美国 FDA 首批薄荷醇电子烟,公司有望受益合规市场发展 事件:6 月 24 日,思摩尔发布公告:公司客户 NJOY 的四款非烟草味电子 烟产品通过 FDA 相关审查,获得了 PMTA 授权。 政策转变:美国 FDA 首次批准非烟草味电子烟产品,意义重大! 据 FDA 官网消息,FDA 正式宣布四款来自 NJOY 品牌的薄荷醇电子烟通过 了相关审查,拿到了 PMTA 授权,它们分别是:NJOY ACE Pod Menthol 2.4%、 NJOY ACE Pod Menthol 5%、NJOY DAILY Menthol 4.5% 和 NJOY DAILY EXTRA Menthol 6%。上述产品前两款为 NJOY 旗下换弹式产品 ACE 的两款 不同尼古丁含量的薄荷醇烟弹;后两款则是 NJOY 旗下不同尼古丁含量的 薄荷醇一次性产品 DAILY。 这一消息的公布有着两大重要意义: 1)这是时隔 742 天后,FDA 再次为电子烟给出 PMTA 授权;据 FDA 官方 数据库显示,上一次 FDA 给出电子烟的 PMTA 授权还要追溯到 2022 年 6 月 10 日的两款产品,也同样是来自 NJOY 品牌, ...

证券研究报告 【广发轻工&海外】思摩尔国际 (06969.HK) NJOY 薄荷醇味过审,期待思摩尔订单弹性 核心观点: ⚫ FDA 首次批准 NJOY 薄荷醇味电子烟在美销售。根据美国 FDA 网站, 近日美国 FDA 批准第一批薄荷醇电子烟,获批 4 款产品来自 NJOY, 包括换弹式与一次性产品,NJOY 是思摩尔的重要客户。 ⚫ 薄荷醇过审,对思摩尔政策担忧减弱。据美国疾控中心基金会,截止到 23 年 12 月 31 日,薄荷醇口味占美国电子烟市场 27.8%、占美国换弹 电子烟的 61.0%,于换弹合规市场中占据领先地位,也是思摩尔下游 客户的主要布局领域,薄荷醇过审有望减弱相应政策担忧。 ⚫ NJOY 主产品过审,思摩尔有望受益。思摩尔作为 NJOY 的主要供应 商,绑定深入、合作稳定,NJOY 烟草与薄荷醇等主流产品均过审,辅 以背后奥驰亚的资金和渠道双重支持,终端销售期待提振。 ⚫ 英美烟草 MDO 有撤销可能。思摩尔大客户英美烟草薄荷醇产品之前 收到 MDO(营销拒绝令),目前上诉过程中,基于 NJOY 薄荷醇通过, 以及 JUUL 的 MDO 撤销,我们预判英美烟草 MDO 有撤销可能。 ...

公司快报 2024 年 06 月 24 日 思摩尔国际(06969.HK) FDA 首次批准薄荷醇口味电子烟, 积极回购彰显公司发展信心 事件:美国当地时间 6 月 21 日,食品药品管理局(FDA)通过 上市前烟草产品申请(PMTA)途径批准在美国销售四种电子烟产 品。FDA 向 NJOY LLC 发布了四种薄荷味电子烟产品的营销授权令 ——NJOY ACE Pod Menthol 2.4%、NJOY ACE Pod Menthol 5%、 NJOY DAILY Menthol 4.5% 和 NJOY DAILY EXTRA Menthol 6%。 首次批准非烟草口味电子烟,市场合规监管方向逐步明确 6 月 21 四种薄荷味电子烟产品营销授权标志着 FDA 首次批准非烟草 味电子烟产品。此前 FDA 担心青少年使用所有电子烟的风险,尤其是 对青少年更具吸引力的调味产品严格限制非烟草口味产品。但在经过 严格的科学审查,FDA 认为成年吸烟者完全改用危害较小的产品所带 来的好处的证据强度足以抵消对青少年的风险。虽然授权不适用于任 何其他薄荷味电子烟产品,且 FDA 保留暂停撤销授权的权利,但我们 认为此次授权代 ...

思摩尔国际(06969.HK) /轻工制造 /公司点评 /2024.06.22 FDA 批准薄荷醇调味电子烟，减害性获认可 证券研究报告 投资评级:买入(维持) 核心观点  事件：近日，FDA官网宣布批准4款薄荷醇调味电子烟，允许其在美国市场 基本数据 2024-06-21 销售，获批的4款产品均来自NJOY，包括2款NJOY ACE产品和2款NJOY 收盘价(港元) 9.37 流通股本(亿股) 61.38 DAILY产品。 每股净资产(港元) 3.42  首次批准烟草口味以外调味电子烟，监管方向逐步明晰。FDA授权NJOY 总股本(亿股) 61.38 旗下 4 款薄荷醇口味电子烟在美销售，是其首次批准烟草口味以外的调味电 最近12月市场表现 子烟在美国销售。FDA 认为有足够的证据表明授权的几款薄荷醇电子烟有助 于减少接触传统香烟中的有害化学物质，具备减害性，从传统香烟完全转向危 思摩尔国际 恒生指数 害较小的产品所带来的益处或将超过对青少年可能带来的风险。截止2024年 27% 6 月 21 日，FDA 已批准 27 款电子烟产品和设备，包括此次授权的 4 款薄荷 14% 醇产品。同时，此次批准的产品 ...

思摩尔国际(06969.HK) /轻工制造 /公司点评 /2024.06.14 FDA 撤销 Juul 营销禁令，关注 PMTA 审批进展 证券研究报告 投资评级:买入(维持) 核心观点  事件：近日，FDA官网发布《FDA对Juul产品申请科学审查的更新》一文， 基本数据 2024-06-13 表示将撤销其于 2022 年向 Juul 发布的营销拒绝令，调整为待处理状态，由 收盘价(港元) 8.87 流通股本(亿股) 61.38 FDA进行实质性审查。 每股净资产(港元) 3.42  撤销 Juul 营销禁令，关注 PMTA 审批进展。FDA于 2022年6月23日 总股本(亿股) 61.38 向Juul下达营销禁令，称其产品缺乏足够依据来证明具备减害性，此次FDA 最近12月市场表现 撤销了该禁令，主要系新判例法以及FDA对申请人提供信息的审查，撤销禁 令后将使申请恢复待处理状态，由FDA进行实质性审查。在PMTA审批结束 思摩尔国际 恒生指数 之前，预计Juul产品当前仍可在美正常销售。此外，预计FDA将加强对于一 11% 次性产品的监管，利好换弹式产品份额的提升。长期来看，雾化电子烟立足减 0% ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 思摩尔国际（6969）公司年报点评 2024年06月10日 [Table_InvestInfo] 首次覆 技术研发持续推进，自有品牌营销能力全 投资评级 优于大市 盖 面提升 股票数据 0[6Ta月b0le7_日S收to盘ck价In(港fo元] ) 8.50 [Table_Summary] 投资要点： 52周股价波动（港元） 4.61-9.08 总股本（百万股） 6138 总市值（百万港元） 52170  事件：公司发布23年报及24年一季报，23年实现收入111.68亿元，同比 相关研究 下降8.0%，实现全面综合收益15.66亿元，同比下降37.2%，24年一季度 [Table_ReportInfo] 实现全面收益3.10亿元，同比增长5.6%。  国内市场拖累面向企业客户业务，海外市场稳步增长：23年面向企业客户销 市场表现 售收入下滑 12.7%至93.21亿元，其中来自中国大陆市场的收入同比下滑 [Table_QuoteInfo] 92.7%至1.63亿元，销往美国市场收入增长8.2%至40.84亿元，公司助力 主要客 ...

Financial Data and Key Metrics - The company expects a double-digit growth in overseas markets, potentially between 10% to 20% [2] - Domestic market revenue is expected to remain flat [2] - Free brand business is projected to grow by 10% to 20% [2] - Medical sector is expected to see a high single-digit to low double-digit growth, excluding additional R&D investments [2] - Capital expenditure for 2024 is estimated to be around 1 billion, similar to 2023 [2] - The company aims to maintain a dividend payout ratio of around 35% [2] Business Line Data and Key Metrics - Growth in 2024 is expected to be driven mainly by disposable products, while refillable products may see a slight decline [1][2] - Cannabis vaporizers are expected to maintain a growth rate of over 20% [2] - The company is investing in new product lines, particularly in medical and beauty sectors, with expected returns in 2025 and 2026 [2][3] Market Data and Key Metrics - The US market saw a decline in the second half of 2023 due to the impact of non-compliant disposable products [6] - The company is preparing for potential bans on disposable products in Europe and the US by developing new product lines [4][5] - The company's free brand, VAPORESSO, is expanding in Europe with new product offerings [5] Company Strategy and Industry Competition - The company is focusing on differentiated products and new technological routes to stay competitive [1] - It is preparing for potential regulatory changes in Europe and the US by diversifying its product portfolio [4][5] - The company is investing in R&D to develop new solutions and technologies, particularly in the medical and beauty sectors [2][3] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about future growth, particularly in 2025 and 2026, as new product lines mature [2][3] - Management is cautious about the regulatory environment in the US and Europe, particularly regarding disposable products [1][4] - The company is prepared to adapt to market changes and regulatory shifts by leveraging its R&D capabilities [4][5] Other Important Information - The company has a strong cash position, with cash and deposits totaling approximately 16 billion [5] - It is open to increasing share buybacks if necessary [5] - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6] Q&A Session Summary Question: Trends for refillable and disposable products in 2024 - Disposable products are expected to drive market growth, while refillable products may see a decline due to regulatory pressures [1] Question: CBD growth trends in 2024 - CBD growth is expected to recover in the second half of 2024, driven by new product launches and market recovery [2] Question: Cash flow, capital expenditure, and dividend guidance for 2024 - The company expects strong cash flow, with capital expenditure similar to 2023 and a dividend payout ratio of around 35% [2] Question: Revenue and profit guidance for 2024 - Revenue is expected to grow in overseas markets, while domestic revenue remains flat. Profit growth is expected to be in the high single-digit to low double-digit range, excluding medical R&D investments [2] Question: Impact of US flavor ban and FDA enforcement - The company is cautious about FDA enforcement and the potential impact of flavor bans, but remains optimistic about its product portfolio [4] Question: New product launches in Europe - The company is preparing to launch new products in Europe, including larger-capacity refillable products, to adapt to potential bans on disposable products [4] Question: Pricing pressure from large clients - Pricing pressure from large clients is decreasing as the focus shifts to differentiated products and innovation [5] Question: R&D investment in HMB market - The company is investing in R&D to develop new solutions and technologies, particularly in the HMB market, with expected returns in the future [5] Question: Free brand strategy in Europe - The company is expanding its free brand, VAPORESSO, in Europe with new product offerings, including bottled e-liquids [5] Question: Share buyback plans - The company is open to increasing share buybacks if necessary, given its strong cash position [5] Question: US market decline in H2 2023 - The decline in the US market in H2 2023 was due to the impact of non-compliant disposable products and changes in customer stocking patterns [6] Question: Currency settlement arrangements - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6]

思摩[T尔able国_S际tock（Na 6m 9eR 6p 9tT .y Hpe K] ） 公司研究/公司点评 24Q1 业绩稳步增长，监管趋严下份额有望提升 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-19 ⚫[ T发ab布le_2S0u2m4m年aQry1] 财务更新，业绩实现稳步增长 公司公布2024年Q1财务更新，经初步审核，2024年Q1实现税前利 [收Ta盘bl价e_（Ba港se元D）at a] 6.77 润4.00亿元，同比增长25.2%；实现税后利润3.40亿元，同比增长 近12个月最高/最低（港元） 9.95/4.73 总股本（百万股） 6,137 12.8%；实现全面收益总额3.10亿元，同比增长5.6%。 ⚫ 全球电子烟监管政策持续更新，头部企业迎合规发展良机 流通股本（百万股） 6,137 流通股比例（%） 100 国内市场方面，2024年3月18日，国家烟草专卖局发布组织开展2024 总市值（亿港元） 416 年规范电子烟市场秩序专项检查公告，此次专项检查为期4个月，将对 流通市值（亿港元） 416 违法违规电子烟生产经营的高压严打态势 ...

Financial Performance - Revenue for 2023 decreased to RMB 11,168,422 thousand, down from RMB 12,144,980 thousand in 2022[10] - Gross profit for 2023 was RMB 4,334,446 thousand, with a gross margin of 38.8%, compared to 43.3% in 2022[10] - Net profit for 2023 was RMB 1,645,090 thousand, with a net profit margin of 14.7%, down from 20.7% in 2022[10] - Total assets increased to RMB 25,508,284 thousand in 2023, up from RMB 24,359,317 thousand in 2022[10] - Cash and cash equivalents decreased significantly to RMB 5,332,076 thousand in 2023 from RMB 9,762,933 thousand in 2022[10] - Total sales revenue for the period was approximately RMB 11,168,422 thousand, a decrease of 8.0% year-over-year[40] - Revenue from the Chinese mainland market was approximately RMB 163,008 thousand, a significant decrease of 92.7% year-over-year, accounting for 1.5% of total revenue[40] - Revenue from overseas markets was approximately RMB 11,005,414 thousand, an increase of 11.2% year-over-year, accounting for 98.5% of total revenue[40] - Revenue from enterprise customers decreased by 12.7% year-over-year, accounting for 83.5% of total revenue[40] - Revenue from the company's own brand business increased by 26.0% year-over-year, accounting for 16.5% of total revenue[40] - Revenue from the US market for enterprise customers was approximately RMB 4,083,779 thousand, an increase of 8.2% year-over-year, accounting for 36.6% of total revenue[41] - Revenue from Europe and other markets for enterprise customers was approximately RMB 5,074,276 thousand, an increase of 8.9% year-over-year, accounting for 45.4% of total revenue[43] - Revenue from disposable e-vapor products in Europe and other markets was approximately RMB 3,370,149 thousand, a significant increase of 74.5% year-over-year, accounting for 30.2% of total revenue[43] - Revenue from the company's own brand business was approximately RMB 1,847,359 thousand, an increase of 26.0% year-over-year[44] - The company's total R&D expenditure in 2023 was approximately RMB 1,482,846 thousand, an increase of 8.1% compared to the previous year, accounting for 13.3% of revenue[50][51] - The company's R&D expenditure in the electronic nicotine delivery systems sector (including e-cigarettes and heated non-combustible products) was RMB 1,033,899 thousand, accounting for 69.7% of total R&D spending[50] - The company's R&D expenditure in the atomized medical and beauty products sector increased by 67.4% to RMB 277,627 thousand, accounting for 18.7% of total R&D spending[50] - The company's total revenue for the review period was approximately RMB 11,168,422 thousand, a decrease of 8.0% year-on-year[61] - The company's gross profit for the review period was approximately RMB 4,334,446 thousand, a decrease of 17.6% year-on-year, with a gross margin of 38.8% compared to 43.3% in 2022[61] - Revenue from enterprise customers decreased by 12.7% to approximately RMB 9,321,063 thousand, with a significant drop of 92.7% in revenue from the Chinese mainland market[63] - Revenue from the US market increased by 8.2% to approximately RMB 4,083,779 thousand, accounting for 36.6% of total revenue[63] - Revenue from Europe and other regions increased by 8.9% to approximately RMB 5,074,276 thousand, accounting for 45.4% of total revenue[63] - The company's own brand business sales increased by 26.0% to approximately RMB 1,847,359 thousand, accounting for 16.5% of total revenue[62] - Revenue from the company's own-brand business reached approximately RMB 1,847,359 thousand, a year-on-year increase of 26.0%, with revenue from the US at RMB 372,192 thousand (up 8.8%) and from Europe and other regions at RMB 1,475,167 thousand (up 31.3%)[64] - Total revenue for 2023 was RMB 11,168,422 thousand, a decrease of 8.0% compared to 2022, with revenue from Europe and other regions accounting for 45.4% (RMB 5,065,271 thousand), the US at 10.8% (RMB 1,210,769 thousand), and Hong Kong at 36.0% (RMB 4,016,522 thousand)[65] - Revenue from the Chinese mainland market was approximately RMB 875,860 thousand, a significant decrease of 92.7% compared to 2022, accounting for only 1.5% of total revenue after adjustments[66] - Gross profit for 2023 was RMB 4,334,446 thousand, a decrease of 17.6% year-on-year, with the gross margin dropping from 43.3% to 38.8% due to lower-margin products and reduced revenue from the Chinese mainland market[68] - Distribution and sales expenses increased by 35.7% to RMB 526,238 thousand, accounting for 4.7% of total revenue, driven by the expansion of localized marketing teams and increased promotional activities in overseas markets[69] - Employee compensation and benefits within distribution and sales expenses grew by 44.4% to RMB 269,416 thousand, reflecting the company's efforts to strengthen overseas market presence[69] - Market development expenses rose by 42.4% to RMB 129,155 thousand, primarily due to increased marketing activities for new product launches in overseas markets[69] - Travel expenses increased by 22.4% to RMB 34,525 thousand, as the company intensified its overseas market expansion and promotional efforts[70] - Raw material costs accounted for 49.4% of total revenue, up from 41.5% in 2022, driven by the increased proportion of lower-margin disposable e-vapor products[68] - Labor costs decreased by 30.6% to RMB 608,898 thousand, reflecting improved production efficiency and automation, reducing the need for manual labor[68] - Administrative expenses decreased by 24.5% to approximately RMB 867,154 thousand, accounting for 7.8% of revenue, down from 9.5% in the previous year[71] - Employee compensation and benefits decreased by 17.8% to approximately RMB 564,044 thousand, accounting for 5.1% of revenue, down from 5.6% in the previous year[71] - Professional service fees decreased by 38.8% to approximately RMB 100,073 thousand, accounting for 0.9% of revenue, down from 1.3% in the previous year[71] - R&D expenses increased by 8.1% to approximately RMB 1,482,846 thousand, accounting for 13.3% of revenue, up from 11.3% in the previous year[73] - Development costs increased by 25.8% to approximately RMB 466,953 thousand, accounting for 4.2% of revenue, up from 3.1% in the previous year[74] - Other income increased by 24.6% to approximately RMB 619,147 thousand, with bank deposit interest income increasing by 23.9% to RMB 515,056 thousand[75] - Other losses totaled approximately RMB 103,740 thousand, compared to other gains of RMB 133,266 thousand in the previous year[76] - Tax expenses decreased by 34.4% to approximately RMB 291,449 thousand, primarily due to a decrease in taxable profits and the impact of preferential tax rates[78] - Comprehensive income for the year decreased by 37.2% to approximately RMB 1,566,470 thousand, primarily due to a decline in revenue and gross profit margin[79] - The company's current ratio increased to 548.8% as of December 31, 2023, up from 534.9% in the previous year, primarily due to an increase in short-term bank deposits[80][81] - The company's asset-liability ratio was approximately 19.1% as of December 31, 2023, compared to 19.5% in the previous year[84] - The company recorded foreign exchange gains of approximately RMB 19,509 thousand in 2023, compared to RMB 126,711 thousand in 2022[86] - The company incurred losses of approximately RMB 95,810 thousand from forward foreign exchange contracts in 2023, compared to RMB 50,029 thousand in 2022[86] - Approximately 60% of the company's revenue was settled in USD, while 40% was settled in RMB during the reporting period[87] - A 10% increase in the USD/RMB exchange rate would increase the company's comprehensive income by approximately RMB 599,744 thousand, while a 10% decrease would reduce it by the same amount[88] - The company's total employee costs accounted for approximately 23.0% of revenue in 2023, down from 25.0% in 2022[90] - The company invested approximately RMB 1,155,547 thousand in property, plant, equipment, and intangible assets in 2023, compared to RMB 2,478,206 thousand in 2022[92] - As of December 31, 2023, the company had capital commitments of approximately RMB 494,304 thousand for property, plant, and equipment[93] - The company had no bank or financial institution borrowings as of December 31, 2023, and held a bank credit line of RMB 6,000.0 million, of which RMB 1,102.2 million was utilized[83] - The company had no significant contingent liabilities as of December 31, 2023[96] - The annual transaction caps for battery procurement are set at RMB 4,500,000 thousand, RMB 6,000,000 thousand, and RMB 7,500,000 thousand for the years ending December 31, 2023, 2024, and 2025, respectively[101] - Battery product procurement transactions during the review period amounted to approximately RMB 548,638 thousand, accounting for 9.9% of the company's total procurement[102] - The company's independent non-executive directors confirmed that the ongoing connected transactions are conducted under normal commercial terms and are fair and reasonable, aligning with the overall interests of shareholders[104] - The company's auditors issued an unqualified opinion on the ongoing connected transactions, confirming compliance with the relevant agreements and not exceeding the annual cap for 2023[105] - Available distributable reserves stood at RMB 7,440.8 million as of December 31, 2023[155] - Charitable donations amounted to RMB 6.3 million in 2023, down from RMB 8.6 million in 2022[156] - The company proposed a final dividend of HK$0.05 per ordinary share for 2023[160] - The share-based compensation plan accounted for approximately 0.94% of the weighted average number of shares issued in 2023[165] - The pre-IPO share option plan allows for the issuance of up to 319,032,000 shares, representing approximately 5.20% of total issued shares[168] - The exercise price for each share option under the pre-IPO share option plan is RMB 0.38[171] - The pre-IPO share option plan has a validity period from the adoption date (September 30, 2019) to the listing date (July 10, 2020), after which no further options will be granted[172] - Each grantee must pay HKD 1 as consideration for accepting the share options under the pre-IPO share option plan, which is non-refundable and not part of the exercise price[171] - The term of share options is determined by the board and shall not exceed ten years from the date of the option offer[170] - Any unexercised share options will expire after the option term ends[170] - The company granted a total of 16,000,000 share options to Director Chen Zhiping, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.04 to HKD 2.08 per option[174] - Director Wang Guisheng was granted 6,000,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.34 to HKD 2.42 per option[174] - Director Wang Xin received 1,428,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.34 to HKD 2.42 per option[174] - Director Bu Zhiqiang was granted 544,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.34 to HKD 2.42 per option[174] - Director Bu Weiqiang received 290,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.31 to HKD 2.42 per option[174] - Director Li Xiaoping was granted 1,192,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.34 to HKD 2.42 per option[174] - Director Yuan Xiang received 52,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.31 to HKD 2.42 per option[174] - Director Xiong Fei was granted 81,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.34 to HKD 2.42 per option[174] - Non-director employees were granted a total of 73,219,000 share options, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.31 to HKD 2.42 per option[174] - The company granted an additional 37,000 share options to non-director employees, with an exercise price of HKD 0.38 and a fair value ranging from HKD 2.08 to HKD 2.11 per option[174] - The number of share options available under the post-IPO share option plan at the beginning of 2023 was 160,063,272 shares, and at the end of 2023, it was 86,793,572 shares[175] - The maximum number of shares that can be issued under the post-IPO share option plan and other share option plans combined is 574,351,272 shares, which is 10% of the total issued shares as of the listing date[177] - The total number of shares that can be issued under the post-IPO share option plan is 255,319,272 shares, representing approximately 4.16% of the total issued shares of 6,137,238,720 as of the annual report date[177] - The post-IPO share option plan is valid for ten years from the listing date (July 10, 2020), after which no further options will be granted[183] - In 2023, the company granted a total of 85,475,100 share options under the post-IPO share option plan on April 19, July 20, August 23, and October 20[184] - 319,150 stock options were granted to Director Wang Guisheng on 2023/08/23, with exercise prices of HKD 7.79 and fair values ranging from HKD 2.15 to HKD 3.06[185] - 172,825 stock options were granted to Director Xiong Shaoming on 2023/08/23, with exercise prices of HKD 7.79 and fair values ranging from HKD 2.15 to HKD 3.06[185] - 87,650 stock options were granted to Director Wang Xin on 2023/08/23, with exercise prices of HKD 7.79 and fair values ranging from HKD 2.15 to HKD 3.06[185] - 66,500 stock options were granted to Director Wang Guisheng on 2022/11/09, with an exercise price of HKD 11.11 and a fair value of HKD 2.77[185] - 117,000 stock options were granted to Director Xiong Shaoming on 2022/11/09, with an exercise price of HKD 11.11 and fair values of HKD 2.77 and HKD 3.19[185] - 7,500 stock options were granted to Director Wang Xin on 2022/11/09, with an exercise price of HKD 11.11 and fair values of HKD 2.77 and HKD 3.19[185] - 44,333 stock options were granted to Director Wang Guisheng on 2021/04/01, with an exercise price of HKD 51.05 and fair values ranging from HKD 10.15 to HKD 12.40[185] - 78,000 stock options were granted to Director Xiong Shaoming on 2021/04/01, with an exercise price of HKD 51.05 and fair values ranging from HKD 10.15 to HKD 12.40[185] - 5,000 stock options were granted to Director Wang Xin on 2021/04/01, with an exercise price of HKD 51.05 and fair values ranging from HKD 10.15 to HKD 12.40[185] - 21,667 stock options were granted to Li Xiaoping (Director) on 2021/04/01 with an exercise price of HK$51.05 and a vesting period from 2021/04/01 to 2023/03/31[186] - 32,500 stock options were granted to Li Xiaoping (Director) on 2022/11/09 with an exercise price of HK$11.11 and a vesting period from 2022/11/09 to 2024/03/31[186] - 33,550 stock options were granted to Bu

股 票 研 究 [Table_industryInfo] 耐用消费品 [ Table_Main[思I Tnaf 摩bol]e 尔_Ti国tle]际 （6969） [评Tab级le_：Inv est] 增持 当前价格（港元）： 7.07 业绩稳步修复，底层研发持续夯实 2024.04.12 海 思摩尔国际2024Q1 业绩点评 [ 交Ta易bl数e_M据a rket] 外 王佳(分析师) 毛宇翔(研究助理) 52周内股价区间（港元） 4.73-10.20 当前股本（百万股） 6,138 公 010-83939781 0755-23976668 当前市值（百万港元） 43,394 司 wangjia025750@gtjas.com maoyuxiang029547@gtjas.co （ 证书编号 S0880524010001 mS0 880124030007 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司业绩稳步修复，多项业务产品、渠道扩张节奏延续，保持23年以来增势。此外， 思摩尔国际 恒生指数 香 公司加大研发力度，基于市场需求洞察，高效创新研发，敏捷回应消费趋势。 1% ...