智通财经APP获悉，华宝国际(00336)午后涨超11%，截至发稿，涨8.31%，报4.43港元，成交额4029.11万港元。
消息面上，华宝国际公布年度业绩，集团营业额为人民币34.85亿元，同比增长3.30%；毛利为人民币14.23亿元，同比减少1.27%。国联民生证券此前发布研报称，受中烟“自主可控”政策影响，公司国内烟用香精业务持续收缩，但这一负面因素已充分预期。
该行指出，公司前瞻性的海外产能建设已进入收获阶段：以爆珠和HNB薄片为代表的烟用原料业务正成为增长新引擎，2025年上半年该板块海外销售同比大幅增长，驱动整体收入逆势提升。与此同时，国内非烟草业务延续拓展趋势，降低对大客户依赖(子公司华宝股份2025年扭亏为盈)。展望2026年，国内订单下滑影响有望逐步减弱；爆珠和HNB薄片海外订单有望快速放量，驱动营收和利润高增。
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