Group 1 - The core viewpoint of the article highlights the positive performance of electronic cigarette stocks, particularly China Tobacco Hong Kong and Smoore International, following the release of a government opinion on strengthening electronic cigarette regulation [1] - China Tobacco Hong Kong (06055) saw a rise of 6.13%, reaching HKD 34.3, while Smoore International (06969) increased by 4.66%, reaching HKD 12.35 [1] - The report from China Merchants Securities indicates a continued optimistic outlook for the tobacco sector, particularly for Smoore International and China Tobacco Hong Kong [1] Group 2 - Smoore International's HNB (Heat Not Burn) business is gradually showing revenue contributions, with optimistic data from BAT exchanges [1] - The upcoming launch of new products in multiple European countries in Q4, along with the expected increase in repeat purchases of cartridges from existing customers, is anticipated to boost revenue and gross margins [1] - The vaporization main business remains relatively stable, with regulatory clean-up in Europe leading to market share concentration, while U.S. regulations are tightening [1] Group 3 - China Tobacco Hong Kong demonstrates robust internal growth drivers, benefiting from a strong tobacco monopoly system with significant barriers to entry and a structured order plan [1] - The company has substantial quality assets outside its core operations and plays a crucial role in supporting China Tobacco's global expansion strategy, indicating potential for external growth [1]

该行指出，思摩尔国际HNB业务收入贡献逐步体现，BAT交流数据较为乐观，随着Q4欧洲多地新品登 陆以及存量客户烟弹复购有望同步提升收入及毛利率，雾化主业相对稳定，欧洲已体现监管出清带来的 份额集中，美国监管逐步收紧。而中烟香港内生增长动力稳健，主业得益于烟草专卖专营制度，壁垒深 厚，订单计划性强，同时具备出海扩张增长性，体外优质资产较多，公司承载中烟出海全球化战略使 命，外延增长具备想象空间。 电子烟概念股涨幅居前，截至发稿，中烟香港(06055)涨6.13%，报34.3港元；思摩尔国际(06969)涨 4.66%，报12.35港元。 消息面上，国办印发《关于全链条打击涉烟违法活动的意见》，全方位加强电子烟监管，严厉查处非法 生产、批发、运输、销售电子烟和电子烟出口回流等违法活动。招商证券发布研报称，烟草板块持续看 好港股思摩尔国际及中烟香港。 ...

Core Viewpoint - The company demonstrates strong confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD per share, totaling 99.77 million HKD [1] Business Analysis - The Hilo product's capabilities are being validated, with British American Tobacco (BAT) increasing promotional efforts. In the Japanese market, BAT is actively promoting online and offline marketing activities, achieving a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers, which supports the strong product performance of Hilo [1] - Hilo has significantly increased promotional offers in the Polish market, with Hilo devices bundled with two packs of cartridges priced at only 1 Zloty, and Hilo Plus devices with two packs at 79 Zloty. This strategy, supported by BAT's extensive sales network and marketing resources, is expected to drive continued sales growth of Hilo cartridges, contributing to core profit increments for the company [1] - The core vaping business is recovering and is expected to benefit from the expansion of the European and American markets. In 2024, U.S. regulatory authorities are intensifying efforts against illegal e-cigarettes, which is severely squeezing the market for illegal products. The FDA has cautiously supported the expansion of flavored tobacco, indicating a potential for continued market growth [2] - The European market is transitioning from disposable to refillable and open-system products, with BAT's U.S. market revenue expected to rebound in the second half of 2025. The global core market share is projected to increase by 0.1 percentage points by the end of 2024, with the U.S. market alone expected to grow by 0.7 percentage points [2] - BAT plans to accelerate the global promotion of Hilo by 2026 to capture market share across various segments of heated tobacco, amidst increasing competition from products like IQOS and heated tobacco from Japan. The long-term trend of increasing penetration of new tobacco products overseas is confirmed, with the company leveraging its technological strength and production capacity to maintain a prominent position in the industry [2] - The upward trend in the company's vaping and heated non-burn (HNB) businesses remains unchanged, with positive signals emerging across various operations, suggesting a need for active attention [2] Profit Forecast, Valuation, and Rating - The company forecasts EPS for 2025, 2026, and 2027 to be 0.22, 0.37, and 0.59 CNY respectively, with current stock prices corresponding to PE ratios of 53, 31, and 20 times, maintaining a "buy" rating [3]

格隆汇12月12日丨思摩尔国际(06969.HK)公告，于2025年12月12日，受托人已就股份奖励计划于市场上 购买合共799.1万股股份。 思摩尔国际(06969.HK)：受托人根据股份奖励计划购买799.1万股 思摩尔国际(06969.HK)：受托人根据 股份奖励计划购买814万股 相关事件 ...

智通财经APP讯，思摩尔国际(06969)发布公告，于2025年12月12日，受托人已就股份奖励计划于市场上 购买合共799.1万股股份(股份购买)。 ...

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，並明確表示概不就因本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） （股份代號：6969） 自願性公告 | 股份購買日期： | 2025年12月12日 | | --- | --- | | 已購買股份總數： | 7,991,000股 | | 每股股份平均代價： | 約12.4835港元 | | 不包括所有相關開支、交易徵費、佣 總代價（ | 約99,755,620港元 | 金、稅項、稅費及稅款）： – 1 – 受託人所持股份數目結餘： 於股份獎勵計劃的規限下，董事會或委員會可不時酌情挑選任何合資格參與者作為選定參 與者參與股份獎勵計劃，並按其可能酌情決定的有關條款及條件並在其規限下，向任何選 定參與者授出其可能酌情決定數目的獎勵股份。 承董事會命 思摩爾國際控股有限公司 根據股份獎勵計劃購買股份 本公告乃由思摩爾國際控股 ...

Group 1 - The core viewpoint of the report is that Smoore International (06969) is positioned to benefit from the expansion of the compliant vaping market in Europe and the US, supported by its strong technological capabilities and production capacity [1] - The company has announced a share buyback of 8.14 million shares at an average price of HKD 12.26, totaling HKD 99.77 million, reflecting confidence in its future development [1] Group 2 - Hilo's product strength is being validated, with British American Tobacco (BAT) increasing promotional efforts, leading to a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers [2] - Hilo's sales are expected to increase significantly due to BAT's extensive sales network and marketing resources, contributing to Smoore's core profit growth [2] Group 3 - The core vaping business is recovering and is expected to benefit from the expansion of the compliant market in Europe and the US, with the FDA cautiously supporting the expansion of flavored tobacco products [3] - BAT anticipates that the US market will not hinder the overall growth of new tobacco business revenue, with a projected market share increase of 0.7 percentage points in the US by the end of 2024 [3] Group 4 - The company is projected to have earnings per share (EPS) of 0.22, 0.37, and 0.59 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 53, 31, and 20 times [4]

Group 1 - The core viewpoint of the report is that Smoore International (06969) is positioned to benefit from the expansion of the compliant vaping market in Europe and the US, leveraging its technological strength and production capacity to deepen ties with major tobacco groups [1] - The company’s vapor and HNB (Heat-Not-Burn) business trends remain positive, with continuous positive signals emerging across various business segments, suggesting a strong investment opportunity [1] - The company has executed a significant share buyback of 8.14 million shares at an average price of HKD 12.26, totaling HKD 99.77 million, reflecting confidence in its future development [2] Group 2 - Hilo's product strength is being validated, with British American Tobacco (BAT) increasing promotional efforts, leading to a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers, which supports future sales growth of Hilo cartridges [3] - The core vaping business is recovering and is expected to benefit from the expansion of the compliant market in Europe and the US, with regulatory actions against illegal e-cigarettes creating a more favorable environment for compliant products [4] - BAT anticipates that the US market will not hinder overall revenue growth for new tobacco products in 2026, with plans to accelerate the global promotion of Hilo to capture market share across different segments [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company demonstrates confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD, totaling 99.77 million HKD [2]. - The Hilo product line is gaining traction, with strong promotional efforts from British American Tobacco (BAT) leading to a 50% retention rate among traditional and heated tobacco consumers, which supports future sales growth [3]. - The core vaping business is recovering, benefiting from regulatory crackdowns on illegal e-cigarettes in the U.S. and a shift in European markets towards compliant products. BAT expects revenue recovery in the U.S. market by the second half of 2025, with a projected market share increase [4]. - The company is well-positioned to capitalize on the expanding compliant vaping market in Europe and the U.S., with a focus on accelerating the global promotion of Hilo products by 2026 [4]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 0.22, 0.37, and 0.59 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 53, 31, and 20 [5]. - Revenue is expected to grow from 11,168 million CNY in 2023 to 20,462 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.48% [10]. - The net profit is projected to recover from 1,303 million CNY in 2024 to 3,656 million CNY by 2027, indicating a significant growth trajectory [10].

Group 1 - The core viewpoint is that British American Tobacco (BTI.US) is expected to see accelerated growth in its new tobacco business in the second half of 2025, benefiting from a favorable industry environment and product lifecycle expansion [1] - The HNB (Heated Not Burned) segment is showing positive feedback for new products, with a goal for global expansion in 2026, despite a slight decline in market share for the Glo brand in 2025 due to competition [1] - The Glo Hilo product has achieved a 1% market share in Japan and is gaining traction in Poland and Italy, with expectations for stabilization and recovery in market share by 2026 [1] Group 2 - The vaping segment continues to benefit from an improved market environment, with a projected revenue increase in the second half of 2025, following a 13% year-on-year decline in the first half [2] - The Vuse brand has seen a 0.1 percentage point increase in market share, particularly in the U.S. where it rose by 0.7 percentage points, despite some growth being impacted by illegal vaping products in Canada [2] - The new oral tobacco product Velo Plus is expected to drive significant growth in the U.S. market, with a projected increase in market share by 9.2 percentage points to 15.6% and a global market share increase of 5.9 percentage points to 31.8% [2] Group 3 - Traditional cigarette operations remain stable, with a slight decline in market share of 0.1 percentage points, but a positive outlook for the second half of 2025 driven by improved conditions in the U.S. market [3] - The company anticipates a revenue and adjusted operating profit growth of approximately 2% for the fiscal year 2025, with accelerated growth in new tobacco revenue expected to achieve double-digit growth in the second half [3] - The company plans to increase its share buyback program to £1.3 billion in 2026, up from £1.1 billion in 2025 [3]