奧馳亞 (MO) 2026 Q3 法說會逐字稿

Good day, and welcome to the Altria Group 2026 third-quarter 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. Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks.

大家好，歡迎參加奧馳亞集團（Altria Group）2026年第三季財報電話會議。今天的會議預計約1小時，包含奧馳亞管理團隊的發言以及問答環節。投資界與媒體的與會代表將可在事先準備的發言結束後提問。

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

現在我想把電話交給投資人關係副總裁 Mac Livingston。先生，請開始。

Thanks, Olivia. Good morning, and thank you for joining us. This morning, Sal Mancuso, Altria's CEO, and Heather Newman, our CFO, will discuss Altria's 2026 third quarter and first nine months business results. Earlier today, we issued a press release providing our results. The release, presentation and quarterly metrics are all available at altria.com.

謝謝你，Olivia。各位早安，感謝各位加入我們。今天早上，奧馳亞執行長 Sal Mancuso 與財務長 Heather Newman 將討論奧馳亞2026年第三季及前九個月的營運成果。我們稍早已發布新聞稿公布業績。新聞稿、簡報與季度指標皆可於 altria.com 取得。

During our call today, unless otherwise stated, we're comparing results to the same period in 2025. 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. 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.

在今天的電話會議中，除非另有說明，我們將把結果與2025年同期比較。我們的發言包含前瞻性陳述，包括對未來結果的預測。請查閱今日財報新聞稿末尾的前瞻性與警示性陳述章節，了解可能導致實際結果與預測存在重大差異的各項因素。未來股利發放與股票回購仍須由董事會酌情決定。我們依照美國一般公認會計原則（US GAAP）報告財務結果。

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. 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.

今天的電話會議將提供若干以申報基礎（reported）與調整後（adjusted）基礎呈現的營運結果。調整後結果排除會影響與申報結果可比性的特殊項目。這些非GAAP財務衡量指標的說明，以及與最可比GAAP財務衡量指標的調節表，均載於今日的財報新聞稿並公布於我們的網站 altria.com。

Finally, all references in today's remarks to nicotine consumers or consumers within a specific nicotine category or segment refer to existing adult nicotine consumers 21 years of age or older.

最後，今天發言中所有提及尼古丁消費者，或特定尼古丁品類或區隔中的消費者，均指年滿21歲（含）以上的既有成年尼古丁消費者。

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

接下來，我把電話交給 Sal。

Thanks, Mac. Good morning, and thank you for joining us. Altria delivered strong financial performance in the third quarter, growing adjusted diluted earnings per share by 4.8%, while continuing to invest in our vision and building on our foundation for the future.

謝謝你，Mac。各位早安，感謝各位加入我們。奧馳亞在第三季交出強勁的財務表現，調整後稀釋每股盈餘成長4.8%，同時持續投資於我們的願景，並在既有基礎上為未來奠基。

In smokeable products, PM USA grew operating companies income through its data-driven total portfolio approach with Cowboy Cut strengthening Marlboro's premium position and Basic continuing to gain share in discount. In smoke-free, Helix made meaningful progress by expanding on! PLUS 12-milligram nationwide, investing in brand-building initiatives and preparing for its next wave of innovation, which is now underway with the introduction of Blueberry Mint and Mango Pineapple flavor extensions at retail.

在可燃產品方面，PM USA 透過以數據驅動的全產品組合策略提升營運公司收益（OCI），其中 Cowboy Cut 強化了 Marlboro 的高端定位，而 Basic 持續在折扣市場提升市占。在無煙產品方面，Helix 透過擴大全國 on!PLUS 12毫克規格、投入品牌建設計畫，並為下一波創新做準備而取得實質進展；目前這波創新已隨著藍莓薄荷（Blueberry Mint）與芒果鳳梨（Mango Pineapple）口味延伸產品在零售端上市而展開。

Our highly cash-generative businesses supported significant returns to shareholders through dividends and share repurchases, while we continue to invest in support of our vision. In August, we announced our 61st dividend increase in 57 years, and our Board recently authorized a $1 billion expansion of our existing share repurchase program. Our strong performance through the first 9 months and confidence in our full year plan allowed us to raise our earnings guidance for the year.

我們高度具現金創造力的業務，透過股利與股票回購為股東帶來可觀回報，同時我們也持續投資以支持我們的願景。8月，我們宣布57年來第61次調升股利，而董事會近期也核准將既有股票回購計畫擴增10億美元。我們在前九個月的強勁表現，以及對全年計畫的信心，使我們得以上調今年的盈餘指引。

My remarks this morning will focus on third quarter performance from on! and the evolving regulatory environment. I'll then turn it over to Heather, who will provide further details on our business results and 2026 financial outlook.

我今天早上的發言將聚焦於 on!在第三季的表現，以及不斷演變的監管環境。接著我會把時間交給 Heather，她將進一步說明我們的營運成果與2026年財務展望。

Let's begin with the nicotine pouch category in our growing on! portfolio. Nicotine pouches continue to drive volume growth in the oral tobacco category, which we estimate increased 5.5% over the past 6 months. In the third quarter, the nicotine pouch category grew 5.8 share points and now represents more than 60% of the total oral category. As the category continues to expand, Helix is delivering solid results and strengthening on!'s position in an increasingly competitive marketplace.

我們先從持續成長的 on!產品組合中的尼古丁袋（nicotine pouch）品類談起。我們估計，在過去6個月中，尼古丁袋持續帶動口含菸草（oral tobacco）品類的銷量成長，增幅為5.5%。第三季，尼古丁袋品類的市占提升5.8個百分點，目前已占整體口含品類的60%以上。隨著品類持續擴張，Helix 交出穩健成果，並在競爭日益激烈的市場中強化 on! 的地位。

In the third quarter, on! reported shipment volume increased 13.3% to 47.8 million cans. Year-to-date, reported shipment volume increased 7.7%. On! retail share was 8.3% in the third quarter, up 0.1 versus the prior year and down 0.3 sequentially.

第三季，on!申報出貨量成長13.3%，達4,780萬罐。年初至今，申報出貨量成長7.7%。On!第三季零售市占為8.3%，較去年同期增加0.1，但較前一季下降0.3。

This performance is encouraging as on!'s retail price continued to move higher and competitive investment remained elevated across the category during the quarter.

在本季 on! 的零售價格持續上調、且整個品類的競爭性投資仍維持高檔之際，這樣的表現令人鼓舞。

Higher nicotine strengths and broader flavor variety continued to drive growth in the nicotine pouch category, and Helix is expanding on! PLUS to better meet this consumer demand. In the third quarter, Helix expanded on! PLUS 12-milligram nationally across mint, wintergreen and tobacco. And this month, introduced Blueberry Mint and Mango Pineapple, and we're excited to announce that Watermelon Mint will join the portfolio in select retail locations in November with plans for more flavor innovation to come.

更高的尼古丁濃度與更廣泛的口味選擇，持續推動尼古丁袋品類成長；Helix 正擴充 on!PLUS 以更好地滿足此一消費者需求。第三季，Helix 將 on!PLUS 12毫克規格在薄荷（mint）、冬青（wintergreen）與菸草（tobacco）口味上擴展至全國。本月也推出藍莓薄荷與芒果鳳梨；我們也很高興宣布，西瓜薄荷（Watermelon Mint）將於11月在部分零售據點加入產品組合，並規劃後續推出更多口味創新。

We believe these additions strengthen the on! PLUS portfolio and are supporting it with superior retail execution. Earlier this year, Helix launched a retail trade program that secured premium positioning in stores representing approximately 90% of its volume. In an increasingly competitive category, we believe this positioning provides valuable visibility to support awareness, trial and conversion.

我們相信，這些新增品項強化了 on!PLUS 產品組合，並以更優異的零售執行加以支持。今年稍早，Helix 推出零售通路方案，於約占其銷量90%的門市中取得優質陳列位置。在競爭日益激烈的品類中，我們相信此一陳列位置能提供寶貴的能見度，以支持認知、試用與轉換。

Beyond retail, Helix continues to invest in building the on! brand and creating distinctive consumer experiences. Earlier this month, Helix hosted the inaugural on!vitational, an invite-only golf tournament in Palm Beach, Florida. The event gave on! consumers a chance to compete alongside athletes and golf personalities.

除零售端之外，Helix 也持續投資於打造 on!品牌並創造具辨識度的消費者體驗。本月稍早，Helix 在佛羅里達州棕櫚灘舉辦首屆 on!vitational——僅限受邀者參加的高爾夫錦標賽。該活動讓 on!消費者有機會與運動員及高爾夫領域人士同場競賽。

Helix highlighted the tournament with digital content designed to extend its adult nicotine consumer reach beyond the event itself. Planned as a multiyear platform, we believe the on!vitational can become a signature brand experience that builds lasting equity and further differentiates on! over time. These efforts are grounded in responsibility with safeguards to limit reach to underage audiences and a strong focus on regulatory compliance.

Helix 以數位內容為該錦標賽造勢，旨在將其成年尼古丁消費者觸及範圍延伸至活動本身之外。我們將其規劃為多年期平台，並相信 on!vitational 可成為具代表性的品牌體驗，建立長期品牌資產，並隨時間進一步凸顯 on!的差異化。這些努力以負責任為基礎，設有防護措施以限制對未成年受眾的觸及，並高度重視法規遵循。

We're encouraged by the progress Helix has made so far this year and the foundation it is building for future growth. With a broader on! PLUS portfolio, premium retail visibility and growing brand equity, we continue to believe on! is well positioned to compete and drive long-term profitable growth in the category.

我們對 Helix 今年迄今所取得的進展，以及其為未來成長所建立的基礎感到鼓舞。憑藉更完整的 on!PLUS 產品組合、優質的零售能見度與持續提升的品牌資產，我們仍相信 on!具備良好競爭定位，能在該品類中推動長期且具獲利性的成長。

From a regulatory perspective, the FDA's enforcement guidance allowed Helix to move through the regulatory process more efficiently. However, guidance can change. Sustained progress on harm reduction requires a more durable foundation, an efficient and predictable authorization process established through rulemaking. That's why Helix and NJOY brought legal action against the FDA during the quarter. The complaint asked the court to require the FDA to establish a review process that meets the 180-day time frame set by Congress and to allow our products with applications pending beyond that time frame to be in market while the agency puts a new process in place.

從監管角度來看，FDA 的執法指引使 Helix 得以更有效率地推進監管流程。然而，指引可能改變。要持續推進減害（harm reduction），需要更具持久性的基礎，也就是透過制定規則（rulemaking）建立一套高效率且可預期的核准流程。因此，Helix 與 NJOY 在本季對 FDA 提起法律訴訟。該訴狀請求法院要求 FDA 建立符合國會所設定180天期限的審查流程，並允許我們那些申請審查逾期仍在審理中的產品，在主管機關建立新流程期間得以繼續在市場上銷售。

Following the filing, the FDA announced plans to evaluate changes to the PMTA framework. The agency acknowledged challenges it has faced implementing the 2021 PMTA rule, including the widespread growth of the illicit market and slow pace of new product authorizations, and intends to pursue new rulemaking. We welcome this development and believe the modernized framework that maintains a high bar with rigorous standards for new products and provides greater clarity, predictability and efficiency is critical to advancing the long-term harm reduction opportunity.

在提交申請後，FDA 宣布計畫評估對 PMTA 架構的變更。該機構承認其在執行 2021 年 PMTA 規則時面臨挑戰，包括非法市場的廣泛成長以及新產品核准速度緩慢，並打算推動新的規則制定。我們歡迎此一發展，並相信在維持對新產品嚴格標準與高門檻的同時，提供更高的明確性、可預測性與效率的現代化架構，對於推動長期減害機會至關重要。

A more efficient authorization process must be paired with consistent illicit product enforcement. On that front, we continue to see encouraging progress on illicit e-vapor enforcement as federal, state and local policymakers and law enforcement take meaningful steps to close gaps and hold bad actors accountable across the supply chain.

更有效率的核准流程必須搭配一致的非法產品執法。在這方面，隨著聯邦、州與地方政策制定者及執法機關採取具實質意義的措施，彌補缺口並在供應鏈各環節追究不法業者責任，我們持續看到在打擊非法電子霧化產品方面令人鼓舞的進展。

These enforcement efforts appear to be impacting e-vapor category dynamics. At the end of September, we estimate there were approximately 20 million adult vapers, down 1 million versus a year ago, primarily driven by fewer e-vapor consumers using illicit products. Ultimately, we believe sustained enforcement and a more efficient authorization process are both necessary to establish a level-playing field for legal manufacturers and expand access to high-quality smoke-free products for adult nicotine consumers.

這些執法行動似乎正在影響電子霧化品類的動態。截至 9 月底，我們估計約有 2,000 萬名成年電子霧化使用者，較一年前減少 100 萬人，主要是因使用非法產品的電子霧化消費者減少所致。最終，我們相信，持續的執法與更有效率的核准流程兩者皆為必要條件，才能為合法製造商建立公平競爭環境，並擴大成年尼古丁消費者取得高品質無煙產品的機會。

We remain confident in the opportunities in front of us. The breadth of our portfolio, the passion of our talented employees, our manufacturing capabilities and the financial flexibility supported by PM USA's import-export activity position us to deliver strong shareholder returns while investing for the future.

我們對眼前的機會仍充滿信心。我們產品組合的廣度、優秀員工的熱忱、製造能力，以及由 PM USA 進出口活動所支撐的財務彈性，使我們能在投資未來的同時，為股東帶來強勁回報。

With that, I'll turn the call over to Heather to provide additional details on our business and financial results.

接下來，我將把電話會議交給 Heather，請她提供我們業務與財務結果的更多細節。

Thanks, Sal, and good morning, everyone. Altria's operating companies effectively executed their strategies and delivered impressive third quarter and first 9 months financial performance. Adjusted diluted earnings per share increased 4.8% in the third quarter and by 5.1% for the first 9 months. We delivered these results in an environment of continued economic pressure on adult smokers. The overall cost of goods and services has risen roughly 30% since 2021, putting sustained pressure on household budgets, while more recent increases in gas prices have further constrained discretionary income.

謝謝你，Sal，各位早安。Altria 的營運公司有效執行其策略，並在第三季及前 9 個月交出亮眼的財務表現。調整後稀釋每股盈餘在第三季成長 4.8%，前 9 個月成長 5.1%。我們是在成年吸菸者持續承受經濟壓力的環境下達成這些成果。自 2021 年以來，商品與服務的整體成本約上升 30%，對家庭預算造成持續壓力，而近期汽油價格上漲更進一步壓縮可支配所得。

Against this backdrop, the smokeable products segment remains a key contributor to earnings growth. Our smokeable strategy is to maximize profitability over the long term, while balancing investments in Marlboro and funding the growth of smoke-free products. PM USA's portfolio approach supports this strategy by offering options across brands and price points, while driving strong financial results.

在此背景下，可燃產品部門仍是獲利成長的關鍵貢獻者。我們的可燃產品策略是在長期最大化獲利，同時在 Marlboro 上平衡投資並資助無煙產品的成長。PM USA 的產品組合策略透過提供跨品牌與不同價位的選擇來支持此策略，同時帶動強勁的財務成果。

Adjusted operating companies income grew by 3.9% to $3.1 billion in the third quarter and by 4.1% to $8.8 billion for the first 9 months. Adjusted OCI margins expanded to 64.5% for the third quarter and 64.8% for the first 9 months, up 0.1 percentage points and 0.4 percentage points, respectively. Price realization was 4.4% for the quarter, reflecting the mix impact of both Marlboro Cowboy Cut and Basic volume growth.

調整後營運公司收益（OCI）在第三季成長 3.9% 至 31 億美元，前 9 個月成長 4.1% 至 88 億美元。調整後 OCI 利潤率在第三季擴大至 64.5%，前 9 個月為 64.8%，分別上升 0.1 個百分點與 0.4 個百分點。本季價格實現率為 4.4%，反映 Marlboro Cowboy Cut 與 Basic 銷量成長所帶來的組合影響。

Smokeable volume declines remained moderate. Reported domestic cigarette volumes declined by 2.9% in the third quarter and 2.8% for the first 9 months. When adjusted for trade inventory movements, we estimate domestic cigarette volumes for the third quarter and for the first 9 months declined by 4%, slightly below an estimated 5% decline for the industry.

可燃產品銷量下滑仍屬溫和。第三季美國國內香菸銷量（報告口徑）下降 2.9%，前 9 個月下降 2.8%。若調整通路庫存變動，我們估計第三季及前 9 個月的美國國內香菸銷量均下降 4%，略低於我們對產業約 5% 下滑的估計。

Within the highly profitable premium segment, Marlboro strengthened its long-standing leadership position. The introduction of Cowboy Cut provided price-sensitive Marlboro smokers with a premium option in a challenging economic environment, contributing to Marlboro's share performance in the third quarter. Marlboro expanded its share of the premium segment to 60%, up 0.3 versus the prior year and 0.4 sequentially.

在獲利能力極高的高端（premium）市場區隔中，Marlboro 鞏固其長期領導地位。Cowboy Cut 的推出，為對價格敏感的 Marlboro 吸菸者在艱困的經濟環境下提供一個高端選擇，並促進 Marlboro 在第三季的市占表現。Marlboro 在高端市場區隔的市占擴大至 60%，較去年同期增加 0.3，較前一季增加 0.4。

Marlboro's overall retail share was unchanged sequentially and down 1 share point versus the year ago period as economic pressures continue to drive discount segment growth. In the third quarter, discount retail share grew by 2 share points and is now 34.1% of the category.

由於經濟壓力持續推動折扣市場區隔成長，Marlboro 的整體零售市占較前一季持平，但較去年同期下降 1 個市占點。第三季折扣品類零售市占增加 2 個市占點，目前占該品類的 34.1%。

Basic continues to support PM USA's RGM strategy by providing a competitive offering in stores where discount brands are most relevant. During the quarter, Basic's retail share expanded by 0.3 sequentially and 1.8 share points year-over-year. The combined performance of Marlboro and Basic reflects the effectiveness of PM USA's total portfolio approach. Total PM USA retail share expanded 0.2 share point sequentially and 0.3 versus a year ago.

Basic 持續透過在折扣品牌最具相關性的門市提供具競爭力的產品，支持 PM USA 的 RGM 策略。本季 Basic 的零售市占較前一季擴大 0.3，年增 1.8 個市占點。Marlboro 與 Basic 的合併表現反映 PM USA 全面產品組合策略的有效性。PM USA 的總零售市占較前一季擴大 0.2 個市占點，較一年前增加 0.3。

In cigars, for the third quarter and first 9 months, reported shipment volume increased 0.9% and 2%, respectively, as Middleton continued to significantly outperform in a declining large mass cigar industry.

在雪茄方面，第三季及前 9 個月的出貨量（報告口徑）分別成長 0.9% 與 2%，因 Middleton 在大型大眾市場雪茄產業下滑的情況下仍持續顯著優於同業。

Let's now turn to the oral tobacco products segment. Financial results reflect continued investment behind on! PLUS and the impact of lower MST volumes. Adjusted OCI decreased by 3.7% to $443 million in the third quarter and by 4% to $1.3 billion for the first 9 months. Adjusted OCI margins remained strong at 66.4% for the third quarter and 66.8% for the first 9 months.

接著我們來看口含菸草產品部門。財務結果反映我們持續加大對 on!PLUS 的投資，以及 MST 銷量下降的影響。調整後 OCI 在第三季下降 3.7% 至 4.43 億美元，前 9 個月下降 4% 至 13 億美元。調整後 OCI 利潤率仍維持強勁，第三季為 66.4%，前 9 個月為 66.8%。

Total segment reported shipment volumes decreased 4.3% for the third quarter and 5.4% for the first 9 months as growth in on! was more than offset by the lower MST volumes. When adjusted for trade inventory movements, we estimate third quarter and first 9 months oral tobacco products segment volumes both declined by an estimated 5%.

該部門總出貨量（報告口徑）第三季下降 4.3%，前 9 個月下降 5.4%，因 on!的成長被 MST 較低的銷量所抵銷。若調整通路庫存變動，我們估計第三季及前 9 個月口含菸草產品部門銷量均約下降 5%。

Oral tobacco products segment retail share was 27.9% for the third quarter and 28.6% for the first 9 months. In the highly profitable moist smokeless tobacco segment, Copenhagen maintained its long-standing premium leadership.

口含菸草產品部門零售市占第三季為 27.9%，前 9 個月為 28.6%。在獲利能力極高的濕式無煙菸草（moist smokeless tobacco）市場區隔中，Copenhagen 維持其長期的高端領導地位。

Turning to ABI's financial results. We recorded $191 million of adjusted equity earnings in the third quarter, up 21.7% versus the prior 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. Our strong financial performance for the first 9 months enabled us to return over $6 billion to our shareholders, including $5.3 billion in dividends and $735 million in share repurchases. We remain committed to providing significant cash returns to our shareholders as demonstrated by our recent dividend increase.

接著談 ABI 的財務結果。我們第三季認列 1.91 億美元的調整後權益法收益，較去年同期成長 21.7%。我們仍將所持 ABI 股權視為一項財務投資，我們的目標仍是為股東最大化該投資的長期價值。前 9 個月的強勁財務表現使我們得以向股東回饋超過 60 億美元，包括 53 億美元股利與 7.35 億美元庫藏股回購。如我們近期提高股利所示，我們仍致力於向股東提供可觀的現金回報。

In August, our Board increased our quarterly dividend by 4.7% to $1.11 per share, our 61st increase in 57 years and consistent with our progressive dividend goal of mid-single-digit annual growth. And today, we announced that our Board authorized a $1 billion expansion of our existing share repurchase program, which now expires on December 31, 2027.

8 月，我們董事會將季度股利提高 4.7% 至每股 1.11 美元，這是我們 57 年來第 61 次調升，並符合我們「逐步提高股利」的目標，即每年中個位數（mid-single-digit）的成長。此外，今天我們宣布董事會核准將現有股票回購計畫擴大 10 億美元，該計畫目前到期日為 2027 年 12 月 31 日。

In addition, our balance sheet remains strong. Our debt-to-EBITDA ratio as of September 30 was 1.9x, in line with our target of approximately 2x.

另外，我們的資產負債表仍然穩健。截至 9 月 30 日，我們的淨負債對 EBITDA 比率為 1.9 倍，符合我們約 2 倍的目標。

Finally, let's turn to our financial outlook. Our businesses performed extremely well in a dynamic environment during the first 9 months of the year, and we maintained the strength of our core tobacco businesses while investing towards our vision. As a result, we raised our earnings guidance and now expect to deliver adjusted diluted EPS in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6% from a base of $5.42 in 2025.

最後，讓我們談談財務展望。今年前 9 個月，我們的業務在多變的環境中表現極為出色；我們在投資以實現願景的同時，也維持核心菸草業務的韌性。因此，我們上調獲利指引，現預期調整後稀釋每股盈餘將落在 5.66 至 5.74 美元區間，係以 2025 年 5.42 美元為基準，代表 4.5% 至 6% 的成長率。

With that, we'll wrap up, and Sal 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 quarterly metrics, which include pricing, inventory and other items.

那麼，我們就先到這裡告一段落，Sal 和我很樂意回答各位的提問。在整理來電提問的同時，我提醒各位，今天的財報新聞稿以及我們的非 GAAP 調節表可在 altria.com 查閱。我們也已發布季度營運指標，其中包含定價、庫存及其他項目。

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

接線員，請開放問答時間。

(Operator Instructions) Faham Baig, UBS.

(接線員指示) Faham Baig，瑞銀。

A couple of questions from me, please. Firstly, on industry cigarette volumes and then on Marlboro Cowboy Cut. So on the industry, the volumes have remained pretty resilient this year, and it looks like the sequential growth in the discount segment moderated somewhat this quarter despite the higher gasoline prices. Are there any particular factors you would call out behind the resilience? And more broadly, are you seeing any evidence that the pressure on the smoker is beginning to ease?

我有兩個問題。首先是關於產業香菸銷量，以及 Marlboro Cowboy Cut。就產業而言，今年銷量一直相當有韌性；而且看起來即使汽油價格較高，本季折扣品類的環比成長也有所放緩。請問有哪些特定因素可以解釋這種韌性？更廣泛來看，你們是否看到任何跡象顯示吸菸者所承受的壓力開始緩解？

And then secondly, on Cowboy Cut, can you maybe help us understand where you see the sub-brand's positioning within the broader Marlboro portfolio? I know, initially, it was launched at a discount to Marlboro Black, but we're now seeing it priced above Black in some states, while in other states, it's sort of yet to be introduced. How should we think about the positioning and the intended role of Cowboy Cut longer term?

第二個問題是關於 Cowboy Cut：能否協助我們理解你們如何看待這個子品牌在整體 Marlboro 產品組合中的定位？我知道一開始它的上市定價低於 Marlboro Black，但我們現在看到在某些州其價格高於 Black，而在其他州則似乎尚未導入。我們應該如何看待 Cowboy Cut 的定位，以及其長期預期扮演的角色？

Yes, terrific. And thanks for your questions. Two really good questions. So let's start with the industry volume. The consumer continues to be under economic pressure, no doubt.

好的，非常好。也謝謝你的提問。這兩個問題都很棒。我們先從產業銷量談起。消費者持續承受經濟壓力，這點毫無疑問。

The inflation, which has been in place for multiple years, continues to put pressure on their everyday goods. I would say, though, that nicotine, historically, has been a little bit more resilient than other CPG categories, for sure. But when you look at the moderation of the decline rates that you're seeing in the cigarette category, that's primarily being driven by the lower-cost category movement from the illicit e-vapor category.

通膨已持續多年，仍在擠壓他們的日常用品支出。不過我會說，歷史上尼古丁品類確實比其他民生消費品（CPG）類別更具韌性。但當你看到香菸品類下滑幅度的趨緩，主要是由於部分需求從非法電子霧化產品品類回流到較低成本的品類所帶動。

And I would say, probably, 2 factors are driving that. One is these products have been in the market for multiple years now. So consumers that were interested in it have moved. And then the second factor is, as we talked about earlier, the focus on enforcement for illicit products, we think that is having some impact. Now we need that -- those efforts to be sustained and to continue, but it's definitely having an impact on supply chain in our minds.

我認為大概有兩個因素在推動。第一，這些產品已在市場上存在多年。因此，對其有興趣的消費者已經完成轉移。第二個因素是，如同我們先前提到的，針對非法產品的執法力度加強，我們認為這正在產生一些影響。當然，我們需要這些行動能夠持續並延續下去，但在我們看來，這確實正在影響供應鏈。

As far as Cowboy Cut, let's start with the smokeable strategy, which is to maximize profitability over the long term and balance investments in Marlboro with investments in our long-term vision. Cowboy Cut provides a premium Marlboro option at the right price to retain value-sensitive smokers within that franchise. It delivers a classic Marlboro experience and is supported by brand equity that draws on its American heritage and complements the nation's 250th celebration. It's pretty widely distributed. It's in about 100,000 stores, which is about 75% of the cigarette volume.

至於 Cowboy Cut，我們先從可燃產品策略談起：也就是在長期最大化獲利，同時在 Marlboro 的投資與我們長期願景的投資之間取得平衡。Cowboy Cut 以合適的價格提供一個高端的 Marlboro 選項，以留住該品牌體系中對價格較敏感的吸菸者。它帶來經典的 Marlboro 體驗，並以其美國傳承的品牌資產作為支撐，與美國 250 週年慶典相呼應。它的鋪貨相當廣泛。目前約在 100,000 家門店銷售，覆蓋約 75% 的香菸銷量。

And it's a strategy we've deployed before. You've seen it with Marlboro Special Select. You've seen it with Marlboro Black, where you have introductory pricing and then you will see PM USA take pricing or margin up those SKUs over time.

而這也是我們過去曾採用的策略。你們在 Marlboro Special Select 上看過。也在 Marlboro Black 上看過：先以導入期定價切入，之後 PM USA 會隨時間推進，逐步提高這些 SKU 的定價或毛利。

Obviously, you talked about different states and different pricing. Well, that's reflective of the data analytics and RGM tools that PM USA has been able to deploy. So we're really, really pleased with the impact on Marlboro. You saw Marlboro share of the premium has reached about 60%. It's up 0.3 year-over-year.

你也提到不同州、不同定價。這反映了 PM USA 能夠運用的數據分析與 RGM（營收成長管理）工具。因此，我們對其對 Marlboro 的影響感到非常、非常滿意。你也看到 Marlboro 在高端市場的市占已達約 60%。年增 0.3 個百分點。

So we feel really good about the overall performance of our smokeable segment and the cigarette category in particular.

因此，我們對可燃品部門的整體表現，尤其是香菸品類的表現，感到非常滿意。

Matt Smith, Stifel.

Matt Smith，Stifel。

Just wanted to come back to the raise of the full year guidance for EPS. Can you talk about where you're seeing strength relative to your previous expectations? And have you stepped up your investment levels behind some of the initiatives, whether it's behind the smoke-free vision investments or in combustible and leaned into the volume opportunity that becomes the future pricing opportunity over time?

我想回到你們上調全年 EPS 指引這件事。能否談談相較於先前預期，你們在哪些方面看到更強的表現？以及你們是否提高了對某些計畫的投資力度——不論是無菸願景相關投資，或是在可燃品方面——並把握住銷量機會，因為這會在未來逐步轉化為定價機會？

Yes. Thanks for the question. Just as a reminder, in the beginning of the year, we did have our guidance range, 2.5% to 5%. And as we performed really strongly through the first 9 months, it's given us confidence to not only narrow, but raise the guidance to the 4.5% to 6%. I will say that's inclusive of investments that we tend to invest in our smoke-free vision really around on!

好的，謝謝你的問題。提醒一下，年初我們的指引區間是 2.5% 到 5%。由於前 9 個月表現非常強勁，讓我們有信心不僅縮窄區間，並且把指引上調至 4.5% 到 6%。我想說，這已包含我們通常會投入在無菸願景上的投資，主要是圍繞 on!。

PLUS and you're starting to see that play out in the marketplace with the 12-milligram product as well as our flavor line extensions.

PLUS，而你也開始看到這在市場上反映出來，包括 12 毫克產品以及我們的風味延伸產品線。

The other thing that we're mindful of is that we continue to be challenged by a pretty difficult macroeconomic environment for the consumer. We feel great about our RGM capabilities to manage through that environment as they remain under pressure. Gas prices are still elevated. Sal's already talked about inflation. But this new guidance range of the 4.5% to 6%, we feel really confident that we can deliver throughout the rest of the year.

另外我們也留意到，消費者仍面臨相當艱難的總體經濟環境挑戰。我們對自身的 RGM 能力很有信心，能在消費者持續承壓的環境下進行管理。油價仍然偏高。Sal 也已談到通膨。但對於這個 4.5% 到 6% 的新指引區間，我們非常有信心能在今年剩餘期間達成。

Appreciate that, Heather. And a follow-up on the quarter. Duty drawback, I think it was $124 million revenue benefit. Previously, you talked about it being pretty equally phased in the second half of the year. Does that -- is the third quarter level a reasonable amount for the fourth quarter?

謝謝，Heather。我再追問一個關於本季的問題。關稅退稅（duty drawback），我記得是帶來 1.24 億美元的營收利益。先前你們提到下半年大致會平均分布。那麼第三季的水準，對第四季來說是否是合理的參考？

I know there's some catch-up timing in there. I'll pass it on after that.

我知道其中有一些追溯入帳的時間因素。我問完就把問題交回去。

Yes. I appreciate it. Our expectations have not changed. We did have some slight benefit in Q2 from the timing of the FET credit that we benefited from in Q3, but our expectations for the second half of the year in terms of stepping up and the imbalance between the quarters have not changed.

好的，謝謝。我們的預期沒有改變。第二季確實因時間點因素，FET（聯邦消費稅）抵減的入帳時點讓我們有些微受益，而第三季也有受益；但就下半年整體的提升幅度，以及季度之間的不均衡而言，我們的預期沒有改變。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I had a quick follow-up on what you just touched on, Heather. In terms of the double duty drawback benefit, you did export 10% of your cig volume in Q3. So I guess I was hoping to hear a little more color on how we should think about your ability to ramp this further next year, especially given your contract manufacturing agreement with Philip Morris will kick in. So if you could talk about that also, that would be appreciated.

我想就你剛提到的內容快速追問一下，Heather。關於雙重關稅退稅（double duty drawback）的利益，你們在第三季出口了 10% 的香菸銷量。所以我想更了解的是，我們應該如何看待你們在明年進一步提升這部分的能力，尤其是考量到你們與 Philip Morris 的委託製造協議將會生效。如果你也能談談這點，我會很感謝。

Yes. Thank you, Bonnie. So in the first half of the year, we were really establishing the contract manufacturing arrangements, and then we communicated that step-up balanced approach through the second half of the year without getting too far ahead in terms of expectations for 2027. You are right to call out that, that PMI agreement does not start until 2027. And so that benefit will certainly kick in.

好的，謝謝你，Bonnie。今年上半年我們主要是在建立委託製造安排，之後我們也溝通了下半年採取較為平衡的逐步提升方式，同時不希望在對 2027 年的預期上走得太前面。你指出得沒錯，與 PMI 的協議要到 2027 年才開始。因此，那項利益屆時確實會開始反映。

What we're working against and where you see the increase from Q2 to Q3 is our current CMA arrangements. And again, without getting too far ahead, we expect to be pretty balanced across Q3 and Q4 here.

我們目前所面臨的因素，以及你看到從第二季到第三季增加的部分，來自於我們現行的 CMA 安排。再說一次，在不過度超前說明的前提下，我們預期第三季與第四季在這裡會相當平衡。

Okay. And then maybe if I could just switch gears a bit, and I have a question on vapor, which you touched on. But just in terms of NJOY ACE, I believe you've addressed the patent infringement issues and you're able to bring the product back to the market. So curious if you're planning on doing this maybe soon. And how you're thinking about what role vapor can ultimately play in your smoke-free portfolio?

好的。那我想稍微換個話題，我有一個關於電子霧化（vapor）的问题，你剛才也提到了。但就 NJOY ACE 而言，我相信你們已經處理了專利侵權的問題，並且能把產品重新帶回市場。所以我想了解你們是否打算在近期這麼做。以及你們如何看待電子霧化最終在你們無煙產品組合中能扮演的角色？

And then if or when you bring it back to the market? I guess I'm trying to understand how you're going to manage it. I mean, would you manage it differently or run the business differently than what you had done before because I'm thinking about the substantial operating losses you used to have on the brand.

另外，如果或當你們把它重新帶回市場時？我想我是在試著理解你們將如何管理它。我的意思是，你們會以不同於過去的方式來管理或經營這項業務嗎？因為我想到你們過去在這個品牌上曾有相當可觀的營運虧損。

So you are correct to point out that we have worked around the patent issues that forced us to pull NJOY ACE out of the market. We have not announced when we're going back in the market, but we do plan on being back in the e-vapor market.

你指出得沒錯，我們確實已經繞開（解決）了迫使我們將 NJOY ACE 下架的專利問題。我們尚未宣布何時會重返市場，但我們確實計畫回到電子霧化（e-vapor）市場。

You're also right to point out that our approach is going to be, I would say, I would characterize it as very disciplined. The market, while we've seen some improvement, is still predominantly driven by the illicit category. And we want to compete in the market, but we want to do it in a disciplined way and in a profitable way over time.

你也說得對，我們的做法會是——我會把它形容為非常自律（disciplined）。這個市場雖然我們看到一些改善，但仍主要由非法品類所驅動。我們想在市場中競爭，但我們希望以自律的方式、並在時間推移下以可獲利的方式來競爭。

So for us, we continue to engage with stakeholders to drive enforcement activity to maintain or sustain it over time. We also recognize that it's important for the FDA to authorize products more quickly. We also recognize that there are certain attributes related to the illicit category that appeal to consumers. So if you think about our innovative pipeline, we want to delight the consumer over time. So we continue to innovate further on NJOY ACE.

因此對我們而言，我們持續與利害關係人互動，以推動執法行動，並在時間推移下維持或延續這些作為。我們也認為 FDA 更快速地核准產品很重要。我們也認知到，非法品類有某些屬性會吸引消費者。所以如果你看我們的創新產品管線，我們希望隨著時間推移能讓消費者感到滿意。因此我們也持續在 NJOY ACE 上進一步創新。

But our approach will be disciplined, and we'll have more to say as time proceeds.

但我們的做法會是自律的，隨著時間推進我們也會有更多可以分享的內容。

Andrei Andon, Jefferies.

Andrei Andon，Jefferies。

Two from me, please. Firstly, following up to Bonnie's question on vapes. We've already seen a legal competitor launch flavored vapes in August, September this year. Where do you see such product legal flavored vapes potentially gaining share? Are they more likely to be a pressure point on cigarettes or rather on illicit vapes?

我有兩個問題。第一個，延續 Bonnie 關於電子煙的問題。我們已經看到有合法競爭對手在今年 8 月、9 月推出了調味電子煙。你認為這類合法調味電子煙可能在哪些方面取得市占？它們更可能對紙菸造成壓力，還是對非法電子煙造成壓力？

And then secondly, it's encouraging to see on! grow year-on-year in Q3, but I believe the volumes have still declined relative to the previous quarter to Q2 '26. What are your expectations for volume growth for on! into next quarter and into next year? And what would underpin this?

第二個，看到 on! 在第三季年增成長令人鼓舞，但我相信相較於上一季、也就是 2026 年第二季，銷量仍然下滑。

Yes. So let me start with your vapor question, and it's a good one. Look, e-vapor is a far lower risk proposition for smokers and exposes those smokers to lower levels of smoking. So we believe e-vapor continues to play an important role in long-term harm reduction. We also recognize that flavors is something that attracts smokers to a less harmful product. So we do think it plays a role.

好的。我先從你的電子霧化問題開始，這是個好問題。你看，對吸菸者而言，電子霧化（e-vapor）是風險低得多的選項，並讓這些吸菸者暴露在較低程度的吸菸危害之下。因此我們相信，電子霧化在長期減害上仍扮演重要角色。我們也認知到，口味是吸引吸菸者轉向較低危害產品的因素之一。所以我們確實認為它有其角色。

But as we said, the category itself is upside down. The risk of consumers using illicit vapors, which have not been through the regulatory process, threatens the long-term tobacco harm reduction opportunity. And so we continue to engage with our stakeholders, as I said earlier, to drive the illicit enforcement, and we have seen definitely a stepped-up level of enforcement. So over the long term, we believe vapor does play an important role, and we will participate in that.

但如同我們所說，這個品類本身目前是顛倒失衡的。消費者使用未經監管程序的非法電子霧化產品之風險，正在威脅長期的菸草減害機會。因此我們持續與利害關係人合作，如我先前所說，推動對非法產品的執法，而且我們確實看到執法力度明顯提升。所以從長期來看，我們相信電子霧化確實扮演重要角色，而我們也會參與其中。

Your question on growth of the nicotine pouch. Look, the volume decline you're seeing is primarily driven actually by the MST category as consumers move from MST into the nicotine pouch category. We're really excited about on! PLUS. We believe that the NICOSILK technology for the pouch is a differentiator.

你關於尼古丁口含袋成長的問題。你看到的銷量下滑，主要其實是由 MST 品類所驅動，因為消費者正從 MST 轉向尼古丁口含袋品類。我們對 on!PLUS 感到非常興奮。我們相信口含袋的 NICOSILK 技術是一項差異化優勢。

But we also recognize that higher levels of nicotine and flavors drive a lot of the consumer growth. So we're excited that we've got 12 milligrams just went into the market recently. We haven't really seen the impact of that on retail share yet.

但我們也認知到，更高的尼古丁含量與口味，驅動了相當多的消費者成長。因此我們很高興 12 毫克產品最近已經上市。我們尚未真正看到它對零售市占的影響。

And then, we are entering the retail space with flavors, Mango Pineapple and Blueberry Mint. We announced Watermelon Mint coming in November in select stores. And we plan on having future innovation through flavor deliveries in the future. So we're excited about the pipeline. We're excited about the tobacco harm reduction opportunity that nicotine pouch provides the adult nicotine consumers.

另外，我們正以口味產品進入零售通路：芒果鳳梨與藍莓薄荷。我們也宣布西瓜薄荷將於 11 月在部分門市推出。而且我們計畫未來透過口味推出持續創新。所以我們對產品管線感到振奮。我們也對尼古丁口含袋為成年尼古丁消費者所帶來的菸草減害機會感到振奮。

So we look forward to on! PLUS and on! classic continuing to play a role in that.

因此我們期待 on!PLUS 與 on!classic 能持續在其中扮演角色。

(Operator Instructions) Pallav Mittal, Barclays.

（接線員指示）Pallav Mittal，Barclays。

So just to follow up on volumes. See, volumes are up 13% Y-o-Y in the third quarter. But when I look at scanner data, it is down mid-teens or something like that. So is there a significant inventory as you roll out 12 mg or is it something else?

我想追問一下銷量。第三季銷量年增 13%。但當我看掃描器數據（scanner data）時，卻是下降約十幾個百分點之類的。所以在你們推出 12mg 的過程中，是否有顯著的庫存因素，還是其他原因？

I wouldn't say significant, but I would say there's obviously some pipeline inventory as we launched the 12-milligram across mint, wintergreen and tobacco. And then you've got the flavor introductions that we talked about earlier. There are some differences on how you read scanner data where they look at pouches versus cans. So there's a little bit of noise in that, but nothing significant. But within a quarter, you're going to have some pipeline movement, not just for us, you have other brands introducing new SKUs as well.

我不會說是顯著，但確實有一些通路管線庫存，因為我們在薄荷、冬青與菸草口味上推出了 12 毫克。然後還有我們先前提到的口味新品導入。另外，在解讀掃描器數據時也有一些差異，因為有些是以口含袋（pouches）而非以罐（cans）來看。所以會有一些雜訊，但不算顯著。不過在單一季度內，會有一些管線移動；不只我們，其他品牌也在導入新的 SKU。

So I think you got to look at that over a longer period of time.

所以我認為你需要用更長的時間跨度來觀察。

Sure. And if I can then ask on your cigarette business, okay? And if I exclude the double duty drawback for a moment, then the EBIT on your core cigarette business is flat despite cigarette volumes being much better than what anyone of us would have thought at the start of the year. So how should we think about that? And how do you plan to grow your cigarette profits, especially as cigarette volumes start lapping tougher comps over the next few months?

了解。那我想再問你們的紙菸業務，好嗎？如果我先暫時排除 double duty drawback 的影響，那麼你們核心紙菸業務的 EBIT 仍持平，儘管紙菸銷量表現遠優於我們任何人在年初的預期。那我們該如何理解這件事？以及你們打算如何提升紙菸獲利，特別是未來幾個月紙菸銷量開始面臨更嚴峻的比較基期時？

Yes. I think it's, frankly, a little unfair to pick out one aspect of the margin and pull it out and say, "Well, EBIT is flat," or -- you got to look across the entire composition of the margin, which is driven by pricing, cost management. Duty drawback is part of it. We feel really good about our ability to grow income within the cigarette category. We had strong OCI performance through the first 9 months.

是的。我認為坦白說，只挑出毛利率中的某一個面向把它抽離，然後說「EBIT 持平」其實有點不公平，或——你必須看整體毛利結構的組成，而這是由定價、成本管理所驅動的。Duty drawback 也是其中一部分。我們對於在紙菸品類內提升收益的能力感到非常有信心。我們在前 9 個月的 OCI 表現強勁。

You've seen Marlboro perform really well in the highly profitable premium segment. PM USA's overall share has grown through the total portfolio approach. And -- so we feel really good about the smokeable segment in general.

你們已經看到萬寶路在高獲利的高端（premium）區隔表現非常出色。PM USA 的整體市占率透過全產品組合策略而有所成長。因此——我們對可燃菸品（smokeable）品類整體感到非常有信心。

And as Heather stated earlier, that confidence in that performance through the first 9 months allowed us to raise guidance, and we were happy to provide that as well. So we feel really good about the business overall. But thanks for the question.

而且如 Heather 先前所說，前 9 個月的表現所帶來的信心讓我們得以上調財測指引，我們也很高興能提供這項更新。所以我們對整體業務感到非常樂觀。謝謝你的提問。

Sure. And if I can just squeeze one more in on duty drawback. You are exiting the year at around $500 million annual benefit from duty drawback based on the current run rate. And then as I think about next year, you will probably ramp up the current program and then the PM contract agreement will also kick in. So can you give us a broad range?

好的。另外如果我可以再追問一題關於 duty drawback（關稅退稅）。以目前的運行水準（run rate）來看，你們在今年年底的關稅退稅年度效益大約是 5 億美元。那麼我在思考明年時，你們可能會把現行計畫再拉升，同時 PM 的合約協議也會開始生效。所以你們能否給我們一個大致的區間？

I mean, from $500 million, can it go to $1 billion? Or are we looking at something around $700 million, $800 million for next year?

我的意思是，從 5 億美元，是否可能到 10 億美元？還是說我們明年看到的大概會是 7 億、8 億美元左右？

No, we're not providing that range. I understand the question. I'll remind you, as Heather said earlier, you are not seeing the impact of the contract manufacturing agreement with PMI, yet that will happen next year. So we talked about that this volume does build over time. I think Heather laid it out really well in earlier questions and in her remarks.

不，我們不會提供那樣的區間。我理解你的問題。我提醒你，如 Heather 先前所說，你們目前尚未看到與 PMI 的合約製造協議（contract manufacturing agreement）的影響，但那會在明年發生。所以我們談過，這個量會隨時間逐步建立。我認為 Heather 在先前的提問以及她的發言中已經說得很清楚。

So -- but we won't provide any further guidance on that.

所以——但我們不會就此提供進一步指引。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

A couple of things. First, Sal, can I get your perspective a little bit in terms of nicotine pouch category growth over the shorter term and then over the mid- to long term, seen an incredible amount of innovation from both Altria Helix and your competitors over the past 4, 5 months as the regulatory environment has changed. At the same time, the category growth rate hasn't really materially accelerated. Coming up, you're going to have the leader in the category, effectively lowering the price per pouch. How do you see this all playing out in terms of category volume and revenue growth over the short term?

有幾點。首先，Sal，我想請你分享一下你對尼古丁口含袋（nicotine pouch）品類成長的看法：短期以及中長期。過去 4、5 個月，隨著監管環境改變，我們看到 Altria Helix 以及你們競爭對手都有大量創新。同時，品類成長率似乎並沒有明顯加速。接下來，你們將看到該品類的領導者實質上降低每袋（per pouch）的價格。你認為短期內，這些因素會如何影響品類的銷量與營收成長？

And then any change to your thinking about how big this category can be over the mid- to long term?

另外，你對於這個品類在中長期能做到多大規模的看法，有沒有改變？

Yes. Look, it's a really good question. The nicotine pouch category has seen tremendous growth, much of it driven by MST consumers that move into nicotine pouch. There are a number of reasons for that, including social friction. If you think about -- there's no spitting, as an example, with nicotine pouch.

是的。你看，這是一個非常好的問題。尼古丁口含袋品類已出現顯著成長，其中很大一部分是由 MST 消費者轉向尼古丁口含袋所帶動。原因有很多，包括社交摩擦（social friction）。例如你想想——使用尼古丁口含袋不需要吐口水。

You've also seen some growth from cigarette consumers that are seeking a reduced harm way of enjoying nicotine, if you will.

你也看到有一些成長來自紙菸消費者，他們在尋求一種較低危害的方式來享用尼古丁。

The rate of acceleration, look, as the numbers get bigger, like any category, you would see that the percentage change might not be as high as when you're first seeing the adoption, obviously. So that's something to consider, right? But we see the category as a tremendous tobacco harm reduction opportunity. It's still predominantly male. I think if you look overseas, you have seen women and other demographics adopt the product.

至於加速的幅度，你看，當數字變大時，像任何品類一樣，你會看到百分比變化不會像剛開始採用時那麼高，這很正常。所以這是需要考量的一點，對吧？但我們認為這個品類是非常重要的菸草減害（tobacco harm reduction）機會。目前仍以男性為主。我想如果你看海外市場，你會看到女性以及其他族群也採用這個產品。

So we think that continues to be an opportunity.

所以我們認為這仍然是一個持續存在的機會。

And you're right to point out, it is a highly competitive category. It's a growing category. So you're going to see competition, and we're used to that. I mean the cigarette category has been highly competitive. The smokeless category was highly competitive.

而你指出得沒錯，這是一個競爭非常激烈的品類。它是一個成長中的品類。所以你會看到競爭，而我們也習慣了。我的意思是，紙菸品類一直都高度競爭。無煙菸草（smokeless）品類也一直高度競爭。

But we believe over the long term, tobacco-like margins are very achievable in this category. We see on! and on! PLUS is a premium proposition. We continue to invest in the pipeline of innovation.

但我們相信，長期來看，在這個品類中達到類似菸草的利潤率（tobacco-like margins）是完全可行的。我們認為 on!以及 on!PLUS 是一個高端定位（premium proposition）。我們持續投資於創新管線。

We continue to invest in the brand. We were really excited to see the on!vitational take place. So we feel really good about the category and the potential it has for long-term harm reduction in the U.S. market.

我們持續投資於品牌。我們也很興奮看到 on!vitational 活動的舉辦。因此我們對這個品類以及它在美國市場長期減害的潛力感到非常樂觀。

Great. And then a quick follow-up. Just turning to your slide on the industry volume decomposition for cigarettes. The price elasticity impact ticked down about 20 basis points over the past quarter. What do you think is driving that?

很好。接著一個快速追問。回到你們投影片上關於紙菸產業銷量分解（industry volume decomposition）的部分。價格彈性（price elasticity）的影響在過去一季下降了大約 20 個基點。你認為是什麼在驅動這個變化？

And then additionally, the macro cross-category and other continues to tick lower. I know you called out cross-category at less than 50 basis points versus about 50 basis points. So maybe there's just some rounding here. But just wondering what's driving the reductions on both of those lines.

另外，宏觀因素（macro）與跨品類（cross-category）及其他（other）也持續走低。我知道你提到跨品類低於 50 個基點，相較於大約 50 個基點。所以也許只是四捨五入的差異。但想請教，這兩條線下降的原因是什麼？

Yes. The cigarette price-elasticity coefficient hasn't changed. It's still negative 0.35. So the impact you're seeing is just a year-over-year price change across the category, if you will, and it's just multiplication. As far as the macro and cross-category movement, it's really the cross-category movement and the moderation of that, that is lowering that number over time.

是的。紙菸的價格彈性係數並沒有改變。仍然是負 0.35。所以你看到的影響，只是品類層面年度價格變動（year-over-year price change），可以這麼說，然後就是相乘的結果。至於宏觀與跨品類的變動，主要是跨品類的變動以及其趨緩，讓那個數字隨時間下降。

Macroeconomics still continue to be headwinds, if you will, for the consumer. It continues to put pressure on consumer spending. Obviously, we're paying very close attention to that. But as Heather pointed out earlier, our ability to use data analytics and RGM tools, I think, positions us really well to navigate through that. So PM USA and the employees there as well as Helix and UST continue to use these tools very effectively, and we feel good about our ability to continue to manage through that.

宏觀經濟如果你要這麼說，仍然持續對消費者形成逆風。它持續對消費支出造成壓力。顯然，我們非常密切關注這點。但如 Heather 先前指出，我們運用數據分析與 RGM 工具的能力，我認為讓我們在應對這些情況時具備很好的優勢。因此 PM USA 及其員工，以及 Helix 和 UST，持續非常有效地使用這些工具，我們對自己持續管理並度過這些挑戰的能力感到有信心。

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.

目前看來沒有進一步的提問。我想把電話會議交回給 Mac Livingston，請他做結語。

Thanks to everyone for joining us today. If you have further questions, please feel free to reach out to the IR team. Thanks.

感謝各位今天加入我們。如果你有進一步問題，歡迎隨時聯繫投資人關係（IR）團隊。謝謝。

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。感謝各位的參與。你可以在任何時間掛線。