Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a long-term growth trajectory despite short-term fluctuations, with a focus on the recovery of its vaping business [1] - The company has demonstrated strong performance in its mature vaping business, with a notable recovery in overall performance [2] - The HNB (Heat-not-Burn) segment is experiencing significant growth, with a projected revenue increase of 476% year-on-year [3] - The emerging medical and beauty vaping business is in the exploratory phase, with high R&D investments impacting short-term performance but offering substantial long-term profit potential [3] - The company is expected to maintain a high dividend yield, reflecting confidence in future growth [4] Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 14.3 billion HKD, a year-on-year increase of 21%, while the net profit attributable to shareholders was 1.06 billion HKD, a decrease of 19% [1] - The adjusted net profit for 2025 was 1.53 billion HKD, reflecting a year-on-year increase of 1.3% [1] - The company plans to distribute a dividend of 0.2 HKD per share for 2025 [1] Business Segments - The vaping business in the US and Europe showed revenue growth of 19% and 2% respectively, while the Chinese market saw a decline of 11% [2] - The company's own brand generated revenue of 2.9 billion HKD, with significant growth in the US and European markets [2] - The HNB segment generated 1.3 billion HKD in revenue, with plans for expansion into key markets like Japan and Poland [3] - The medical and beauty vaping segment is preparing for FDA approval and aims to build small-scale production capabilities [3] Future Projections - Revenue projections for 2026-2028 are 16.91 billion HKD, 19.98 billion HKD, and 23.66 billion HKD, with year-on-year growth rates of 18.64%, 18.13%, and 18.42% respectively [4] - Net profit projections for the same period are 1.65 billion HKD, 2.57 billion HKD, and 3.49 billion HKD, with growth rates of 55.20%, 55.58%, and 35.69% respectively [4] - The expected EPS for 2025-2027 is 0.27 HKD, 0.41 HKD, and 0.56 HKD, with corresponding P/E ratios of 42, 27, and 20 times [4]

Summary of Smoore International Conference Call Company Overview - **Company**: Smoore International - **Date**: March 18, 2026 Key Financial Performance - **2025 Performance**: - Revenue increased by 20.8% year-on-year - Net profit was 1.062 billion RMB, a decline of 18.5% - Adjusted net profit (excluding stock incentive expenses) was 1.53 billion RMB, a growth of 1.3% - Mature vaping business contributed nearly 2 billion RMB in profit - Key detractors included emerging businesses (medical and beauty vaping) still in investment phase and approximately 500 million RMB in stock incentive expenses [2][3] - **2026 Expectations**: - Revenue expected to achieve double-digit year-on-year growth - Vaping business revenue projected to grow double digits, driven mainly by the European market - HNB business revenue target set at over 2 billion RMB, representing a growth of over 55% from 1.287 billion RMB in 2025 - Shipment target set at over 7 billion units, with a mid-term goal of 20 billion units - Adjusted net profit forecasted conservatively at 1.5 to 1.6 billion RMB, expected to remain flat compared to 2025 [2][3][4] Business Segment Performance - **ToB Business**: - Revenue increased by 21.7% year-on-year - HNB business revenue was 1.287 billion RMB, slightly above the previous guidance of 1.2 billion RMB - European vaping business revenue reached 5.77 billion RMB, up 18.5% - U.S. vaping business revenue was 4.072 billion RMB, up 2.1%, marking a return to positive year-on-year growth [3][4] - **ToC Business**: - Revenue increased by 20% year-on-year in the second half of 2025 [4][5] Market Expectations and Valuation - **Market Focus**: - Core market expectations are centered on the growth potential of HNB and other new businesses - Current new businesses are still in the investment phase, making performance contributions difficult to assess - Close monitoring of HNB business development speed, growth, and profit realization capability is necessary [2][6] - **Valuation**: - As of March 18, 2026, the company's market capitalization was 55.2 billion RMB - Based on the adjusted net profit of approximately 1.55 billion RMB for 2026, the corresponding price-to-earnings ratio is about 34 times [2][6]

EF001 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司執行董事為陳志平先生、熊少明先生、王貴升先生及王鑫女士；本公司非執行董事為江敏女士；本公司獨立 非執行董事為鍾山先生、閻小穎先生及王高博士。 免責聲明 | 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的內容概不負責，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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 思摩爾國際控股有限公司 | | 股份代號 | 06969 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度末期股息 | | 公告日期 | 2026年3月17日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of approximately RMB 14.26 billion, representing a year-on-year growth of about 20.8%[4] - The company's profit for the period was approximately RMB 1.06 billion, a year-on-year decline of about 18.5%[10] - Adjusted net profit, excluding non-cash share-based payment expenses, was approximately RMB 1.53 billion, an increase of about 1.3% compared to the previous year[10] - The group's total revenue for the review period was approximately RMB 14,256,171 thousand, representing a year-on-year growth of about 20.8% compared to RMB 11,798,662 thousand in 2024[38] - Gross profit for the review period was approximately RMB 4,856,879 thousand, an increase of about 10.1% from RMB 4,411,969 thousand in 2024, with a gross margin of approximately 34.1%[38][45] - Net profit for the review period was approximately RMB 1,061,599 thousand, down about 18.5% from RMB 1,303,255 thousand in 2024[38] - The group's profit before tax was approximately RMB 1,475,684 thousand, a decrease of about 10.8% compared to RMB 1,655,043 thousand in 2024[38] Revenue Breakdown - The ToB business contributed approximately RMB 11.34 billion in revenue, with a year-on-year increase of about 21.7%[8] - The self-branded business generated revenue of approximately RMB 2.912 billion, with a year-on-year growth of about 17.6%[19] - Revenue from the proprietary brand business was approximately RMB 2,911,738 thousand, a growth of about 17.6% from RMB 2,475,033 thousand in 2024, accounting for approximately 20.4% of total revenue[42] - Revenue from the enterprise customer business was approximately RMB 11,344,433 thousand, an increase of about 21.7% from RMB 9,323,629 thousand in 2024, representing approximately 79.6% of total revenue[42] - The group's revenue from the ToB business in Europe and other international markets increased to approximately RMB 7.06 billion, reflecting a robust year-on-year growth of about 38.5%[17] Expenses and Costs - R&D expenses for the period were approximately RMB 1.52 billion, reflecting a decrease of about 3.1% year-on-year, indicating improved R&D efficiency[8] - Administrative expenses rose to approximately RMB 1.29 billion, an increase of about 40.6% year-on-year, primarily due to higher non-cash share-based payment expenses[9] - The cost of raw materials accounted for approximately 50.5% of total revenue, up from about 47.7% in the previous year, indicating a shift in product mix[46] - Labor costs increased to approximately 7.5% of total revenue from 6.6% in the previous year, primarily due to changes in the revenue mix[46] - Employee compensation and benefits increased from approximately RMB 542,788 thousand to about RMB 783,911 thousand, an increase of approximately 44.4%, accounting for about 5.4% of revenue compared to 4.6% last year[49] Research and Development - R&D expenditure for the review period was approximately RMB 1.523 billion, a year-on-year decrease of about 3.1%, accounting for approximately 10.7% of revenue, down from 13.3% the previous year[27] - The company prioritized R&D investment in HNB products and aerosol medicine, with successful commercialization of multiple R&D projects expected by 2025[23] - The company filed a total of 2,056 new patent applications globally during the review period, including 1,306 invention patents, bringing the cumulative total to 11,309 patents[27] - R&D expenditure in electronic nicotine delivery systems was RMB 1.081 billion, representing 71.0% of total R&D spending, an increase of 4.4% from the previous year[28] Market Outlook - The global electronic vaporization equipment market is projected to grow at a compound annual growth rate (CAGR) of approximately 8.9% from 2021 to 2025[11] - The global retail sales volume of HNB products is expected to reach approximately 204.1 billion units by 2025, growing at a CAGR of about 14.1% from 2021 to 2025[12] - The global HNB market is projected to reach approximately $74.21 billion by 2030, with a compound annual growth rate (CAGR) of about 10% from 2025 to 2030[30] - The global electronic vaporization market is anticipated to reach around $97.14 billion by 2030, with a CAGR of approximately 8% from 2025 to 2030[31] Compliance and Governance - The company has adopted a securities trading code for directors and relevant employees, confirming adherence to the standards throughout the fiscal year ending December 31, 2025[117] - The company established an audit committee in compliance with listing rules, consisting of three independent non-executive directors, with Mr. Zhong Shan serving as the chairman[132] - The audit committee's responsibilities include reviewing the company's financial and accounting practices, risk management, and internal controls, ensuring compliance with relevant guidelines[134] Shareholder Information - The company plans to declare a final dividend of HKD 0.20 per ordinary share for the fiscal year ending December 31, 2025[6] - The company declared an interim dividend of HKD 0.20 per share for 2025, totaling approximately RMB 1,113,591 thousand, compared to RMB 276,785 thousand for the interim dividend of HKD 0.05 per share in 2024, indicating a significant increase[103] - The board proposed a final dividend of HKD 0.20 per share for the year ending December 31, 2025, subject to approval at the upcoming annual general meeting[121] Operational Highlights - The company optimized its production system to respond to changing global regulatory environments, enhancing overall capacity utilization[29] - The company is committed to continuous improvement of its compliance framework and risk control to ensure operational resilience and sustainable growth[29] - The company has established a shareholder communication policy to ensure effective communication with shareholders, which was reviewed and found satisfactory by the board[120]

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的內容概不負責，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份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Smoore International Holdings Limited 思摩爾國際控股有限公司（「本公司」及其附屬公司「本集團」）董事（「董事」）會（「董事會」）茲 通告謹定於二零二六年三月十七日（ 星期二 ）舉行本公司之董事會會議，藉以（ 其中包括 ）考 慮 及 通 過 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 之 年 度 全 年 業 績 及 其 刊 發，以及考慮建議派發末期股息（ 如有），以及處理其他事項。 承董事會命 思摩爾國際控股有限公司 陳志平先生 董事會主席 香港，二零二六年三月五日 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） （股份代號：6969） 董事會召開日期 於本公告日期，本公司執行董事為陳志平先生，熊少明先生，王貴升先生和王鑫女士；本公司非執行董事為 江敏女士；本公司獨立非執行董事為鍾山先 ...

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2月28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) 呈交日期: 2026年3月3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 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | ...

Group 1 - The core viewpoint of the article indicates that Smoore International (00669.HK) experienced a significant decline in its stock price, dropping nearly 5% in the afternoon trading session [1] - As of the time of reporting, the stock price was down 3.79%, trading at HKD 12.18 [1] - The trading volume for the stock reached HKD 210 million [1]

Core Viewpoint - The stock of Smoore International (00669) has experienced a decline of nearly 5%, currently trading at HKD 12.18, with a transaction volume of HKD 210 million, following the announcement from the National Tobacco Monopoly Administration regarding new regulations on the e-cigarette industry [1] Group 1: Regulatory Impact - The National Tobacco Monopoly Administration issued a notice to implement e-cigarette industry policies aimed at further promoting supply-demand balance [1] - The notice emphasizes the need to regulate corporate investment behavior, prohibiting new project investments and restricting capacity increases for relocated or resumed projects [1] - The administration aims to strengthen e-cigarette capacity regulation, promoting supply-side structural reforms based on market demand and ensuring fair and orderly management of production capacity [1] Group 2: Market Dynamics - The policy intends to establish annual production targets within the approved capacity limits, addressing and preventing risks associated with market disorderly competition [1] - The approach will involve a coordinated effort between effective market mechanisms and proactive government actions to maintain market equilibrium [1]

Core Viewpoint - The announcement from the National Tobacco Monopoly Administration regarding the electronic cigarette industry has led to a decline in the stock price of Smoore International, indicating market concerns over regulatory impacts on the industry [1] Group 1: Regulatory Changes - The National Tobacco Monopoly Administration issued a notice to implement electronic cigarette industry policies aimed at further promoting supply-demand balance [1] - The notice emphasizes the need to regulate corporate investment behavior, prohibiting new project investments and restricting capacity increases for relocated or resumed projects [1] - The policy aims to strengthen capacity regulation in the electronic cigarette sector, focusing on market demand to guide supply-side structural reforms [1] Group 2: Market Dynamics - The administration plans to manage annual production scales within the approved capacity limits, setting annual production and sales targets for companies [1] - The approach is designed to mitigate and prevent risks associated with disorderly market competition [1] - The policy highlights the importance of balancing effective market mechanisms with proactive government involvement [1]

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]