago. During the same period, disposable vapors increased by an estimated $2.7 million to approximately $14.4 million.

截至本季末，我們估計電子蒸氣煙類別的銷量超過 2,050 萬支，比去年同期增加了 190 多萬支。在同一時期，一次性蒸汽煙的價格估計增加了 270 萬美元，達到約 1,440 萬美元。

We continue to estimate that flavored e-vapor disposable products, the majority of which we believe have abated the regulatory process, represent more than 60% of the category. While this issue remains significant, we see signs that enforcement actions have picked up momentum.

我們繼續估計，調味型電子蒸氣一次性產品佔該類別的 60% 以上，我們認為其中大多數產品已經放寬了監管程序。儘管這個問題仍然很嚴重，但我們看到執法行動已取得進展的跡象。

Key government officials at the Department of Health and Human Services and the FDA have publicly acknowledged the severity of the issue and there is bipartisan support in Congress for urgent action across government agencies. We're encouraged by recent actions by Customs and Border Protection, FDA, state legislatures and state attorneys general to prevent the importation of illicit e- vapor products evading the regulatory system.

美國衛生與公眾服務部和美國食品藥物管理局的主要政府官員已公開承認問題的嚴重性，國會兩黨也支持各政府機構採取緊急行動。海關和邊境保護局、美國食品藥物管理局、州立法機構和州檢察長最近採取行動，防止逃避監管體系的非法電子蒸汽產品進口，這令我們感到鼓舞。

Key actions from these stakeholders this year include FDA strengthening its import policy, reducing the possibility of imported vapor products bypassing FDA review; tighter border controls, which have resulted in a higher percentage of rejections of properly declared e-vapor shipments from China than ever before; FDA issuing warning letters to 24 importers responsible for importing illicit products and State Attorneys General issuing warnings and bringing civil litigation addressing illicit Chinese vapor importers and distributors.

這些利益相關者今年採取的關鍵行動包括：FDA 加強進口政策，減少進口電子煙產品繞過 FDA 審查的可能性；加強邊境管制，導致中國正確申報的電子煙貨物被拒收的比例比以往任何時候都高；FDA 向 24 家負責進口非法產品的進口商發出警告信，州檢察長對中國非法煙進口商和民事分銷商提起並提起進口信和民事訴訟。

The net effect of these recent actions is that it is becoming more difficult to import illicit e-vapor products. In fact, some wholesalers have recently reported supply shortages of some of the most popular disposable brands, citing enforcement at the ports and tariffs.

這些最新行動的最終效果是，進口非法電子煙產品變得更加困難。事實上，一些批發商最近報告稱，一些最受歡迎的一次性品牌出現供應短缺，原因是港口執法和關稅。

We believe these changes have prompted e-vapor importers to misdeclare their shipments, resulting in illicit products entering the country undetected. While we are seeing some progress, more consistent action needs to be taken to deliver sustainable long-term results. We continue to advocate at the federal and state levels for more coordinated and decisive actions against illicit actors. Illicit e-vapor enforcement is only one area where the regulatory system is failing.

我們認為這些變化促使電子煙進口商錯誤申報其貨物，導致非法產品未被發現地進入該國。雖然我們看到了一些進展，但需要採取更一致的行動才能取得可持續的長期成果。我們繼續在聯邦和州層級倡導對非法行為者採取更協調和果斷的行動。非法電子煙執法只是監管體系失敗的領域。

The FDA must accelerate product authorizations across all tobacco categories. By law, the FDA is required to review and decide PMTAs within 180 days. We have waited over five years for a decision on some product applications.

FDA 必須加快所有菸草類別的產品授權。根據法律規定，FDA 必須在 180 天內審查並決定 PMTA。對於某些產品應用，我們已經等待了五年多的決定。

We continue to urge FDA to implement a workable process that results in timely decision-making to meet their statutory requirements and promotes public health. We believe these steps are critical to establish a nicotine marketplace that offers adult smokers expanded choices in smoke-free products and gives consumers comfort in the oversight of the products available to them.

我們繼續敦促 FDA 實施可行的流程，以便及時做出決策，滿足其法定要求並促進公眾健康。我們相信，這些措施對於建立尼古丁市場至關重要，該市場為成年吸菸者提供更多無菸產品選擇，並讓消費者對可用產品進行監督。

In summary, we remained encouraged by the strong performance of our operating companies in a challenging marketplace conditions. Our highly cash-generative core businesses supported continued investments in our smoke-free products. And the increased focus by key stakeholders on cleaning up the illicit market reinforces our confidence in the long-term outlook for our smoke-free portfolio.

總而言之，在充滿挑戰的市場條件下，我們營運公司的強勁表現仍然令我們感到鼓舞。我們高度現金產生的核心業務支持了我們對無菸產品的持續投資。主要利害關係人對清理非法市場的日益關注增強了我們對無菸產品組合長期前景的信心。

I'll now turn it over to Sal to provide more detail on our business results.

現在我將把時間交給 Sal，讓他提供有關我們業務成果的更多詳細資訊。

Thanks, Billy. As Billy described in his opening remarks, Altria delivered strong second quarter and first half financial performance. Adjusted diluted earnings per share increased 8.3% to $1.44 in the second quarter and increased by 7.2% for the first half, driven by robust adjusted OCI growth and the benefit of share repurchases over the past year.

謝謝，比利。正如比利在開場白中所描述的，奧馳亞第二季和上半年的財務表現強勁。受調整後 OCI 強勁成長和過去一年股票回購效益的推動，第二季調整後稀釋每股盈餘成長 8.3% 至 1.44 美元，上半年成長 7.2%。

In the smokeable products segment, adjusted operating companies income grew by 4.2% to $2.9 billion in the second quarter and by 3.5% to $5.5 billion in the first half. Adjusted OCI margins expanded to 64.5% for the second quarter and the first half. This performance was supported by strong net price realization of 10% for the quarter and 10.4% for the first half.

在吸菸產品領域，調整後的營運公司營收在第二季成長 4.2%，達到 29 億美元，在上半年成長 3.5%，達到 55 億美元。第二季和上半年調整後的 OCI 利潤率擴大至 64.5%。這一業績得益於本季 10% 和上半年 10.4% 的強勁淨價格實現率。

Total smokeable products segment reported domestic cigarette volumes declined by 10.2% in the second quarter and 11.9% for the first half. When adjusted for calendar differences and trade inventory movements, the segment's domestic cigarette volumes for the second quarter and first half declined by an estimated 10.5% and 11%, respectively.

根據菸草產品部門報告，第二季國內捲菸銷售量下降了 10.2%，上半年下降了 11.9%。經日曆差異和貿易庫存變動調整後，該部門第二季和上半年的國內捲菸銷量分別下降了約 10.5% 和 11%。

At the industry level, we estimate that domestic cigarette volumes declined by 8.5% in the second quarter and for the first half when adjusted for trade inventory movements, calendar differences and other factors.

從行業層面來看，我們估計，經貿易庫存變動、日曆差異和其他因素調整後，第二季和上半年國內捲菸銷量下降了 8.5%。

While our smokable business is focused on Marlboro in the premium segment, adult smokers continue to face macroeconomic pressures. The compounding effects of inflation exceeding overall wage growth, especially among low-income consumers contributed to the discount segment growing 1.9 share points year-over-year and 0.4 sequentially.

雖然我們的吸菸業務主要集中在高端市場的萬寶路，但成年吸菸者仍面臨宏觀經濟壓力。通貨膨脹超過整體薪資成長的複合效應，尤其是低收入消費者的通貨膨脹，導致折扣店的市佔率年增 1.9 個百分點，季增 0.4 個百分點。

To better compete in the discount segment and informed by our data analytics, PM USA strategically expanded Basic into approximately 30,000 targeted stores. In the second quarter, Basic's retail share grew 0.4 sequentially with limited impact on Marlboro.

為了在折扣市場中更好地競爭，並根據我們的數據分析，PM USA 策略性地將 Basic 擴展到大約 30,000 家目標商店。第二季度，Basic 的零售份額環比增長了 0.4，但對萬寶路的影響有限。

As a result, total PM USA cigarette retail share increased 0.2 sequentially to 45.2% in the second quarter. The targeted launch of Basic demonstrates how PM USA is using its broad toolkit of portfolio brands and sophisticated data analytics to provide the right value to the right consumer, while preserving the strength of the Marlboro brand.

因此，第二季菲莫國際美國捲菸零售總額比上一季成長 0.2%，達到 45.2%。Basic 的定向推出表明，PM USA 如何利用其廣泛的品牌組合工具包和複雜的數據分析為合適的消費者提供合適的價值，同時保持萬寶路品牌的實力。

Within the highly profitable premium segment, Marlboro maintained its long-standing leadership in the category. In the second quarter, Marlboro expanded its share of the premium segment by 0.2 to 59.5%. In cigars, reported shipment volume increased 3.7% as Middleton continued to outperform in the large mass cigar industry.

在利潤豐厚的高端香菸市場中，萬寶路長期保持領先地位。第二季度，萬寶路在高端香菸市場的市佔率擴大了0.2%，達到59.5%。在雪茄方面，由於米德爾頓在大眾雪茄行業繼續表現出色，報告的出貨量增加了 3.7%。

Let's turn now to the oral tobacco products segment. Adjusted OCI grew by an impressive 10.9% in the second quarter and 5.5% in the first half. Adjusted OCI margins increased by 3.1% points for the second quarter and 1.4% points for the first half. As Billy mentioned, these results were mainly driven by on!'s strong performance in the second quarter.

現在讓我們來看看口含菸草產品部分。調整後的 OCI 在第二季度成長了 10.9%，在上半年成長了 5.5%。調整後的 OCI 利潤率第二季成長 3.1%，上半年成長 1.4%。正如 Billy 所提到的，這些結果主要得益於 on! 的第二季表現強勁。

Total segment reported shipment volume decreased 1% for the second quarter and 2.9% for the first half as growth in on! was more than offset by lower MST volumes. When adjusted for calendar differences and trade inventory movements, we estimate that second quarter and first half, oral tobacco products segment volumes declined by approximately 4% and 2.5%, respectively.

由於成長，第二季整個部門報告的出貨量下降了 1%，上半年下降了 2.9%！被較低的 MST 量所抵銷。在經日曆差異和貿易庫存變動調整後，我們估計第二季和上半年口服菸草產品部門的銷售量分別下降了約 4% 和 2.5%。

Oral Tobacco Products segment retail share was 33.1% for the second quarter and 33.9% for the first half, as declines in our MST brands were not fully offset by share gains from on!. In the highly profitable moist smokeless tobacco segment, Copenhagen continued to maintain its long-standing premium leadership.

口服菸草產品部門零售份額在第二季為 33.1%，在上半年為 33.9%，因為我們的 MST 品牌的下滑並未被 on! 的份額增長完全抵消。在利潤豐厚的濕無菸菸草領域，哥本哈根繼續保持長期的領先地位。

Turning to ABI's financial results. We recorded $130 million of adjusted equity earnings in the second quarter, down 10.3% versus the prior year. This decline was driven by a lower ownership interest compared to the year ago period, reflecting the sale of a portion of our ABI investment last year. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders.

談到 ABI 的財務表現。我們第二季的調整後股權收益為 1.3 億美元，較前一年下降 10.3%。這一下降是由於與去年同期相比所有權權益下降所致，反映了我們去年出售了部分 ABI 投資。我們繼續將 ABI 股份視為一項金融投資，我們的目標仍然是為股東實現投資的長期價值最大化。

As Billy mentioned, our businesses performed well in a dynamic environment during the first half of the year. As a result, we raised the lower end of our 2025 guidance range. We now expect to deliver adjusted diluted EPS in a range of $5.35 to $5.45, representing a growth rate of 3% to 5% from a base of $5.19 in 2024.

正如比利所提到的，我們的業務在上半年的動態環境中表現良好。因此，我們提高了 2025 年指導範圍的下限。我們現在預計調整後的稀釋每股收益將在 5.35 美元至 5.45 美元之間，這意味著在 2024 年 5.19 美元的基礎上增長率為 3% 至 5%。

We expect EPS growth to moderate as we lap the lower share count associated with the 2024 accelerated share repurchase program and the benefit of the MSA legal fund expiration. We are also mindful of the challenged state of tobacco consumers, and we'll continue to closely monitor their purchasing behaviors.

我們預計，隨著 2024 年加速股票回購計畫帶來的股票數量減少以及 MSA 法律基金到期帶來的好處，每股盈餘成長將會放緩。我們也注意到菸草消費者面臨的挑戰，我們將繼續密切監控他們的購買行為。

Before turning to Q&A, I'd like to highlight the significant value we returned to shareholders during the first half of the year. We paid approximately $3.5 billion in dividends and repurchased 10.4 million shares for $600 million.

在進入問答環節之前，我想先強調一下我們在今年上半年為股東帶來的巨大價值回報。我們支付了約 35 億美元的股息，並以 6 億美元回購了 1,040 萬股股票。

At the end of the second quarter, we had $400 million remaining under our current share repurchase program, which we expect to complete by the end of the year. In addition, our balance sheet remains strong. Our total debt-to-EBITDA ratio as of June 30 was 2.0 times, in line with our target of approximately 2 times.

截至第二季末，我們目前的股票回購計畫還剩餘 4 億美元，我們預計將在年底前完成。此外，我們的資產負債表依然強勁。截至 6 月 30 日，我們的總負債與 EBITDA 比率為 2.0 倍，與我們約 2 倍的目標一致。

With that, we'll wrap up, (technical difficulty) and Billy and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory and other items. Let's open the question-and-answer period.

就這樣，我們就結束了，（技術難題）比利和我很樂意回答你們的問題。在整理電話會議期間，我想提醒大家，今天的收益報告和非公認會計準則對帳表可在 altria.com 上查閱。我們也發布了常規季度指標，包括定價、庫存和其他項目。讓我們開始問答環節。

Operator, do we have any questions?

接線員，我們還有疑問嗎？

(Operator Instructions)

（操作員指示）

Matthew Smith from Stifel.

來自 Stifel 的 Matthew Smith。

Hi, good morning, Billy and thank you for taking my question.

你好，早安，比利，謝謝你回答我的問題。

Good morning.

早安.

I wanted to first talk about the raising of the lower end of the guidance range. You've had a really nice performance in the underlying OCI growth here in the second quarter even when you strip out the lower legal settlement benefit. But it looks like the second half doesn't require as strong of an underlying OCI performance, at least at the higher end of the range.

我想先談談提高指導範圍的下限。即使剔除較低的法律和解福利，第二季的基礎 OCI 成長仍然表現非常出色。但看起來下半年並不需要那麼強勁的 OCI 表現，至少在範圍的高端是這樣。

You laid out the dynamics here in terms of EPS phasing when you lap the MSA and the MSA benefit and the share repo. But on an underlying basis, can you talk about your expectations in the second half of the year? And how you're thinking about what could be an even more uncertain consumer environment given some of the inflationary pressure, which may pick up as we get further into the back half of the year?

當您重疊 MSA、MSA 收益和股票回購時，您在此處根據 EPS 分階段闡述了動態。但從根本上來說，您能談談對下半年的期望嗎？考慮到通膨壓力，您認為消費環境可能會變得更加不確定，而進入下半年通膨壓力可能會加劇？

Sure. Let me start by saying we're really pleased with our first half results in our updated EPS guidance range. And I think you've summarized well, the items we highlighted in our opening remarks, lapping of the 2024 accelerated share repurchase program, the expiration of the legal fund, which occurred in the fourth quarter of last year. And then you rightly highlight that it's a dynamic market, and we're going to continue to monitor the state of the adult tobacco consumer and their purchasing behaviors.

當然。首先我要說的是，我們對更新後的 EPS 指導範圍內的上半年業績感到非常滿意。我認為您很好地總結了我們在開場白中強調的內容，即 2024 年加速股票回購計劃的重疊、法定基金的到期，這些都發生在去年第四季度。然後您正確地強調這是一個充滿活力的市場，我們將繼續監測成年菸草消費者的狀況及其購買行為。

Inflation is still an unknown variable going forward. There's been some green shoots, lower gas prices on a year-over-year basis. Even though they remain high, most recently, we have seen an uptick in consumer confidence.

通貨膨脹仍然是未來的未知變數。已經出現了一些復甦跡象，汽油價格年減。儘管消費者信心仍然很高，但最近我們看到消費者信心上升。

But again, the macro economic environment remains dynamic and somewhat unsettled trade deals are still being negotiated and what potential impact that could have on controllable spending for the consumer is something that we'll pay close attention to. But again, really happy with the first half results, happy that we were able to narrow guidance by lowering the bottom end of that range.

但宏觀經濟環境仍然充滿活力，一些尚未確定的貿易協定仍在談判中，這將對消費者可控支出產生何種潛在影響是我們將密切關注的事情。但是，我們對上半年的業績感到非常滿意，很高興我們能夠透過降低該範圍的底端來縮小指導範圍。

Thank you, Sal. And Billy, a question for you as a follow-up on NJOY e-vapor, you talked about working around or developing a new NJOY ACE device that seems to not it seems to work around the patents that we're in dispute with ITC.

謝謝你，薩爾。比利，我想問您一個關於 NJOY 電子蒸汽煙的後續問題，您談到了解決或開發一種新的 NJOY ACE 設備，但這種設備似乎無法解決我們與 ITC 存在爭議的專利問題。

But if I heard you correctly, that product is still or has finalized product development. Can you give an update on the path from here as to when you think you could having an application to FDA for that updated advice and what kind of application that would be in terms of a more streamlined authorization process relative to just the traditional PMTA?

但如果我沒聽錯的話，該產品仍在或已經完成了產品開發。您能否介紹一下從現在開始的最新情況，您認為何時可以向 FDA 申請更新的建議，以及相對於傳統的 PMTA 來說，什麼樣的申請將是一個更簡化的授權流程？

Yeah, and don't forget, Matt, that we still have litigation routes that we can take, and we're investigating those. But from the standpoint of the patents, you're right, you'll recall that we had already filled three of those patent workarounds or taking care of any disputed facts related to patent infringement from the ITC. We've already filed those, the fourth patent.

是的，馬特，別忘了，我們仍然可以採取訴訟途徑，我們正在調查這些途徑。但是從專利的角度來看，您是對的，您會記得我們已經完成了其中三個專利變通方法或處理了與 ITC 專利侵權相關的任何爭議事實。我們已經提交了第四項專利。

We're at product walk, and we'll be proceeding down that path. And and we're actually encouraged by the fact that we're excited to be able to bring that to market. It was making great strides when it was in market, the consumer liked the device and the experience they had with NJOY. The brand team had built a great brand around it, and so we're excited to be able to bring that back.

我們正處於產品探索階段，我們將沿著這條路徑繼續前進。事實上，我們很高興能夠將其推向市場，這讓我們備受鼓舞。它在市場上取得了長足的進步，消費者喜歡這款設備以及使用 NJOY 的體驗。品牌團隊圍繞著它創造了一個偉大的品牌，因此我們很高興能夠將其帶回來。

While I can't satisfy giving you an exact date, we'll continue to update you as we make progress against that. In addition to that, we wanted to really focus on the consumer. And as you heard in my remarks, really finding what the consumer likes and some of the devices that they're using, even though they may be coming to the US illicitly, and have those, I guess, desirable traits in our pipeline of products. And so more to share in the future on that as well.

雖然我無法給出一個確切的日期，但我們會持續向大家通報進度。除此之外，我們也希望真正關心消費者。正如您在我的演講中所聽到的，我們真正要找到消費者喜歡什麼以及他們正在使用的某些設備，即使這些設備可能是非法進入美國的，並且我認為，我們的產品線中應該具備這些理想的特性。未來我們也會分享更多這方面的內容。

Thank you, Billy. I'll pass it on thank.

謝謝你，比利。我會傳達的，謝謝。

Bonnie Herzog of Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Good morning, everyone. I had a follow-up question, I guess, on your guidance, especially, I guess, given the lapping of the legal fee elimination in Q4. I guess how are you feeling about your ability to deliver on your long-term EPS growth algo of mid-single digits through FY28.

好的，謝謝。大家早安。我想，我有一個關於您的指導的後續問題，特別是考慮到第四季度取消法律費用的情況。我想問一下，您對於自己在 28 財年實現中等個位數長期 EPS 成長演算法的能力有何感受？

I mean it does imply that growth will need to step up quite a bit in the next few years. So hoping maybe Billy to get your perspective on this and how confident you are that you're going to be able to deliver on that?

我的意思是，這確實意味著未來幾年成長需要加快不少。所以希望比利能了解你對這個問題的看法，以及你對於實現這個目標有多少信心？

Yeah, we still have that as a goal of the way we're managing our business, Bonnie. And when you think about it, it's a mid-single- digit CAGR across that period. You saw the results from the first half of this year. We're very pleased with the results, even in a challenging environment based on the as Sal had mentioned, the macroeconomics.

是的，邦妮，我們仍然以此作為我們管理業務的目標。如果你仔細想想，你會發現那段時期的複合年增長率達到了中等個位數。大家已經看到今年上半年的成果了。我們對結果非常滿意，即使是在基於 Sal 所提到的宏觀經濟的充滿挑戰的環境中。

Look, our consumer is still under strain, economic strain. We feel like we made some very disciplined and smart moves in the marketplace to help the consumer with that. And from a standpoint of the consumer themselves, as Sal mentioned gas prices they stabilized and even slightly down, but they're at, call it, around $3 a gallon across the US that's still fairly high.

瞧，我們的消費者仍然承受著壓力，經濟壓力。我們覺得我們在市場上採取了一些非常有紀律和明智的舉措來幫助消費者。從消費者的角度來看，正如薩爾所提到的，汽油價格已經穩定下來，甚至略有下降，但全美汽油價格約為每加侖 3 美元，仍然相當高。

But what we're seeing is what we've seen historically is if things are stagnant for a period of time, they don't necessarily always have to decrease, our consumer can start getting comfortable with their situation. And because of the loyalty in the tobacco industry, they'll make different choices.

但我們從歷史上看到的情況是，如果情況在一段時間內停滯不前，並不一定總是會下降，我們的消費者可以開始對他們的狀況感到滿意。而由於菸草業的忠誠度，他們會做出不同的選擇。

Okay. Maybe another question, a little bit along the lines of what you just mentioned about sort of your consumer and retain them. I do want to ask about Basic. Could you talk a little bit more about your strategy with the brand and the changes you've made to your promotions on the brand?

好的。也許還有另一個問題，有點類似於您剛才提到的關於您的消費者並留住他們的問題。我確實想問一下 Basic。您能否再多談談您對該品牌的策略以及您對該品牌促銷所做的改變？

I guess love to hear from you what your ultimate strategy is for Basic? And how are you thinking about possibly taking greater discount share versus trying to retain consumers in your total brand family?

我很想聽聽您對 Basic 的最終策略是什麼？您如何考慮獲得更大的折扣份額，還是試圖留住整個品牌家族中的消費者？

Yeah, I appreciate the question, Bonnie. With Basic, it's not abnormal for us. If you go back in history Basic was our discount play. We had priced it up and L&M was our discount play. Now we priced L&M up and repositioned Basic as a discount play.

是的，我很感謝你的提問，邦妮。對 Basic 來說，這並不異常。如果回顧歷史，Basic 就是我們的折扣遊戲。我們已經對它進行了定價，並且 L&M 是我們的折扣選擇。現在，我們對 L&M 進行了定價，並將 Basic 重新定位為折扣股。

I think the difference being is that now with the amount of data we received from retail and the RGM analytics, the revenue growth management analytics that we have, we can be very precise and targeted. You saw the results from Basic in approximately 30,000 stores. And so a very targeted approach where the store itself skews heavy discount and be there for the consumers.

我認為不同之處在於，現在憑藉我們從零售和 RGM 分析中獲得的數據量以及我們擁有的收入成長管理分析，我們可以非常精確且有針對性地進行分析。您在約 30,000 家商店中看到了 Basic 的成果。因此，這是一種非常有針對性的方法，商店本身會提供大幅折扣，以滿足消費者的需求。

And to your point, we find it cheaper to keep the consumer in our portfolio as then we can market to them individually as their economic situation changes through time. So it's about keeping them in our portfolio of brands, being there for the consumer and have an open conversation with them through time.

正如您所說，我們發現將消費者保留在我們的投資組合中更便宜，因為這樣我們就可以隨著他們的財務狀況隨時間的變化而向他們進行單獨行銷。因此，我們要將它們保留在我們的品牌組合中，為消費者提供服務，並與他們進行公開的對話。

Okay. That's helpful, Billy. And just to confirm. So your so far because these changes are relatively new, have you been pleased sort of with the results. It's kind of working out the way you were expecting and so you're going to continue some of these efforts behind Basic?

好的。這很有幫助，比利。只是為了確認一下。那麼到目前為止，由於這些變化相對較新，您對結果感到滿意嗎？事情進展得正如您所期望的那樣，那麼您會繼續在 Basic 方面做出一些努力嗎？

Yeah, well, I won't speak to the future because I don't want to give the competition of playbook to go by, we're very pleased with the results. And I think it shows that the quality of data analytics we have with our colleagues across Altria, being able to have those results in a short period of time with a very targeted approach.

是的，好吧，我不會談論未來，因為我不想讓比賽的劇本成為現實，我們對結果非常滿意。我認為這證明了我們與奧馳亞同事的數據分析質量，能夠以非常有針對性的方式在短時間內獲得這些結果。

All right, thank you for that. I'll pass it on.

好的，謝謝你。我會傳達的。

Faham Baig of UBS.

瑞銀的 Faham Baig。

Good morning guys thank you for taking my questions as well aSure. I appreciate your questions, and I'll try to take them in order, but if I missed anything, please follow up. I think when you think about enforcements, we certainly are encouraged by some of the momentum we're seeing.

大家早安，非常感謝你們回答我的問題。我很感謝您的提問，我會盡量按順序回答，但如果我遺漏了任何內容，請跟進。我認為，當你考慮執法時，我們肯定會對所看到的一些勢頭感到鼓舞。

The new commissioner has been in place about 100 days, and we've seen significant momentum since he's taken over. But as he's stated, I believe publicly, there's more to do there. And we look forward to him and the FDA and the other agencies doing more.

新任專員上任約 100 天，自他上任以來，我們看到了顯著的發展動能。但正如他公開表示的那樣，我相信，還有很多工作要做。我們期待他和 FDA 以及其他機構能做出更多貢獻。

I think it's too soon to call it a trend one way or the other. Certainly, it's upstream, if you will, because that's part of the distribution is that to distribute a wholesaler and import. It's hard to say whether that's taking place and whether the consumer has felt it yet in the marketplace at retail.

我認為現在稱之為趨勢還為時過早。當然，如果你願意的話，它是上游，因為這是分銷的一部分，即分銷批發商和進口商。很難說這種情況是否正在發生，以及消費者是否已經在零售市場上感受到了這種變化。

Certainly, with the mislabeling, that's just another step of illegality from a standpoint of mislabeling products to get them into the US and circumventing first evading the FDA and now trying to evade the customs and border patrol.

當然，從錯誤標記產品進入美國並首先逃避 FDA 監管，現在又試圖逃避海關和邊境巡邏的角度來看，錯誤標記只是又一步的非法行為。

So I think it remains to be seen. As you heard in my remarks, we need consistent action. And that's what we're looking forward and are hopeful with the new commissioner in place and the momentum we've seen pick up.

所以我認為這還有待觀察。正如你們在我的演講中所聽到的，我們需要持續的行動。這正是我們所期待的，隨著新任專員的上任以及我們所看到的勢頭的回升，我們也充滿希望。

As far as FET, it's an interesting one. I think when you step back and look broadly, we're an American company with American manufacturing. And so we believe that policy, especially tax policy should support American manufacturing and that FET should be paid on cigarettes sold in the US And this drawback policy actually goes against both of those.

就FET（菸草製品退稅）而言，這是一個有趣的問題。我認為，如果你退一步，放眼更廣闊的視野，我們是一家在美國製造的美國公司。因此，我們認為這項政策，尤其是稅收政策，應該支持美國製造業，在美國銷售的香菸應該繳納FET稅。而這項退稅政策其實與上述兩者相悖。

And we've seen a number of competitors taking advantage of this, some pretty large advantage of that. And so we're going to look for partnerships because we're not going to be at a competitive disadvantage in the marketplace. couple from me as well, please. I'll start with you're noticing crackdowns on a list of vapes and more restrictions at the border.

我們已經看到很多競爭對手利用了這一點，有些甚至佔了相當大的優勢。因此，我們將尋求合作夥伴，因為我們不想在市場上處於競爭劣勢。也請聽我說幾句話。首先，您注意到我們正在對一系列電子煙產品進行打擊，並在邊境實施更多限制。

I just want to understand whether the net impact of the import restrictions versus the product still coming through mislabeling is having a neutral impact or a positive impact and whether that could be driving some of the improvement in cigarette volumes we've seen over the last couple of months. So I want to try to understand that a bit better.

我只是想知道，相對於仍然存在標籤錯誤的產品，進口限制的淨影響是中性影響還是積極影響，以及這是否能推動過去幾個月捲菸銷售的成長。所以我想嘗試更深入地了解這個問題。

And then the second question, I noticed the federal excise tax per pack was $0.03 lower than normal. I appreciate there has been some commentary on drawbacks and imports. Anything you would highlight on this and how we should think about this line item going forward?

第二個問題，我注意到每包菸的聯邦消費稅比正常情況下低了0.03美元。我很感謝大家對退稅和進口問題的評論。您對此有什麼想強調的嗎？我們下一步該如何考慮這個問題？

Sure. I appreciate your questions, and I'll try to take them in order, but if I missed anything, please follow up. I think when you think about enforcements, we certainly are encouraged by some of the momentum we're seeing. The new commissioner has been in place about 100 days, and we've seen significant momentum since he's taken over. But as he stated, I believe publicly, there's more to do there.

當然。感謝您的提問，我會盡量按順序回答，但如果我遺漏了什麼，請繼續跟進。我認為，說到執法，我們看到的一些勢頭確實令人鼓舞。新任專員上任約100天，自他上任以來，我們看到了顯著的動能。但正如他公開表示的那樣，我相信在這方面還有很多工作要做。

And we look forward to him and the FDA and the other agencies doing more.

我們期待他和 FDA 以及其他機構能做出更多貢獻。

I think it's too soon to call it a trend one way or the other. Certainly, it's upstream, if you will, because that's part of the distribution is that to distribute a wholesaler and import. It's hard to say whether that's taking place and whether the consumer has felt it yet in the marketplace at retail.

我認為現在就斷言這是一種趨勢還為時過早。當然，如果你願意這麼說的話，它屬於上游，因為分銷的一部分就是批發商和進口商的分銷。很難說這種情況是否正在發生，也很難說消費者在零售市場上是否已經感受到了這種趨勢。

Certainly, with the mislabeling, that's just another step of illegality from a standpoint of mislabeling products to get them into the US and circumventing first evading the FDA and now trying to evade the customs and border patrol.

當然，從錯誤標記產品進入美國並首先逃避 FDA 監管，現在又試圖逃避海關和邊境巡邏的角度來看，錯誤標記只是又一步的非法行為。

So I think it remains to be seen. As you heard in my remarks, we need consistent action. And that's what we're looking forward and are hopeful with the new commissioner in place and the momentum we've seen pick up.

所以我認為這還有待觀察。正如你們在我的演講中所聽到的，我們需要採取一致的行動。這就是我們所期待的，我們對新任專員的上任和所看到的勢頭充滿希望。

As far as FET, it's an interesting one. I think when you step back and look broadly, we're an American company with American manufacturing. And so we believe that policy, especially tax policy should support American manufacturing and that FET should be paid on cigarettes sold in the US And this drawback policy actually goes against both of those. And we've seen a number of competitors taking advantage of this, some pretty large advantage of that.

就 FET 而言，這是一個有趣的東西。我認為，如果你退一步從更廣闊的視角來看，我們是一家擁有美國製造的美國公司。因此，我們認為政策，特別是稅收政策應該支持美國製造業，並且在美國銷售的香菸應該繳納場外交易稅，而這項退稅政策實際上與這兩者都背道而馳。我們已經看到許多競爭對手利用了這一點，有些甚至獲得了相當大的優勢。

And so we're going to look for partnerships because we're not going to be at a competitive disadvantage in the marketplace. I'm sorry, I missed the last comment.

因此，我們將尋求合作夥伴關係，因為我們不想在市場上處於競爭劣勢。抱歉，我錯過了最後一則評論。

No, I said thanks a lot. Oh, thank you.

不，我表示非常感謝。噢，謝謝。

Eric Serotta of Morgan Stanley.

摩根士丹利的 Eric Serotta。

Great. Just to follow up on the last question around illicit vape. There have been several press stories about shortages for particular leading brands or products of illicit products over the past couple of months. Wondering if that's something that you've seen in the marketplace? Have you seen some of the illicit actors sort of adapting their brands or products? Or is it just too early to say overall?

偉大的。我只是想繼續回答關於非法電子煙的最後一個問題。過去幾個月，媒體多次通報某些主要品牌或非法產品出現短缺。想知道這是您在市場上見過的東西嗎？您是否看過一些不法分子對其品牌或產品進行某種形式的改造？還是現在就整體下結論還為時過早？

Yeah, it's a bit early, but what I can remark on that is because there is a plethora of these products in the marketplace, shutting down one brand just allows the consumers to make different choices if they desire a certain flavor or a certain type of device. So that's why we are calling for more consistent action through time to really clean up the marketplace and get the progress for harm reduction moving forward on the right foot.

是的，現在說這個有點早，但我可以評論的是，因為市場上有大量此類產品，關閉一個品牌只是讓消費者在需要特定口味或特定類型的設備時做出不同的選擇。因此，我們呼籲採取更一致的行動，真正淨化市場，推動減少危害的進程取得正面進展。

I think from a standpoint of have we seen the diversions? In the past, we've seen the same manufacturer change brand names and packaging, but it's exactly the same as what was before. And as I mentioned earlier, we're certainly seeing now that the Customs and Border Patrol is investigating everything declared appropriately, we have seen instances of misdeclaration and calling it something else other than e-vapor.

我認為從這個角度來看我們是否看到了轉移？過去，我們看到同一家製造商更改品牌名稱和包裝，但它與以前完全相同。正如我之前提到的，我們現在確實看到海關和邊境巡邏隊正在調查所有正確申報的物品，我們發現了一些錯誤申報的情況，他們稱之為電子蒸汽以外的其他名稱。

Great. And then to follow up, coming back to NJOY. In the past couple of quarters, you seem to have had a little bit more of a cautious tone or a comment of, essentially, we're not going to rush a product back to market when the market is totally in disarray. Maybe I didn't really again, I'm paraphrasing, maybe I didn't catch it, but I didn't quite I didn't I don't know if I heard a similar

偉大的。然後跟進，回到 NJOY。在過去的幾個季度裡，你們似乎採取了更謹慎的態度，或者說，本質上，當市場完全陷入混亂時，我們不會急於將產品重新推向市場。也許我又沒聽懂，我只是在解釋，也許我沒聽懂，但我沒聽懂，我不知道我是否聽過類似的話

comment this time in this quarter's prepared remarks and has your view in terms of the ability to compete in vape and sort of the timing of when you would be able to come back to market really changed at all?

在本季度的準備好的評論中發表評論，您對電子煙競爭能力以及何時能夠重返市場的時機的看法是否真的發生了改變？

Yeah, I wouldn't see it as change. And if you took that from our remarks, let me just restate. We're certainly excited to be able to bring NJOY back to marketplace when it's appropriate. We were making great strides in capturing consumers. But the state of play in the e-vapor market hasn't changed. And you see total e-vapor consumers, call it about 20.5 million consumers and about 14.4 million of those are disposable vapors.

是的，我不認為這是一種改變。如果您從我們的發言中了解到了這一點，請允許我重申。我們非常高興能夠在適當的時候將 NJOY 重新帶回市場。我們在吸引消費者方面取得了長足的進步。但電子煙市場的現況並未改變。總的電子煙消費者數量約 2,050 萬，其中約 1,440 萬是一次性電子煙消費者。

And we believe a large portion of that is making it to the marketplace illicitly. And so when you see that state of play, remember disposables are increasing, that means that pod-based products are decreasing. And you can see that in takeaway and share at retail, if you include the disposable marketplace or an estimate of it.

我們認為其中很大一部分是透過非法管道流入市場的。因此，當您看到這種狀況時，請記住一次性用品正在增加，這意味著基於豆莢的產品正在減少。如果你把一次性市場或對它的估計也算進去，你就可以在外賣和零售份額中看到這一點。

And so certainly, when we bring it back to market, we're going to be disciplined about it. And we're excited when it's appropriate to be able to bring that back to market.

因此，當我們將其重新推向市場時，我們肯定會採取嚴格的措施。當合適的時機將其重新推向市場時，我們感到非常興奮。

Great, thanks for the clarification there thank you.

太好了，謝謝你的澄清，謝謝。

Gaurav Jain of Barclays.

巴克萊銀行的 Gaurav Jain。

Good morning, Billy. Good morning, Salvatore Two questions from me. One is on this double duty drawback, the question which was asked earlier. So if I look at the price at which you are selling Basic and if I assume full excise tax, full MSA, then it is hard to conclude that there will be any EBIT left unless you are claiming this double duty drawback on Basic's. So could you talk about how this works? And is it more focused on the discount cigarettes and deep discount cigarettes?

早安，比利。早安，薩爾瓦托 我有兩個問題。一個是關於雙重關稅退稅的問題，我們之前已經提出這個問題。因此，如果我查看您銷售 Basic 的價格，並假設全額消費稅和全額 MSA，那麼很難得出結論，除非您要求 Basic 獲得雙重關稅退稅，否則還會有任何 EBIT 剩餘。那麼你能談談這是如何運作的嗎？它是否更側重於折扣香煙和深度折扣香煙？

Yeah, I wouldn't conflate those two, Gaurav. I would keep those two separate. Basic is being able to use and utilize our RGM analytics in the marketplace to continue to serve consumers and keep them in our portfolio of brands. This drawback is a totally separate issue. When you look at kind of the progress on the big beautiful bill, you saw when it was proposed by the house, they were removing that because they saw it as bad policy.

是的，我不會將這兩者混為一談，Gaurav。我會將這兩者分開。基本上就是能夠在市場上使用和利用我們的 RGM 分析來繼續服務消費者並將他們保留在我們的品牌組合中。這個缺點是一個完全獨立的問題。當你看到這項美麗的法案的進展時，你會發現，當它被眾議院提出時，他們就將其刪除，因為他們認為這是一項糟糕的政策。

When it went to the Senate side, there were a number of senators that removed that from it. And what you see is competition that has international manufacturing and domestic, they just flip flop production, and that allows them to basically import product into the US without any FET paid.

當法案提交參議院審議時，一些參議員將該法案刪除。你所看到的是國際製造和國內製造之間的競爭，他們只是改變了生產方式，這使得他們基本上可以將產品進口到美國而無需支付任何場外交易稅。

And so certainly, with us being a domestic manufacturer, which you would think tax policy would support, we're certainly going to look to not be at a competitive disadvantage now that it's a apparent law.

因此，作為一家國內製造商，你會認為稅收政策會支持我們，既然這是一項明顯的法律，我們肯定會努力避免競爭劣勢。

Okay. My second question is on this enforcement on e-cigarettes, which you alluded to is happening. If I look at cigarette volumes over the last two months, they have improved a bit. They are like minus 7.5%, the number we haven't seen in two, three years.

好的。我的第二個問題是關於您提到的正在進行的電子煙執法。如果我看一下過去兩個月的香菸銷量，我會發現它們有所改善。它們的降幅大約是-7.5%，這是我們兩三年來從未見過的數字。

But if I look at the pod-based system shipments in Nielsen data, it is still continuing its same trend of minus 8%, 9% decline. So is it that this reduction in disposable e-cigarette is helping the cigarette industry more than it has helped in the pod-based industry?

但如果我查看尼爾森數據中的基於吊艙的系統出貨量，它仍然延續著-8%、9%的下降趨勢。那麼，一次性電子煙的減少對香菸產業的幫助是否大於對煙彈產業的幫助呢？

I think when you look at it, Gaurav, I would say that when you look at the decomp, you can see that the change in cigarette volume decline was really in that macroeconomic and cross category. I would say it's a bit of both, that's benefiting those cigarette industry.

我認為，Gaurav，當你觀察它時，我會說，當你觀察分解時，你可以看到香菸銷量下降的變化確實存在於宏觀經濟和跨類別中。我想說，兩者皆有，這對菸草業有利。

That's why we're pushing the FDA to authorize more products because the consumers made a choice for smoke free. If they authorize products that have gone through the science review, then we'll have consumers moving to products that are appropriate for public health. And so both from an enforcement standpoint and an authorization is where we need the FDA to move.

這就是為什麼我們要敦促 FDA 授權更多產品，因為消費者選擇了無菸產品。如果他們批准經過科學審查的產品，那麼消費者就會轉向購買適合公共健康的產品。因此，無論從執法角度或授權角度，我們都需要 FDA 採取行動。

When you step back, Gaurav and look at it, it's a proof of concept that consumers will move exactly as we've been saying once they find products that satisfy them, and we can really make progress on reduce harm.

當你退一步來看，Gaurav，這是一個概念證明，消費者一旦找到讓他們滿意的產品，就會按照我們所說的那樣行動，我們真的可以在減少傷害方面取得進展。

Sure. And then last question is on NGP. So you are a US manufacturer, you don't have an international business. But do you think there are some of these international markets now where you can have an NGP only business and make it profitable.

當然。最後一個問題是關於 NGP 的。所以你是美國製造商，你沒有國際業務。但是您是否認為現在有一些國際市場可以開展 NGP 業務並實現盈利？

And you have like as you mentioned, you are pursuing multiple e-cigarette options. You clearly have gone, which is there internationally. So are there some international markets where you think you can now create a NGP-only business?

正如您所說，您正在尋求多種電子煙選擇。您顯然已經去過那裡，那裡是國際化的。那麼，您認為現在有哪些國際市場可以創建僅限 NGP 的業務？

We do believe that, Gaurav. And you'll recall as far as our corporate goals, that is one of them from a growth standpoint. You'll recall that from a nicotine pouch, we actually have that in distribution and call it the Nordic region and in the UK and we're pleased with the progress we're making there.

我們確實相信這一點，Gaurav。您會記得，就我們的企業目標而言，從成長的角度來看，這是其中之一。您會記得，從尼古丁袋中我們實際上已經將其分發到北歐地區和英國，我們對在那裡的進展感到滿意。

And we do believe that we can be successful in NGP internationally through time. I think the way you should think about that is we're going to be disciplined about it as we move forward.

我們確實相信，隨著時間的推移，NGP 一定能夠在國際上取得成功。我認為你應該這樣考慮：我們在前進的過程中會對此採取紀律措施。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Damian McNeela of Deutsche Bank.

德意志銀行的 Damian McNeela。

Morning, everybody, thank you for the questions. First question is just on and whether you can sort of provide any color on what your plans after second half in terms of whether you're expecting to accelerate activation for the brand.

大家早安，謝謝大家的提問。第一個問題是，您是否可以透露下半年的計劃，以及您是否希望加速品牌的啟動。

And also whether you could quantify how well distributed the brand is currently in the US? And then my second question is just on Middleton. Can you sort of provide an explanation of what's behind that sort of pretty decent performance, please?

您能否量化該品牌目前在美國的分銷情況？我的第二個問題是關於米德爾頓的。您能否解釋一下這種相當不錯的表現背後的原因？

Yeah, I think when you think about on!, I'll be careful not to lay out exactly what we're going to do in the second half. But you see the success that we've had through the first half, we believe that is sustainable. We're excited about being able to bring our pipeline of products to the marketplace when appropriate because we feel like some of the pipeline of products are very competitive with the existing products in the marketplace as we've shared before.

是的，我認為當你考慮的時候，我會小心不要詳細說明我們下半場要做什麼。但你看到了我們在上半年的成功，我們相信這是可持續的。我們很高興能夠在適當的時候將我們的產品線推向市場，因為我們覺得我們的一些產品線與市場上現有的產品非常有競爭力，正如我們之前分享的那樣。

I think when you think about on! and the activations, certainly reinforcing the equity and what we feel like is a bit different than the rest of the industry, focusing on equity and building a sustainable brand through time for our own portfolio of products when we can bring others to market. I think as far as the remind me the second part of your question middle middleton.

我想當你思考的時候！這些活化無疑加強了公平性，我們感覺與行業其他公司略有不同，我們專注於公平性，並隨著時間的推移為我們自己的產品組合打造可持續發展的品牌，同時我們可以將其他產品推向市場。我認為就提醒我你的問題的第二部分而言，middle middleton。

Yeah, Middleton volume was up. It is the dominant cigar in the highly profitable large mass machine-made cigar category. And it's a dominant player. It's a very strong premium brand.

是的，米德爾頓的音量上升了。它是高利潤的大規模機制雪茄類別中的主導雪茄。而它還是一個佔據主導地位的玩家。這是一個非常強大的高端品牌。

I think when you look at volume, and you look within a quarter, there's always movement within the distribution channel in terms of inventory movements and things like that. But overall, Middleton continues to be a strong performer in the smokable segment.

我認為，當你觀察銷售並觀察一個季度內的情況時，分銷管道內總會存在庫存變動等變動。但總體而言，米德爾頓在可吸煙領域持續表現強勁。

Okay thank you.

好的，謝謝。

Gerald Pascarelli of Needham & Company.

Needham & Company 的 Gerald Pascarelli。

Great, thanks very much. I just wanted to go back to on!, maybe ask it another way, but your volume growth of 26.5% was definitely higher than what we were expecting on a tougher comp, but you did lose share of the category.

太好了，非常感謝。我只是想回到！也許換一種方式問，但你的銷量增長 26.5% 絕對高於我們在更嚴格的競爭中所預期的，但你確實失去了該類別的份額。

And so, as the category continues to expand, becomes increasingly competitive, just maybe some of the initiatives you have in place to protect your share position? And then just in terms of the revised EPS guidance, does that in any way contemplate maybe increased investment spending behind on! in the back half of the year?

那麼，隨著類別不斷擴大，競爭日益激烈，您是否會採取一些措施來保護您的市場份額？那麼，就修訂後的每股盈餘指引而言，是否以任何方式考慮增加投資支出？在下半年？

Yeah, I'll take the first half and Sal, you can pick up on the EPS. I think when you think about on!, it's really about reinforcing the equity. And I think the team has gotten very good about using RGM that we've perfected in some of our other categories of continuing to induce trial but not having to oversubsidize loyal consumers of the on! brand.

是的，我會選擇前半部分，Sal，你可以選擇 EPS。我認為當您考慮 on! 時，它實際上是為了加強公平。我認為團隊已經非常善於使用 RGM，我們已經在其他一些類別中完善了 RGM，繼續引導試用，但不必對忠實消費者進行過度補貼！品牌。

And it's about going out and reaching them where the consumer is, and you heard some of the comments, whether that's music festivals or NASCAR races or things of that nature and reinforcing the brand to the consumer so that they feel good not only about the product, but about the brand itself.

關鍵在於走出去，在消費者所在的地方接觸他們，正如你所聽到的一些評論，無論是音樂節還是納斯卡賽車或類似的活動，向消費者強化品牌，讓他們不僅對產品有好感，而且對品牌本身也有好感。

And so from that standpoint, you're right, competition is picking up. As far as a quarter shipment share in that nature, I would ask you to look over a longer period of time. Certainly, you're going to have a shipments that are going through the distribution channel and things of that nature that can distort a quarter. I would look at both volume and share over a longer period.

所以從這個角度來看，您說得對，競爭正在加劇。至於這種性質的四分之一出貨量份額，我希望您能從更長的時間段來考慮。當然，你會有一批貨物透過分銷管道運送，諸如此類的事情可能會扭曲一個季度的業績。我會長期關注交易量和份額。

Yeah, and Gerald, as far as guidance, I'm not going to provide any information about promotional activity in the second half. But what I will say is that the guidance does contemplate our continued support of our vision and the development of product pipeline within the smoke-free innovative tobacco categories or nicotine categories. And of course, the continued support of the on! brand as it continues to we continue to drive a trial and awareness and conversion for that brand.

是的，傑拉爾德，就指導而言，我不會提供有關下半年促銷活動的任何資訊。但我要說的是，該指南確實考慮到了我們對願景的持續支持以及無菸創新菸草類別或尼古丁類別產品線的發展。當然，也感謝大家的持續支持！隨著品牌的不斷發展，我們將繼續推動品牌的試用、知名度和轉換。

Perfect. Thanks very much, guys.

完美的。非常感謝，大家。

(Operator Instructions)

（操作員指示）

Emma Rumney of Reuters.

路透社的艾瑪·拉姆尼。

Hi guys, thanks very much for taking my question. I wanted to ask about tariffs because the guidance statements that it accounts for increased tariff costs, given the NJOY as in actually on! market at the moment and isn't expected to return this year, could you talk me through specifically what parts of your business are affected by increased tariffs and on which countries?

大家好，非常感謝您回答我的問題。我想問關稅問題，因為指導意見指出，考慮到 NJOY 實際上是開啟的，它解釋了關稅成本的增加！目前市場處於低迷狀態，預計今年不會恢復，您能否具體告訴我，您的業務的哪些部分受到了關稅上調的影響，以及在哪些國家受到了影響？

Yeah, sure so first, what I would tell you is that while tariffs have had an impact on our cost, we don't view them as material to our overall business, and they have been contemplated in the guidance that we have provided you.

是的，當然，首先我想告訴你的是，雖然關稅對我們的成本產生了影響，但我們並不認為它們對我們的整體業務有重大影響，而且我們已經在向您提供的指導中考慮到了它們。

As far as where they do impact, we do sometimes see the impact of tariffs in our supply chain, our direct materials as an example, in some of the packaging material we use because some of our supply chain is overseas or international base.

就其影響而言，我們有時確實會看到關稅對我們的供應鏈的影響，以我們的直接材料為例，以及我們使用的一些包裝材料，因為我們的部分供應鏈位於海外或國際基地。

So but again, I think what's more important for us is to monitor the impact of tariffs on the adult tobacco consumer. And the potential impact on cost of everyday items that they are purchasing and how that could impact purchasing behaviors of the consumers. So again, it's something we monitor closely, and we'll be watching as the year plays out.

所以，我再次認為，對我們來說更重要的是監測關稅對成年菸草消費者的影響。以及這對他們購買的日常用品的成本的潛在影響以及這將如何影響消費者的購買行為。因此，我們會密切關注此事，並觀察今年的進展。

Got it. And is that packaging for your cigarettes, oral tobacco or all of the above?

知道了。這是香菸、口香糖還是以上所有產品的包裝？

Yeah, it's metal for foil liners. It's tin cans, things like that so you can see it there. And you see it in some other areas. But again, it's something that's been contemplated. And unlike many other CPG companies, it really has not had a material impact on our overall cost.

是的，它是用於箔襯裡的金屬。它是錫罐，類似的東西，所以你可以在那裡看到它。您還可以在其他一些領域看到它。但再說一遍，這是已經考慮過的事情。與許多其他 CPG 公司不同的是，它確實沒有對我們的整體成本產生實質影響。

Yeah, so not significant enough to sort of spark price increases or changes to the supply chain or anything?

是的，那麼這還不足以引發價格上漲或供應鏈變動等嗎？

Well, I'm not going to talk about price increases, but no, nothing material on a cost basis.

好吧，我不想談論價格上漲，但從成本角度來看，沒有任何實質的上漲。

Okay. And changes to the supply chain, would you look at those? Or again, is it not material enough to.

好的。您會考慮供應鏈的變化嗎？或者說，這還不夠重要。

No. We always we're always looking at changes to supply chain. What I mean by that is we have an optionality across the supply chain with different vendors, different geographies, our ability to manage inventory levels as an example, our leaf is a multiple year crops that we're managing.

不。我們始終關注供應鏈的變化。我的意思是，我們在整個供應鏈中擁有多種選擇，包括不同的供應商、不同的地區，我們管理庫存水準的能力也各不相同，例如，我們管理的葉子是多年生作物。

So, we do have flexibility in our supply chain folks, our procurement folks do a terrific job of managing the different variables that they face, maintaining a strong supply chain is important to us, of course, in high-margin business. So they did a terrific job. So we feel very comfortable with it.

因此，我們的供應鏈人員確實具有靈活性，我們的採購人員在管理他們面臨的不同變數方面做得非常出色，當然，在高利潤業務中，維持強大的供應鏈對我們來說很重要。所以他們做得非常出色。因此我們對此感到非常滿意。

And I think there are some tariffs on markets like Malaysia, for example, that weren't in place last time you updated the market, which would affect NJOY when you did want to start importing it again. Are you thinking about that and how you might be able to mitigate the impact once you are ready to start importing the device?

我認為，馬來西亞等市場存在一些關稅，而這些關稅在你們上次更新市場時還沒有到位，當你們想要再次開始進口時，這些關稅會影響 NJOY。您是否考慮過這個問題，以及當您準備開始進口該設備時如何減輕影響？

Yeah, look, we're always thinking about it. I'm not going to get into details of the supply chain, but we do have flexibility in the supply chain related to NJOY. But as you know, there are tariffs across the across the international market that are part of our consideration set.

是的，你看，我們一直在思考這個問題。我不會詳細介紹供應鏈，但我們在與 NJOY 相關的供應鏈方面確實具有靈活性。但正如你所知，整個國際市場的關稅都是我們考慮的一部分。

Right now, NJOY, as you said, is not in the market. We continue to work to bring it back into the market with some of the IP work that Billy talked about earlier. But again, we feel very comfortable with the optionality we have in our e-vapor category.

目前，正如您所說，NJOY 尚未上市。我們將繼續努力，利用 Billy 之前談到的一些 IP 工作將其重新推向市場。但同樣，我們對電子蒸氣類別中的可選性感到非常滿意。

Cool thanks very much. I appreciate you taking my question.

太棒了，非常感謝。感謝您回答我的問題。

There appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston for any closing remarks.

目前似乎沒有其他問題。我想將電話轉回給 Mac Livingston 來做最後的總結演講。

Thank you for joining us today. Everyone, have a great day.

感謝您今天加入我們。祝大家有個愉快的一天。

This does conclude today's conference. You may now disconnect your lines, and everyone, have a great day.

今天的會議到此結束。現在您可以斷開您的線路了，祝大家有個愉快的一天。