{"id":51364,"date":"2025-11-10T17:07:45","date_gmt":"2025-11-10T09:07:45","guid":{"rendered":"https:\/\/www.abesmoke.com\/?p=51364"},"modified":"2025-11-10T17:08:04","modified_gmt":"2025-11-10T09:08:04","slug":"ktg-2025-q3-%e8%b4%a2%e6%8a%a5%e5%a4%a7%e7%88%86%e5%8f%91%ef%bc%9a%e5%87%80%e5%88%a9%e5%a2%9e-73%ef%bc%8c%e6%96%b0%e5%9e%8b%e7%83%9f%e8%8d%89%e6%b5%b7%e5%a4%96%e8%90%a5%e6%94%b6%e7%bf%bb%e5%80%8d","status":"publish","type":"post","link":"https:\/\/www.abesmoke.com\/en\/a\/51364","title":{"rendered":"KT&G 2025 Q3 \u8d22\u62a5\u5927\u7206\u53d1\uff1a\u51c0\u5229\u589e 73%\uff0c\u65b0\u578b\u70df\u8349\u6d77\u5916\u8425\u6536\u7ffb\u500d\uff01\u52a0\u7801\u5168\u7403\u5c3c\u53e4\u4e01\u888b\u5e03\u5c40"},"content":{"rendered":"

2025 \u5e74 11 \u6708 6 \u65e5\uff0c\u97e9\u56fd\u70df\u8349 KT&G \u53d1\u5e03 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u8d22\u62a5\u3002\u6570\u636e\u663e\u793a\uff0c\u516c\u53f8\u6838\u5fc3\u8d22\u52a1\u6307\u6807\u5168\u9762\u5411\u597d\uff0c\u8425\u4e1a\u5229\u6da6\u521b\u4e0b\u4e94\u5e74\u6765\u65b0\u9ad8\uff0c\u65b0\u578b\u70df\u8349\uff08NGP\uff09\u4e1a\u52a1\u5c24\u5176\u4eae\u773c\uff0c\u6d77\u5916\u8425\u6536\u5b9e\u73b0\u7ffb\u500d\u589e\u957f\uff0c\u540c\u65f6\u542f\u52a8\u5c3c\u53e4\u4e01\u888b\u5168\u7403\u6269\u5f20\u8ba1\u5212\uff0c\u4e3a\u672a\u6765\u589e\u957f\u6ce8\u5165\u5f3a\u52b2\u52a8\u529b\u3002<\/span><\/span><\/p>\n

\u6838\u5fc3\u8d22\u52a1\u6307\u6807\uff1a\u591a\u9879\u6570\u636e\u521b\u7eaa\u5f55\uff0c\u589e\u957f\u52bf\u5934\u5f3a\u52b2<\/span><\/span><\/h3>\n

\u672c\u5b63\u5ea6 KT&G \u6574\u4f53\u4e1a\u7ee9\u8868\u73b0\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u8425\u6536\u3001\u5229\u6da6\u3001\u6bcf\u80a1\u6536\u76ca\u5747\u5b9e\u73b0\u5927\u5e45\u589e\u957f\uff1a<\/span><\/span><\/p>\n

    \n
  • \n
    \u8425\u6536\u8fbe 1.83 \u4e07\u4ebf\u97e9\u5143\uff08\u7ea6\u5408 13.07 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 11.6%\uff1b<\/span><\/span><\/section>\n<\/li>\n
  • \n
    \u8425\u4e1a\u5229\u6da6 4653 \u4ebf\u97e9\u5143\uff08\u7ea6\u5408 3.32 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 11.4%\uff1b<\/span><\/span><\/section>\n<\/li>\n
  • \n
    \u51c0\u5229\u6da6\u98d9\u5347 73.4% \u81f3 4187 \u4ebf\u97e9\u5143\uff08\u7ea6\u5408 2.99 \u4ebf\u7f8e\u5143\uff09\uff1b<\/span><\/span><\/section>\n<\/li>\n
  • \n
    \u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u8fbe 3898 \u97e9\u5143\uff08\u7ea6\u5408 2.78 \u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u4e0a\u6da8 81.7%\uff1b<\/span><\/span><\/section>\n<\/li>\n
  • \n
    \u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff095405 \u4ebf\u97e9\u5143\uff0c\u540c\u6bd4\u589e\u957f 12.3%\uff0c\u5229\u6da6\u7387\u7a33\u5b9a\u5728 29.6%\u3002<\/span><\/span><\/section>\n<\/li>\n<\/ul>\n
    <\/section>\n

    \u4e1a\u52a1\u62c6\u89e3\uff1a\u70df\u8349\u4e1a\u52a1\u6210\u6838\u5fc3\u5f15\u64ce\uff0cNGP \u6d77\u5916\u7206\u53d1<\/span><\/span><\/h3>\n

    1. \u70df\u8349\u4e1a\u52a1\uff1a\u56fd\u9645\u5377\u70df + \u65b0\u578b\u70df\u8349\u53cc\u8f6e\u9a71\u52a8<\/span><\/span><\/h4>\n

    \u4f5c\u4e3a\u6838\u5fc3\u4e1a\u52a1\uff0c\u70df\u8349\u677f\u5757\u672c\u5b63\u5ea6\u6536\u5165\u589e\u957f 17.6% \u81f3 1.232 \u4e07\u4ebf\u97e9\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u589e\u957f 11% \u81f3 3718 \u4ebf\u97e9\u5143\uff0c\u6210\u4e3a\u96c6\u56e2\u589e\u957f\u7684\u4e3b\u8981\u652f\u67f1\u3002<\/span><\/span><\/p>\n

      \n
    • \n
      \u603b\u9500\u91cf\u540c\u6bd4\u589e\u957f 9.6% \u81f3 331.5 \u4ebf\u652f\uff0c\u5176\u4e2d\u5377\u70df\u9500\u91cf 291.1 \u4ebf\u652f\uff08+9.2%\uff09\uff0c\u65b0\u578b\u70df\u8349\uff08NGP\uff09\u9500\u91cf 40.4 \u4ebf\u652f\uff0c\u4fdd\u6301\u7a33\u6b65\u589e\u957f\uff1b<\/span><\/span><\/section>\n<\/li>\n
    • \n
      \u56fd\u9645\u5377\u70df\u4e1a\u52a1\u8868\u73b0\u60ca\u8273\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f 30.6%\uff0c\u521b\u4e0b\u5b63\u5ea6\u9500\u552e\u4e0e\u6536\u5165\u53cc\u7eaa\u5f55\uff0c\u56fd\u9645\u5e02\u573a\u9500\u91cf\u5360\u6bd4\u5347\u81f3 62.3%\uff1b<\/span><\/span><\/section>\n<\/li>\n
    • \n
      \u97e9\u56fd\u672c\u571f\u5e02\u573a\u7a33\u624e\u7a33\u6253\uff0c\u5377\u70df\u9500\u91cf\u589e\u957f 3.5% \u81f3 106.9 \u4ebf\u652f\uff0c\u5e02\u573a\u4efd\u989d\u63d0\u5347 1.5 \u4e2a\u767e\u5206\u70b9\u81f3 68.9%\uff0c\u6301\u7eed\u9886\u8dd1\u672c\u571f\u5e02\u573a\u3002<\/span><\/span><\/section>\n<\/li>\n<\/ul>\n

      2. \u65b0\u578b\u70df\u8349\uff08NGP\uff09\uff1a\u6d77\u5916\u8425\u6536\u7ffb\u500d\uff0c\u56fd\u5185\u4fdd\u6301\u9886\u5148<\/span><\/span><\/h4>\n

      NGP \u4e1a\u52a1\u6210\u4e3a\u672c\u5b63\u5ea6\u6700\u5927\u4eae\u70b9\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4fc4\u7f57\u65af\u5347\u7ea7\u7248 lil Solid \u8bbe\u5907\u63a8\u51fa\u53ca\u4e0a\u534a\u5e74\u79ef\u538b\u8ba2\u5355\u7684\u96c6\u4e2d\u4f9b\u8d27<\/span><\/span>\uff0c<\/span><\/span>\u5e26\u52a8\u70df\u5f39\u9500\u91cf\u540c\u6bd4\u589e\u957f13.3%\uff1a<\/span><\/span><\/span><\/p>\n

        \n
      • \n
        \u603b\u8425\u6536\u8fbe 2791 \u4ebf\u97e9\u5143\uff08\u7ea6\u5408 1.99 \u4ebf\u7f8e\u5143\uff09\uff0c\u8f83\u4e0a\u5e74\u540c\u671f\u7684 1932 \u4ebf\u97e9\u5143\u5927\u5e45\u589e\u957f\uff1b<\/span><\/span><\/section>\n<\/li>\n
      • \n
        \u6d77\u5916\u5e02\u573a\u8868\u73b0\u62a2\u773c\uff0cNGP \u6d77\u5916\u8425\u6536 1108 \u4ebf\u97e9\u5143\uff08\u7ea6\u5408 0.79 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f\u903e\u4e24\u500d\uff0c<\/span><\/span><\/section>\n<\/li>\n
      • \n
        \u672c\u571f\u5e02\u573a\u7a33\u6b65\u589e\u957f\uff0cNGP \u8425\u6536 1683 \u4ebf\u97e9\u5143\uff08\u7ea6\u5408 1.20 \u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f 2%\uff1b<\/span><\/span><\/section>\n<\/li>\n<\/ul>\n

        \u6218\u7565\u5e03\u5c40\uff1a\u6536\u8d2d + \u6269\u5f20\uff0c\u52a0\u7801\u5168\u7403\u65b0\u578b\u70df\u8349\u5e02\u573a<\/span><\/span><\/h4>\n

        \u8d22\u62a5\u540c\u65f6\u62ab\u9732\u91cd\u5927\u6218\u7565\u52a8\u4f5c\uff0cKT&G \u6b63\u52a0\u901f\u5168\u7403\u65b0\u578b\u70df\u8349\u5e03\u5c40\uff1a<\/span><\/span><\/p>\n

          \n
        • \n
          \u4e0e Altria \u8fbe\u6210\u6218\u7565\u5408\u4f5c<\/span>\uff0c\u5171\u540c\u6536\u8d2d\u5317\u6b27\u5c3c\u53e4\u4e01\u888b\u5236\u9020\u5546 ASF\uff0c\u4e3a\u8fdb\u519b\u5c3c\u53e4\u4e01\u888b\u8d5b\u9053\u5960\u5b9a\u57fa\u7840\uff1b<\/span><\/span><\/section>\n<\/li>\n
        • \n
          \u542f\u52a8\u5168\u7403\u6269\u5f20\u8ba1\u5212<\/span>\uff0c\u9884\u8ba1 2026 \u5e74\u8d77\u5c06\u5c3c\u53e4\u4e01\u888b\u4e1a\u52a1\u4ece\u73b0\u6709 5 \u4e2a\u5317\u6b27\u5e02\u573a\uff0c\u62d3\u5c55\u81f3\u6b27\u6d32\u3001\u4e2d\u4e1c\u3001\u975e\u6d32\u3001\u4e9a\u6d32\u548c\u5317\u7f8e\u7b49\u591a\u4e2a\u5730\u533a\uff0c\u8fdb\u4e00\u6b65\u6269\u5927\u5168\u7403\u5e02\u573a\u4efd\u989d\u3002<\/span><\/span><\/section>\n<\/li>\n<\/ul>\n

          KT&G\u56fd\u9645\u5377\u70df\u4e1a\u52a1\u7684\u5f3a\u52b2\u8868\u73b0\u548c NGP \u4e1a\u52a1\u7684\u5feb\u901f\u6269\u5f20\u6210\u4e3a\u6838\u5fc3\u9a71\u52a8\u529b\u3002\u5c3d\u7ba1\u9762\u4e34\u97e9\u56fd\u672c\u571f\u5377\u70df\u9700\u6c42\u4e0b\u964d\u3001\u65b0\u578b\u70df\u8349\u5e02\u573a\u7ade\u4e89\u52a0\u5267\u7b49\u6311\u6218\uff0c\u4f46\u516c\u53f8\u901a\u8fc7\u6d77\u5916\u5e02\u573a\u62d3\u5c55\u3001\u4ea7\u54c1\u7ed3\u6784\u4f18\u5316\u548c\u6218\u7565\u5e76\u8d2d\uff0c\u4ecd\u6709\u671b\u6301\u7eed\u63d0\u5347\u4f30\u503c\u3002<\/span><\/span><\/p>\n

          \n
          \n
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          \n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

          ","protected":false},"excerpt":{"rendered":"

          \u8425\u4e1a\u5229\u6da6\u521b\u4e0b\u4e94\u5e74\u6765\u65b0\u9ad8\uff0c\u65b0\u578b\u70df\u8349\uff08NGP\uff09\u4e1a\u52a1\u5c24\u5176\u4eae\u773c\uff0c\u6d77\u5916\u8425\u6536\u5b9e\u73b0\u7ffb\u500d\u589e\u957f\uff0c\u540c\u65f6\u542f\u52a8\u5c3c\u53e4\u4e01\u888b\u5168\u7403\u6269\u5f20\u8ba1\u5212\uff0c\u4e3a\u672a\u6765\u589e\u957f\u6ce8\u5165\u5f3a\u52b2\u52a8\u529b\u3002<\/p>","protected":false},"author":2,"featured_media":51365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-51364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/posts\/51364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/comments?post=51364"}],"version-history":[{"count":0,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/posts\/51364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/media\/51365"}],"wp:attachment":[{"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/media?parent=51364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/categories?post=51364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abesmoke.com\/en\/wp-json\/wp\/v2\/tags?post=51364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}