Group 1 - The company conducted significant share buybacks on December 11 and 12, totaling nearly 200 million HKD, reflecting management's long-term confidence in the company's value and future growth [1] - On December 11, the company repurchased 8.14 million shares at an average price of 12.26 HKD per share, costing 99.77 million HKD, and on December 12, it repurchased 7.99 million shares at an average price of 12.48 HKD per share, costing 99.76 million HKD [1] - The proportion of shares held by the trustee increased from 1.2853% to 1.5457% following these buybacks [1] Group 2 - In Q3 2025, the company's revenue reached approximately 4.197 billion RMB, a year-on-year increase of 27.2%, driven by the successful launch of heated non-combustible (HNB) products in major global markets [1] - The company benefited from stricter global regulations leading to the elimination of non-compliant products, positioning itself as a compliant leader in the industry [1] - Adjusted net profit for Q3 was approximately 444 million RMB, reflecting a year-on-year growth of 4.0%, with effective cost control as the growth rate of expenses was lower than that of revenue [1] Group 3 - The company is recognized as a global leader in electronic vaporization, focusing on R&D and technological leadership [2] - Future revenue projections for the company are 14.108 billion RMB, 16.717 billion RMB, and 19.867 billion RMB for 2025-2027, with year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [2] - Net profit forecasts for the same period are 1.043 billion RMB, 1.931 billion RMB, and 2.726 billion RMB, with growth rates of -19.93%, 85.12%, and 41.14% respectively [2]

Investment Rating - The investment rating for Smoore International is maintained as "Buy-A" with a target price of HKD 16.80 [6][4]. Core Insights - Smoore International has demonstrated strong confidence in its long-term value through significant share buybacks, totaling nearly HKD 200 million over two days [2]. - The company reported record revenue of approximately RMB 4.197 billion for Q3 2025, reflecting a year-on-year growth of 27.2%, driven by the successful launch of new heated not-burn (HNB) products in major global markets [3]. - The company is positioned to benefit from stricter global regulations on non-compliant products, enhancing its status as a compliant leader in the industry [4]. Financial Summary - Revenue projections for Smoore International from 2025 to 2027 are RMB 141.08 billion, RMB 167.17 billion, and RMB 198.67 billion, representing year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [4]. - Net profit estimates for the same period are RMB 10.43 billion, RMB 19.31 billion, and RMB 27.26 billion, with growth rates of -19.93%, 85.12%, and 41.14% respectively [4]. - The company’s price-to-earnings (PE) ratios are projected to be 63.16x, 34.12x, and 24.17x for 2025, 2026, and 2027 respectively [4].

Group 1 - The core viewpoint of the report is that Smoore International (06969) maintains a "Buy" investment rating due to its leadership in the global electronic vaporization market, ongoing R&D efforts, and strong management confidence reflected in recent share buybacks [1] - The company has conducted significant share repurchases, spending nearly HKD 200 million over two days, which indicates long-term confidence from management regarding the company's value and future business growth [1] - The projected revenue for Smoore International from 2025 to 2027 is estimated to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, representing year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [1] Group 2 - In Q3 2025, the company achieved record revenue of approximately RMB 4.197 billion, a year-on-year increase of 27.2%, primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets [2] - The tightening of global regulations has accelerated the exit of non-compliant products, allowing the company, as a compliant leader, to fully benefit from policy advantages, resulting in steady growth in its electronic vaporization business [2] - The adjusted net profit for Q3 was approximately RMB 444 million, reflecting a year-on-year growth of 4.0%, with excellent cost control as the growth rate of expenses was lower than that of revenue [2]

Core Viewpoint - Guotou Securities maintains a "Buy" rating for Smoore International (06969), highlighting its leadership in the global electronic vaporization market and its commitment to R&D and technology innovation. The company is expected to benefit from increased regulatory scrutiny on non-compliant products and ongoing business expansion, with significant share buybacks reflecting long-term confidence in its growth potential [1][8]. Group 1: Share Buybacks - The company executed two significant share buybacks on December 11 and 12, spending nearly HKD 200 million. On December 11, it repurchased 8.14 million shares at an average price of HKD 12.26 per share, costing HKD 99.77 million. On December 12, it repurchased 7.99 million shares at an average price of HKD 12.48 per share, costing HKD 99.76 million. The proportion of shares held by the trustee increased from 1.2853% to 1.5457%, indicating management's long-term confidence in the company's value and future growth [2][8]. Group 2: Financial Performance - In Q3 2025, the company achieved a record revenue of approximately RMB 4.197 billion, representing a year-on-year growth of 27.2%. This strong performance was primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets. The tightening global regulations accelerated the exit of non-compliant products, allowing the company to fully benefit from policy advantages as a compliant leader. The flagship new products contributed to an increase in the share of its proprietary brand business. Adjusted net profit for Q3 was approximately RMB 444 million, up 4.0% year-on-year, with expense growth below revenue growth, indicating excellent cost control [3][9]. Group 3: Revenue Projections - Guotou Securities projects Smoore International's revenue for 2025-2027 to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, reflecting year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively. The company is assigned a target price of HKD 16.80 for 2026, based on a price-to-earnings ratio of 48x [1][8].

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]

Group 1 - The core viewpoint of the article highlights the significant impact of the Chinese government's announcement to remove export tax rebates for nicotine-containing non-combustible products, effective from April 1, 2026, which is expected to compress profit margins for companies like Smoore International [1] - Smoore International's stock experienced a decline of nearly 7% during trading, closing down 3.31% at HKD 11.4, with a trading volume of HKD 132 million [1] - 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 value-added tax costs [1] Group 2 - Huafu Securities released a report indicating that the entry of international tobacco leaders' HNB products into mainstream markets could lead to increased sales of Smoore's new tobacco products in new regions [1] - There is potential for stronger profitability in regions like the UK and other European areas, particularly with the shift towards more profitable pod-based and open-system products [1] - The enforcement of regulations on e-cigarettes in the US has intensified, suggesting a significant recovery potential for compliant product shares in the market [1]

Summary of the Conference Call for Smoore International Company Overview - Smoore International is transitioning from an electronic vapor company to a platform company focused on heated not-burn (HNB) technology, collaborating with firms like British American Tobacco to advance new tobacco products in response to the declining traditional cigarette market [2][5]. Industry Trends - The global traditional cigarette market is experiencing a continuous decline, with a significant drop in per capita smoking rates in the U.S. by 30% to 40% since 1970. The smoking population and consumption have decreased by approximately 1% annually over the past 20 years [7]. - New tobacco products, including HNB and oral products, are seen as key to overcoming the challenges faced by traditional tobacco companies. HNB and oral products are more suitable for large traditional tobacco firms, while the vapor electronic cigarette market is dominated by Chinese manufacturers [10]. Key Points on Smoore's Business - Smoore's HNB products are gaining market share in Japan, Italy, and Poland, indicating strong market performance and growth potential. For instance, Japan saw a 1.4% increase in market share within three months [11]. - The market valuation of Smoore is considered conservative, with future growth expected primarily from HNB business expansion. Achieving sales of over 10 billion units by 2026 could lead to a significant leap in performance [13]. - Smoore's U.S. subsidiary is focused on the medical vaporization sector and has applied for FDA certification, investing approximately 400 million yuan annually in R&D. This segment is expected to become a new growth point within three years [19]. Financial Projections and Market Expectations - Smoore has set ambitious market capitalization targets of 300 billion, 400 billion, and 500 billion yuan by 2025, despite its current valuation being in the hundreds of billions [4]. - The traditional electronic vapor market is stabilizing, with an expected annual growth rate of over 10% [3][18]. - The company anticipates that its HNB business could contribute significantly to its valuation, with estimates suggesting a sales share of 10-15% from HNB products, potentially leading to substantial profit elasticity [16][17]. Future Outlook - The domestic new tobacco market in China is expected to grow significantly, with Smoore positioned to benefit from this shift. The potential transition towards new tobacco products in China could create vast market opportunities [14]. - The medical vaporization segment is seen as a third growth curve for Smoore, with expectations for commercialization and revenue generation within three years [19][20]. Conclusion - Smoore International is strategically positioned to capitalize on the evolving tobacco landscape, with a focus on HNB technology and medical applications. The company's growth potential is supported by its innovative R&D efforts and collaborations with major tobacco firms, setting the stage for a promising future in the new tobacco market.

FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 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： USD 100,000,000 第 1 頁 共 10 頁 v 1.1.1 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 截至月份: 2025年12月31日 狀態 ...