HUABAO INTL (00336) surged more than 8%, climbing 8.74% to HKD 3.36 as of the time of writing, with a turnover of HKD 40.9316 million.

On the news front, the mandatory national standard for "Heated Cigarettes" has recently been released in draft form for public comment, with the consultation period ending on September 26. The standard is expected to be formally implemented six months after its release. GF Securities noted that the institutional conditions for China's domestic HNB market are shifting from technical reserves and overseas exploration towards standard-led, regulated access. If pilot programs, licensing, and channel policies are gradually rolled out, the industry could enter a phase of product validation and industrialization preparation. CSC Financial added that the opening of the domestic HNB product market continues to advance, with multiple tobacco supply chain supporting companies already laying out relevant links in the industry chain, positioning them to benefit from the market opportunities brought by HNB liberalization.

Cinda Securities previously stated that HUABAO INTL has accumulated deep expertise in raw materials and flavoring, building a strong moat that has shown growth inflection points across all business segments since 2026, with profitability expected to expand. Specifically, the company's fragrance raw materials revenue reached RMB 807 million in 2025 (up 2.0% year-on-year), while operating profit stood at RMB 79 million (compared to RMB 23 million in 2024). The brokerage believes that the company's fragrance raw materials are accelerating their international transformation, actively implementing business layouts in Southeast Asia, with local teams in overseas markets such as Indonesia being smoothly established. Additionally, the company is focusing on new product research and development, which is expected to maintain steady growth in the future.