英美烟草将于周四公布半年报，市场关注无烟产品转型进展

British American Tobacco (BTI) is scheduled to report first-half results on Thursday with investors looking for updates on its smoke-free products as cigarette volumes continue to decline.
The tobacco maker is expected to report earnings of $2.15 per share on revenue of $16.19B, according to analysts' consensus estimates.
Investors will focus on the performance of Velo nicotine pouches, a key growth driver in BTI's strategy to reduce its reliance on traditional cigarettes. The company has projected Velo revenue will nearly quadruple from £1.2B in 2025 to £4.3B by the end of the decade, supported by an oral nicotine pouch market expected to grow about 15% annually.
Velo adoption has been gaining traction in markets including Scandinavia, Mexico, Kenya, and Pakistan. However, BTI continues to face pressure from declining combustible cigarette volumes, particularly in the United States, where management has cited mid-single-digit shipment declines.
The tobacco industry's shift toward smoke-free products has intensified competition with rivals such as Philip Morris International and Altria. Regulatory approvals have become an increasingly important differentiator, with companies benefiting from U.S. FDA authorizations for selected reduced-risk products that can support marketing claims and consumer adoption.
Investors will also look for management's commentary on the pace of the smoke-free transition, U.S. cigarette demand, and the outlook for next-generation nicotine products.