Summary of the Conference Call for Smoore International Company Overview - Smoore International is transitioning from an electronic vapor company to a platform company focused on heated not-burn (HNB) technology, collaborating with firms like British American Tobacco to advance new tobacco products in response to the declining traditional cigarette market [2][5]. Industry Trends - The global traditional cigarette market is experiencing a continuous decline, with a significant drop in per capita smoking rates in the U.S. by 30% to 40% since 1970. The smoking population and consumption have decreased by approximately 1% annually over the past 20 years [7]. - New tobacco products, including HNB and oral products, are seen as key to overcoming the challenges faced by traditional tobacco companies. HNB and oral products are more suitable for large traditional tobacco firms, while the vapor electronic cigarette market is dominated by Chinese manufacturers [10]. Key Points on Smoore's Business - Smoore's HNB products are gaining market share in Japan, Italy, and Poland, indicating strong market performance and growth potential. For instance, Japan saw a 1.4% increase in market share within three months [11]. - The market valuation of Smoore is considered conservative, with future growth expected primarily from HNB business expansion. Achieving sales of over 10 billion units by 2026 could lead to a significant leap in performance [13]. - Smoore's U.S. subsidiary is focused on the medical vaporization sector and has applied for FDA certification, investing approximately 400 million yuan annually in R&D. This segment is expected to become a new growth point within three years [19]. Financial Projections and Market Expectations - Smoore has set ambitious market capitalization targets of 300 billion, 400 billion, and 500 billion yuan by 2025, despite its current valuation being in the hundreds of billions [4]. - The traditional electronic vapor market is stabilizing, with an expected annual growth rate of over 10% [3][18]. - The company anticipates that its HNB business could contribute significantly to its valuation, with estimates suggesting a sales share of 10-15% from HNB products, potentially leading to substantial profit elasticity [16][17]. Future Outlook - The domestic new tobacco market in China is expected to grow significantly, with Smoore positioned to benefit from this shift. The potential transition towards new tobacco products in China could create vast market opportunities [14]. - The medical vaporization segment is seen as a third growth curve for Smoore, with expectations for commercialization and revenue generation within three years [19][20]. Conclusion - Smoore International is strategically positioned to capitalize on the evolving tobacco landscape, with a focus on HNB technology and medical applications. The company's growth potential is supported by its innovative R&D efforts and collaborations with major tobacco firms, setting the stage for a promising future in the new tobacco market.

FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | 本月底法定/註冊股本總額： USD 100,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態 ...

Core Viewpoint - Smoore International, known as the "first stock of electronic cigarettes," is facing significant challenges, including a declining stock price and market value, attributed to regulatory pressures, stagnant profits despite revenue growth, and changing market sentiment [1][6][25] Financial Performance - In Q3 2025, Smoore's revenue reached 10.21 billion RMB, a year-on-year increase of 21.8%, with Q3 revenue hitting a record high of 4.197 billion RMB, growing over 27% year-on-year and quarter-on-quarter [4] - However, net profit for the first three quarters of 2025 was 809 million RMB, down 23.8% year-on-year, with a Q3 net profit of 317 million RMB, a decrease of 16.4% [4] - The company's net profit margin has plummeted from 38.44% in 2021 to 7.92% in the first three quarters of 2025 [4] Market Challenges - Smoore's revenue from mainland China dropped by 92.7% in 2023 due to stringent regulations, with its revenue share falling from approximately 18.5% to about 1.5% [6] - Increased sales and distribution expenses, which rose by 31.2% to 491 million RMB in the first half of 2025, have further pressured profitability [6] - The company's gross margin has decreased from 53.6% in 2021 to 37.3% in the first half of 2025, indicating a decline in the quality of revenue growth [7] Strategic Shift - Smoore is attempting to diversify its business by launching the "Lanzhi" beauty brand, which utilizes TPS (Transdermal Permeation System) technology, aiming to create a "second growth curve" [1][13] - The Lanzhi brand generated sales of 30.61 million RMB in the first half of 2025, but its contribution to overall revenue remains minimal [12][23] - The beauty market is seen as a high-margin opportunity, with Smoore hoping to replicate its electronic cigarette success in this new sector [13] Competitive Landscape - The beauty device market is highly competitive, with established international brands dominating the high-end segment and local brands capturing the mid-to-low end [16] - Lanzhi faces challenges such as low brand recognition, insufficient distribution channels, and competition from other beauty companies [16][24] - The effectiveness and safety of the TPS technology remain under scrutiny, with concerns about its ability to deliver active ingredients effectively and safely [18][19] Regulatory Environment - The regulatory landscape for beauty aerosol products is still evolving, with uncertainties regarding specific regulations for aerosol beauty technology [21] - Smoore's transition into the beauty sector may not provide immediate relief from its current profitability issues, as the Lanzhi brand's profitability may take up to two years to materialize [23][25]

Group 1 - The company, Smoore International (06969), announced the grant of a total of 915,000 share options to five eligible participants under the revised share option plan approved by shareholders on February 18, 2025 [1] - Each grantee is required to pay HKD 1 as the consideration for accepting the grant of share options within a period determined by the board, not exceeding 30 days from the grant date [1]

Group 1 - The core announcement is that Smoore International (06969) has granted a total of 915,000 stock options to five eligible participants under a revised stock option plan approved by shareholders on February 18, 2025 [1] - Each participant must pay HKD 1 as the consideration for accepting the stock options within a period determined by the board, not exceeding 30 days from the grant date [1]

Group 1 - The core announcement is that Smoore International (06969) has granted a total of 545,000 share awards to seven eligible participants under the revised share award plan, pending acceptance by the recipients [1]

格隆汇12月31日丨思摩尔国际(06969.HK)宣布，于2025年12月31日，根据公司股东于2025年2月18日批 准的经修订首次公开发售后购股权计划向集团5名合资格参与者授出合计915,000股购股权。根据经修订 购股权计划，每名承授人须于董事会可能厘定并通知有关承授人的期间内(不超过自授出日期起计30天 (包括当日))支付1港元，作为接纳授出购股权的代价。 ...

格隆汇12月31日丨思摩尔国际(06969.HK)宣布，于2025年12月31日，公司根据经修订股份奖励计划之条 款，向7名合资格参与者(「承授人」)，授出合共545,000股奖励股份，惟授出事项须待承授人接纳后， 方可作实。授予承授人之每股奖励股份赋有权利，可于其归属日期接收一股股份。 ...

思摩尔国际(06969)发布公告，于2025年12月31日，公司根据经修订股份奖励计划的条款，向7名合资格 参与者，授出合共54.5万股奖励股份，但授出事项须待承授人接纳后，方可作实。 ...

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。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） – 1 – （股份代號：6969） 授出獎勵股份 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第17.06A， 17.06B及17.06C條作出。茲提述思摩爾國際控股有限公司（「本公司」）日期為2025年2月18日 之 公 告（「 該 公 告 」）， 內 容 有 關 本 公 司 股 東 批 准 經 修 訂 股 份 獎 勵 計 劃（「 經 修 訂 股 份 獎 勵 計 劃」）。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 授出詳情如下： 授出日期： 2025年12月31日 承授人類別： 所有承授人均為本集團僱員。 – 2 – 授出獎勵股份股數： 545,000 授出獎勵股份購買價： 零 股份於授出日期之 ...