Abstract: To study the effect of perforated ventilation in heated tobacco products, tobacco stick samples were prepared at four ventilation rates (0, 15%, 25% and 35%) in the cooling section. Aerosol temperature and the transfer behavior of nicotine and glycerol were analyzed. The results showed that: 1) Within 0 to 35% ventilation rates, there were linear negative correlations between the maximum and average aerosol temperatures and the ventilation rate. The aerosol temperatures of the first four puffs showed a distinct downward trend with increasing ventilation rates. 2) As the ventilation rate increased, the retention rate of nicotine in the filter section decreased non-linearly, while the residual nicotine in the tobacco section increased non-linearly. As the ventilation rate increased from 0 to 25%, the transfer rate of nicotine in aerosol showed a nonlinear increasing trend. There was a maximum fitting value for the transfer rate of nicotine in aerosol between 25% and 30% ventilation rate, then it decreased. 3) As the ventilation rate increased, the retention rate of glycerol in the filter section decreased non-linearly and that in the cooling section decreased slightly, and the residual rate of glycerol in the tobacco section and the transfer rate of glycerol in the aerosol increased non-linearly. 4) Ventilation in the cooling section could increase the transfer rates of nicotine and glycerol in the aerosol by reducing their retention rates.