每经AI快讯，2月13日，思摩尔国际(00669.HK)午后跌近5%，截至发稿跌3.79%，报12.18港元，成交额 2.1亿港元。 ...

消息面上，国家烟草专卖局发布《关于落实电子烟产业政策 进一步推动供需动态平衡的通知》，其中 提到，规范企业投资行为，严格落实电子烟限制类产业政策要求，不得投资新建项目，迁建及恢复建设 项目不得增加产能；加强电子烟产能调控，坚持以市场需求为导向推进电子烟产业供给侧结构性改革， 统筹企业装备水平、经营情况及产业态势，按照"公平公开、分类施策、稳妥有序"的原则，实施电子烟 核定产能管理；推动市场供需平衡，统筹发挥有效市场和有为政府作用，在已核定产能范围内核定年度 生产规模，作为企业年度产销目标，切实化解并防范市场无序竞争风险。 思摩尔国际(00669)午后跌近5%，截至发稿，跌3.79%，报12.18港元，成交额2.1亿港元。 ...

智通财经APP获悉，思摩尔国际(00669)午后跌近5%，截至发稿，跌3.79%，报12.18港元，成交额2.1亿 港元。 消息面上，国家烟草专卖局发布《关于落实电子烟产业政策 进一步推动供需动态平衡的通知》，其中 提到，规范企业投资行为，严格落实电子烟限制类产业政策要求，不得投资新建项目，迁建及恢复建设 项目不得增加产能；加强电子烟产能调控，坚持以市场需求为导向推进电子烟产业供给侧结构性改革， 统筹企业装备水平、经营情况及产业态势，按照"公平公开、分类施策、稳妥有序"的原则，实施电子烟 核定产能管理；推动市场供需平衡，统筹发挥有效市场和有为政府作用，在已核定产能范围内核定年度 生产规模，作为企业年度产销目标，切实化解并防范市场无序竞争风险。 ...

Group 1 - The core viewpoint of the news highlights the significant rebound of Smoore International's stock price, which surged by 8.99% to HKD 12 per share, with a market capitalization of approximately HKD 74.33 billion. However, the stock has experienced a cumulative decline of over 50% since late August 2025, and over 80% from its peak in 2021, reflecting market concerns about regulatory pressures, intensified competition, and profit pressures in the e-cigarette industry [2] - Analysts suggest that the substantial price drop has released pessimistic expectations, indicating that any marginal improvement in fundamentals or signals of industry optimization could act as catalysts for stock price recovery [2] - Institutions believe that the rectification of illegal practices in domestic e-cigarette production, sales, and exports, along with overseas policies promoting the exit of illegal products, will optimize the supply-side landscape of the e-cigarette industry. Smoore International, as a compliant listed leader, is expected to benefit directly from this trend [2] Group 2 - The Ministry of Finance and the State Administration of Taxation announced that from April 1, 2026, the export tax rebate for e-cigarettes and other products will be canceled. This policy adjustment is viewed as accelerating industry consolidation, which will benefit leading compliant enterprises with scale and technological advantages in the long term [3] - The adjustment is expected to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling. Although Smoore's short-term performance may be affected by the tax rebate policy, its long-term position is expected to be further solidified [3] - In response to the sluggish stock price, the company's management has demonstrated confidence through actions such as two share buybacks in mid-December, costing nearly HKD 200 million, which is seen as a move to build a price floor [3] Group 3 - Looking ahead, institutional sentiment has turned optimistic. Analysts from Guotai Junan Securities state that Smoore International, as a global leader in electronic vaporization, is committed to increasing R&D and technological leadership. With the strengthening of global regulatory measures and continuous expansion of new businesses, coupled with recent large-scale buybacks reflecting long-term confidence, the company's future development potential is clear [3] - Guangfa Securities recently noted that Smoore's existing business is showing signs of recovery, and there is significant growth potential in the HNB (Heat-Not-Burn) segment. The company's HNB products are being rapidly rolled out in Japan and Europe, leading to stronger performance certainty [3]

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration to cancel the VAT export tax rebate for e-cigarettes starting April 1, 2026, is expected to accelerate industry consolidation and benefit leading compliant companies with scale and technological advantages [1] Company Summary - Smoore International (06969) saw its stock price rise over 5% in early trading, currently up 4.63% at HKD 11.52, with a trading volume of HKD 123 million [1] - Despite the short-term impact of the tax policy on Smoore's performance, its strong ties with leading brands are expected to solidify its market position in the long run [1] Industry Summary - The policy adjustment is anticipated to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling [1] - The reduction of tax rebates is likely to help the industry move away from price wars, promoting a healthier market environment [1]

Group 1 - The core viewpoint of the article indicates that the cancellation of VAT export rebates for e-cigarettes and other products starting from April 1, 2026, is expected to accelerate industry consolidation, benefiting leading compliant companies with scale and technological advantages [1] - The stock price of Smoore International (06969) rose over 5% in early trading, reflecting positive market sentiment regarding the policy change [1] - The adjustment in tax policy is anticipated to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling, with Smoore's long-term position expected to strengthen despite short-term performance challenges due to the removal of tax rebates [1] Group 2 - The reduction of tax incentives is seen as a way for the industry to gradually move away from price wars, which have been detrimental to profitability [1] - The trading volume for Smoore International reached 123 million HKD, indicating strong investor interest following the announcement [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 思摩爾國際控股有限公司 (於開曼群島註冊成立的有限公司) | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | 本月底法定/註冊股本總額： USD 100,000,000 ...

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]