A smoking article is provided, including a heat source; an aerosol-forming substrate downstream of the heat source; a first heat-conducting element around and in contact with a rear portion of the heat source and an adjacent front portion of the aerosol-forming substrate; and a second heat-conducting element around at least a portion of the first heat-conducting element. At least part of the second heat-conducting element is radially separated from the first heat-conducting element; and, preferably, the first and second heat-conducting elements are separated by an outer paper wrapper.