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]

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 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) 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 FF301 截至月份: 2025年9月30日 狀態: 新提交 | 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 (-) | | | 0 | | USD | | 0 | | 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： ...

Core Viewpoint - Smoore International (06969) experienced a significant intraday increase of over 5%, closing at HKD 18.07 with a trading volume of HKD 144 million, driven by the launch of the Glo Hilo product in Poland and anticipated market expansions [1] Group 1: Product Launch and Market Expansion - On September 18, the Glo Hilo product was officially launched on the Glo website in Poland, featuring improved separate and integrated devices with seven color options and an initial offering of 13 different flavored tobacco products (8 tea-based and 5 tobacco flavors) [1] - The marketing strategy includes a promotional campaign by British American Tobacco, offering four packs of tobacco with the purchase of heating devices, indicating a strong push for the Glo Hilo product [1] - The next anticipated market for Glo Hilo is Italy, projected to be the third-largest global market for heated non-combustible (HNB) products by 2024, with expectations for orderly expansion into other incremental markets [1] Group 2: Market Expectations and Valuation - According to CICC, as the product matures, HNB new products are generally expanding globally by reusing trial sales experiences, which is expected to adjust market expectations regarding market entry pace and user growth rates [1] - The improvement in market share, revenue growth, and profit realization are expected to anchor reasonable valuations for leading international tobacco brands, which are leveraging innovative new products to enhance their market share [1]

Core Viewpoint - Smoore International (06969) experienced a significant stock price increase of 5.67%, reaching HKD 18.07, with a trading volume of HKD 144 million, following the launch of the Glo Hilo product in Poland [1] Group 1: Product Launch and Market Expansion - On September 18, Glo officially launched the Glo Hilo product in Poland, featuring improved separate and integrated devices with seven color options and an expanded selection of 13 flavors (8 tea-based and 5 tobacco flavors) [1] - British American Tobacco is enhancing the marketing efforts for Glo Hilo by offering promotional activities, such as providing four packs of cigarettes with the purchase of heating devices [1] - The next anticipated market for Glo Hilo is Italy, projected to be the third-largest global market for heated non-combustible (HNB) products in 2024, with expectations for orderly expansion into other incremental markets [1] Group 2: Market Expectations and Valuation - CICC noted that as the product matures, HNB new products are generally expanding globally by reusing trial sales experiences, which is expected to adjust market expectations based on new market development pace and user growth rates [1] - The improvement in market share, revenue growth, and profit realization are expected to anchor reasonable valuations for leading international tobacco brands leveraging innovative new products [1]

Core Viewpoint - The recent launch of Glo Hilo and Glo Hilo Plus heating non-combustible devices in Poland marks a significant step in the expansion of HNB (Heated Not Burned) business, with a focus on diverse product offerings and market penetration strategies [1][2]. HNB Business Expansion - Glo Hilo has been launched in Japan since September 1, with positive trial feedback and higher-than-expected shipment volumes [1]. - In Poland, Glo Hilo was officially released on September 18, featuring improved device options and a wider variety of 13 flavored smoke sticks (8 tea-based and 5 tobacco flavors) [1]. - Marketing efforts include a promotional campaign by British American Tobacco, offering four packs of smoke sticks with the purchase of heating devices [1]. - Future expansion plans include entering the Italian market in 2024, which is projected to be the third-largest global HNB market [1]. Vaping Market Dynamics - The U.S. has intensified regulation of the illegal vaping market, with a significant seizure of unauthorized electronic cigarette products valued at approximately $86.5 million [2]. - Exports of electronic cigarettes from China to the U.S. are expected to decline by about 23% year-on-year from May to August 2025, primarily due to tightening regulations and tariffs [2]. - In Europe, the company is responding to a ban on disposable products by quickly launching innovative compliant products, which is anticipated to drive business growth and improve product structure [2]. Growth Potential and Financial Forecast - The vaping segment shows a clear recovery trend, benefiting from regulatory shifts and increased market share among major clients [3]. - The HNB business has significant growth potential, with Glo Hilo expected to capture market share in a sector where global penetration is currently only about 6% [3]. - Long-term growth prospects are bolstered by developments in medical vaping, special-purpose vaping, and beauty vaping, with notable progress in obtaining medical device certifications [3]. - The company forecasts net profits of 1.3 billion, 2.04 billion, and 2.89 billion yuan for 2025-2027, corresponding to P/E ratios of 78, 50, and 35 [3].