Core Insights - The company reported a revenue of approximately RMB 4.197 billion for the quarter ending September 30, 2025, representing a year-on-year growth of 27.2% and a quarter-on-quarter growth of 27.5% [1] Business Segments - In the enterprise customer segment, both the heated non-combustion and electronic vaporization businesses achieved growth both year-on-year and quarter-on-quarter. The heated non-combustion business benefited from strategic clients launching new products in major global markets, leading to a significant increase in shipment volume. The electronic vaporization business saw growth due to strengthened regulation on non-compliant products, with the company supporting clients in launching new compliant products [1] - In the proprietary brand segment, the successful iteration of flagship series new products in the first half of the year expanded the consumer base. Increased localization operations and marketing investments contributed to healthy revenue growth [1] Financial Performance - The adjusted profit for the quarter was approximately RMB 444 million, reflecting a year-on-year increase of 4.0% and a quarter-on-quarter increase of 4.8%. The growth was attributed to increases in revenue and gross profit, a lower growth rate of operating expenses compared to revenue growth, and an increase in other income and gains [1]

Core Viewpoint - Smoore International reported a record high quarterly revenue of approximately RMB 4.1968 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Financial Performance - The adjusted profit for the period was approximately RMB 444.2 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [1]

Core Insights - Smoore International (06969) reported a record quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise customer business and proprietary brand business [1] - The heated non-combustible business and electronic vaporization business recorded healthy growth both year-on-year and quarter-on-quarter [1] - The company supported strategic clients in launching new heated non-combustible products in major global markets, significantly increasing product shipments and driving revenue growth [1] Group 2: Proprietary Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced local operations and increased marketing investments tailored to local characteristics in key markets, leading to a continuous rise in market share for proprietary brands [1] Group 3: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter growth of approximately 4.8% [2] - The profit increase was attributed to revenue and gross profit growth, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than the revenue growth rate [2] - Additional income and gains contributed to the overall profitability [2]

Core Insights - Smoore International (06969) reported a record high revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, representing a year-on-year growth of about 27.2% and a quarter-on-quarter growth of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise client business and self-owned brand business [1] - The heated non-combustible and electronic vaporization businesses recorded healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Enterprise Client Business - The heated non-combustible business saw significant revenue growth due to the successful launch of new products in major global markets [1] - The electronic vaporization business maintained revenue growth as the company supported clients in launching new compliant products amid increasing regulatory scrutiny [1] Group 3: Self-Owned Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced localized operations and increased marketing investments in key markets, leading to a healthy year-on-year revenue growth in the self-owned brand business [1] Group 4: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year increase of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [2] - The profit growth was attributed to revenue and gross profit increases, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than revenue growth [2]

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，概不對因本公告全部或任何部分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。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新 截至2025年9月30日止期間 本公告乃思摩爾國際控股有限公司（「本公司」）董事會（「董事會」））根據香港聯合交易所有限 公司證券上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文作出，依據於本公司及其附屬公司（ 統稱「本集團」）截至2025年9月30日止三個月（「本期 間」）未經審核的綜合管理賬目。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 惠 州 億 緯 鋰 能 股 份 有 限 公 司（「 億 緯 鋰 能 」）， 本 公 司 在 深 圳 證 券 交 易 所 上 市 的 控 股 股 東 之 一，根據深圳證券交易所創業板股票上市規則要求需披露季度財務報告。億緯鋰能的季度 財務報告中包含特定財務信息，這些財務信息被視為對本集 ...

Core Viewpoint - Smoore International (06969.HK) has experienced a significant decline, dropping over 30% from its year-to-date high of 23.92 HKD to a low of 15.85 HKD, indicating a bearish trend in the stock performance [1] Group 1 - The stock fell more than 7% during trading, reaching a low of 15.85 HKD [1] - As of the latest update, the stock is down 6.62%, trading at 16.08 HKD with a transaction volume of 261 million HKD [1]

Group 1 - Smoore International (06969) has seen a decline of over 7%, reaching a low of HKD 15.85, which is more than a 30% drop from its yearly high of HKD 23.92 [1] - UBS reported that they recently met with the management of Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - Despite the US increasing efforts to combat illegal e-cigarettes starting in early 2025, feedback from field investigations suggests that the impact of enforcement may weaken due to inconsistent enforcement [1] Group 2 - Chinese customs data indicates a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to US enforcement measures [1] - UBS forecasts a 20% year-on-year revenue growth for Smoore International in 2025, primarily driven by e-cigarette sales, but anticipates a 40% decline in net profit due to rising R&D and sales expenses, along with margin pressure [1] - The firm's net profit predictions for 2025-2027 are 18-45% lower than market consensus, maintaining a "Sell" rating with a target price of HKD 13.11 [1]

Core Viewpoint - Smoore International (06969) has seen a significant decline in stock price, dropping over 30% from its year-to-date high, with a current trading price of 16.08 HKD [1] Company Summary - Smoore International's stock fell over 7%, reaching a low of 15.85 HKD during trading, with a trading volume of 261 million HKD [1] - UBS reported a meeting with Japan Tobacco's management and an investor meeting with Smoore's management in Shenzhen [1] Industry Summary - The U.S. has intensified its crackdown on illegal e-cigarettes since early 2025, but inconsistent enforcement may weaken its impact, as indicated by a 39% increase in e-cigarette exports from China in August [1] - UBS forecasts a 20% year-on-year revenue growth for Smoore International in 2025, driven primarily by e-cigarette sales, but anticipates a 40% decline in net profit due to rising R&D and sales expenses, along with margin pressure [1] - UBS's net profit projections for Smoore International from 2025 to 2027 are 18-45% lower than market consensus, maintaining a "Sell" rating with a target price of 13.11 HKD [1]

Core Viewpoint - UBS maintains a "Sell" rating on Smoore International (06969) with a target price of HKD 13.11, citing concerns over profitability despite expected revenue growth driven by e-cigarette sales [1] Group 1: Company Insights - UBS recently met with management from Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - The firm anticipates a 20% year-on-year revenue growth in 2025, primarily driven by e-cigarette sales [1] - However, net profit is expected to decline by 40% year-on-year due to rising R&D and sales expenses, along with pressure on gross margins [1] Group 2: Market and Regulatory Environment - The impact of U.S. enforcement against illegal e-cigarettes may weaken due to inconsistent enforcement, as indicated by on-the-ground feedback [1] - Chinese customs data shows a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to U.S. enforcement measures [1] - UBS's net profit forecasts for 2025-2027 are 18-45% lower than market consensus [1]

Core Viewpoint - UBS maintains a "Sell" rating on Smoore International (06969) with a target price of HKD 13.11, citing concerns over rising costs and declining net profits despite expected revenue growth driven by e-cigarette sales [1] Group 1: Company Insights - UBS recently met with management from Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - The firm notes that while the U.S. has intensified efforts against illegal e-cigarettes since early 2025, inconsistent enforcement may lessen the impact of these measures [1] - Chinese customs data indicates a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to U.S. enforcement [1] Group 2: Financial Projections - UBS forecasts a 20% year-on-year revenue growth in 2025, primarily driven by e-cigarette sales [1] - However, net profit is expected to decline by 40% year-on-year due to rising R&D and sales expenses, along with pressure on gross margins [1] - The firm's net profit projections for 2025-2027 are 18-45% lower than market consensus [1]