奧馳亞 (MO) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加奧馳亞集團2025年第三季及未來九個月的業績電話會議。今天的電話會議預計持續約一小時，包括奧馳亞管理層的演講和問答環節。（操作說明）

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

現在我將把電話交給投資人關係副總裁麥克·利文斯頓。請繼續，先生。

Thanks, Angela. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's third quarter and first nine months 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.

謝謝你，安吉拉。早安，感謝各位的參與。今天上午，奧馳亞集團執行長比利·吉福德和我們的財務長薩爾·曼庫索將討論奧馳亞集團第三季​​和前九個月的業績。今天早些時候，我們發布了一份新聞稿，公佈了我們的研究結果。所有新聞稿、簡報、季度指標和我們最新的企業社會責任報告都可以在 altria.com 上找到。

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 statement 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，我們將把結果與 2024 年同期進行比較。我們的發言包含前瞻性陳述，包括對未來績效的預測。請查閱今天財報發布末尾的前瞻性及警示性聲明部分，以了解可能導致實際結果與預測結果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 basis. 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酌情決定。我們依照美國公認會計原則報告財務表現。今天的電話會議將包含已公佈和調整後的各項經營績效。調整後的結果不包括影響與已公佈結果比較的特殊項目。

Descriptions of these 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.

這些非GAAP財務指標的說明以及與最接近的GAAP財務指標的調節表已包含在今天的盈利報告中，也可在我們的網站altria.com上查閱。最後，今天所有提及的菸草消費者或特定菸草類別或細分市場的消費者均指21歲及以上的現有成年菸草消費者。

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

這樣，我就把電話交給比利了。

Thanks, Matt. Good morning, and thank you for joining us. Altria continued to build significant momentum in the third quarter with exciting progress across our businesses. For the third quarter, we delivered strong financial performance growing adjusted diluted earnings per share by 3.6%, and we continue to make meaningful progress across our smoke fruit portfolio and toward our long-term adjacency girls.

謝謝你，馬特。早安，感謝各位的參與。奧馳亞集團第三季​​持續保持強勁的成長勢頭，旗下各業務均取得了令人振奮的進展。第三季度，我們取得了強勁的財務業績，調整後稀釋每股收益成長了 3.6%，我們在煙燻水果產品組合和長期鄰近品種方面繼續取得實質進展。

On held steady in a highly competitive environment, and Helix announced plans to launch on! PLUS its innovative next-generation oral product. Horizon also made important regulatory filings for a joint venture and heated tobacco products.

在競爭激烈的環境中保持穩定，Helix 宣布了推出計劃！此外，還有其創新的下一代口服產品。Horizo​​n 也提交了合資企業和加熱菸草產品的重要監管文件。

Looking at our long-term adjacent growth opportunities -- we announced a collaboration with KT&G to explore opportunities in international innovative smoke-free products and US non-nicotine products. And importantly, we continue to demonstrate our commitment to returning value to our shareholders.

著眼於我們長期的鄰近成長機會—我們宣布與 KT&G 合作，探索國際創新無菸產品和美國非尼古丁產品的機會。更重要的是，我們始終致力於為股東創造價值。

In August, we announced our 60th dividend increase in 56 years -- and yesterday, our Board authorized an expansion of our share repurchase program. My remarks this morning will focus on results from ON and the launch of on! PLUS, updates on our heated tobacco and e-vapor portfolio, the state of the regulatory environment and our strategic relationship with KT&G. I'll then turn it over to Sal, who will provide further details on our business results, 2025 outlook and our continued commitment to providing significant cash returns to shareholders.

8 月，我們宣布了 56 年來的第 60 次股息成長——昨天，我們的董事會批准擴大股票回購計畫。我今天早上的演講將重點介紹 ON 的成果以及 on! 的發布。此外，還將介紹我們的加熱菸草和電子煙產品組合的最新情況、監管環境現狀以及我們與 KT&G 的策略關係。接下來我將把發言權交給薩爾，他將詳細介紹我們的業務成果、2025 年展望以及我們持續致力於為股東提供豐厚現金回報的承諾。

Let's begin with ON and the nicotine pouch category. Oral nicotine pouches continue to be the primary driver of the estimated 14.5% increase in oral tobacco industry volume over the past six months. In the third quarter, nicotine pouches grew to 55.7 share points an increase of 11.1 share points year-over-year. Competitor promotional activity was highly elevated during the third quarter, particularly during September. Driving incremental growth for nicotine pouches.

我們先從 ON 和尼古丁袋類別說起。在過去六個月中，口服尼古丁袋仍然是推動口服菸草行業銷售成長約 14.5% 的主要因素。第三季度，尼古丁袋的市佔率成長至 55.7 個百分點，年增 11.1 個百分點。第三季度，競爭對手的促銷活動大幅增加，尤其是在9月。推動尼古丁袋的增量成長。

We continue to monitor how this elevated promotional activity influences longer-term brand adoption. Despite this competitive landscape, Helix was steady in the third quarter, growing on reported shipment volume to over 42 million cans, representing an increase of nearly 1% and versus the prior year.

我們將持續關注這種加強促銷的舉措如何影響品牌長期普及。儘管競爭激烈，Helix 第三季業績依然穩健，報告出貨量成長至 4,200 萬罐以上，比上年同期成長近 1%。

For the first nine months, Helix grew on reported shipment volume to over 133 million cans, representing an increase of approximately 15% versus the prior year. While third quarter shipment volumes for on! were influenced by trade inventory dynamics driven by promotional activity in the category we remain encouraged by the steady consumer demand reflected in our estimated retail takeaway.

前九個月，Helix 的出貨量報告超過 1.33 億罐，比去年同期成長約 15%。雖然第三季的出貨量為！受該品類促銷活動驅動的貿易庫存動態影響，我們對估計的零售外賣量所反映出的穩定消費者需求仍然感到鼓舞。

In fact, One's retail share of the total oral tobacco category was 8.7% for the third quarter and first nine months, demonstrating stability for the quarter and an increase of 0.8 share points for the first nine months.

事實上，One 在第三季和前九個月的零售市佔率佔整個口服菸草品類的 8.7%，顯示該季市佔率保持穩定，前九個月市佔率成長了 0.8 個百分點。

On's retail price increased by approximately 1.5% in the third quarter versus the prior year. In contrast to the balance of the nicotine pouch category, where average retail prices for the category declined 7% nationally and more than 70% in one major retail chain. A clear reflection of the intense promotional activity during the quarter.

與上年同期相比，On公司第三季的零售價格上漲了約1.5%。與此形成鮮明對比的是，尼古丁袋類產品的平均零售價格在全國下降了 7%，在一家大型零售連鎖店中更是下降了 70% 以上。這清晰地反映了本季密集的促銷活動。

Yet, Helix's year-over-year results continue to be a meaningful contributor to the oral tobacco products segment adjusted OCI stability and adjusted OCI margin expansion in the third quarter. Helix is positioning itself for long-term sustainable success. Helix recently launched on! PLUS in Florida, North Carolina and Texas, and we are encouraged by the recent actions from the FDA that signal progress toward a more efficient and transparent authorization process for nicotine pouches, which I'll discuss later in my remarks.

然而，Helix 的同比業績繼續對第三季度口腔菸草產品部門調整後 OCI 的穩定性和調整後 OCI 利潤率的擴張做出重要貢獻。Helix 正在為長期永續發展做好準備。Helix 最近上線了！此外，佛羅裡達州、北卡羅來納州和德克薩斯州也出現了類似情況，我們對美國食品藥物管理局 (FDA) 最近的行動感到鼓舞，這些行動表明，在提高尼古丁袋授權流程的效率和透明度方面取得了進展，我將在稍後的演講中討論這一點。

On! PLUS launched with three flavors and three nicotine strengths, which we believe are complementary to the current own portfolio. We believe On! PLUS is a premium and differentiated product that we expect to appeal to both adults who dip and competitive nicotine pouch consumers. On! PLUS uniquely delivers on three desirable attributes for pouch consumers. Comfort, nicotine delivery and flavor satisfaction.

在！PLUS 推出了三種口味和三種尼古丁濃度，我們認為這與我們目前的產品組合相輔相成。我們相信！PLUS 是一款高端且與眾不同的產品，我們預計它將同時吸引嚼煙的成年人和使用其他尼古丁袋的消費者。在！PLUS 獨特地滿足了袋裝食品消費者的三個理想特性。舒適度、尼古丁輸送和口味滿足感。

In recent research, we compared On! PLUS mint against several leading competitive brands. While a small sample size -- On! PLUS outperformed all competitive brands in the sample. Forms achieved the highest purchasing temp score driven by the comfort of the pouch.

在最近的研究中，我們比較了 On!PLUS 薄荷糖優於幾個領先的競爭品牌。雖然樣本量很小——繼續！PLUS 在樣本中表現優於所有競爭品牌。由於包裝袋的舒適性，該產品獲得了最高的購買意願評分。

In addition, innovation and consumer preferences remain at the forefront of Helix strategy. Helix continues to build a pipeline of new on-us flavors and looks forward to bringing them to the US market. In heated tobacco, Horizon completed a key milestone on its path to bring Ploom to the US In August, Horizon filed a combined PMTA and MRTPA with the FDA for Ploom and Marlboro heated tobacco sticks.

此外，創新和消費者偏好仍然是 Helix 策略的核心。Helix 繼續開發新的自有口味產品線，並期待將它們引入美國市場。在加熱菸草領域，Horizo​​​​n 在將 Ploom 引入美國的過程中完成了一個關鍵里程碑。 8 月，Horizo​​​​n 向 FDA 提交了 Ploom 和萬寶路加熱煙草棒的 PMTA 和 MRTPA 合併申請。

We believe the science and evidence supporting horizons applications are compelling and present a strong case for FDA authorizations. Our teams are working diligently who includes go-to-market plans and we look forward to engaging smokers with this innovative product.

我們認為支持 Horizo​​ns 應用的科學和證據令人信服，並為獲得 FDA 授權提供了強有力的理由。我們的團隊正在努力製定市場推廣計劃，我們期待透過這款創新產品吸引吸菸者。

Moving to our e-vapor business and enjoy. We believe we have completed the product design of a modified Enjoy a solution that addresses all four disputed patents. Our teams are evaluating the potential pathways to bring the modified ACE product to market.

轉戰電子煙產業，享受其中。我們相信，我們已經完成了改進版 Enjoy 的產品設計，可以解決所有四個有爭議的專利。我們的團隊正在評估將改良後的ACE產品推向市場的潛在途徑。

During the third quarter, both Enjoy and JUUL initiated new litigation against one another. JUUL initiated litigation in federal court and before the ITC against Enjoy a certain claims of patent infringement based on sales of enjoy daily and on any other products enjoy may be developing that would infringe JUUL's patents. We do not expect a final determination from the ITC before early 2027, and intend to vigorously defend our positions in this litigation.

第三季度，Enjoy 和 JUUL 都對對方提起了新的訴訟。JUUL 在聯邦法院和美國國際貿易委員會 (ITC) 對 Enjoy 提起訴訟，指控其銷售 enjoy daily 以及 Enjoy 可能正在開發的任何其他侵犯 JUUL 專利的產品侵犯了其專利權。我們預計美國國際貿易委員會在 2027 年初之前不會做出最終裁決，並打算在此訴訟中積極捍衛我們的立場。

In addition, Enjoy initiated litigation against JUUL in Federal Court and before the ITC are certain claims of patent infringement based on the sale of certain deal products. As we assess our path forward with ACE and worked diligently on our innovative product pipeline in e-vapor, the market remains saturated with flavored disposable e-vapor products the majority of which we believe have abated the regulatory process.

此外，Enjoy 還向聯邦法院和美國國際貿易委員會 (ITC) 對 JUUL 提起訴訟，指控其銷售某些特價產品侵犯了專利權。在我們評估與 ACE 的未來發展方向並努力開發電子煙創新產品線的同時，市場仍然充斥著各種口味的一次性電子煙產品，我們認為其中大部分產品已經通過了監管審批。

At the end of the third quarter, we estimate the e-vapor category included approximately 21 million vapors up nearly $2 million versus a year ago. During the same period, disposable vapors increased by an estimated $2.4 million to nearly $15 million.

第三季末，我們估計電子菸品類約有 2,100 萬支電子煙，比去年同期成長近 200 萬美元。同期，一次性電子煙的銷售額估計增加了 240 萬美元，達到近 1500 萬美元。

We believe that flavored disposable e-vapor products continue to represent over 60% of the category. This remains a significant issue, but we are encouraged by the recent enforcement actions and constructive regulatory dialogue that signaled progress.

我們認為，調味一次性電子煙產品仍佔該類別的 60% 以上。這仍然是一個重大問題，但我們對最近的執法行動和建設性監管對話感到鼓舞，這些都表明取得了進展。

For some time, we have advocated for stronger enforcement against the list of products as well as for an acceleration in FDA market authorizations for Smokefree products. During the third quarter, we observed notable enforcement efforts targeting the listed products and welcomed positive plans from the FDA regarding the pace of authorizations within the nicotine oral nicotine pouch category.

一段時間以來，我們一直倡導加強對產品清單的執法力度，並加快FDA對無菸產品的市場授權。第三季度，我們觀察到針對上市產品的顯著執法力度，並歡迎 FDA 就尼古丁口服袋類產品的授權速度製定的積極計劃。

On the enforcement front, we continue to see elevated engagement and action from federal agencies and government officials. These actions included, Coordinated rates executed by the federal multi-agency task force across the US, resulting in the seizure of hundreds of thousands of enlisted vapor products from retailers and wholesalers and the potential for further legal action.

在執法方面，我們繼續看到聯邦機構和政府官員加強了參與和行動。這些行動包括：由美國聯邦多機構工作小組協調執行的全國性打擊行動，導致從零售商和批發商處查獲數十萬件已登記的電子煙產品，並有可能採取進一步的法律行動。

Ongoing seizures of illicit products including seizure by HHS and US Customs and Border Protection of more than 4 million units of illicit vapor products with an estimated retail value over $86 million the largest seizure of this kind and a targeted nationwide operation led by the Drug Enforcement Administration, focused on the list of activity at vape shops.

持續查獲非法產品，包括美國衛生與公眾服務部和美國海關與邊境保護局查獲超過 400 萬件非法電子煙產品，估計零售價值超過 8600 萬美元，這是此類查獲的最大規模的行動；以及由美國緝毒局領導的全國性專項行動，重點打擊電子煙商店的活動。

These federal actions alongside efforts at the state and local level are signs of progress. However, we believe sustained and coordinated enforcement is necessary to materially impact the state of the market. We remain steadfast in our commitment to supporting a well-functioning regulatory system.

聯邦政府的這些舉措，加上州和地方層級的努力，都是取得進步的標誌。但是，我們認為，要對市場狀況產生實質影響，必須持續協調地執行相關法規。我們始終堅定不移地致力於支持運作良好的監管體系。

It is critical to unlock the full potential of tobacco harm reduction. These ongoing enforcement efforts are essential to provide adult consumers with access to regulated products that are supported by science and are aligned with public health goals.

充分發揮菸草減害的潛力至關重要。這些持續的執法行動對於確保成年消費者能夠獲得有科學依據且符合公共衛生目標的受監管產品至關重要。

Beyond enforcement, we have been advocating for the FDA to accelerate product authorizations and established a responsible marketplace for smoke-free products. Regulatory speed and clarity are also essential to delivering innovative options that meet adult consumer preferences and advanced harm reduction.

除了執法之外，我們也一直倡導 FDA 加快產品授權，並建立一個負責任的無菸產品市場。監管的速度和清晰度對於提供滿足成年消費者偏好和先進減害措施的創新選擇也至關重要。

In September, the FDA launched a pilot program to streamline PMTA reviews for all nicotine pouches and Helix was notified by the FDA and that applications for ARMs are included in the program. We're encouraged by this development from the FDA, and we are actively engaging with the FDA on these product applications.

9 月，FDA 啟動了一項試點計劃，旨在簡化所有尼古丁袋的 PMTA 審查，FDA 已通知 Helix 公司，ARM 的申請也包含在該計劃中。我們對FDA的這項進展感到鼓舞，並正在積極與FDA就這些產品申請進行溝通。

While the pilot only applies to certain nicotine pouches, we hope it signals broader FDA efforts to increase the speed of regulatory decisions across all smoke-free platforms. As we pursue the smoke-free opportunity within the US, we remain committed to our long-term adjacent growth goals. In September, we took another step forward when we announced a new collaboration with KT&G.

雖然該試點計畫僅適用於某些尼古丁袋，但我們希望它預示著 FDA 將加強加快所有無菸平台的監管決策。在我們努力實現美國無菸環境的同時，我們也將持續致力於實現長期的相關成長目標。9 月，我們宣布與 KT&G 展開新的合作，這標誌著我們向前邁出了又一步。

First, we are jointly exploring opportunities to grow global demand for nicotine pouch products. including the potential expansion of the own portfolio into select international markets. As part of our initial steps in international modern oral, we entered into an agreement with KT&G to acquire an ownership interest in another snus factory, the manufacturer of the Loop Nitin Couch brand.

首先，我們正在共同探索增加全球對尼古丁袋產品需求的機會，包括將自有產品組合擴展到特定國際市場的可能性。作為我們進入國際現代口交領域的第一步，我們與 KT&G 達成協議，收購另一家鼻煙工廠（Loop Nitin Couch 品牌的製造商）的股權。

Loop is currently available in a range of strengths with unique flavors. Our research shows that complex flavors are driving growth for modern oral in international markets, and we are pleased to add our investment in ASF to complement our portfolio of ON, On! PLUS and Tumi to effectively compete across all modern oral product segments.

Loop目前提供多種濃度和獨特口味。我們的研究表明，複雜口味正在推動現代口腔護理產品在國際市場的成長，我們很高興透過投資ASF來完善我們現有的ON、On! PLUS產品組合。而 Tumi 將在所有現代口腔產品領域中有效參與競爭。

Second, our collaboration includes the exploration of opportunities in US non-item, specifically in the energy and wellness space with KT&G's Korea Jensen Corporation, leveraging their product expertise and our commercial capabilities.

其次，我們的合作包括探索美國非商品領域的機遇，特別是與 KT&G 旗下的韓國 Jensen 公司在能源和健康領域的合作，利用他們的產品專業知識和我們的商業能力。

In addition, as part of our relationship with KT&G, we're exploring ways to improve operational efficiency in traditional tobacco with the potential benefits for both companies and our respective home regions. We believe this collaboration further supports our enterprise goals and may strengthen our capabilities relevant to international nicotine products. We're excited about our new relationship with KT&G and look forward to providing updates on our joint efforts.

此外，作為我們與 KT&G 合作關係的一部分，我們正在探索提高傳統菸草營運效率的方法，這可能對兩家公司和我們各自的家鄉地區都有益處。我們相信此次合作將進一步支持我們的企業目標，並可能增強我們在國際尼古丁產品方面的能力。我們對與 KT&G 建立新的合作關係感到非常興奮，並期待向大家匯報我們共同努力的進展。

In summary, Altria continued to build momentum in the third quarter. Our core tobacco businesses remained resilient. We advanced our smoke-free portfolio -- and we opened new pathways for long-term adjacent growth in international modern gold and US non-nicotine innovation. These efforts support the commitment to our vision and enterprise goals.

總而言之，奧馳亞在第三季持續保持成長動能。我們的核心菸草業務保持了韌性。我們推進了無菸產品組合—並為國際現代黃金和美國非尼古丁創新領域的長期鄰近成長開闢了新的途徑。這些努力體現了我們對願景和企業目標的承諾。

I'm confident in our strategy, energized by the opportunities ahead and thankful for our team's continued dedication to delivering long-term shareholder value. I'll now turn it over to Sal to provide more detail on the business environment and our results.

我對我們的策略充滿信心，對未來的機會感到振奮，並感謝我們的團隊一直致力於為股東創造長期價值。現在我將把發言權交給薩爾，讓他詳細介紹商業環境和我們的表現。

Thanks, Billy. Altria delivered strong third quarter and first nine months financial performance. Adjusted diluted earnings per share increased 3.6% in the third quarter and by 5.9% for the first nine months.

謝謝你，比利。奧馳亞集團第三季​​及前九個月的財務業績表現強勁。經調整後的稀釋每股盈餘第三季成長了 3.6%，前九個月成長了 5.9%。

In the smokeable products segment, adjusted operating company's income grew by 0.7% to nearly $3 billion in the third quarter and by 2.5% to $8.4 billion for the first nine months. Adjusted OCI margins expanded to 64.4% for the third quarter and first nine months, representing impressive margin growth of 1.3 percentage points and 2.7 percentage points, respectively.

在可吸食產品領域，經調整後的營運公司第三季營收成長 0.7% 至近 30 億美元，前九個月成長 2.5% 至 84 億美元。經調整的 OCI 利潤率在第三季和前九個月分別擴大至 64.4%，利潤率分別成長了 1.3 個百分點和 2.7 個百分點，增幅顯著。

Smokeable Products segment reported domestic cigarette volumes declined by 8.2% in the third quarter and 10.6% for the first nine months. When adjusted for trade inventory movements and calendar differences, the segment's domestic cigarette volumes for the third quarter declined by an estimated 9%, slightly above the estimated 8% volume declines at the industry level.

菸草製品部門報告稱，第三季國內捲菸銷量下降了 8.2%，前九個月下降了 10.6%。在調整貿易庫存變動和日曆差異後，該部門第三季國內捲菸銷量估計下降了 9%，略高於產業層級估計的 8% 的銷量降幅。

For the first nine months, when adjusted for calendar differences and trade inventory movements, the segment's domestic cigarette volumes declined by an estimated 10.5% and and by 8.5% at the industry level.

前九個月，經日曆差異和貿易庫存變動調整後，該部門的國內捲菸銷量估計下降了 10.5%，而業界整體銷量下降了 8.5%。

PM USA continues to execute on its strategy of maximizing profitability over the long term. While maintaining its focus on Marlboro and the premium segment, PM USA recognizes the opportunity to compete within the discount segment, guided by data-driven strategies. Within the highly profitable premium segment, Marlboro maintained its long-standing leadership in the category.

PM USA 繼續執行其長期獲利最大化策略。PM USA 在繼續專注於萬寶路和高端市場的同時，也意識到有機會在折扣市場中競爭，並以數據驅動的策略為指導。在利潤豐厚的高端市場，萬寶路維持了其在該品類中的長期領先地位。

In the third quarter, Marlboro expanded its share of the premium segment by three-tenths to 59.6% versus the prior year and by one-tenth sequentially. At the same time, PM USA continued to strategically invest behind basic, appealing to a price-sensitive cohort of adult smokers within the discount segment.

第三季度，萬寶路在高端市場的市佔率較上年同期成長了0.3個百分點，達到59.6%，季增了0.1個百分點。同時，PM USA 繼續對基礎產品進行策略性投資，以吸引折扣市場中對價格敏感的成年吸菸者群體。

Many adult smokers continue to face discretionary spending pressures resulting from a variety of macroeconomic headwinds, including the compounding effects of inflation. Leveraging PM USA's data analytics and robust RGM tools, basic grew 0.9 share point sequentially and 1.4 share points year-over-year for the third quarter. The discount segment of the industry expanded by 2.4 share points year-over-year with basic capturing over half of that growth.

許多成年吸菸者仍面臨著由各種宏觀經濟不利因素（包括通貨膨脹的疊加影響）造成的可自由支配支出壓力。借助 PM USA 的數據分析和強大的 RGM 工具，第三季基本業務環比成長 0.9 個百分點，較去年同期成長 1.4 個百分點。折扣零售業的市佔率年增了 2.4 個百分點，其中基礎零售業佔據了超過一半的成長率。

Importantly, our data show that most of basic share gains came from adult smokers already within the discount segment, with limited impact on Marlboro. As a result of the combined efforts across the PM USA portfolio of brands, cigarette retail share increased sequentially for the second consecutive quarter to 45.4%, growing 0.3 share points in the third quarter.

重要的是，我們的數據顯示，大部分市場份額的成長來自折扣市場中的成年吸菸者，對萬寶路的影響有限。由於 PM USA 旗下所有品牌的共同努力，捲菸零售份額連續第二季環比增長至 45.4%，第三季增長了 0.3 個百分點。

Cigars also continued to be a meaningful contributor to our smokeable products segment results. For the third quarter and the nine months, Middleton reported shipment volume increased 2% and and 1.1%, respectively, as Middleton outperformed in the large mass cigar industry.

雪茄也持續為我們可吸食產品部門的表現做出重要貢獻。米德爾頓報告稱，第三季和前九個月的出貨量分別增加了 2% 和 1.1%，因為米德爾頓在大宗雪茄行業中表現出色。

Let's turn now to the Oral Tobacco Products segment. In the third quarter, adjusted OCI declined by less than 1%. Over the same period, the segment saw improved profitability through impressive adjusted OCI margin expansion of 2.4 percentage points to 69.2%. For the first nine months, adjusted OCI increased by 3.3%, with adjusted OCI margin expansion of 1.8 percentage points to 69%.

現在我們來看口服煙草製品部分。第三季度，經調整的其他綜合收益下降不到 1%。同期，該業務板塊的獲利能力有所提高，調整後的 OCI 利潤率大幅成長 2.4 個百分點，達到 69.2%。前九個月，調整後的 OCI 成長了 3.3%，調整後的 OCI 利潤率擴大了 1.8 個百分點，達到 69%。

Calix' year-over-year performance was a meaningful contributor to the stability of adjusted OCI in the third quarter and to the adjusted OCI growth for the first nine months. Total segment reported shipment volume decreased 9.6% for the third quarter and 5.2% for the first nine months. As growth in AN was more than offset by lower MST volumes.

Calix 的年比業績對第三季調整後其他綜合收益的穩定性以及前九個月調整後其他綜合收益的成長做出了重要貢獻。第三季總出貨量下降 9.6%，前九個月下降 5.2%。AN 的成長被 MST 銷量的下降完全抵消了。

When adjusted for calendar differences and trade inventory movements, we estimate that third quarter and first nine months, oral tobacco products segment volumes declined by an estimated 5.5% and 3.5%, respectively. Oral Tobacco Products segment retail share was 31.1% for the third quarter and 32.9% for the first nine months. In the highly profitable moist smokeless tobacco segment, Copenhagen continued to maintain its long-standing premium leadership.

在調整日曆差異和貿易庫存變動後，我們估計第三季和前九個月，口服菸草產品銷量分別下降了約 5.5% 和 3.5%。第三季度，口服菸草產品零售份額為 31.1%，前九個月為 32.9%。在利潤豐厚的濕潤無菸菸草領域，哥本哈根繼續保持其長期以來的高端領先地位。

Turning to ABI's financial results. We recorded $157 million of adjusted equity earnings in the third quarter, up 9% and versus the prior year. As Billy mentioned, our businesses performed well in a dynamic environment during the first nine months of the year, and we effectively maintained the strength of our core tobacco businesses while investing toward our vision.

接下來來看ABI的財務表現。第三季度，我們錄得調整後權益收益 1.57 億美元，比上年同期成長 9%。正如比利所提到的那樣，在今年前九個月的動態環境中，我們的業務表現良好，我們在有效保持核心菸草業務優勢的同時，也為實現我們的願景進行了投資。

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 $5.37 to $5.45, representing a growth rate of 3.5% and to 5% from a base of $5.19 in 2024. We expect EPS growth to moderate in the fourth quarter as we lap the lower share count associated with the 2024 accelerated share repurchase program and the benefit of the MSA legal fund expiration.

因此，我們提高了 2025 年業績指引範圍的下限。我們現在預計調整後的稀釋每股收益將在 5.37 美元至 5.45 美元之間，較 2024 年的 5.19 美元基數增長 3.5% 至 5%。我們預計第四季度每股收益成長將放緩，因為我們將逐步減少與 2024 年加速股票回購計畫相關的股票數量，並享受 MSA 法律基金到期的好處。

We are also mindful of the challenged state of tobacco consumers and will continue to closely monitor the purchasing behaviors. Our strong financial performance for the first nine months enabled us to return nearly $6 billion to our shareholders, including $5.2 billion in dividends and $712 million in share repurchases.

我們也意識到菸草消費者的處境艱難，並將繼續密切關注他們的購買行為。前九個月強勁的財務業績使我們能夠向股東返還近 60 億美元，其中包括 52 億美元的股息和 7.12 億美元的股票回購。

We remain committed to providing significant cash returns to our shareholders. as demonstrated by our recent dividend increase and share repurchase announcement. In August, our board increased our regular quarterly dividend by 3.9% to $1.06 per share, marking our 60th dividend increase in 56 years. This milestone underscores our legacy of delivering consistent shareholder value and highlights the resilience of our businesses through decades of change.

我們始終致力於為股東提供豐厚的現金回報，正如我們近期宣布提高股息和股票回購所顯示的那樣。8 月，我們的董事會將季度常規股息提高了 3.9%，達到每股 1.06 美元，這是我們 56 年來第 60 次提高股息。這項里程碑凸顯了我們持續為股東創造價值的傳統，也突顯了我們業務在數十年變革中展現的韌性。

And today, we announced that our Board authorized the expansion of our existing share repurchase program from $1 billion to $2 billion, which now expires on December 31, 2026. Lastly, our balance sheet remains strong. Our debt-to-EBITDA ratio as of September 30 was 2 times, in line with our target of approximately 2 times. With that, we'll wrap up, and Billy and I will be happy to take your questions.

今天，我們宣布董事會已批准將現有的股票回購計畫從 10 億美元擴大到 20 億美元，該計畫將於 2026 年 12 月 31 日到期。最後，我們的資產負債表依然穩健。截至9月30日，我們的債務與EBITDA比率為2倍，符合我們約2倍的目標。到此為止，我們的節目就結束了，我和比利很樂意回答大家的問題。

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.

在總結電話會議記錄的同時，我提醒各位，今天的財報和非GAAP財務報表已發佈在altria.com網站上。我們也發布了常規的季度指標，包括定價、庫存和其他項目。

Operator, let's open the question-and-answer period.

操作員，現在開始問答環節。

(Operator Instructions)

（操作說明）

We will take questions from the investment community first.

我們將首先回答投資界提出的問題。

Matt Smith, Stifel.

馬特史密斯，史蒂費爾。

Sal, you raised the low end of the guidance again, which is nice to see here, but the fourth quarter implies a deceleration in the earnings growth. You called out lapping the share repurchase and the MSA legal fee expiration. Are there any other key puts and takes as we think about the fourth quarter and more importantly, the path to growing smokeable OCI again?

薩爾，你再次提高了業績預期下限，這很好，但第四季意味著獲利成長放緩。你指出股票回購和主服務協議法律費用到期都已過期。在展望第四季以及更重要的，如何再次實現可吸食OCI的成長時，還有其他需要關注的關鍵點和方向嗎？

Thank you, Matt. No, as you mentioned, we did talk about the share repurchase and the MSA legal funnel. I'll also say we continue to monitor consumer spending, the marketplace remains dynamic. So I would really focus on that, but we feel really good about the ability to narrow guidance by raising the bottom -- we're very pleased with the first nine-month financial performance.

謝謝你，馬特。不，正如您所提到的，我們確實討論了股份回購和主服務協議的法律流程。我還要說，我們會繼續關註消費者支出，市場依然瞬息萬變。因此，我會重點關注這一點，但我們對透過提高預期下限來縮小預期範圍的能力感到非常滿意——我們對前九個月的財務表現感到非常滿意。

And then smokable profitability, again, we feel really good about PM USA's performance their ability to expand margins for Marlboro remains strong within the premium segment. So we feel really good about the smokable business and happy to be able to provide the guidance.

至於可吸食香菸的獲利能力，我們對 PM USA 的表現非常滿意，他們擴大萬寶路利潤率的能力在高端市場依然強勁。所以我們對可吸食菸草業務感到非常滿意，也很樂意提供指導。

And as a follow-up, you called out the underlying cigarette industry rate of decline moderating on a sequential basis. Billy, I know you provide the 12-month bridge that shows the macroeconomic factor. But with -- sometimes that 12-month bridge can not move as much on a quarter-to-quarter basis. So when we think about the moderation that we saw sequentially, can you talk about the drivers that you think are leading to that?

作為後續，您指出捲菸產業的整體下滑速度正在逐週放緩。比利，我知道你提供了顯示宏觀經濟因素的 12 個月過渡期數據。但是，有時這 12 個月的過渡期可能無法按季度進行大幅調整。所以，當我們回顧所看到的這種循序漸進的緩和趨勢時，您能否談談您認為導致這種趨勢的驅動因素？

Yes. Thanks for the question, Matt. I think when you step back and look at it, you're right, the 12-month doesn't move quite as quickly. I think what you're seeing in the marketplace -- and look, our consumer is still under pressure. Again, they don't need improvement. They just need consistency. And we've seen a bit of consistency around gas prices, inflation, things of that nature, and we'll see how that continues through the year.

是的。謝謝你的提問，馬特。我認為，當你冷靜下來仔細審視時，你是對的，12 個月的時間確實過得比較慢。我認為你在市場上看到的是——而且你看，我們的消費者仍然面臨壓力。再說一遍，他們不需要改進。他們需要的只是穩定性。我們看到汽油價格、通貨膨脹等因素都保持了一定的穩定性，我們將看看這種情況今年會如何發展。

And I think we're starting to see some of the -- and I talked about it in my remarks, some of the stepped-up enforcement in e-vapor, it puts consumers back at play -- we would love to be able to keep them in the smokeless category, but when enforcement happens, it certainly puts them at play and they consider other nicotine categories.

我認為我們開始看到一些——我在演講中也談到了這一點——電子煙領域加強執法，這讓消費者重新參與進來——我們當然希望能夠讓他們留在無菸類別中，但當執法行動發生時，這無疑會讓他們重新參與進來，並考慮其他尼古丁類別。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

All right. I guess I have a question first on the nicotine pouch category. The competitive environment has really intensified. So could you touch on what you're seeing and whether I guess you've been happy with the performance and positioning of on! considering the moderating growth.

好的。我想先問一個關於尼古丁袋的問題。競爭環境確實加劇了。那麼，您能否談談您所看到的，以及您是否對 on! 的表現和定位感到滿意？考慮到成長速度放緩。

And then could you talk about some of your initiatives that you're implementing, I guess, to maybe turn the performance around. I guess I'm kind of wondering, do you feel that you need to step up promotional spend. And then finally, could you maybe share early feedback on the rollout of On! PLUS and I guess, assuming it's positive, should we assume you'll roll out that brand nationally.

那麼，您能否談談您正在實施的一些舉措，我想，這些舉措或許可以扭轉業績頹勢。我想問的是，您是否覺得需要增加促銷方面的支出？最後，能否分享一下關於 On! 推出的早期回饋？另外，我想，假設結果是正面的，我們是否可以假設你會在全國範圍內推廣這個品牌？

Yes, thanks for the question, Bonnie. You're right. The competitive environment significantly stuff. I mean we try to dimensionalize it. On was moving up, call it, 1.5% at retail from a price perspective, while the entire category was down 7% on a national basis, but as much as 70% in a major retail.

是的，謝謝你的提問，邦妮。你說得對。競爭環境至關重要。我的意思是，我們試著把它量化。從價格角度來看，零售價上漲了約 1.5%，而全國各地的整個品類下降了 7%，但在大型零售店中，降幅高達 70%。

So it was a significant shift in promotional spending by competitors. We had that early on with the On in the marketplace when we launched, and we've talked about how we're bringing the revenue growth management tools over to the category. So we're extremely pleased with the performance where we were moving up in retail price and the category was moving down significantly.

因此，競爭對手的促銷支出發生了重大轉變。我們在推出 On 產品之初就考慮到了這一點，並且我們一直在討論如何將收入成長管理工具引入該類別。因此，我們對零售價格上漲而品類價格大幅下降的業績感到非常滿意。

I know people get hung up on some of the shipment volume. I think the encouraging aspect that we see is on the retail takeaway volume. And when you look at that, that's the true demand by the consumer, and that was steady even in that highly competitive environment. Much too early on On! PLUS n to really mention we are certainly excited about the differentiation that product has and research, and we're excited to be able to bring that to market and expand it when it's appropriate.

我知道有些人對出貨量比較在意。我認為令人鼓舞的是零售外賣量。當你觀察這一點時，你會發現這才是消費者的真實需求，即使在競爭如此激烈的環境下，這種需求也保持穩定。為時過早！此外，我們非常高興能夠將產品及其研發成果推向市場，並在適當的時候進行推廣。

All right. And then I just wanted to also ask about your KT&G partnership, it was recently expanded and you touched on this, but just hoping for a little more color on the operational efficiencies you see, especially as it relates to opportunities to maybe take advantage of the double duty drawback.

好的。然後我還想問一下您與 KT&G 的合作關係，最近雙方擴大了合作範圍，您也提到了這一點，但我希望您能更詳細地介紹一下您看到的運營效率提升，特別是與利用雙重徵稅退稅機會相關的方面。

Also, could you give us a little more color on I guess, opportunities for alternative revenue streams as well as further expansion internationally given this partnership?

另外，鑑於此次合作，您能否詳細介紹其他收入來源的機會以及進一步拓展國際市場的可能性？

Yes. Thanks, Bonnie. And you touched on two of the three. We really see it as three-pronged. Certainly, the moderate oral initiative, being able to expand on and On! PLUS in international markets is something that we'll be exploring. Rounding out our portfolio with the inclusion of loop into that, so we feel like that completes the portfolio, and we look forward to continuing discussions with them on how to think about expanding internationally into other markets.

是的。謝謝你，邦妮。你提到了其中三點中的兩點。我們認為它實際上是三管齊下的。當然，適度的口頭倡議，能夠擴展和繼續！PLUS 在國際市場上的發展是我們將會探索的方向。我們將 loop 納入我們的投資組合，使其更加完善，我們感覺投資組合已經完整，我們期待繼續與他們討論如何考慮將業務拓展到其他國際市場。

The second point is certainly the non-nicotine opportunities. And I tried to highlight a little bit where we would explore working with them. They have certainly the product expertise in the Korean red ginseng and we would look to work with them based on our commercial distribution strength in the US of what are the opportunities there and certainly, we'll share more when it's appropriate.

第二點當然是非尼古丁產品。我試著重點介紹我們將在哪些方面探索與他們合作。他們在韓國紅參方面擁有豐富的專業知識，我們將基於我們在美國的商業分銷實力，探討在那裡的機會，與他們合作。當然，我們會在適當的時候分享更多資訊。

And the third was the operational efficiencies. And what we saw there was it was the ability to adapt our manufacturing center for cigarettes for items that are specific to international markets, whether that be pack size or trace and tracking and things of that nature. It certainly, to your point, allows us to take advantage of due to drawback. That's a benefit of it. But it also opens up the door for us to think about international opportunities in the future.

第三點是營運效率。我們看到，我們有能力調整我們的捲菸製造中心，使其能夠生產出符合國際市場特定要求的產品，無論是包裝尺寸還是追溯和追蹤等。正如你所說，這確實使我們能夠利用缺點。這是它的好處之一。但這同時也為我們思考未來的國際機會打開了一扇門。

(Operator Instructions)

（操作說明）

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Billy, starting on us, I realize it's the very early days, but you did mention it as premium positioning. Could you talk a bit about the price point as you launch in the three states where you did a realizing, only a matter of weeks or less. But how are you thinking about the relative price point of on relative to On! PLUS and relative to competitors, which I realize are moving target at the moment.

比利，就我們而言，我知道現在還處於非常早期的階段，但你確實提到了高端定位。您能否談談產品在三州上市的價格定位？因為上市時間只有幾週甚至更短的時間。但是，您如何看待 on 相對於 On! 的相對價格點？此外，相對於競爭對手而言，我知道他們目前的情況瞬息萬變。

And then Sal, controllable costs and smokables were up pretty significantly year-on-year, realize they were down in a year ago. So there was perhaps a comparison issue. But how are you thinking about controllable costs going forward? Or is there any additional color you could talk about in the quarter? And the smokeable OCI growth was relatively muted at less than 1%.

然後，薩爾，可控成本和可吸食成本比去年同期大幅上漲，要知道一年前它們還是下降的。所以，或許存在比較方面的問題。但您如何看待未來可控成本的問題？或者，您還能談談本季的其他顏色嗎？可吸食OCI的增長相對平緩，不到1%。

Was that really the controllable cost, or are there other factors that you'd point to that constrain the OCI growth in the quarter?

那真的是可控成本嗎？還是說還有其他因素限制了本季其他綜合收益的成長？

Yes. Thanks, Eric. So I'll kick off and then Sal can follow up with the question for him. I think when you think about on! PLUS, we certainly see that as a premium-priced product because of the differentiation and the satisfaction we think it brings in the experience to the consumer. In our research, the consumers choose that as the top product in there from a total experience standpoint, and we think it can demand the premium price at retail.

是的。謝謝你，埃里克。所以我先拋磚引玉，然後薩爾可以替他提問。我想當你思考的時候！此外，我們認為這是一款高價產品，因為它具有差異化優勢，我們認為它能為消費者帶來滿意的體驗。我們的研究表明，從整體體驗的角度來看，消費者認為它是其中最好的產品，我們認為它在零售市場上可以賣出高價。

Certainly, in any introduction, you have introductory price promotions. We know as soon as we get it in consumers' hands, they experience that differentiation that I'm trying to highlight to you. And so we'll certainly have introductory price promotions as we look to expand when appropriate.

當然，任何新品上市都會有促銷價格。我們知道，一旦產品送到消費者手中，他們就能體驗到我想要向你們強調的這種差異化優勢。因此，隨著業務的拓展，我們肯定會在適當的時候推出促銷活動。

As far as controllable costs go, I guess I'd start by saying that I would not look at controllable costs quarter-by-quarter. I think -- I really believe you need to look at the cost over the long term exactly for the reasons you highlighted in the question. There are some comparison issues. Costs are not linear. There's timing within a quarter.

至於可控成本，我想我首先要說的是，我不會按季度來查看可控成本。我認為——我真的認為你需要從長遠角度考慮成本，原因正如你在問題中強調的那樣。兩者之間存在一些比較問題。成本並非線性變化。時間安排在一個季度之內。

So you touched on that in the question. I think you are right to point that out. As far as controllable costs going forward, I'm going to be careful not to kind of lean into future guidance and things like that. But I would tell you how we think about costs. Obviously, in a declining category like smokeable and cigarettes in particular, cost management is an important part of the growth algorithm along with pricing. We do manage our overall costs.

所以你在問題中也提到了這一點。我認為你指出這一點是對的。至於未來可控成本方面，我會謹慎行事，避免過度依賴未來的績效指引之類的東西。但我會告訴你我們是如何考慮成本的。顯然，在像可吸食菸草和捲菸這樣不斷萎縮的品類中，成本管理與定價一樣，是成長演算法的重要組成部分。我們確實控制了整體成本。

Obviously, we've shared with you the Optimize and Accelerate program that, that program is not just about effective cost management and cost reductions. It's also about better performance and speed to market. And we are taking those cost savings and reinvesting that in our future.

顯然，我們已經向您介紹了「最佳化與加速」計劃，該計劃不僅僅是關於有效的成本管理和成本降低。這也關乎更高的效能和更快的上市速度。我們將節省下來的成本再投資於我們的未來。

I'll also share that we spend a lot of time continuing to hone our data analytics in our revenue growth management tools, and that has been extremely helpful. And while it manifests itself as price realization in the P&L, I look at that as productivity because we are better able to use promotional investments to support our brands and PM USA and data analytics team continue to do a terrific job of using data analytics and those RGM tools extremely effectively. So we're very happy about that.

我還要分享的是，我們花了大量時間不斷改善收入成長管理工具中的數據分析，這非常有幫助。雖然這體現在損益表上的價格實現上，但我認為這是生產力的提高，因為我們能夠更好地利用促銷投資來支持我們的品牌，而 PM USA 和數據分析團隊繼續出色地利用數據分析和 RGM 工具，取得了極大的成效。我們對此感到非常高興。

And then OCI for smokeable, I really would look at that over a longer term, again, not a particular quarter smokable is up 2.5% on a year-to-date basis. Very pleased with its performance, especially when you see the strength of Marlboro within the premium segment.

至於可吸食大麻的 OCI，我真的會從更長期的角度來看待，而不是某個特定的季度。今年迄今為止，可吸食大麻的 OCI 增加了 2.5%。我對它的表現非常滿意，尤其是考慮到萬寶路在高端市場的實力。

Faham Baig, UBS.

法哈姆·拜格，瑞銀集團。

A couple from me as well. Firstly, if I could come back on the duty drawbacks. If we take a bigger look at the at the picture. Altria is likely to make around $3 million in federal excise tax payments this year. Should this be the amount that we think about the potential benefit from the duty drawbacks.

我也有幾張。首先，如果可以的話，我想談談關稅方面的不利影響。如果我們仔細觀察一下這張圖。奧馳亞集團今年預計將繳納約 300 萬美元的聯邦消費稅。這是否是我們應該考慮的關稅退稅可能帶來的收益金額？

And is this likely to be the sort of key engine that drives group EPS growth to high single digits over the next couple of years to meet the mid-single-digit EPS CAGR to 2028. So that's the first question.

這是否有可能成為推動集團未來幾年每股收益成長達到高個位數的關鍵引擎，從而實現到 2028 年每股收益複合年增長率達到中個位數的目標？這是第一個問題。

The second one, going back to the pilot program that the FDA is running. Does this -- or could this impact your decision to go ahead with the national launch on On! PLUS, i.e., you may wait for the decision on this? Or or you may take a decision irrespective of the program?

第二個問題是，要追溯到FDA正在運行的試點計畫。這是否會影響您決定在 On! 上進行全國發布？另外，也就是說，您可以等待對此事作出決定嗎？或者，您可以不考慮該項目而做出決定？

And the second one on that is why do you think it's possible for the FDA to accelerate this process on nicotine pouches, but it's not possible to do so in vapor, which is arguably a much larger category and reviews there began much earlier.

第二個問題是，為什麼你認為 FDA 可以加速尼古丁袋的審核流程，卻無法加速電子煙的審核流程？電子煙的類別要大得多，而且審查開始得也早得多。

Yes. So quite a few things in that question. So if I don't touch on one, please follow up. I think when you think about the duty drawback, I wouldn't jump to a conclusion at this point in time. It's really about a relationship with international players. How do we think about producing cigarettes for international, some of the other benefits that we get certainly drawback is an additional benefit to that.

是的。這個問題涉及的內容相當多。如果我漏掉了一個問題，請您繼續提問。我認為，在考慮退稅問題時，現在下結論還為時過早。這其實是關乎與國際球員的關係。我們是如何考慮為國際市場生產香菸的呢？我們獲得的一些其他好處當然是缺點，而缺點本身也是額外的好處。

When you think about the pilot program, I want to be clear that we want a functioning regulatory system. So we're going to always make our decisions based on what's the long-term best interest of the company with an eye towards what is best to get a functioning regulatory system. I think your question related to pouches versus vapor, I think from comments from them, but just the interpretation of it being called a pilot program, they wanted to start where it made sense to start, and that's in nicotine pouch.

在考慮試點計畫時，我想明確一點，我們想要的是一個運作良好的監管體系。因此，我們將始終以公司的長遠利益為出發點做出決策，同時著眼於建立一個運作良好的監管體系。我認為你的問題與煙袋和電子煙有關，從他們的評論來看，他們想從「試點計畫」這個說法入手，因為他們想從有意義的地方開始，那就是尼古丁煙袋。

It's a fairly set category, even though we've seen some players maybe enter the marketplace illicitly. It gives them a way to thinking about the category in total and then differentiated products and what's different between individual products in the marketplace, which should speed up their review of that.

這是一個相當固定的類別，儘管我們看到一些玩家可能會非法進入市場。它讓他們能夠從整體上思考整個類別，然後思考差異化產品以及市場上各個產品之間的區別，這應該會加快他們的審查速度。

I think when you think about vapor, the marketplace is a mess right now. And so I think the nature of a pallet program is to learn. They will learn manufacturers, including us, will learn -- it's been a very collaborative process with constant engagement through the application review process, which is very different and very encouraging from the FDA we experienced under the previous administration. So I think once you have those learnings, we would hope and encourage the FDA to expand it to other categories.

我覺得，說到電子煙市場，現在簡直是一團糟。所以我認為托盤項目的本質就是學習。他們會從中學習，製造商們，包括我們，也會從中學習——這是一個非常協作的過程，在整個申請審查過程中都有持續的參與，這與我們之前在上一屆政府領導下經歷的 FDA 非常不同，也令人鼓舞。所以我認為，一旦有了這些經驗，我們希望並鼓勵FDA將其推廣到其他類別。

I guess just a quick follow-up. Could you clarify that the EPS growth is suggested to accelerate to high single digits over the next couple of years in order to meet your mid-single-digit EPS CAGR. Is that still the ambition?

我想再補充一點。您能否澄清一下，為了實現您設定的個位數中段 EPS 複合年增長率目標，預計未來幾年 EPS 成長率將加速至接近兩位數？這仍然是你們的目標嗎？

Our ambition is the goal. We haven't changed our goals from an overall CAGR that we stated previously. And that's been our stated goal. So yes, that's the way I would think about how we're going to manage the business going forward.

我們的抱負就是目標。我們並未改變先前設定的整體複合年增長率目標。而這正是我們既定的目標。是的，這就是我對未來公司管理方式的思考。

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

目前似乎沒有其他問題了。現在我想把電話轉回給麥克·利文斯頓，請他作總結發言。

Thanks, everybody, for joining us today, and have a great day.

感謝各位今天收看，祝大家有美好的一天。

This concludes today's call. Thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。