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思摩尔国际(06969):电子雾化业务持续复苏,HNB业务有望加速放量
Huaan Securities· 2025-08-21 08:45
思摩尔国际( [Table_StockNameRptType] 6969.HK) 公司点评 电子雾化业务持续复苏,HNB 业务有望加速放量 | | | | | | | [Table_BaseData] 收盘价(港元) | 22.08 | | --- | --- | | 近 12 个月最高/最低(港元) 22.80/8.77 | | | 总股本(百万股) | 6190 | | 流通股本(百万股) | 6190 | | 流通股比例(%) | 100 | | 总市值(亿港元) | 1400 | | 流通市值(亿港元) | 1400 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师:徐偲 执业证书号:S0010523120001 邮箱:xucai@hazq.com 分析师:余倩莹 公司发布 2025 年半年报,2025H1 实现营业收入 60.13 亿元,同比增 长 18.3%;净利润 4.92 亿元,同比下降 28.0%;调整后净利润 7.37 亿 元,同比下降 2.1%。公司收入增长主要得益于全球主要市场对不合规 产品更为有效的执法行动,以及公司快速推出创新合规新产 ...
思摩尔国际(6969.HK)一度涨超9%,派中期息20港仙
Ge Long Hui A P P· 2025-08-21 06:24
格隆汇8月21日|思摩尔国际(6969.HK)今日盘中一度涨超9%报24.12港元,股价创2022年6月以来新高。 消息面上,公司昨晚公布业绩显示,截至今年6月底止,半年收益60.13亿元,同比上升18.29%;股东应 占盈利4.92亿元,同比减少27.96%,每股基本盈利8.08分。公司表示,今年是公司上市5周年,为庆祝 及纪念这一时刻及表达对股东的感谢,派中期息20港仙。 ...
思摩尔国际(06969):雾化主业积极修复,新业务放量可期
HTSC· 2025-08-21 05:55
Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 27.00 [1][5][6] Core Views - The company's revenue for the first half of 2025 reached HKD 6.013 billion, representing a year-on-year increase of 18.3%, while net profit decreased by 28.0% to HKD 0.492 billion. Adjusted net profit was HKD 0.737 billion, down 2.1% year-on-year, aligning with previous forecasts [1][5] - The growth in revenue is attributed to the strengthening of law enforcement and regulatory policies in the US and parts of Europe, leading to a recovery in the company's B2B business and stable growth in its B2C brand business. The decline in net profit is primarily due to increased non-cash share-based payments and rising costs associated with expanding proprietary brand operations [1][2] - The company is expected to continue its recovery in the vaping sector, supported by ongoing improvements in regulatory frameworks in the US and Europe, while new business lines such as HNB (Heated Not Burned) are anticipated to grow significantly [1][5] Summary by Sections Revenue and Profitability - In the first half of 2025, the company's B2B business generated revenue of HKD 4.939 billion, up 19.5% year-on-year, with significant growth in Europe (38.0% increase) due to new compliance regulations. The US market saw a modest increase of 1.5% despite a predominance of non-compliant products [2] - The B2C business achieved revenue of HKD 1.274 billion, a 14.1% increase, with notable performance from the "Lan Zhi" beauty brand in China, which saw a staggering 2595% growth [3] Cost Structure and Expenses - The company's gross margin for the first half of 2025 was 37.3%, a slight decrease of 0.5 percentage points year-on-year, primarily due to rising labor and indirect costs. The distribution and sales expenses increased due to heightened marketing efforts for proprietary brands [4] - The adjusted net profit margin for the first half of 2025 was 12.3%, down 2.5 percentage points year-on-year, reflecting the impact of increased share-based payment expenses [4] Profit Forecast and Valuation - Profit forecasts have been adjusted downward, with expected net profits for 2025, 2026, and 2027 at HKD 1.007 billion, HKD 1.830 billion, and HKD 2.559 billion, respectively. The adjusted profits are projected to be HKD 1.267 billion, HKD 2.140 billion, and HKD 2.759 billion for the same years [5][10] - The target price is set at HKD 27.00, based on a 71x PE ratio for 2026, reflecting the company's potential for long-term growth in the vaping sector and new markets [5][12]
思摩尔国际绩后涨超8% 市场合规化持续推进 上半年收入同比增长18.3%
Zhi Tong Cai Jing· 2025-08-21 01:40
Core Viewpoint - Smoore International (06969) reported a strong performance in its interim results, with revenue growth driven by effective enforcement actions against non-compliant products and the company's ability to quickly launch innovative compliant products to meet market demand [1] Financial Performance - The company achieved a revenue of RMB 6.013 billion in the first half of the year, representing an increase of 18.3% year-on-year [1] - Adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year, while net profit was RMB 492 million, down 27.96% year-on-year [1] Business Segments - The ToB (business-to-business) segment generated approximately RMB 4.739 billion in revenue, reflecting a year-on-year growth of about 19.5% [1] - The proprietary brand electronic vaporization business achieved revenue of approximately RMB 1.274 billion, with a year-on-year increase of about 14.1%, supported by the strong performance of the leading brand VAPORESSO [1]
思摩尔国际中期调整后净利润7.37亿元 同比减少2.1%
Core Insights - The company achieved revenue of RMB 6.013 billion for the six months ending June 30, 2025, representing a year-on-year growth of 18.3% [1] - Adjusted net profit was RMB 737 million, showing a decrease of 2.1% compared to the previous year [1] Revenue Breakdown - The ToB (Business-to-Business) segment generated revenue of RMB 4.739 billion, reflecting a year-on-year increase of 19.5% [1] - The proprietary brand business reported revenue of RMB 1.274 billion, which is a year-on-year growth of 14.1%, with strong performance from the VAPORESSO brand [1] Expense Analysis - Sales and distribution expenses increased by 31.2% year-on-year, amounting to approximately RMB 491 million [1] - Research and development expenses were RMB 723 million, showing a decline of 4.9% year-on-year, as the company prioritized key R&D projects while reducing investment in electronic vaporization products [1]
思摩尔国际(06969) - 截至二零二五年六月三十日止六个月中期股息
2025-08-20 14:24
EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期,本公司執行董事為陳志平先生、熊少明先生、王貴升先生及王鑫女士;本公司非執行董事為江敏女士;本公司獨立 EF001 免責聲明 | 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的內容概不負責,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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 思摩爾國際控股有限公司 | | 股份代號 | 06969 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期(半年期) | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.2 HKD | ...
思摩尔国际(06969) - 2025 - 中期业绩
2025-08-20 14:21
[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) Smoore International reported RMB 6.013 billion revenue, up 18.3%, with gross profit increasing 16.6% to RMB 2.244 billion, while profit for the period decreased 28.0% to RMB 492 million due to higher expenses Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,013,290 | 5,083,554 | 18.3 | - | | Gross Profit | 2,243,850 | 1,923,951 | 16.6 | - | | Gross Margin | 37.3% | 37.8% | - | (0.5) | | Profit Before Tax | 698,735 | 811,555 | (13.9) | - | | Profit for the Period | 492,154 | 683,198 | (28.0) | - | | Total Comprehensive Income for the Period | 501,166 | 724,597 | (30.8) | - | | Adjusted Profit for the Period | 737,410 | 752,851 | (2.1) | - | | Adjusted Net Profit Margin | 12.3% | 14.8% | - | (2.5) | - Profit for the period decreased by **28.0%**, primarily due to significant increases in share-based payment expenses, market development costs, and legal and compliance service fees, which were not fully offset by revenue and gross profit growth[34](index=34&type=chunk) - Adjusted profit for the period excludes non-cash share-based payment expenses, which management believes provides a clearer reflection of operating performance[5](index=5&type=chunk)[6](index=6&type=chunk) [Key Financial Ratios](index=3&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, total assets slightly decreased, but total equity grew by 2.5%, with improved debt-to-asset and current ratios indicating a robust financial structure Key Financial Ratios as of June 30, 2025 | Metric | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | Change (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 27,331,803 | 27,654,378 | (1.2) | - | | Total Equity | 22,445,554 | 21,904,711 | 2.5 | - | | Cash and Cash Equivalents | 5,211,753 | 5,170,700 | 0.8 | - | | Debt-to-Asset Ratio | 17.9% | 20.8% | - | (2.9) | | Current Ratio | 336.7% | 320.3% | - | 16.4 | | Trade Receivables and Bills Turnover Days | 61.4天 | 61.5天 | (0.2) | - | | Inventory Turnover Days | 45.7天 | 41.8天 | 9.3 | - | | Trade Payables and Bills Turnover Days | 62.4天 | 65.2天 | (4.3) | - | [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Principal Business](index=4&type=section&id=Principal%20Business) Smoore International, a global leader in atomization technology, operates ToB and self-owned brand businesses, offering R&D, design, manufacturing, and technical services for diverse atomization products - The Group primarily operates through two major segments, ToB business and self-owned brand business, offering diversified atomization technology solutions[8](index=8&type=chunk) - The ToB business covers R&D, design, manufacturing, and technical services for atomization products, Heat-Not-Burn (HNB) products, special-purpose atomization products, and atomization medical products[8](index=8&type=chunk) - The self-owned brand business primarily includes R&D, design, manufacturing, and sales of self-owned brand e-vapor products and atomization beauty products[8](index=8&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) Stricter global e-vapor regulations in H1 2025 drove the Group's revenue up 18.3%, fueled by ToB and self-owned brand business recovery and strategic focus on compliant, innovative products - Global e-vapor product regulations are tightening, with the US FDA increasing enforcement and several European countries implementing bans on disposable atomization products, creating growth opportunities for compliant market participants[8](index=8&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) Revenue by Business Segment for H1 2025 | Business Segment | H1 2025 Revenue (RMB 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | ToB Business | 47.39 | 19.5 | | Self-owned Brand Business | 12.74 | 14.1 | | **Total Revenue** | **60.13** | **18.3** | - The Group drove sales growth by rapidly launching innovative and compliant new products and deepening cooperation with clients, offering marketing, branding, and channel operation services[9](index=9&type=chunk)[10](index=10&type=chunk) [Sales and Marketing](index=6&type=section&id=Sales%20and%20Marketing) Amid strict global regulations, the Group's sales and marketing focused on compliant products, with VAPORESSO strong in Europe and "Lanzhi" growing significantly in China, while ToB business faced mixed regional performance - The US FDA intensified enforcement against non-compliant e-vapor products, seizing nearly **2 million** unauthorized items, with multiple states passing or considering e-vapor registration bills[12](index=12&type=chunk) - The UK implemented a ban on disposable e-vapor product sales, creating significant market opportunities for compliant products[13](index=13&type=chunk) Revenue by Business Segment and Region for H1 2025 | Business Segment | Region | H1 2025 Revenue (RMB 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Self-owned Brand | Europe and Other | 10.69 | 15.1 | | Self-owned Brand | US | 1.74 | (6.7) | | Self-owned Brand | China (Atomization Beauty) | 0.31 | 2,595.2 | | ToB | Europe and Other | 27.34 | 38.0 | | ToB | US | 18.88 | 1.5 | | ToB | China | 1.17 | (6.1) | - Self-owned brand atomization beauty product "Lanzhi" saw revenue in mainland China increase by **2,595.2%** year-on-year, obtained Class II medical device certification, and has been adopted by multiple beauty institutions and public hospitals[15](index=15&type=chunk) [Research and Development](index=8&type=section&id=Research%20and%20Development) R&D expenses decreased 4.9% to RMB 723 million in H1 2025, shifting focus to HNB and atomization medical, with breakthroughs in HNB and new patent applications totaling 10,092 globally - R&D expenses decreased by **4.9%** year-on-year to **RMB 723 million**, with its proportion of revenue falling from **15.0%** to **12.0%**, primarily due to reduced investment in e-vapor products and the capitalization of eligible development costs[11](index=11&type=chunk)[19](index=19&type=chunk)[24](index=24&type=chunk)[46](index=46&type=chunk) - The R&D strategy focused on HNB products and atomization medical, successfully supporting a strategic client's launch of a high-end HNB product series in Japan, with plans to expand to more markets in H2 2025[19](index=19&type=chunk)[20](index=20&type=chunk)[27](index=27&type=chunk) - Atomization medical subsidiary Transpring established an inhaled product R&D center in Miami, Florida, and collaborated with CDMOs to build drug-device combination product manufacturing capabilities in the US[20](index=20&type=chunk)[21](index=21&type=chunk) R&D Expense Classification for H1 2025 | R&D Area | 2025 (RMB '000) | Proportion (%) | 2024 (RMB '000) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Nicotine Delivery Systems | 478,591 | 66.2 | 481,988 | 63.4 | (0.7) | | Atomization Medical and Atomization Beauty | 179,241 | 24.8 | 185,471 | 24.4 | (3.4) | | Special-Purpose Atomization Products and Solutions | 64,732 | 9.0 | 92,653 | 12.2 | (30.1) | | **Total** | **722,564** | **100.0** | **760,112** | **100.0** | **(4.9)** | - As of June 30, 2025, the Group had accumulated **10,092** patent applications globally, including **5,224** invention patents, with **839** new patent applications (including **464** invention patents) during the review period[23](index=23&type=chunk) [Production Operations](index=10&type=section&id=Production%20Operations) The Group's production system achieved excellent agility and improved capacity utilization through flexible operations, KPI implementation, and successful support for key HNB product launches - The production system continuously improved overall capacity utilization through flexible operational adjustments and strategic optimization of production layout, ensuring rapid market response and customer delivery[25](index=25&type=chunk) - A Key Performance Indicators (KPIs) system and an operational knowledge base were established to promote cross-factory knowledge sharing and experience integration, continuously improving operational efficiency[25](index=25&type=chunk) - The HNB business achieved breakthroughs, with the operations team effectively supporting the launch and delivery of key clients' HNB products and establishing a stringent product quality control system[25](index=25&type=chunk) [Future Prospects and Strategies](index=11&type=section&id=Future%20Prospects%20and%20Strategies) The Group will focus on "atomization technology," deepening its presence in e-vapor, HNB, and medical atomization, accelerating technology commercialization, and enhancing operations for sustainable growth and shareholder returns - The Group will continue to adhere to "atomization technology" as its core, deepening its presence in key areas such as e-vapor, HNB, special-purpose atomization products, atomization medical, and atomization beauty products[26](index=26&type=chunk) Market Size Forecast for Various Atomization Products (2024-2029) | Market | 2029 Market Size (USD) | 2024-2029 CAGR (%) | | :--- | :--- | :--- | | HNB Products | 66.86 billion | 10.1 | | E-vapor Products | 91.42 billion | 7.4 | | Special-Purpose Atomization Products | 3.44 billion | 17.2 | - The atomization medical market is projected to reach approximately **USD 93.28 billion** by 2030, with Transpring dedicated to developing generic drugs for asthma and COPD products and advancing drug-device combination product development[30](index=30&type=chunk) - China's beauty device retail market is expected to significantly expand to **RMB 25.1 billion to RMB 37.4 billion** by 2025, and the skincare market is projected to reach **RMB 701.1 billion** by 2028[31](index=31&type=chunk) - Future strategies include accelerating technology platform commercialization, prioritizing R&D for HNB and atomization medical solutions, launching competitive new products in the e-vapor sector, and deepening comprehensive one-stop cooperation with clients[31](index=31&type=chunk)[32](index=32&type=chunk) - Production and operations management will be strengthened, increasing automation, streamlining workflows, and promoting a "prevention-first" quality assurance approach, while committing to corporate social responsibility and sustainable development[33](index=33&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) [Overall Financial Performance](index=14&type=section&id=Overall%20Financial%20Performance) In H1 2025, revenue grew 18.3% to RMB 6.013 billion, gross profit increased 16.6% to RMB 2.244 billion, but profit for the period fell 28.0% to RMB 492 million due to higher expenses Overall Financial Performance for H1 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Total Revenue | 6,013,290 | 5,083,554 | 18.3 | | Gross Profit | 2,243,850 | 1,923,951 | 16.6 | | Gross Margin | 37.3% | 37.8% | (0.5 percentage points) | | Profit for the Period | 492,154 | 683,198 | (28.0) | | Adjusted Profit for the Period | 737,410 | 752,851 | (2.1) | - The primary reasons for the decrease in profit for the period include: (i) a significant increase in share-based payment expenses; (ii) a substantial increase in market development costs for self-owned brand products; and (iii) a significant increase in legal and compliance service-related fees[34](index=34&type=chunk) [Revenue by Business Type](index=14&type=section&id=Revenue%20by%20Business%20Type) Total revenue grew 18.3% in H1 2025, with ToB business contributing 78.8% (up 19.5%) and self-owned brands 21.2% (up 14.1%), notably driven by strong ToB growth in Europe and atomization beauty in China Revenue by Business Type for H1 2025 | Business Type | 2025 (RMB '000) | Proportion (%) | 2024 (RMB '000) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Self-owned Brand Business | 1,274,306 | 21.2 | 1,116,743 | 22.0 | 14.1 | | ToB Business | 4,738,984 | 78.8 | 3,966,811 | 78.0 | 19.5 | | **Total** | **6,013,290** | **100.0** | **5,083,554** | **100.0** | **18.3** | Detailed Revenue by Business Segment and Region for H1 2025 | Business Segment | Region | 2025 (RMB '000) | Proportion of Total Revenue (%) | 2024 (RMB '000) | Proportion of Total Revenue (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Self-owned Brand | Europe and Other (E-vapor) | 1,069,339 | 17.8 | 928,687 | 18.3 | 15.1 | | Self-owned Brand | US (E-vapor) | 174,349 | 2.9 | 186,920 | 3.7 | (6.7) | | Self-owned Brand | China (Atomization Beauty) | 30,618 | 0.5 | 1,136 | 0.0 | 2,595.2 | | ToB | Europe and Other (E-vapor, HNB, Technical Services) | 2,733,787 | 45.4 | 1,981,193 | 39.0 | 38.0 | | ToB | US (E-vapor, Special-Purpose Atomization, Technical Services) | 1,887,768 | 31.4 | 1,860,614 | 36.6 | 1.5 | | ToB | China (E-vapor, Technical Services) | 117,429 | 2.0 | 125,004 | 2.4 | (6.1) | | **Total** | | **6,013,290** | **100.0** | **5,083,554** | **100.0** | **18.3** | [Gross Profit and Cost of Revenue](index=17&type=section&id=Gross%20Profit%20and%20Cost%20of%20Revenue) Gross profit increased 16.6% to RMB 2.244 billion in H1 2025, but gross margin slightly declined to 37.3%, with cost of revenue rising 19.3% due to increased labor and indirect costs - Gross profit increased by **16.6%** to **RMB 2,243,850 thousand**, with gross margin slightly decreasing by **0.5 percentage points** to **37.3%**[41](index=41&type=chunk) Cost of Revenue Composition for H1 2025 | Cost Item | 2025 (RMB '000) | Proportion of Revenue (%) | 2024 (RMB '000) | Proportion of Revenue (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Raw Material Costs | 2,845,798 | 47.3 | 2,428,773 | 47.8 | 17.2 | | Labor Costs | 433,682 | 7.2 | 341,758 | 6.7 | 26.9 | | Indirect Costs | 454,955 | 7.6 | 354,390 | 7.0 | 28.4 | | Taxes and Surcharges | 35,005 | 0.6 | 34,682 | 0.7 | 0.9 | | **Total** | **3,769,440** | **62.7** | **3,159,603** | **62.2** | **19.3** | - The proportion of raw material costs to revenue slightly decreased, primarily benefiting from the Group's continuous efforts to reduce product costs and enhance efficiency[42](index=42&type=chunk) [Selling and Distribution Expenses](index=18&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses rose 31.2% to RMB 491 million in H1 2025, increasing to 8.2% of revenue, mainly due to higher marketing investment in self-owned brands - Selling and distribution expenses increased by **31.2%** to **RMB 491,229 thousand**, with its proportion of revenue growing from **7.4%** to **8.2%**[43](index=43&type=chunk) - Staff salaries and benefits increased by **24.9%** to **RMB 185,664 thousand**, primarily due to increased remuneration for marketing personnel[43](index=43&type=chunk) - Market development costs increased by **123.2%** to **RMB 133,965 thousand**, primarily due to intensified promotion of e-vapor products and atomization beauty products[43](index=43&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses surged 79.7% to RMB 610 million in H1 2025, reaching 10.1% of revenue, driven by increased share-based payment and legal compliance costs - Administrative expenses increased by **79.7%** to **RMB 609,548 thousand**, with its proportion of revenue growing from **6.7%** to **10.1%**[44](index=44&type=chunk) - Staff salaries and benefits increased by **76.2%** to **RMB 357,378 thousand**, primarily due to increased share-based payment expenses[45](index=45&type=chunk) - Professional fees increased by **819.6%** to **RMB 139,687 thousand**, primarily due to increased legal and compliance service-related fees[45](index=45&type=chunk) [Research and Development Expenses](index=20&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased 4.9% to RMB 723 million in H1 2025, falling to 12.0% of revenue, mainly due to reduced e-vapor product investment and capitalized development costs - R&D expenses decreased by **4.9%** to **RMB 722,564 thousand**, with its proportion of revenue falling from **15.0%** to **12.0%**[46](index=46&type=chunk) - R&D expenses for Electronic Nicotine Delivery Systems decreased by **0.7%**, for atomization medical and atomization beauty products by **3.4%**, and for special-purpose atomization products and solutions by **30.1%**[46](index=46&type=chunk) - The primary reasons for the decrease in R&D expenses were reduced investment in e-vapor products and the capitalization of eligible development costs[46](index=46&type=chunk) [Other Income and Expenses](index=21&type=section&id=Other%20Income%20and%20Expenses) Total other income decreased 9.3% to RMB 350 million in H1 2025, mainly due to lower bank interest and government grants, despite increased investment note interest Other Income and Expenses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Interest income from bank deposits | 235,658 | 322,425 | (26.9) | | Interest income from investment notes measured at amortized cost | 87,130 | — | Not applicable | | Government grants | 19,192 | 57,955 | (66.9) | | Other | 7,711 | 5,255 | 46.7 | | **Total** | **349,691** | **385,635** | **(9.3)** | [Other Gains and Losses](index=21&type=section&id=Other%20Gains%20and%20Losses) Total other losses surged 811.9% to RMB 55.177 million in H1 2025, primarily due to net foreign exchange losses and increased losses from asset disposals Other Gains and Losses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Net foreign exchange (loss) gain | (37,238) | 8,134 | Not applicable | | Loss arising from forward foreign exchange contracts/swap contracts | (482) | — | Not applicable | | Gain arising from short-term floating rate bank deposits | 5,524 | 1,118 | 394.1 | | Gain arising from debt instruments | 2,498 | — | Not applicable | | Gain on early termination of leases | 258 | 396 | (34.8) | | Loss on disposal/write-off of property, plant and equipment | (25,737) | (22,935) | 12.2 | | Other | — | 7,236 | Not applicable | | **Total** | **(55,177)** | **(6,051)** | **811.9** | [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs decreased 26.4% to RMB 13.619 million in H1 2025, mainly due to lower interest expenses from lease liabilities and discounted bills receivable - Finance costs decreased by **26.4%** year-on-year to **RMB 13,619 thousand**[49](index=49&type=chunk) - Primarily from interest expenses on lease liabilities and interest expenses arising from discounted bills receivable[49](index=49&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) Income tax expense increased 60.9% to RMB 207 million in H1 2025, driven by higher tax provisions for international expansion and first-time recognition of Pillar Two related taxes - Income tax expense increased by **60.9%** year-on-year to **RMB 206,581 thousand**[50](index=50&type=chunk) - The primary reason for the increase in income tax was increased tax provisions related to the Group's international business expansion[50](index=50&type=chunk) - First-time recognition of current income tax expenses of **RMB 76,218 thousand** related to Pillar Two rules[86](index=86&type=chunk) [Profit for the Period and Total Comprehensive Income](index=22&type=section&id=Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income) Profit for the period decreased 28.0% to RMB 492 million, and total comprehensive income fell 30.8% to RMB 501 million in H1 2025, as expense growth outpaced revenue and gross profit - Profit for the period decreased by **28.0%** year-on-year to **RMB 492,154 thousand**[51](index=51&type=chunk) - Total comprehensive income for the period decreased by **30.8%** year-on-year to **RMB 501,166 thousand**[51](index=51&type=chunk) - The primary reason for the decline was insufficient growth in revenue and gross profit to offset the increase in expenses[51](index=51&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained strong liquidity with RMB 10.20 billion net current assets and a 336.7% current ratio, boasting a robust financial position with no borrowings or pledged assets - Net current assets were approximately **RMB 10,198,578 thousand**, and cash and cash equivalents were approximately **RMB 5,211,753 thousand**[52](index=52&type=chunk) - The current ratio was **336.7%**, an improvement from **320.3%** at the end of 2024[52](index=52&type=chunk) - The Group had no borrowings from banks or other financial institutions, its debt-to-asset ratio decreased to **21.8%**, and no assets were pledged, indicating a robust financial position[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) With 70% of revenue in USD and 80% of expenses in RMB, the Group faces foreign exchange risk from USD-denominated assets, managed via settlements and forward contracts, with a 10% USD/RMB fluctuation impacting comprehensive income by RMB 1.146 billion - Approximately **70%** of the Group's revenue is settled in USD, and about **30%** in RMB; approximately **80%** of expenses are settled in RMB[57](index=57&type=chunk) - The primary foreign exchange risk arises from USD-denominated monetary assets and the net amount of trade receivables less trade payables[57](index=57&type=chunk) - If the USD to RMB exchange rate increases/decreases by **10%**, the Group's total comprehensive income will increase/decrease by approximately **RMB 1,145,717 thousand**[58](index=58&type=chunk) [Employment, Training and Development](index=24&type=section&id=Employment%2C%20Training%20and%20Development) As of June 30, 2025, the Group employed 23,183 individuals globally, offering comprehensive benefits and development programs, with total staff costs rising to 28.5% of revenue due to increased share-based payments - As of June 30, 2025, the Group had **20,978** employees in China and **2,205** in other countries and regions, totaling **23,183** employees[59](index=59&type=chunk) - The company offers comprehensive remuneration and benefits, and share incentive schemes, and has developed "Hongyi Program," "Zhenyu Program," and a "1 – 3 – 5 – 7 – 10" ten-year development path for fresh graduates[59](index=59&type=chunk)[60](index=60&type=chunk) - Total staff costs accounted for approximately **28.5%** of revenue, an increase from **25.6%** in the prior period, primarily due to a year-on-year increase in share-based payment expenses[60](index=60&type=chunk) [Capital Expenditure and Commitments](index=24&type=section&id=Capital%20Expenditure%20and%20Commitments) Total investment surged to RMB 785 million in H1 2025, mainly for headquarters, equipment, and capitalized R&D, while capital commitments decreased to RMB 474 million by June 30, 2025 - For the six months ended June 30, 2025, total investment in property, plant and equipment, and intangible assets was approximately **RMB 784,581 thousand**, a significant increase from **RMB 282,315 thousand** in the prior period[61](index=61&type=chunk) - The increase in capital expenditure was primarily due to the recognition of capital expenditure related to the headquarters building, equipment, and capitalized R&D expenditures[61](index=61&type=chunk) - As of June 30, 2025, capital commitments for contracted purchases of property, plant and equipment were approximately **RMB 474,461 thousand**, a decrease from **RMB 707,750 thousand** at the end of 2024[62](index=62&type=chunk) [Other Financial Disclosures](index=25&type=section&id=Other%20Financial%20Disclosures) The Group made no significant acquisitions, disposals, investments, or contingent liabilities during the review period, with future plans referencing past disclosures - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[63](index=63&type=chunk) - The Group had no significant investments or significant contingent liabilities[64](index=64&type=chunk)[65](index=65&type=chunk) - Future plans regarding significant investments or capital expenditures will refer to disclosures in the 2020 prospectus, 2021 placing announcement, and 2021 annual report[66](index=66&type=chunk) [Condensed Consolidated Financial Statements](index=26&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's unaudited profit or loss and other comprehensive income for H1 2025, detailing revenue, gross profit, expenses, profit before tax, and earnings per share Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 6,013,290 | 5,083,554 | | Gross Profit | 2,243,850 | 1,923,951 | | Profit Before Tax | 698,735 | 811,555 | | Profit for the Period | 492,154 | 683,198 | | Total Comprehensive Income for the Period | 501,166 | 724,597 | | Basic Earnings Per Share (RMB cents) | 8.08 | 11.20 | | Diluted Earnings Per Share (RMB cents) | 7.96 | 11.11 | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's unaudited financial position as of June 30, 2025, showing a slight decrease in total assets but an increase in total equity and high net current assets Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | 12,824,214 | 10,807,950 | | Current Assets | 14,507,589 | 16,846,428 | | Current Liabilities | 4,309,011 | 5,259,365 | | Net Current Assets | 10,198,578 | 11,587,063 | | Total Assets Less Current Liabilities | 23,022,792 | 22,395,013 | | Non-current Liabilities | 577,238 | 490,302 | | Net Assets | 22,445,554 | 21,904,711 | | Total Equity | 22,445,554 | 21,904,711 | [Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the Group's unaudited cash flows for H1 2025, detailing net cash from operating, investing, and financing activities, and the period-end cash and cash equivalents Summary of Condensed Consolidated Statement of Cash Flows | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 813,755 | 602,829 | | Net Cash from Investing Activities | 539,974 | 267,909 | | Net Cash (Used in) from Financing Activities | (1,298,904) | 332,125 | | Net Increase in Cash and Cash Equivalents | 54,825 | 1,202,863 | | Cash and Cash Equivalents at End of Period | 5,211,753 | 6,534,871 | [Notes to Condensed Consolidated Financial Statements](index=30&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=30&type=section&id=General%20Information) Smoore International, incorporated in the Cayman Islands and listed on HKEX, primarily operates ToB and self-owned brand businesses, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on July 22, 2019, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 10, 2020[73](index=73&type=chunk) - The Group's principal activities are ToB business (R&D, design, manufacturing, and technical services for atomization products, HNB products, special-purpose atomization products, and atomization medical products) and self-owned brand business (R&D, design, manufacturing, and sales of self-owned brand e-vapor products and atomization beauty products)[73](index=73&type=chunk) - The Group's condensed consolidated financial statements are presented in RMB[74](index=74&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=30&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules, using historical cost, with new HKFRS revisions having no significant impact on financial position or performance - The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[75](index=75&type=chunk) - The financial statements are prepared on the historical cost basis, except for certain financial instruments which are measured at fair value[76](index=76&type=chunk) - The revisions to Hong Kong Financial Reporting Standards adopted for the first time in this interim period had no significant impact on the Group's financial position and performance[77](index=77&type=chunk) [Revenue and Segment Information](index=31&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily from ToB and self-owned brand businesses is mostly recognized at a point in time, with Hong Kong, UK, and US as key revenue sources Disaggregation of Revenue from Contracts with Customers for H1 2025 | Business Type | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | ToB Business | 4,738,984 | 3,966,811 | | Self-owned Brand Business | 1,274,306 | 1,116,743 | | **Total Revenue** | **6,013,290** | **5,083,554** | | Timing of Revenue Recognition | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | At a point in time | 5,847,159 | 5,037,242 | | Over time | 166,131 | 46,312 | | **Total Revenue** | **6,013,290** | **5,083,554** | - Revenue from the sale of goods is recognized when control of the goods is transferred (i.e., upon delivery), while revenue from technical services is recognized over time[79](index=79&type=chunk)[80](index=80&type=chunk) Revenue Disaggregated by Customer Location for H1 2025 | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Hong Kong, China | 2,128,271 | 1,858,625 | | United Kingdom | 1,501,465 | 1,149,981 | | United States | 648,850 | 567,266 | | Mainland China | 417,262 | 364,777 | | Republic of Croatia | 222,905 | 92,588 | | France | 161,195 | 160,310 | | Malaysia | 124,464 | 2,023 | | Japan | 118,811 | 114,880 | | Canada | 101,353 | 81,652 | | Other | 588,714 | 691,452 | | **Total** | **6,013,290** | **5,083,554** | [Other Gains and Losses (Note)](index=33&type=section&id=Other%20Gains%20and%20Losses%20(Note)) This note details H1 2025 other gains and losses, totaling a RMB 55.177 million loss, significantly higher due to foreign exchange and asset disposal losses Details of Other Gains and Losses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net foreign exchange (loss) gain | (37,238) | 8,134 | | Loss arising from forward foreign exchange contracts/swap contracts | (482) | — | | Gain arising from short-term floating rate bank deposits | 5,524 | 1,118 | | Gain arising from debt instruments | 2,498 | — | | Gain on early termination of leases | 258 | 396 | | Loss on disposal/write-off of property, plant and equipment | (25,737) | (22,935) | | Other | — | 7,236 | | **Total** | **(55,177)** | **(6,051)** | [Income Tax Expense (Note)](index=34&type=section&id=Income%20Tax%20Expense%20(Note)) This note details H1 2025 income tax expense, totaling RMB 207 million (up 60.9%), driven by increased taxes across regions and the first-time recognition of Pillar Two related current income tax Details of Income Tax Expense for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China corporate income tax | 78,729 | 87,985 | | Hong Kong profits tax | 34,729 | 11,882 | | Other countries and regions | 94,963 | 1,588 | | Deferred tax | (1,840) | 26,902 | | **Total** | **206,581** | **128,357** | - Certain mainland China subsidiaries, as high-tech enterprises, enjoy a preferential corporate income tax rate of **15%**[85](index=85&type=chunk) - Current income tax expenses of **RMB 76,218 thousand** related to Pillar Two rules were recognized in this interim period, leading to an expected effective income tax rate higher than **15%**[86](index=86&type=chunk) [Profit for the Period (Note)](index=35&type=section&id=Profit%20for%20the%20Period%20(Note)) This note details expenses deducted for profit calculation, including depreciation, amortization, and inventory provisions, and specifies amounts capitalized as inventory, PPE, and intangible assets Items Deducted in Profit for the Period for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation of right-of-use assets for buildings and land use rights | 87,229 | 88,819 | | Depreciation of property, plant and equipment other than right-of-use assets | 232,603 | 258,614 | | Amortization of intangible assets | 14,175 | 16,875 | | **Total** | **334,007** | **364,308** | | Less: Amounts capitalized as manufacturing costs of inventories and property, plant and equipment | (187,605) | (221,122) | | Amounts capitalized as intangible assets | (11,228) | — | | Inventory provision charged to cost of revenue | 3,466 | 17,993 | | Government grants | 19,192 | 57,955 | [Dividends (Note)](index=35&type=section&id=Dividends%20(Note)) This note discloses RMB 279 million in dividends for H1 2025, with the Board declaring an interim dividend of HKD 20 cents per share, a significant increase from the prior period - Dividends recognized as distributions for the period amounted to **RMB 279,308 thousand**[88](index=88&type=chunk)[89](index=89&type=chunk) - The Board resolved to pay an interim dividend of **HKD 20 cents** per share (H1 2024: **HKD 5 cents**), totaling approximately **HKD 1,238,220 thousand** to shareholders[89](index=89&type=chunk) [Earnings Per Share (Note)](index=36&type=section&id=Earnings%20Per%20Share%20(Note)) This note provides basic and diluted earnings per share calculations, with basic EPS at RMB 8.08 cents and diluted EPS at RMB 7.96 cents as of June 30, 2025 Earnings Per Share Calculation Data for H1 2025 | Metric | 2025 (RMB '000 / '000 shares) | 2024 (RMB '000 / '000 shares) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 492,154 | 683,198 | | Weighted average number of ordinary shares for the purpose of calculating earnings per share | 6,091,740 | 6,101,812 | | Effect of dilutive potential ordinary shares: share options/award shares | 93,359 | 50,173 | | **Basic Earnings Per Share (RMB cents)** | **8.08** | **11.20** | | **Diluted Earnings Per Share (RMB cents)** | **7.96** | **11.11** | [Trade and Other Receivables (Note)](index=36&type=section&id=Trade%20and%20Other%20Receivables%20(Note)) This note details trade and other receivables totaling RMB 2.015 billion as of June 30, 2025, with credit terms of 0-105 days and an aging analysis provided Trade and Other Receivables for H1 2025 | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 2,053,186 | 2,103,221 | | Less: Provision for credit losses | (37,863) | (36,314) | | Bills receivable | — | 17,918 | | **Total** | **2,015,323** | **2,084,825** | - The Group grants credit periods of **0 to 105 days** to trade customers[91](index=91&type=chunk) Aging Analysis of Trade Receivables for H1 2025 | Aging | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 30 days | 492,339 | 764,436 | | 31 to 60 days | 637,280 | 550,894 | | 61 to 90 days | 479,201 | 477,720 | | Over 90 days | 406,503 | 273,857 | | **Total** | **2,015,323** | **2,066,907** | [Trade and Other Payables (Note)](index=37&type=section&id=Trade%20and%20Other%20Payables%20(Note)) This note details trade and other payables totaling RMB 1.242 billion as of June 30, 2025, with typical credit terms of 30-90 days and an aging analysis provided Trade and Other Payables for H1 2025 | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 1,136,290 | 1,209,152 | | Bills payable | 105,567 | 160,424 | | **Total** | **1,241,857** | **1,369,576** | - The Group is typically granted credit periods of **30 to 90 days**[93](index=93&type=chunk) Aging Analysis of Trade Payables for H1 2025 | Aging | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 30 days | 389,907 | 730,256 | | 31 to 60 days | 500,169 | 284,727 | | 61 to 90 days | 182,233 | 158,228 | | Over 90 days | 63,981 | 35,941 | | **Total** | **1,136,290** | **1,209,152** | [Other Information](index=38&type=section&id=Other%20Information) [Corporate Governance](index=38&type=section&id=Corporate%20Governance) The Company adheres to good corporate governance, complying with Listing Rules, and despite the combined Chairman/CEO role, the Board believes existing checks and balances protect shareholder interests - The Company has complied with all code provisions and recommended best practices of the Corporate Governance Code in Appendix C1 of the Listing Rules (except for the roles of Board Chairman and Chief Executive Officer being held by Mr. Chen Zhiping)[95](index=95&type=chunk) - The Board believes that the current arrangement, where the roles of Chairman and Chief Executive Officer are held by the same person, is most appropriate for the overall interests of shareholders, as there are sufficient checks and balances within the Board, and directors have committed to fulfilling their fiduciary duties[95](index=95&type=chunk)[96](index=96&type=chunk) [Audit Committee](index=39&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Zhong Shan and composed of three independent non-executive directors, reviews the Group's financial practices, risk management, and internal controls - The Audit Committee comprises three independent non-executive directors, with Mr. Zhong Shan serving as Chairman, possessing expertise in accounting, auditing, and finance[97](index=97&type=chunk) - The Audit Committee's primary responsibilities include reviewing the Group's financial and accounting practices, risk management, and internal controls, and it has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[97](index=97&type=chunk) [Standard Code for Securities Transactions by Directors](index=39&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Listing Rules' Standard Code for Directors' Securities Transactions, with all directors confirming strict compliance during the review period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[98](index=98&type=chunk) - All directors have confirmed strict compliance with the requirements of the Standard Code for Securities Transactions for the six months ended June 30, 2025[98](index=98&type=chunk) [Interim Dividend and Closure of Register of Members](index=39&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board declared an interim dividend of HKD 20 cents per share for H1 2025, a significant increase, with share transfer registration suspended from September 9-11, 2025, to determine eligible shareholders - The Board resolved to declare an interim dividend of **HKD 20 cents** per share for the six months ended June 30, 2025 (H1 2024: **HKD 5 cents**)[99](index=99&type=chunk) - The interim dividend will be paid to shareholders whose names appear on the register of members on September 11, 2025, with payment expected on September 25, 2025[99](index=99&type=chunk) - The Company will suspend share transfer registration from September 9, 2025, to September 11, 2025, to determine shareholders entitled to the interim dividend[100](index=100&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=40&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor issued equity or sold treasury shares for cash during the review period - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including treasury shares)[101](index=101&type=chunk) - The Group did not issue any equity securities or sell treasury shares for cash during the review period (except for equity securities issued under share option schemes compliant with Chapter 17 of the Listing Rules)[101](index=101&type=chunk) [Review of Accounts](index=40&type=section&id=Review%20of%20Accounts) Deloitte Touche Tohmatsu, the independent auditor, reviewed the unaudited condensed consolidated interim financial information for H1 2025, adhering to HKSRE 2410 - The Company's independent auditor, Deloitte Touche Tohmatsu, has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[102](index=102&type=chunk) [Events After the Reporting Period](index=40&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events requiring disclosure occurred after June 30, 2025 - There were no significant events after June 30, 2025, requiring disclosure by the Company[103](index=103&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on HKEX and the Company's website, with the full interim report to follow, containing all Listing Rules disclosures - This interim results announcement has been published on the HKEX website www.hkexnews.hk and the Company's website www.smooreholdings.com[104](index=104&type=chunk) - The interim report for the six months ended June 30, 2025, containing all information required to be disclosed by the Listing Rules, will be published on the HKEX and the Company's website in due course[104](index=104&type=chunk)
思摩尔国际(06969.HK)8月20日收盘上涨8.45%,成交8.94亿港元
Sou Hu Cai Jing· 2025-08-20 08:33
Group 1 - The core viewpoint of the news highlights the recent performance of SMOORE International, noting a significant increase in its stock price and a comparison of its financial metrics against industry averages [1] - As of August 20, the Hang Seng Index rose by 0.17%, while SMOORE International's stock price increased by 8.45%, with a trading volume of 42.14 million shares and a turnover of 894 million HKD [1] - Over the past month, SMOORE International has experienced a cumulative decline of 7.87%, but it has achieved a year-to-date increase of 53.48%, outperforming the Hang Seng Index by 25.24% [1] Group 2 - Financial data for SMOORE International shows total revenue of 11.799 billion CNY for the year ending December 31, 2024, representing a year-on-year growth of 5.31%, while net profit attributable to shareholders decreased by 20.78% to 1.303 billion CNY [1] - The company's gross profit margin stands at 37.39%, and its debt-to-asset ratio is 20.79% [1] - Currently, there are no investment rating recommendations from institutions for SMOORE International [1] Group 3 - The household appliances and goods industry has an average price-to-earnings (P/E) ratio of 13.31 times, with a median of 2.97 times, while SMOORE International's P/E ratio is significantly higher at 89.56 times, ranking 43rd in the industry [1] - Comparatively, other companies in the industry have much lower P/E ratios, such as Lian International at 1.58 times and Kai Fu Shan Group at 2.3 times [1] Group 4 - SMOORE International, established in 2009, is a global leader in providing atomization technology solutions, with its own brand VAPORESSO and three technology brands: FEELM, CCELL, and METEX [2] - The company is headquartered in Bao'an District, Shenzhen, and employs nearly 20,000 people [2] - SMOORE places a strong emphasis on technological innovation and research and development, with nine research institutes globally and a research team comprising over 1,000 personnel [2]
英美烟草加速产品和渠道战略调整;25 年 6 月英国成为第一大电子烟出口目的国,重点推荐思摩尔国际!
Tianfeng Securities· 2025-08-17 05:58
Investment Rating - Industry rating is maintained as "Outperform the Market" [7] Core Insights - British American Tobacco (BAT) is accelerating product and channel strategy adjustments, with high-end products entering travel retail channels for the first time [1] - In the first half of 2025, China's e-cigarette export value decreased, with the UK becoming the largest export destination, replacing the US [2][3] Summary by Sections Product and Channel Strategy - BAT is collaborating with Gebr. Heinemann to promote reusable high-end devices with eco-friendly designs, including features like a ClearView™ display and Bluetooth connectivity [1] - The focus is on expanding travel retail business, particularly in airport retail environments [1] Export Data - In the first half of 2025, the export value of e-cigarettes and similar devices from China was $1.5 billion, a year-on-year increase of 8.94%, while other nicotine products saw a 19.37% decrease [2] - The average export price for e-cigarettes was $3.68 per unit, with a June export price of $45.33 per kilogram [2] Regional Performance - The top five export destinations in the first half of 2025 accounted for 61.71% of total exports, with the UK taking the lead in June [3] - The US remains the largest market despite a 14.31% year-on-year decrease in export value [3] Market Recommendations - Suggested companies to focus on include Smoore International, Yinghe Technology, and others in the vaping supply chain [5]
轻工制造行业定期报告:SUZANO提涨8月浆价北京购房政策优化
Huafu Securities· 2025-08-10 08:04
Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]