Core Insights - Smoore International (06969) reported a record high revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, representing a year-on-year growth of about 27.2% and a quarter-on-quarter growth of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise client business and self-owned brand business [1] - The heated non-combustible and electronic vaporization businesses recorded healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Enterprise Client Business - The heated non-combustible business saw significant revenue growth due to the successful launch of new products in major global markets [1] - The electronic vaporization business maintained revenue growth as the company supported clients in launching new compliant products amid increasing regulatory scrutiny [1] Group 3: Self-Owned Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced localized operations and increased marketing investments in key markets, leading to a healthy year-on-year revenue growth in the self-owned brand business [1] Group 4: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year increase of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [2] - The profit growth was attributed to revenue and gross profit increases, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than revenue growth [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新 截至2025年9月30日止期間 本公告乃思摩爾國際控股有限公司（「本公司」）董事會（「董事會」））根據香港聯合交易所有限 公司證券上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文作出，依據於本公司及其附屬公司（ 統稱「本集團」）截至2025年9月30日止三個月（「本期 間」）未經審核的綜合管理賬目。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 惠 州 億 緯 鋰 能 股 份 有 限 公 司（「 億 緯 鋰 能 」）， 本 公 司 在 深 圳 證 券 交 易 所 上 市 的 控 股 股 東 之 一，根據深圳證券交易所創業板股票上市規則要求需披露季度財務報告。億緯鋰能的季度 財務報告中包含特定財務信息，這些財務信息被視為對本集 ...

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% and the Hang Seng Tech Index dropping by 0.66% [1] Group 1: Semiconductor Sector - The semiconductor sector saw a collective downturn, with notable declines including Huahong Semiconductor and SMIC both dropping over 6%, InnoCare falling over 5%, and Shanghai Fudan decreasing over 4% [1] Group 2: Other Notable Stocks - Smoore International experienced a significant drop of over 12%, while Gilead Sciences and UBTECH Robotics both fell by over 9% [1] - Conversely, ZTE Corporation rose by over 12%, China Gold International increased by over 9%, and Luoyang Molybdenum gained over 7% [1]

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

Group 1 - Hong Kong's Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (02727) surged by 15.72%, with its A-shares hitting the daily limit, driven by positive developments in the controllable nuclear fusion sector [1] - Huahong Semiconductor (01347) climbed 6.75%, reaching a new high as domestic supply chain localization accelerates, with local foundry demand expected to expand rapidly [1] - Jiangxi Copper (00358) increased by 11%, being a leading copper smelting company in China, with a potential resumption of production at a copper mine owned by First Quantum [1] - Luoyang Molybdenum (03993) rose by 8%, as cobalt prices surged over 11% in the previous two days due to strict export controls in the Democratic Republic of Congo [1] - Hang Seng Bank (00011) jumped 26% following HSBC's recommendation to privatize the bank [1] - Solar stocks saw gains in early trading, with prices in the photovoltaic industry chain continuing to rise in September, particularly in upstream sectors [1] - High-speed rail infrastructure stocks led the gains, with record railway investment progress and the initiation of the "14th Five-Year" railway development planning [1] Group 2 - ZTE Corporation (00763) saw both A and H shares rise, with the overseas debut of its Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, making a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with several constituent stocks like Innovent Biologics (09969) and Sino Biopharmaceutical (01177) experiencing declines of over 6% [3] - Smoore International (06969) dropped over 9%, having fallen more than 30% from its yearly high, with UBS projecting lower earnings than market consensus [3]

Core Viewpoint - Smoore International (06969.HK) has experienced a significant decline, dropping over 30% from its year-to-date high of 23.92 HKD to a low of 15.85 HKD, indicating a bearish trend in the stock performance [1] Group 1 - The stock fell more than 7% during trading, reaching a low of 15.85 HKD [1] - As of the latest update, the stock is down 6.62%, trading at 16.08 HKD with a transaction volume of 261 million HKD [1]

Group 1 - Smoore International (06969) has seen a decline of over 7%, reaching a low of HKD 15.85, which is more than a 30% drop from its yearly high of HKD 23.92 [1] - UBS reported that they recently met with the management of Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - Despite the US increasing efforts to combat illegal e-cigarettes starting in early 2025, feedback from field investigations suggests that the impact of enforcement may weaken due to inconsistent enforcement [1] Group 2 - Chinese customs data indicates a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to US enforcement measures [1] - UBS forecasts a 20% year-on-year revenue growth for Smoore International in 2025, primarily driven by e-cigarette sales, but anticipates a 40% decline in net profit due to rising R&D and sales expenses, along with margin pressure [1] - The firm's net profit predictions for 2025-2027 are 18-45% lower than market consensus, maintaining a "Sell" rating with a target price of HKD 13.11 [1]

Core Viewpoint - Smoore International (06969) has seen a significant decline in stock price, dropping over 30% from its year-to-date high, with a current trading price of 16.08 HKD [1] Company Summary - Smoore International's stock fell over 7%, reaching a low of 15.85 HKD during trading, with a trading volume of 261 million HKD [1] - UBS reported a meeting with Japan Tobacco's management and an investor meeting with Smoore's management in Shenzhen [1] Industry Summary - The U.S. has intensified its crackdown on illegal e-cigarettes since early 2025, but inconsistent enforcement may weaken its impact, as indicated by a 39% increase in e-cigarette exports from China in August [1] - UBS forecasts a 20% year-on-year revenue growth for Smoore International in 2025, driven primarily by e-cigarette sales, but anticipates a 40% decline in net profit due to rising R&D and sales expenses, along with margin pressure [1] - UBS's net profit projections for Smoore International from 2025 to 2027 are 18-45% lower than market consensus, maintaining a "Sell" rating with a target price of 13.11 HKD [1]

Core Viewpoint - UBS maintains a "Sell" rating on Smoore International (06969) with a target price of HKD 13.11, citing concerns over profitability despite expected revenue growth driven by e-cigarette sales [1] Group 1: Company Insights - UBS recently met with management from Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - The firm anticipates a 20% year-on-year revenue growth in 2025, primarily driven by e-cigarette sales [1] - However, net profit is expected to decline by 40% year-on-year due to rising R&D and sales expenses, along with pressure on gross margins [1] Group 2: Market and Regulatory Environment - The impact of U.S. enforcement against illegal e-cigarettes may weaken due to inconsistent enforcement, as indicated by on-the-ground feedback [1] - Chinese customs data shows a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to U.S. enforcement measures [1] - UBS's net profit forecasts for 2025-2027 are 18-45% lower than market consensus [1]

Core Viewpoint - UBS maintains a "Sell" rating on Smoore International (06969) with a target price of HKD 13.11, citing concerns over rising costs and declining net profits despite expected revenue growth driven by e-cigarette sales [1] Group 1: Company Insights - UBS recently met with management from Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - The firm notes that while the U.S. has intensified efforts against illegal e-cigarettes since early 2025, inconsistent enforcement may lessen the impact of these measures [1] - Chinese customs data indicates a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to U.S. enforcement [1] Group 2: Financial Projections - UBS forecasts a 20% year-on-year revenue growth in 2025, primarily driven by e-cigarette sales [1] - However, net profit is expected to decline by 40% year-on-year due to rising R&D and sales expenses, along with pressure on gross margins [1] - The firm's net profit projections for 2025-2027 are 18-45% lower than market consensus [1]