公司发布2025Q1 业绩更新：25Q1 实现税后净利润 1.92 亿元（同比-43.4%），期内全面收益总额为2.08 亿元（同比-32.9%）。我们预计Q1 收入端平稳，利润承压主要系费用投入同比增加（盈利能力环比保持平稳略下滑）以及税率基数较低（24Q1 税率为15.1%，25Q1 为24.5%）。一次性预计承压，APV&换弹有望延续增长。比利时禁止一次性小烟政策1月1 日生效，法国于2 月...
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