{"product_id":"jt-swot-analysis","title":"JT SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete SWOT Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eJT's SWOT highlights its resilient market presence and innovation edge but also flags supply-chain vulnerabilities and competitive pressure; want the full strategic picture? Purchase the complete SWOT analysis to get a professionally written, editable report with financial context, tactical recommendations, and an Excel matrix—ideal for investors, advisors, and strategists ready to act.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Market Position in Japan\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs of late 2025, Japan Tobacco (JT) retains over 60% share of Japan’s cigarette market, generating roughly ¥700–800 billion annual operating cash flow from domestic tobacco in FY2024–25. The Tobacco Business Act keeps the state’s one-third stake, blocking hostile bids and stabilizing governance. Those domestic earnings fund JT’s global M\u0026amp;A and R\u0026amp;D into next‑gen products, supporting ~¥50–70 billion annual investment in reduced-risk technologies.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong Global Brand Portfolio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eJT manages global flagship brands Winston, Camel, and Mevius, which reached record combined volumes of over 400 billion units by end-2024 and into 2025, representing more than 70% of total cigarette volume.\u003c\/p\u003e\n\u003cp\u003eThat scale and brand equity let JT push premium pricing—driving a FY2024 revenue uplift of about 6% in packaged tobacco—offsetting declines in mature markets while growing share in Asia and Africa.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic US Market Expansion\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe 2024 acquisition of Vector Group for $2.4 billion raised JT’s US market share from ~2.3% to about 8% by 2025, boosting 2025 operating profit by an estimated $450–550 million and expanding US distribution across 75,000 retail outlets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Financial Performance and Dividend Yield\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThroughout 2025 JT delivered double-digit revenue growth (13.2% YoY) and an operating margin near 25% (24.7%), driving free cash flow of £3.8bn which funds a 6.5% dividend yield that attracts long-term institutional and retail holders.\u003c\/p\u003e\n\u003cp\u003eManagement targets mid-to-high single-digit adjusted operating profit growth at constant currency (6–9%), underscoring financial discipline and a repeatable growth algorithm that supports dividend sustainability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRevenue growth 2025: 13.2% YoY\u003c\/li\u003e\n\u003cli\u003eOperating margin 2025: 24.7%\u003c\/li\u003e\n\u003cli\u003eFree cash flow 2025: £3.8bn\u003c\/li\u003e\n\u003cli\u003eDividend yield: 6.5%\u003c\/li\u003e\n\u003cli\u003eAdjusted op. profit growth target: 6–9% (constant currency)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRapid Scaling of Heated Tobacco Systems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eJT’s Ploom X platform scaled rapidly: available in 28 markets by Jan 2025 with a target of 40 markets by 2026, showing clear geographic momentum.\u003c\/p\u003e\n\u003cp\u003eHeated tobacco volumes rose over 30% in H1 2025 after the Ploom AURA ecosystem launch, boosting RRP sales and gross margin mix versus combustibles.\u003c\/p\u003e\n\u003cp\u003eThis surge proves JT’s product innovation and competitive position in the high-growth Reduced-Risk Product (RRP) segment, supporting long-term revenue diversification.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e28 markets (Jan 2025)\u003c\/li\u003e\n\u003cli\u003e40-market target (2026)\u003c\/li\u003e\n\u003cli\u003e\u0026gt;30% heated tobacco volume growth (H1 2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJT: 60%+ Japan share, 13.2% growth, £3.8bn FCF, 6.5% yield—heated tobacco surge\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eJT’s dominant domestic share (\u0026gt;60%) and ¥700–800bn FY2024–25 tobacco cash flow fund global M\u0026amp;A and R\u0026amp;D; 2025 revenue +13.2% YoY, operating margin 24.7%, FCF £3.8bn, dividend yield 6.5%. Ploom X in 28 markets (target 40 by 2026); heated tobacco volumes +30% H1 2025; Vector Group buy raised US share to ~8%.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue growth\u003c\/td\u003e\n\u003ctd\u003e13.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOp. margin\u003c\/td\u003e\n\u003ctd\u003e24.7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFCF\u003c\/td\u003e\n\u003ctd\u003e£3.8bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend yield\u003c\/td\u003e\n\u003ctd\u003e6.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eAnalyzes JT’s competitive position by outlining its core strengths and weaknesses, and mapping key external opportunities and threats shaping the company’s strategic outlook.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eDelivers a compact JT SWOT layout for rapid strategic alignment, enabling quick edits and clean visuals to streamline stakeholder presentations and decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHeavy Reliance on Traditional Combustibles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDespite heavy R\u0026amp;D and acquisitions, Reduced-Risk Products (RRPs) made up under 4% of JT’s revenue as of Q1 2025, roughly ¥60–70 billion versus total sales near ¥1.8 trillion; by contrast Philip Morris International’s smoke-free lines were ~40% of revenue in 2024. This leaves JT highly exposed to the secular combustible decline and rising global health regulations, risking faster market-share erosion and margin pressure if RRPs don’t scale quickly.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Exposure and Russian Market Risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRussia accounts for over 20% of Japan Tobacco’s adjusted operating income, yet capital transfer restrictions since 2022 have hindered repatriation and raised working-capital needs.\u003c\/p\u003e\n\u003cp\u003eS\u0026amp;P Global Ratings moved JT’s outlook to negative in November 2024, citing growing difficulty repatriating cash and strain from the 2023–24 acquisitions that increased leverage to roughly 3.2x net debt\/EBITDA.\u003c\/p\u003e\n\u003cp\u003eThe ongoing geopolitical tension therefore poses a persistent threat to consolidated cash flow and could pressure credit metrics and dividend sustainability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLate Entry into the RRP Sector\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eJT is playing catch-up in heated tobacco and e-vapor, while rivals hold first-mover brand loyalty; Ploom’s share in Italy—the EU’s largest heated tobacco market—was about 1.5% in mid-2025, showing how hard it is to dislodge leaders. This late entry forces JT into heavy marketing and R\u0026amp;D outlays; JT likely needs hundreds of millions in incremental capex and ad spend over 12–24 months. That spending will pressure short-term margins and cash flow, with no assured market-share gains.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDivestment of Pharmaceutical Business\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eIn mid-2025, Japan Tobacco (JT) sold its pharmaceutical unit and Torii stake to Shionogi, exiting a long-running diversification that once aimed to offset tobacco risks.\u003c\/p\u003e\n\u003cp\u003eThe move sharpens focus on tobacco but removes a non-tobacco growth engine; JT’s pharma had contributed modest revenue—about JPY 20–30 billion annually—and its exit highlights difficulty in finding breakthrough drugs under a tobacco parent.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSale completed mid-2025\u003c\/li\u003e\n\u003cli\u003ePharma rev ≈ JPY 20–30bn\/year\u003c\/li\u003e\n\u003cli\u003eLoss of regulatory hedge\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnvironmental and Social Stigma\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eJT faces steady ESG pressure that narrows its investor base and raises cost of capital; by FY2024 some ESG funds excluded tobacco, contributing to a 0.6–1.2% higher borrowing spread versus peers.\u003c\/p\u003e\n\u003cp\u003eEven with 56% renewable electricity use (2024), tobacco products keep JT a target for stricter global health rules, limiting market access and M\u0026amp;A options.\u003c\/p\u003e\n\u003cp\u003eSocial stigma complicates hiring and partnerships and keeps JT out of many ESG portfolios—about 25% of global PRI signatories exclude tobacco as of 2025.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e56% renewable electricity (2024)\u003c\/li\u003e\n\u003cli\u003e0.6–1.2% higher borrowing spread\u003c\/li\u003e\n\u003cli\u003e~25% of PRI signatories exclude tobacco (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJT faces combustible Russia exposure, slim RRP share, rising debt and borrowing costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eJT’s RRPs \u0026lt;4% of revenue (Q1 2025; ≈¥60–70bn vs ¥1.8tn sales) leaves heavy combustible exposure; Russia \u0026gt;20% adjusted op income with repatriation limits; net debt\/EBITDA ≈3.2x after 2023–24 deals; pharma sale mid-2025 removed ~¥20–30bn revenue; ESG exclusion (~25% PRI) adds 0.6–1.2% borrowing spread.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRRPs share\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;4% (Q1 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSales\u003c\/td\u003e\n\u003ctd\u003e¥1.8tn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRRPs rev\u003c\/td\u003e\n\u003ctd\u003e¥60–70bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRussia income\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;20% adj op income\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt\/EBITDA\u003c\/td\u003e\n\u003ctd\u003e≈3.2x (post-acq)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePharma rev lost\u003c\/td\u003e\n\u003ctd\u003e¥20–30bn\/year (sold mid-2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePRI exclusion\u003c\/td\u003e\n\u003ctd\u003e~25% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBorrowing spread hit\u003c\/td\u003e\n\u003ctd\u003e+0.6–1.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eJT SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752622272889,"sku":"jt-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/jt-swot-analysis.png?v=1772243098","url":"https:\/\/matrixbcg.com\/products\/jt-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}