Group 1 - Smoore International (06969.HK) experienced a rebound of over 6% [2] - As of the report, the stock rose by 5.54%, reaching HKD 11.44 [2] - The trading volume amounted to HKD 294 million [2]

Core Viewpoint - The recent adjustment in the electronic cigarette export tax rebate policy is expected to significantly impact the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling. Although the short-term performance of Smoore International (06969) may be affected, its long-term position is likely to be further solidified [1] Group 1: Company Insights - Smoore International's stock rebounded over 6%, currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The company is closely tied to leading brands, which may help it navigate the short-term challenges posed by the tax rebate policy [1] Group 2: Industry Analysis - The adjustment in tax rebates is anticipated to help the industry gradually emerge from the price war [1] - International tobacco giants are entering mainstream markets with HNB products, which may boost sales of new tobacco products in new regions [1] - There is potential for increased profitability in regions like the UK and Europe, particularly with the shift towards more profitable pod-based and open-system products [1] - Strengthened enforcement of electronic cigarette regulations in the U.S. is expected to create significant recovery space for compliant product shares [1]

Group 1 - The core viewpoint of the article highlights a significant rebound in Smoore International's stock price, which increased by over 6% and is currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The recent adjustment in the electronic cigarette export tax rebate policy is expected to have a substantial impact on the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling [1] - Although Smoore's short-term performance may be affected by the tax rebate policy changes, its long-term position is anticipated to strengthen due to its deep ties with leading brands [1] Group 2 - The reduction in tax rebate incentives is expected to help the industry gradually emerge from the price war [1] - With the entry of international tobacco giants' HNB products into mainstream markets, the sales of the company's new tobacco products in new regions are likely to contribute to incremental growth [1] - The enforcement of electronic cigarette regulations, particularly in the United States, is expected to create significant recovery opportunities for compliant product market share [1]

机构：国投证券 研究员：罗乾生/刘夏凡 25Q3 营收创历史新高，HNB 持续放量反馈积极 公司2025 年第三季度营收约人民币41.97 亿元，同比增长27.2%，表现亮眼，主要受益于战略客户在全 球主要市场成功推出加热不燃烧（HNB）新品。同时全球监管趋严加速不合规产品出清，公司作为合 规龙头充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带动自有品牌业务份额提升。Q3 经 调整净利约4.44 亿元，同比增长4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优 异。 投资建议：思摩尔国际作为全球电子雾化龙头，坚持研发加码与技术引领，随着全球主要国家对不合规 产品的监管力度加强及新业务的持续拓展，叠加近期连续大额回购彰显的长期信心，其未来发展潜力清 晰可期。我们预计思摩尔国际2025-2027 年营业收入为141.08 亿元、167.17 亿元、198.67 亿元，同比增 长19.57%、18.50%、18.84%；净利润为10.43 亿元、19.31 亿元、27.26 亿元，同比增长-19.93%、 85.12%、41.14%，对应PE 分别为63.16x、34.12x、24.17x，给予2 ...

2026 年 01 月 28 日 思摩尔国际(06969.HK) 回购彰显长期信心 HNB 业务稳步增长 两日耗资近 2 亿港元，连续大额回购彰显长期信心 根据公司公告，12 月 11 日与 12 月 12 日，公司进行了两次回购。11 日以 12.26 港元/股的均价回购了 814 万股、耗资 9977 万港元，12 日以 12.48 港元/股的均价回购 799 万股、耗资 9976 万港元，受托人 持有的股份占公司总股的比例从购买前的 1.2853%上升到了 1.5457%。此次大额回购彰显了管理层对公司价值和未来业务增长的 长期信心。 25Q3 营收创历史新高，HNB 持续放量反馈积极 公司 2025 年第三季度营收约人民币 41.97 亿元，同比增长 27.2%， 表现亮眼，主要受益于战略客户在全球主要市场成功推出加热不燃烧 （HNB）新品。同时全球监管趋严加速不合规产品出清，公司作为合 规龙头充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带 动自有品牌业务份额提升。Q3 经调整净利约 4.44 亿元，同比增长 4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优异。 投资建议：思摩尔 ...

25Q3营收创历史新高，HNB持续放量反馈积极 公司2025年第三季度营收约人民币41.97亿元，同比增长27.2%，表现亮眼，主要受益于战略客户在全球 主要市场成功推出加热不燃烧(HNB)新品。同时全球监管趋严加速不合规产品出清，公司作为合规龙头 充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带动自有品牌业务份额提升。Q3经调整净 利约4.44亿元，同比增长4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优异。 智通财经APP获悉，国投证券发布研报称，维持思摩尔国际(06969)"买入"的投资评级。思摩尔国际作为 全球电子雾化龙头，坚持研发加码与技术引领，随着全球主要国家对不合规产品的监管力度加强及新业 务的持续拓展，叠加近期连续大额回购彰显的长期信心，其未来发展潜力清晰可期。该行预计思摩尔国 际2025-2027年营业收入为141.08亿元、167.17亿元、198.67亿元，同比增长19.57%、18.50%、18.84%; 给予2026年48xPE，对应目标价16.80港元。 风险提示 国投证券主要观点如下： 两日耗资近2亿港元，连续大额回购彰显长期信心 根据公司公告，12月11日与 ...

国投证券发布研报称，维持思摩尔国际（06969）"买入"的投资评级。思摩尔国际作为全球电子雾化龙 头，坚持研发加码与技术引领，随着全球主要国家对不合规产品的监管力度加强及新业务的持续拓展， 叠加近期连续大额回购彰显的长期信心，其未来发展潜力清晰可期。该行预计思摩尔国际2025-2027年 营业收入为141.08亿元、167.17亿元、198.67亿元，同比增长19.57%、18.50%、18.84%；给予2026年 48xPE，对应目标价16.80港元。 国投证券主要观点如下： 两日耗资近2亿港元，连续大额回购彰显长期信心 根据公司公告，12月11日与12月12日，公司进行了两次回购。】11日以12.26港元/股的均价回购了814万 股、耗资9977万港元，12日以12.48港元/股的均价回购799万股、耗资9976万港元，受托人持有的股份 占公司总股的比例从购买前的1.2853%上升到了1.5457%。此次大额回购彰显了管理层对公司价值和未 来业务增长的长期信心。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国投证券发布研报称，维持思摩尔国际（06969）"买入"的投资评级。思摩尔国际 ...

Group 1 - The core point of the article is that Smoore International (06969) experienced a decline of over 4% in its stock price due to the announcement by the Ministry of Finance and the State Taxation Administration to cancel the export tax rebate for e-cigarette products starting from April 1, 2026, which will significantly impact profit margins [1] - The previous 13% tax rebate was crucial for companies to hedge costs and maintain international pricing advantages, and its removal means companies will have to bear the full VAT cost [1] - Zheshang Securities recently published a report indicating that the government is intensifying efforts to regulate illegal activities in the domestic e-cigarette production, sales, and export sectors, suggesting that the supply-side landscape of the industry will change [1] Group 2 - The report suggests that smaller illegal producers may be accelerated out of the market, which could benefit compliant companies like Smoore International, positioning it as a leading player in the industry [1]

Group 1 - The core point of the article highlights that Smoore International (06969) experienced a decline of over 4%, trading at HKD 11.18 with a transaction volume of HKD 172 million [1] - The Ministry of Finance and the State Taxation Administration announced that starting from April 1, 2026, the export tax rebate for electronic cigarette products will be canceled, which previously had a rebate rate of 13% [1] - The removal of the tax rebate means that companies will have to bear the full VAT cost, which will directly compress profit margins [1] Group 2 - Zheshang Securities (601878) released a report indicating that the government is intensifying efforts to regulate illegal activities in the domestic electronic cigarette production, sales, and export sectors [1] - The industry supply-side structure is expected to change, with illegal small workshops likely to be accelerated in their exit from the market [1] - As a compliant listed leader, Smoore International is expected to benefit from these regulatory changes [1]

Group 1 - The core point of the article highlights a significant decline in the stock price of Smoore International (06969), which dropped nearly 7% during trading and is currently down 3.31% at HKD 11.4, with a trading volume of HKD 132 million [1] - The Chinese Ministry of Finance and the State Taxation Administration announced a new export tax rebate adjustment, which will exclude nicotine-containing non-combustible products from the rebate starting April 1, 2026 [1] - Analysts indicate that the previous 13% tax rebate was crucial for companies to offset costs and maintain international pricing advantages; the removal of this rebate means companies will have to bear the full VAT cost, directly compressing profit margins [1] Group 2 - Huafu Securities released a research report suggesting that with international tobacco leaders' HNB products entering mainstream markets, Smoore's new tobacco products in new regions are expected to contribute incremental sales [1] - The report also notes that regions like the UK and other European areas are likely to shift towards more profitable products such as cartridge-based and open-system devices [1] - There is a significant increase in enforcement of regulations on e-cigarettes in the US, which is expected to restore market share for compliant products [1]